Powering life with Future Energy and Beyond
1Q22 vs 1Q21 PTT Consolidated Performance (YoY):
Lower NI from higher loss on derivative despite better margin and stock gain
MMTHB
Net Income
22%
32,588
25,571
27,714
Net Income excl. Extra items
11%
24,642
7,841
11,420
2,109
OPEX
DD&A
Stock
Gain/(Loss)
1Q22: 27,309
1Q21: 15,889
36,125
5,362
1Q22: (24,596) 1Q22: (37,145)
1Q21: (16,755) 1Q21: (35,036) Other Income
1Q22: 1,780
1Q21: 7,142
31,539
Extra Items*
(*PTT's portion net tax amount)
1Q22: PTT's discounted benefit from production shortfall
~+700 MB and GPSC's gain on Ichinoseki Solar
Power 1 GK divestment ~+350 MB
1Q21 EP's gain on bargain purchase of Oman Block 61
~+7,000 MB offset with write-off assets in Brazil
N-2,900 MB
Others
+
Coal: Higher hedging loss from escalated Newcastle price
and lower sales vol. despite avg. selling prices improved
NBI (mainly from power)
Lower profit margin of electricity sales to industrial customers
as natural gas and coal costs significantly increased
Oil & Retail
Lower oil margin; especially diesel from a cap on retail price
Higher oil sales volume from easing of lockdown measures
+ Non-oil: better sales vol. due to the recovery of economic
activities and stores expansion
Petrochemical & Refining
Higher derivative loss despite improved operating profit
Refinery
+ Higher Acc. GRM from higher stock gain and product
spreads
Petrochemical
- Olefins & Aromatics: Lower product spreads
4,874
Margin
3,521
1Q22: 139,993
739
1Q21: 103,868
3,437
8,867
3,400
7,750
1Q21
Remark:
*Included impairment
1/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.
2/ New Business and Infrastructure mainly contributed from power business
PTTEP
FX &
Derivatives
1Q22: (43,267)
1Q21: (11,728)
+
7,711
929
2,279
Extra Items ▼81%
+
Int. & CIT
Exp. & Other
1Q22: (38,503)
1Q21: (30,792)
NBI/2
2,897
5,420
Others/1 ▼35%
▼ 99%
Higher avg. selling prices from liquid price increased
Higher avg. sales vol. from Oman Block 61 acquisition,
Malaysia Block H, and Arthit projects.
Oil & Retails ▼16%
P&R
PTT
▼39%
Gas
6,872
PTTEP >100%
S&M: Higher pooled gas cost and lower overall gas sales
vol. due to lower gas supply
+
7,166 PTT ▼8%
GSP: Higher selling prices despite lower sales volume due to
lower gas supply and higher feed gas cost
Trading
1Q22
+ Higher sales volume
Decreased margin from MTM loss despite higher
11
domestic condensate marginView entire presentation