2q21 & 1h21 operating results

19 August 2021

2Q21 & 1H21 Operating Results

2

Financial Performance

IRPC Strategy

Performance by Business

2Q21 & 1H21 Key Highlight

1H21 Key Highlight

3

14.73 $/bbl

MKT GIM

Improved MKT GIM by 7.09 $/bbl from 1H20 driven by favorable products spread- both Petroleum and Petrochemical

Net Stock Gain

Increased by 14.15 $/bbl vs 6.16 $/bbl Net Stock Loss in 1H20 as sharp increase in crude oil price

Refinery utilization rate

88%

Unchanged YoY as a schedule shutdown of ADU1 unit in 1Q21

Long term financial cost

Dropped by 8% from last year after new debenture issuance to repay maturity debenture

7.99 $/bbl ~2.9%

4

Projects UpdateUltra Clean Fuel (UCF) Project

2019 2020 2021 2022 2023COD, Jan 2024

2024

• Basic Design & FEED • EIA/BOI• Awarded EPC

Engineering & Construction

Implement Euro 5 in Thailand

FID,Q3

Timeline

INNOPOLYMED

Structure : 60% : 40%

Objective : Non-Woven Fabric

Location : IRPC Industrial Estate

Capacity : 2.1 KTA

CAPEX : 260 MB

COD : Dec 2021

Status : Ongoing Construction

Application

Surgical Gown

Mask e.g. Surgical, N95, N99

Othere.g. Filter/ Battery

Separator / Oil Absorbent

Establish “Innopolymed”

AprMar

Approve byBOD

Timeline

Jan Dec

EPCIRPC and PTT signed MOU COD, Dec 2021

*EPCC: Engineering, Procurement, Construction and Commissioning

Coverall e.g. hair net, shoe cover Drape

PPE ,Isolation Gown

Objective : Upgrading HSGO to LSGO

to meet Euro5 specification

Capacity : 75 KBD (of DHT Unit)

CAPEX : 13,300 MB (~ 420 M$)

Progress : 11% of Target (as of Jul 21)

COD : Jan 2024

Status : Awarded contractors for EPCC* work

Diesel hydro-treating Unit (DHT Unit)

Because We Care by IRPCWe fight against Covid -19 with Thai people.

Fuel Oil for Cremation Plastic Bed

Durable

Cleanable

Lightweight

Movable

Easy to set up

Lifetime of 2 years

5


Equipped Community Isolation

Plastic beds Fans Personal storage boxes Chests of drawers

6


IRPC เปลีย่นเพือ่ปนั

7

Awards and other social contributions

Collaboration with Kasetsart

University

to upgrade disabled farmers’

quality of life

Alpha Southeast Asia Awards 2021

Best Strategic Corporate Social Responsibility

Best Senior Management Investor Relations Support

Most Consistent Dividend Policy

IRPCSmart Farming

OtherSocial Contributions

IRPC & PTT Group jointly sent

technicians to control the fire

and provided foam concentrates to

control the fire accident at Ming Dih

Chemical Company.

8

Awards and other social contributions

9


IRPC Strategy



10

IRPC Strategic Transformation Roadmap

IRPC Strategic Transformation Roadmap

2020 - 2023

2022 - 2025

2020 - 2030 onwards

STRENGTHENING THE CORE

STRIVINGTHE GROWTH

SUSTAININGTHE FUTURE

Best-Ever

Aspiration

20,000

30,000

AS IS

3S + 3C

EBITDA

Target, MB

▪ Increase performance efficiency

▪ Cost effectiveness

▪ Maximize profitability from all assets

▪ Expanded value chain opportunities

respond to customer needs▪ Business Innovation

▪ Circular economy

Employee Commitment Customer / Partner Collaboration All Stakeholders ConnectivityKey Focus:

Description:

Employee

Commitment

Recap BOD STS 2020

11

Tomorrow’s World

Shifting Economic

Power

Game changer

Environmental Pressures

Demographic Change

Rapid Technological DevelopmentNow or Never

To be

Global change is driven by “Megatrends”

Net Zero Emission

Circular Economy

Bipolar power (U.S./ China)

