Thai Oil : Submission of Financial Statements and MD&A for the first quarter year 2021

Ref. TBK 13/0023

		May 11, 2021
Subject:	Submission of Financial Statements and MD&A for the first quarter year 2021
To:	President of The Stock Exchange of Thailand
Attachment:	1.	A copy of financial statements and independent auditor's report of Thai Oil Public Company
		Limited and its subsidiaries for the first quarter year 2021 period ended March 31, 2021 with a copy
		of English translation
	2.	Management's Discussion and Analysis (MD&A) and the summary of consolidated financial
		performance for Thai Oil Public Company Limited and its subsidiaries for first quarter year 2021
		period ended March 31, 2021
	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 2021 period ended March 31, 2021 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 statemen ts and MD&A, as per attachments.

Thaioil and Subsidiaries performance for the first quarter year 2021 period ended March 31, 2021 could be summarized as follows:

In Q1 / 2021, Thaioil and Subsidiaries reported the Accounting Gross Integrated Margin (Accounting GIM) at 10.2 US$/bbl. With the integrated intake of 277 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue and EBITDA of THB 73,449 million and THB 8,272 million respectively. Aggregating with operating costs, financing costs, income tax expense, and loss on foreign exchange, Thaioil and Subsidiaries had net profit of THB 3,360 million, or THB 1.65 per share.

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As of March 3 1 , 2021, Thaioil and Subsidiaries had total assets of THB 303,857 million, decreasing from the end of last year by THB 2,331 million mainly because of lower cash, cash equivalents and short-term investments due to investments in several projects as planned. For total liabilities of Thaioil and Subsidiaries, it increased by THB 265 million from the end of last year to THB 186,334 million due to higher current liabilities primary cause of a decrease in trade accounts payable tracking higher average crude oil price in March 2021 than December 2020. In addition, Thaioil and Subsidiaries had total equity of THB 117,523 million, decreasing THB 2,595 million from the end of last year due to total comprehensive income deducted by dividends paid to non-controlling interests from the acceptance of the entire business transfer from Thaioil Power Company Limited .

Please be informed accordingly.

Yours truly,

Thai Oil Public Company Limited

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(Mr. Wirat Uanarumit)

Chief Executive Officer and President

Investor Relations Section

Telephone [phone] Ext. 42060 - 42063 / Facsimile 02 299 0025