Thai Oil Public : Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the first quarter year 2020

		(Translation)
Ref. TBK 13/0291	May 8, 2020
Subject:	Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the
	first quarter year 2020
To:	President of The Stock Exchange of Thailand
Attachment:	1.	A copy of reviewed financial statements and consolidated financial statements of Thai Oil Public Company
		Limited and its subsidiaries for the first quarter year 2020 period ended March 31, 2020 with a copy of
		English translation
	2.	Management's Discussion and Analysis (MD&A) of Thai Oil Public Company Limited and its subsidiaries
		for the first quarter year 2020 period ended March 31, 2020.
	3.	Company's performance report (Form F45)

Dear Sirs,

Thai Oil Public Company Limited, ("the Company") would like to submit the financial statements and consolidated financial statements for the first quarter year 2020 period ended March 31, 2020 reviewed by our certified public accountant and the Company's Audit Committee. In addition, the Company's Audit Committee has given approval to disclose to public our financial statements and MD&A, as per attachments.

Thaioil and Subsidiaries performance for the first quarter year 2020 period ended March 31, 2020 could be summarized as follows:

In Q1/ 2020, Thaioil and Subsidiaries reported the Accounting Gross Integrated Margin (Accounting GIM) at minus of 10.1 US$/bbl. With the integrated intake of 309 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue and loss of EBITDA of THB 76,652 million and THB 12,248 million respectively. Aggregating with operating costs, financing costs, reversal of income tax expense, and loss on foreign exchange, Thaioil and Subsidiaries had net loss of THB 13, 754 million, or THB 6.74 net loss per share including impact from stock loss before tax of THB 10,772 million and write down on crude and petroleum product inventory before tax of THB 3,480 million.

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As of March 31, 2020, Thaioil and Subsidiaries had total assets of THB 272,366 million, decreased from the end of last year by THB 11, 079 million mainly because of decrease in other current assets due to decline in inventory value following a fallen in average crude oil price in March 2020 from December 2019. For total liabilities of Thaioil and Subsidiaries, it increased by THB 4,516 million from the end of last year to THB 164,037 million due to USD-denominated debentures value went up owing to the depreciation in Thai Baht from the year ended 2019. In addition, Thaioil and Subsidiaries had total equity of THB 108,329 million, decreased THB 15,595 million from the end of last year due to loss on total comprehensive income, dividend paid from Thaioil and Subsidiaries, and the impact from First-time Adoption of International Financial Reporting Standards.

Please be informed accordingly,

Yours truly,

Thai Oil Public Company Limited

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(Mr. Wirat Uanarumit)

Chief Executive Officer/President

Investor Relations Section

Tel. [phone] extension 7371-7374 / Fax. [phone]