Tech war and trade

Emerging Countries

Economic Inequality

Urbanization

Health Challenges Demographic Shifts

Tech for Mobility

Hyper connectivity

Technological Innovation

Resource Scarcity

12

IRPC’s New Vision

To Shape

Material and Energy

in Harmony with Life

s New Vision

Material Energy

STRATEGIC POSITIONING

IRPC New Vision Scope Align with PTT Vision

13

Powering Life with

Future Energy and Beyond

To Shape Material and Energy

Solutions in Harmony with LifeAlign

Health & Life Science Advanced Material Circular Business

Olefins

Future Energy Energy Storage

Refinery Lube Base

ExistingExistingPetrochemical

Aromatics Styrenic

Conventional Energy

14

Frontier of Material and EnergyMaterial and Energy Solution: Definition and our passion

Bio -materialNano -material

Chemical & Additive

Reinforcement eg. Carbon Fiber

Compound

Composite &Alloys

5 Major Types of Renewable: Solar, Wind, Water, Biomass, Geothermal and New development of H2

Crude Oil to Chemical (COTC)

Pharmaceutical & Food Ingredients

Rare Earth eg. Lithium“Material”

A physical substance that things

can be made from:

“Energy”

The power and ability to be physically

and mentally active:

15

IRPC Strategic FrameworkTo drive our passion, strategic imperatives need to be addressed

To Deliver with Innovations the Better Attributes and Solutions of Sustainable Material and Energy for the Future

Vision

Mission

StrategicWays

StrategicEnabler

STRENGTHENING THE CORE STRIVING THE GROWTH SUSTAINING THE FUTURE

Sustainability

To Shape Material and Energy in Harmony with Life

Core Uplift Adjacent Business Step Out Business

Business Diversification

Portfolio Plays

P&R Investment JV/ M&A/ New S-curve/ Start Up

Material Solution Energy Solution

Advanced Materials Health & Life Science Circular Business Future Energy Energy Storage

Climate Management Circular Economy Creating Social Value

People and Culture Finance: Funding Process and Digitalization A B C D Expert/ Consultants

16


IRPC Strategy



1.29 2.61 2.75

0.23

2.69 1.28

2.59 4.41

1.48

3.54 2.57

5.20

7.16

1.71

6.23

2Q20 1Q21 2Q21 1H20 1H21

Refinery Lube Base

3.43 3.76 3.90 3.43 3.83

1.23

3.29 3.45

1.22

3.38 4.66

7.05 7.35

4.65

7.21

2Q20 1Q21 2Q21 1H20 1H21

Olefins Aromatics & Styrenics

QoQ 4%

30

31

32

33

17

Key Drivers

15

25

35

45

55

65

75

Brent Dubai

Crude Oil Price (average)

Gross Refining Margin (GRM)

Foreign Exchange (average)

Product to Feed Margin (PTF)

Unit: $/bbl Unit : THB/USD

Unit: $/bbl Unit: $/bbl

YoY 179%

QoQ 38%

YoY 58%

Dubai QoQ 12%

Dubai YoY 119%QoQ depreciated 4%

YoY appreciated 2%

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

Brent 50.26 29.20 43.00 44.23 60.90 68.83

Dubai 50.74 30.55 42.92 44.62 60.01 66.93 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

31.45 32.12 31.49 30.78 30.43

4Q20 (End 30.21)

1Q21 (End 31.51)

2Q21 (End 32.22)

31.53

YoY 264% YoY 55%

52% 39%

9%

18

Financial Highlight: 2Q21 & 1H21 performance

30,370 48,388 56,858 73,987 105,246

QoQ 18%

YoY 87%Net Sales(net excise tax)

Dubai (Avg.)

