PTT Auditorium 16 Nov 2018
Overview
Q3/2018 & 9M/2018 Performance
Outlook 2019
Contents
1
Overview Performance Outlook
Personal Safety
Em
plo
ye
eC
on
tra
cto
r
Process Safety
Health & Safety Performance 2018
Road Safety
LTA (Loss Time Accident) TRIR (Total Recordable Injury Rate)PSE Tier 1 (Process Safety Event Tier 1) TROIR (Total Recordable Occupational Illness)
32
12016 2017 2018*
LTA1 persons
(Target = 0)
TRIR0.057 per 200,000 hrs
0.183 0.088 0.057
2016 2017 2018*
(Target ≤ 0.09)
TROIR0 person
0 0 02016 2017 2018*
(Target = 0.12)
LTA3 persons
5
23
2016 2017 2018*
(Target = 0)
TRIR0.048 per 200,000 hrs
(Target ≤ 0.12)
PSE Tier I1 case
20 1
2016 2017 2018*
(Target = 0)
PSE Tier II0 case
20 0
2016 2017 2018*
(Target = 0)
Truck Accident0.01 cases/
1 MKm
0.074 0.0490.01
2016 2017 2018*
(Target ≤ 0.05)
0.055 0.05 0.048
2016 2017 2018*
Car Accident6 cases
(Target ≤ 0.10)14 13
6
2016 2017 2018*
(Target ≤ 10)
2
Excellent CG Scoring Company(10th consecutive years)
Top Quartile (Companies with over Bt 10 Bn. Market Capitalization)
(7th consecutive years/ 2st time as Leader)
The Shield of FAME for Sustainable
Energy Foundation
• By Ministry of Social Development
and Human Security
Outstanding Forest Resource Management
• By Royal Forest Department
The Shield of Reduce Global Warming
From 3 Projects
• Thailand Voluntary Emission Reduction Program: T-VER
• Low Emission Support Scheme: LESS
• Carbon Neutral Event
Outstanding Ethics
• By The Thai Chamber of Commerce
Outstanding Innovation Organization
- For Innovation Institute PTT
Outstanding Innovation for Economy
- For iPMMS –Integrated Pipeline Maintenance and Monitoring System project
SOE Award• Enterprises of the Year 2018 (3rd consecutive years)• Outstanding Leader• Outstanding disclosure and transparency
(4th consecutive years)• Outstanding CSR• Outstanding of Coopertaion• Consolation Prize of Innovation
Best Public Facility
• Metro Forest Learning Center
SET Sustainability Awards 2018
Labour Management Excellent Award 2018
• For PTT & PTT Group by Department of Labor Protection and Welfare
Prosperity
People
ProsperityPlanet
3
People
ProsperityPlanet
2
4
6
8
10
12
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18
31
32
33
34
35
36
37
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18100
500
900
1300
1700
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18
10
40
70
100
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18
NG Prices ($/MMBTU)
* JLC = Japan LNG Cocktail : Landed LNG price in Japan
Key Business Drivers: Escalated oil, gas, and PX prices amid soften HDPE price
Note: Figures are average
1,128
Dubai vs FO ($/BBL)
Petchem ($/Ton) AVG. FX (USD/THB)
Dubai
FO 3.5%
HDPE Price
400
PX-Naphtha Spread
JLC*
36.8
29.9Avg. Pooled Price
45.7
42.8
1,137
6.8
5.9JKM
5.4
35.6
5
& Naphtha (MOPJ)
7.0
5.7
5.5
59.3
33.6
35.3
1,176
357
53.1
50.0
QoQ YoY
Dubai 3% 37%
FO3.5% 6% 35%
QoQ YoY
HDPE 3% 19%
PX-Naphtha 50% 12%
34.5
QoQ YoY
JLC* 5% 20%
JKM 27% 44%
Avg. Pooled 2% 14%
8.38.3
5.5
6.056.3
1,226
1,138
393 388
35.3
5.87.7
5.7
49.8
47.9
1,133
368
33.1
8.4
7.9
50.5
49.15.95.6
8.0
310
Depreciated (QoQ)
1.1 THB/USD (4%)
Appreciated (YoY)
2.1 THB/USD (7%)
Overview Performance Outlook
63.9
59.0
10.6
6.1
9.1
1,379
380
31.7
72.1
67.7
7.9
6.5
9.7
1,384
346
32.0
10.0
6.6
10.2
74.3
71.7
1,350
517
4
33.1
• PTT
• Transferred Oil BU’s assets to PTTOR
• PTTGC