Unit: $/bbl

Unit: MB

EBITDA

Unit: MB

1,505

8,783 8,895

(4,932)

17,678

QoQ 1%

Net Sales(net excise tax)

Market GIM ($/bbl)

30.55

60.01 66.93

40.64

63.47

Crude run KBD

Acct. GIM ($/bbl)

Net Stock G/(L)($/bbl)

189 186 194 188 190

8.46 13.68 15.68 7.64 14.73

0.17 9.83 6.30 (6.16) 7.99

8.63 23.51 21.98 1.48 22.72

YoY 491%

2Q21

Petroleum Petrochemical Utilities and Others

EBITDA

Net IncomeUnit: MB

(1,096)

1,131 2,593

(2,912)

3,724

(411)

5,581 4,574

(9,316)

10,155

2Q20 1Q21 2Q21 1H20 1H21

Favorable performance driven by both market conditions & inventory gain

Overview of Business Performance by Business

YoY 42%

YoY 458%

67%

31%

2%

56,858MB

8,895MB

YoY 1,213%

QoQ 18%

YoY 209%YoY 337%

QoQ 129% YoY 228%

Net Income

Operating NI

53% 38%

9%

1H21

66%

32%

2%

105,246MB

17,618MB

19

2Q21 & 1H21 Financial Performance

2Q20 1Q21 2Q21 1H20 1H21 2Q20 1Q21 2Q21 1H20 1H21

Net Sales 30,370 48,388 56,858 73,987 105,246 55.04 95.05 102.17 67.89 98.79

Market GIM 4,669 6,965 8,727 8,334 15,692 8.46 13.68 15.68 7.64 14.73

Stock Gain (Loss) (3,390) 4,982 3,347 (7,851) 8,329 (6.14) 9.79 6.01 (7.20) 7.82

LCM 2,835 - - 162 - 5.14 - - 0.15 -

Oil Hedging Gain (Loss) 644 20 160 967 180 1.17 0.04 0.29 0.89 0.17

Net Stock Gain (Loss) 89 5,002 3,507 (6,722) 8,509 0.17 9.83 6.30 (6.16) 7.99

Accounting GIM 4,758 11,967 12,234 1,612 24,201 8.63 23.51 21.98 1.48 22.72

OPEX + Selling Exp. (3,835) (3,620) (3,999) (7,565) (7,619) (6.94) (7.11) (7.19) (6.95) (7.14)

Other Incomes 583 436 660 1,022 1,096 1.06 0.86 1.19 0.94 1.03

EBITDA 1,505 8,783 8,895 (4,932) 17,678 2.75 17.26 15.98 (4.53) 16.61

Depreciation (2,224) (2,180) (2,209) (4,451) (4,389) (4.03) (4.28) (3.97) (4.08) (4.12)

Cost of Finance (457) (441) (428) (921) (869) (0.83) (0.87) (0.77) (0.85) (0.82)

Financial Derivatives Gain (Loss) (26) (110) (74) (584) (184) (0.05) (0.22) (0.13) (0.54) (0.17)

FX Gain (Loss) 353 (182) (100) (147) (282) 0.64 (0.36) (0.18) (0.13) (0.26)

Unrealized Oil Hedging Gain (Loss) 359 548 (1,076) (634) (528) 0.65 1.08 (1.93) (0.58) (0.50)

Impairment Gain (Loss) (35) (10) (9) (39) (19) (0.06) (0.02) (0.02) (0.04) (0.02)

Investment Gain (Loss) 68 156 186 117 342 0.12 0.31 0.33 0.11 0.32

Other Expenses 11 (1) (1) 1 (2) 0.02 (0.00) (0.00) - (0.00)

Income Tax 39 (972) (600) 2,285 (1,572) 0.07 (1.91) (1.08) 2.10 (1.48)

Net Profit (411) 5,581 4,574 (9,316) 10,155 (0.73) 10.97 8.21 (8.55) 9.54

Unit: MB Unit: $/bbl

15

25

35

45

55

65

75

Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21

20

Production & Performance by BusinessImproving MKT GIM owing to improving product spreads versus higher crude premium

Crude Intake/Utilization Rate

MKT GIM Net Stock Gain/(Loss)

Production Volume & Sales Volume

2Q21 VS 1Q21: 3.53 $/bbl

Unit: $/bbl

2Q20 1Q21 2Q21 1H20 1H21

Refinery (Unit: KBD,%)

189 186 194 188 190

88% 86% 90% 88% 88%

Lube

87% 82% 90% 83% 86%

2Q20 1Q21 2Q21 1H20 1H21

Olefins

91% 90% 95% 93% 92%

Aromatics & Styrenics

95% 102% 93% 95% 97%

Petroleum Petrochemical

2Q20 1Q21 2Q21 1H20 1H21

Production (M.bbl)

13.40 12.94 13.65 26.95 26.62

Sales Volume (M.bbl)

14.45 14.54 15.01 29.61 29.55

Petroleum

2Q20 1Q21 2Q21 1H20 1H21

Production (KMT)

437 447 435 886 882

Sales Volume (KMT)

450 450 430 879 880

Petrochemical

Dubai Price

1H21 vs 1H20: 14.15 $/bbl

MKT GIM1Q21

MKT GIM 2Q21

Crude Premium

Premium on sales

Fuel loss & Internal Use

ProjectsMargin

2Q21 VS 1Q21

MKT GIM1H20

MKT GIM 1H21

Crude Premium

Premium on sales

Fuel loss & Internal Use

ProjectsMargin

1H21 VS 1H20

Unit: $/bbl

2Q21 Net stock gain = 6.30 $/bbl Stock Gain & LCM = 6.01 $/bbl Realized Oil Hedging = 0.29 $/bbl

1Q21 Avg. price 60.01 $/bbl



1H21 Net stock gain = 7.99 $/bbl Stock Gain & LCM = 7.82 $/bbl Realized Oil Hedging = 0.17 $/bbl

21

Financial StatementUnit: MB

21

1H21 VS 1H20: Improving Operating Profit supported by margin & projects

Net Profit 1Q21

MarginNet Stock

Gain

OPEX & Selling

Exp.

Tax Net Profit 2Q21

2Q21 VS 1Q21: Better margin led to increasing Operating Profit

Non Operating

Item

Crude Premium

Operating Profit 1Q21

Net Stock Gain

Non Operating

Item

OthersProjects Operating Profit 2Q21

Net Loss 1H20

MarginNet Stock

Loss

OPEX & Selling

Exp.Tax

Net Profit 1H21

Non Operating

Item

Crude Premium

Operating Loss 1H20

Net Stock Gain

Non Operating

ItemOthersProjects

Operating Profit 1H21

Operating Income 228%

Net Income 209%

Operating Income 129%

Net Income 18%

(4,243)

0.87 0.75 0.61

2Q20 1Q21 2Q21

22

Financial Position

115,671 112,222

14,449 13,084

34,520 49,738

8,851

11,745

75,665 84,663

5,169 4,983

61,932 63,572

30,724

33,571

Debt ProfileStatements of Financial Position

Unit: MB

PP&E(incl.

investment properties and ROU)

Other Non-CA

Cash

Other CurrentLiabilities

LT Borrowing incl. current port.

Shareholders’Equity

Jun. 2021Dec. 2020

Other CA

Other Non-CurrentLiabilities

Financial Ratios

173,491 186,7898%

< 1.0x

Net IBD/Equity CA/CL

Cash Flow

Unit: MB

Beginning Cash1 Jan 2021

Ending Cash30 Jun 2021

Cash Flow from

Operation

Cash Flow from

Investment

Cash Flow from

Financing

2,698 6,946 7,372 7,502

10,593 1,284 1,284 1,284

642 1,998 1,998 1,997

17,975

2,698

10,228 10,654 10,782

29,210

2021 2022 2023 2024 >2024

THB Bond

USD Loan

THB Loan

Remark: Long-term debt as at 30 Jun 2021

Net Debt = 51,958 MB

Ex. Rate = 32.22 THB/USD

Interest Rate Currency

Float 55% THB 87%

Fixed 45% USD 13%

LT Loan (USD)7%

LT Loan (THB)55%

Bond (THB)38%

Leasing0.2%

Maturity of LT Debt

0.66

1.11

1.50

2Q20 1Q21 2Q21

Unit: MB

Better Financial performance on the back of improving profit

23


IRPC Strategy



27 42 64 20 23 7

34 15

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

536 524 432 567

1,011

1,485

529

1,247

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

24

Petroleum Spread

Lube Base SpreadRefinery Spread

ULG 95 - Dubai

6.72.6 4.4 4.1 7.1 9.9

4.68.5

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

$/bblQoQ 39%

11.05.7 4.2 3.7 4.7 5.3

8.45.0

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

$/bbl

Gas Oil - Dubai

QoQ 13%

(7.4)(1.6) (2.5) (0.6) (3.5) (5.8) (4.5) (4.6)