• Signing SPA for PTA and PET business
• Acquired 49% shares of Revolve Group Limited (RGL); producer of Rotomolding Compound
• IRPC
• BOD approved to invest in Guangzhao Saiju Performance Polymer Ltd. in China (Plastic product e-commerce business)
• PTT
• GSP#3 (Planned T/A 18 days)
• ESP & GSP#6 (turndown)
• PTTGC
• I1 (Planned Major T/A 37 days)
• IRPC
• Hyvahl & RDCC (Planned T/A 1 mth)
Performance (9M/18 vs 9M/17)
Finance(Q3’18)
Activities Highlights :
5
Business Performance
Upstream PTTEP
Coal
Midstream Gas
Downstream Oil
Trading
Petchem
Refinery
Infrastructure Power
Loan Repayment (PTT Group)
• PTTGC & Sub: THB 4,123 MM / USD 12 MM/ EUR 0.1 MM
• TOP: THB 526 MM
• IRPC: THB 5,670 MM/ USD 40 MM
Loan Drawdown
• PTTGC sub: THB 1,250 MM/ USD 0.14 MM /EUR 0.11 MM
• TOP Sub: VND 42,264 MM
• IRPC: USD 200 MM
Key Events Update(Q3’18)
6
ContentsOverview Performance Outlook
Overview
Q3/2018 & 9M/2018 Performance
Outlook 2019
6.206.44
5.54
6.24
70.13 69.92
49.87
67.85
46.94 47.67
38.2946.25
Q2/18 Q3/18 9M/17 9M/18
(223)
23
(291)
(81)
336292
596
932
Product Prices
Net Income (100%)
Sales Volume
Key Highlights
Liquid ($/BBL)
Gas($/MMBTU)
Weighted Avg.
($/BOE)
MMUSD
214 217 205 213
89 88 90 87
Q2/18 Q3/18 9M/17 9M/18
Liquid
Gas
KBOED
7
303
113315
* Includes Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/loss from Financial instruments, Gain/(loss)on FX, H1 incident Insurance Claim, and etc.
Non-recurring*
Recurring NI
305
E & P Gas Oil & Trading P&R Others
0.3% QoQ
36% YoY
4% QoQ
13% YoY
2% QoQ
21%YoY
QoQ
• ASP edged up due to rising gas price in Myanmar.
• Sales vol. increased mainly from additional stake in Bongkot.
• NI increased primarily from appreciation of THB, while Recurring NI decreased due to higher DD&A.
YoY
• ASP increased from rising in oil Price.
• Sales vol. increased from Contract 4 and MTJDA projects.
• NI increased from ASP & Vol and 9M/17 had recognition of impairment loss of Marina Oil sand project.
300
305
E&P : Improved performance mainly from ASP and Vol. without impairment
Overview Performance Outlook
2% YoY1% QoQ
295
179% YoY179% QoQ 851
Q2/18 Q3/18 9M/17 9M/18
Mo
8
E&P: Outlook
Financial Outlook
FY2018
Avg. Sales Vol. (KBOED)
310
Avg. Gas Price ($/MMBTU)
~6.5
Unit Cost($/BOE)
~31
EBITDA margin (% of Sale Rev.)
~70-75
*Based on FY2018 Dubai oil price at 72 $ /BBL
Timeline for the Bidding of Expiring Concessions in GoT
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
Data Room & Bid preparation
Minimum DCQ
• G1/61: 800MMSCFD,
• G2/61: 700MMSCFD
Facility bonus
G1/61: 350 MMTHB
G2/61: 175 MMTHB
Decommissioning
Gas price formula
Commit under fixed formula in TOR
Mozambique LNG: Stronger path towards FID by 1H2019
Production
Start-up
2023
12 MTPA
• Legal & Contractual Framework, Marine Concessions as well as the development plan approved
• Resettlement Commenced and site preparation underway
• 1.2 MTPA SPA signed with EDF and 0.28 MTPA signed with Tohoku Electric
• Offshore contractor selections
• Project finance: To secure 2/3 leverage (Debt 66.67/Equity33.33)
• Secured sufficient non-binding HOAs to meet target off-take volume
In-Progress
Completed
Geographical: SEA, Middle East and other potential areas
Target: Focus on producing or near-producing Size: 500 – 1,000 MMUSD
Execution of M&A Deal
Fasted Pre-FID Projects
Along with finalizing key terms of other pre-FID candidates
Production
Start-up