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

$/bbl

HSFO - Dubai

QoQ 66%

500SN – FO 180 3.5%S Spread

370 372 340 473 777

1,037

371

907

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

QoQ 33%

$/TON

150 BS – FO 180 3.5%S Spread

QoQ 47% $/TON

Asphalt – FO 180 3.5%S Spread

QoQ 70% $/TON

YoY 85%

YoY 40%

YoY 2%

YoY 144%

YoY 136%

YoY 56%

2Q20 1Q21 2Q21 1H20 1H21

18,782 31,850 38,385 49,026 70,235

16,066 27,228 31,584 42,450 58,812

2,716 4,622 6,801 6,576 11,423

0.350.710.23 0.62 0.67

0.571.30

7.49 7.05 7.71

15.42 14.771.96 2.56 2.24

4.32 4.80

1.11 0.39 0.59

1.63 0.98

0.46 0.61 0.56

0.881.19

1.80 1.71 1.88

3.42 3.59

13.40 12.94 13.65

26.95 26.62

2Q20 1Q21 2Q21 . 1H20 1H21

Lube

LPG & Other

Naphtha &ReformateGasoline

Diesel & Jet Oil

LSFO 0.5%

HSFO

72% 65% 65% 71% 65%

18%12% 13%

17%13%

4%4% 4%

5%4%

5%19% 18% 7% 18%

Others

Domestic

Far East

Middle East

Petroleum

Refinery

Lube Base

88% 86% 90% 88% 88% % U-Rate

189 186 194 188 190

25

Petroleum Group2Q21: Crude oil price surge supported revenue improvement1H21: Rising petroleum spreads entailed increasing Mkt GRM

12.72 12.85 13.17 26.13 26.02 1.73 1.69 1.84 3.48 3.53 14.45 14.54 15.01

29.61 29.55

2Q20 1Q21 2Q21 1H20 1H21

Lube Base

Refinery

(0.81) 1.61 2.65 2.09 2.33

1.29 2.61 2.75

0.23

2.69 1.28

2.59

4.41

1.48

3.54

2.57

5.20

7.16

1.71

6.23

2Q20 1Q21 2Q21 1H20 1H21

Lube Base

Refinery

Crude Intake

GRMSales Volume & Revenue

Production

72% 65% 66% 72% 65%

28% 35% 34% 28% 35%

2Q20 1Q21 2Q21 1H20 1H21

Sweet Crude

Sour Crude

Premium over Dubai ($/bbl)

Crude Run (KBD)

YoY 4%

QoQ 3%

YoY 104%

QoQ 21% Revenue

Crude intake (Mbbl)

Unit : $/bbl

Unit : Mbbl

Unit : Mbbl

17.18 16.73 17.6534.29 34.39

Sales Volume

Unit : MB

YoY 3%

QoQ 4%

YoY 2%

QoQ 5%

88% 86% 90%

87% 82% 90%

79% 113% 119%

88% 88%

83% 86%

86% 116%

% Utilization

Lube Base

RDCC

YoY 1% YoY 1%

YoY 0.2%

YoY 43%

YoY 179%

QoQ 38% YoY 264%

347 370 386 479 430 403 359 417

180 215 191 260 363 305

197 334

527 585 577 739 793 708

556 751

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

Propylene-NP PP-Propylene

26

Petrochemical Spread

892 919 1,117 1,615 1,780 1,929

905

1,855

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

123 76

7 26 76

128 100 102

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

240 283 351 460 401 384 261 393 315 346 282 227 303 350

331 327

555 629 633 687 704 734 592

720

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

Ethylene-NP HDPE-Ethylene

HDPE-Ethylene –Naphtha Spread

Toluene – Naphtha Spread

ABS –Naphtha Spread

YoY 22%

YoY 2%

YoY 105%

$/TON

$/TON

$/TON

PP-Propylene –Naphtha Spread

YoY 35% $/TON

148 124

43 49 110

162 136 137

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

MX – Naphtha Spread

YoY 1% $/TON

678 649 618 966 1,021 1,092

663

1,057

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1H20 1H21

PS –Naphtha Spread

YoY 59% $/TON

Aromatics

Styrenics

Olefins

QoQ 4% QoQ 11%

QoQ 68% QoQ 47%

QoQ 8% QoQ 7%

1.233.29 3.45

1.223.38

3.43

3.76 3.90

3.43

3.834.66

7.05 7.35

4.65

7.21

2Q20 1Q21 2Q21 1H20 1H21

Olefins

Aromatics &Styrenics

100 106 103 192 209 1 - -

9 -83 87 64

164 151 59 42 54

119 96 193 213 214

402 427

437 447 435

886 882

2Q20 1Q21 2Q21 1H20 1H21

Polyolefin

Olefin

Polystyrenic

Styrenic

Aromatic

Petrochem

Olefins

27

Petrochemical Group2Q21 & 1H21: Improving revenue & Mkt PTF thanks to higher product spreads

Production

PTF

Sales Volume and Revenue

188 181 170 344 350

262 269 260

535 530 450 450 430

879 880

2Q20 1Q21 2Q21 1H20 1H21

Olefins &Polyolefins

Aromatics &Styrenics

QoQ 4%

QoQ 12% Revenue

YoY 4%

YoY 63%

Unit : KMT

2Q21 : Petrochemical revenue was Bt 18 bn QoQ : 12% increase from 16% price increase VS 4% vol. decrease YoY : 63% increase from 67% price increase VS 4% vol. decrease

2Q21 Market PTF was $7.35/bbl

QoQ : $0.30/bbl increase

YoY : $2.69/bbl increase

Unit : $/bbl

Unit : KMT Sales Volume

Unit : MB

YoY 1%

QoQ 3%

% Utilization

Polyolefins

Olefins

% Utilization

Polystyrenics

Styrenics

AromaticsAromaitcs & Styrenics

Crude intake (Mbbl)

QoQ 4%

YoY 58%

17.18 16.73 17.6534.29 34.39

91% 90% 95%

85% 93% 94%

98% 86% 96%

95% 102% 93%

85% 94% 89%

102% 108% 78%

100% 105% 105%

2Q20 1Q21 2Q21

10,733 15,716 17,538

6,597 9,724 10,616

4,136 5,992 6,922

as higher product spreads

93% 92%

88% 94%

99% 91%

95% 97%

87% 91%

104% 93%

96% 105%

YoY 1%YoY -

1H20 1H21

23,230 33,254

14,687 20,339

8,543 12,915

YoY 43%

YoY 55%

1H21 : Petrochemical revenue was Bt 33 bn

YoY : 43% increase from 43% price increase

1H21 Market PTF was $7.21/bbl:

YoY : $2.56/bbl increase as higher product spreads thanks to improving COVID-19 in the U.S., China and Europe

505 509 536

1,010 1,045 295 251 256

603 507

55 61144

118 205

855 821936

1,731 1,757

2Q20 1Q21 2Q21 1H20 1H21

Other Utilities

Steam

Electricity

28

Power and Utility

Utilization Rate

GIM

Revenue

QoQ 14%

YoY 9%

2Q21 U-Rate of Steam was 64%; 3% QoQ, 1% YoY

QoQ & YoY : increased owing to rising demand from industrial area customers

2Q21 U-Rate of Electricity was 76%; 3% QoQ, 6% YoY

2Q21 : Power & Utility revenue was 936 MB; 14% QoQ, 9% YoY

QoQ : higher sales volume of electricity

1.23 1.43

1.17 1.28 1.29

2Q20 1Q21 2Q21 1H20 1H21

Power & Utility

Unit : $/bbl

Unit : MB

70% 73% 76% 70% 75%

2Q20 1Q21 2Q21 1H20 1H21

Electricity

63% 61% 64% 65% 62%

2Q20 1Q21 2Q21 1H20 1H21

Steam

YoY 5%

QoQ 18%

YoY 5%

YoY 1%

QoQ 3%YoY 3%

YoY 6%

QoQ 3%

YoY 2%

YoY 1%

1H21 U-Rate of Steam was 62%; 3%

YoY : decrease owing to a shutdown of steam unit in 1Q21

1H21 U-Rate of Electricity was 75%; 5%

YoY : increase owing to rising demand from industrial area customers

1H21 : Power & Utility revenue was 1,757 MB

YoY : 2% increase from higher electricity sales vol.