Southwest Vietnam
490 MMSCFD
2022
Ubon(Contract 4)
25 -30 KBOED
2022
Algeria(HBR)
50-60 KBPD
2024
G1/61
(Erawan)
G2/61
(Bongkot)
Co
mp
lete
dIn
-P
rog
ress
Mozambique Rovuma offshore Area 1
Must be obligated all infrastructure / facilities both new & transferred
per PSC agreement
PTT EBITDA Breakdown by BU’s
Business Unit Q2/18 Q3/18 QoQ 9M/17 9M/18 YoY
Gas- EBITDA 24,636 24,831 1% 60,764 72,711 20%
• S&M 4,133 5,305 28% 11,549 13,712 19%
• TM 9,271 8,237 11% 25,828 26,802 4%
• GSP 9,763 9,850 1% 20,650 27,821 35%
• NGV (1,314) (1,437) 9% (3,332) (3,563) 7%
• Others1/ 2,783 2,876 3% 6,069 7,939 31%
Oil- EBITDA 3,943 3,528 11% 15,085 13,789 9%
Trading2/ - EBITDA 2,422 1,003 59% 3,491 4,520 29%
Total3/ 31,001 29,362 5% 79,340 91,020 15%
(Unit: MMTHB)
1/ Others include PTTLNG, PTTNGD, and PTTGL (restructured by excluding GPSC, PTTES, PTTDigital and ENCO)2/ MIS3/ Included subsidiaries from all BUs 9
Overview Performance Outlook
6.2 5.8
5.6 5.4 5.5 6.0 5.8 5.9 6.1 6.5 6.6 160
219
247
296318 304 312
357 374
430 449
100
200
300
400
5
7
9
11
13
15
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18
789 702 797 713
765 733 946 758
1,229 1,242 1,013 1,220
1,047 1,000 982 1,023
760 759 721 759
235 232 263 239
Q2/18 Q3/18 9M/17 9M/18
4,7224,825
%QoQ %YoY
FO 4% 34%
PooledPrice 2% 14%
12.7 13.312.1
12.8
6.10 5.99 6.83
6.20
Q2/18 Q3/18 9M/17 9M/18
Gas BU: Rising pooled price, NG vol. maintained
NG Price VS FO NG Customer Breakdown
$/MMBTU
EGAT (15%)
IPP (16%)
SPP (26%)
GSP (22%)
Industry (16%)
NGV (5%)
MMSCFD
4,668
NGV Price/Sales Volume
QoQ
• Gas cost and F/O price is in upward trend
• NG sales vol. decreased from power and GSP
• NGV vol. decreased despite rising avg. selling price
YoY
• NG sales vol. maintained from lower power demand offsetting GSP and Industry
• NGV vol. dropped from demand switching to diesel
Key Highlights
ที่เพ่ิมข้ึนเป็นของ
K.Ton/Day
10
$/Ton
Fuel Oil*
* MOPS HSFO 180 CST
Avg. Pooled gas price
0.2%YoY
•
THB/KG
NGV Avg. price
6% YoY
9% YoY2% QoQ
3% QoQ
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
5% QoQ
4,712
1,103
1,153 1,139 1,134 1,176
1,133 1,138 1,226
1,379
1,384
1,350
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18
4,133 5,305 11,549 13,712 9,271 8,237
25,828 26,802
9,763 9,850
20,650 27,821
(1,314) (1,437) (3,332) (3,563)
2,783 2,876
6,069
7,939
Q2/18 Q3/18 9M/17 9M/18
750 900
2,179 2,365 163 155
501 485
612 597
1,720 1,793
247 178
573 671
12 12
32 35
Q2/18 Q3/18 9M/17 9M/18
GSP Sales Volume
LPG (44%)
kTon
1,784
3% QoQ
431 427 420 378 375 386 395 401 407 420
416
309 297 288247 253 262 259 269
282 286 277
60,764
5,349
Propane (12%)
Gas - EBITDA
MMTHB
Others
TM
GSP
24,83124,636
S&M
NGV
7% YoY
Gas BU: Performance improved in almost segments
NGL (9%)
Ethane (34%)
Key Highlights
GSP Feed Cost vs Petchem price
USD/Ton
Feed Cost*
LPG cost of GSP
* Revised feed cost calculation from per sale volume to per GSP production volume
Pentane (1%)
11
HDPE
20% YoY QoQ
• GSP slightly increased from Baht depreciation and increase vol. despite GSP
turnaround
• NGV higher loss from rising feed gas cost
• S&M increased from higher selling price linked to FO price
• GAS EBITDA slightly increased from S&M offsetting with lower TM
YoY
• GSP greatly improved from increased vol. & selling price
• TM increased due to rising demand mainly from SPP
• S&M margin increased from higher avg. selling prices and gas vol.