1.29 2.61 2.75 0.23

2.69 1.28

2.59 4.41

1.48

3.54 2.57

5.20 7.16

1.71

6.23

2Q20 1Q21 2Q21 1H20 1H21

Refinery Lube Base

1.23 3.29 3.45 1.22

3.38 3.43

3.76 3.90 3.43

3.83 4.66

7.05 7.35 4.65

7.21

Aromatics&Styrenics Olefins

29

Market & Accounting Gross Integrated Margin2Q21: Increasing Mkt GIM owing to higher spreads1H21: Improved A/C GIM thanks to the net stock gain

8.46 13.68 15.687.64

14.73

(1.00)

9.79 6.01

(7.05)

7.82 1.17

0.04 0.29

0.89

0.17 8.63

23.51 21.98

1.48

22.72

Market GIM Stk G/(L) & LCM Hedging

2.57 5.20 7.16 1.71

6.23 4.66 7.05 7.35

4.65 7.21 1.23

1.43 1.17

1.28

1.29 8.46 13.68 15.68

7.64

14.73

Petroleum Petrochem Power and Utility

1,415 2,649 3,987 1,864 6,635 2,577

3,590 4,090 5,080

7,680

677 726 650 1,390

1,377

4,669 6,965

8,727 8,334

15,692

2Q20 1Q21 2Q21 1H20 1H21

4,669 6,965 8,727 8,334 15,692

(555)

4,982 3,347

(7,689)

8,329

644 20 160

967

180

4,758

11,967 12,234 1,612

24,201

2Q20 1Q21 2Q21 1H20 1H21

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

Unit: MB

Market GIM by business

Unit: MB

YoY 85%

QoQ 15%

YoY 155%

QoQ 7%

YoY 87%

QoQ 25%

YoY 157%

QoQ 2%

Unit: $/bblPetrochemical

Petroleum

Accounting GIM

2Q21 Acct GIM was $21.98/bbl,

QoQ: $1.53/bbl due to $3.53/bbl lower net stock gain VS $2.00/bbl higher Market

GIM

YoY: $13.35/bbl due to $6.13/bbl higher net stock gain and $7.22/bbl higher Market

GIM

1H21 Acct GIM was $22.72/bbl,

YoY: $21.24/bbl due to $7.99/bbl net stock gain compared to net stock loss of

$6.16/bbl in 1H20 and $7.09/bbl higher Market GIM

Market GIM

2Q21 Market GIM was $15.68/bbl,

QoQ: $2.00/bbl from higher spread VS higher crude premium

YoY: $7.22/bbl from higher spread VS higher crude premium

1H21 Market GIM was $14.73/bbl,

YoY: $7.09/bbl from higher spread VS higher crude premium

YoY 93%

YoY 88%

YoY 1,435%

YoY 1,401%

30

Investor Relations Contact: [email protected]

Tel. +662-765-7380, Fax. +662-765-7379

Presentation is available at

www.irpc.co.th

This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective

investors / analysts in the proposed event. IRPC makes no representations or warranties as to the accuracy or completeness of such

information. By accepting this material each recipient agrees that IRPC shall not have any liability for any representations (express or

implied) contained in, or for any omissions from this presentation.

The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s

decision. Each recipient of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC . Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.

Disclaimers

mailto:[email protected]

http://www.irpc.co.th/

31

Appendix

Maintenance Shutdown Plan 2021 (updated August 21)

Plant

2021

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Pe

tro

leu

m

ADU1 17 17

ADU2 -

Hyvahl 45 46

RDCC -

LUBE 9 9

Pe

tro

ch

em

ica

l

EBSM 35 45

HDPE 6 6 12

PP 13 13

ABS/SAN 8 8

PS 13 13

32

2q21 & 1h21 operating results

Documents