• NGV higher loss from rising feed gas cost
• PTTLNG recognized revenue from LNG terminal 1 phase 2 since Mar 18
• GAS EBITDA improved mainly from GSP and S&M
1% QoQ
1,842
%QoQ %YoY
HDPE 3% 19%
LPG cost of GSP 1% 8%
Feed Cost 3% 9%
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
5,005
72,711
40.00
50.00
60.00
70.00
80.00
90.00
100.00
Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Jul-18 Aug-18 Sep-18
1,052 970 2,752 3,046
2,891 2,558
12,333 10,743
Q2/18 Q3/18 9M/17 9M/18
0.83 0.78 0.95 0.93
6,579 6,301
Q2/18 Q3/18 9M/17 9M/18
QoQ YoY
Oil 12 % 13%
Non-oil 8% 11%
Total 11% 9%
Oil BU & PTTOR : Soften performance from lower margin despite higher volume
MMTHB
THB/Liter
12
Oil
Non-Oil3
Gross margin1/Sales volume2
MM Liter
1/Excluded Non-oil, stock gain/loss, non-recurring item 2/PTT only
1,107 -69 840 470
Petroleum Prices
Stock Gain/Loss(MMTHB)
USD/BBL
(Average Prices)
Key Highlights
QoQ
• Sales vol. decreased from
- Aviation fuel due to low season and tumbled Chinese tourists after boat disaster in July
- Diesel & Gasoline from lower seasonal demand
• Lower gross margin & EBITDA from
- Gasoline squeezed margin from increasing oil price trend
- Aviation fuel margin dropped due to pricing structure
YoY
• Sales vol. increased from
- Aviation fuel after ICAO lifts red flag & economic expansion
- Gasoline & Diesel from stations’ expansion
• Lower gross margin mainly from Aviation fuel
• Decreased EBITDA from declining margin and lower stock gain, as well as higher SG&A
3,9433,528
13,789
3/ Domestic only
Oil - EBITDA
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
2% YoY
15,085
4% QoQ
2% YoY6% QoQ
19,363 19,809
2,422
1,003
3,491
4,520
Q2/18 Q3/18 9M/17 9M/18
19,923 20,980
56,107 59,457
Q2/18 Q3/18 9M/17 9M/18
QoQ
• Sales vol. increased due to higher crude imports mainly from lower
turnaround of Domestic refineries and increased Out –Out Transaction
• Gross margin & EBITDA decreased from higher condensate discount
due to light crude price drop
YoY
• Sales vol. increased due to higher crude & condensate imports mainly
from lower major Turnaround of refineries.
• Gross margin & EBITDA increased from domestic condensate and Out
–Out transaction
0.16
0.07 0.10 0.11
Q2/18 Q3/18 9M/17 9M/18
3 PTT Trading BU + trading subsidiaries: FX Adjusted + derivatives
Gross Margin1
Trading – EBITDA3
Sales Volume2
Key Highlights
MMTHB
MM LiterGross Margin (THB/Liter)
2 PTT Trading BU + trading subsidiaries
13
1 PTT Trading BU + trading subsidiaries: FX Adjusted + derivatives
Trading BU: Improved performance mainly from Domestic Condensate
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
6% YoY5 % QoQ
29% YoY
59% QoQ
10% YoY56% QoQ
QoQ
•
•
•••
94% 94%75%
93%
1,384 1,350
1,149
1,371 1,301 1,288
1,141
1,287
Q2/18 Q3/18 9M/17 9M/18
104% 98% 93%101%
4,795 4,558
17,929 14,961 4,049 2,561
6,841 9,362
10,827 12,793
29,740 36,009
-
91 95
5,480 282
Q2/18 Q3/18 9M/17 9M/18
QoQ YoY
HDPE 3% 19%
PP 1% 13%
14
4.39 4.74 5.81
4.76
8.34
5.79 5.94 6.47
Q2/18 Q3/18 9M/17 9M/18
QoQ YoY
A/C GRM 31% 9%
354
501
388 412
212 214
372
248
Q2/18 Q3/18 9M/17 9M/18
15
Net Income (100%)
P&R BU : Strong performance from refinery and Olefins
19,762 20,007
IRPC
TOP
Unit : MMTHB
59,990
Aromatics
BZ-Cond
PX-Cond
USD/Ton
PTTGC
Others
BTXU-Rate
72.1 74.351.1
70.1
GRM
USD/BBL
A/C GRM*
Mkt GRM
Dubai
3.87 1.06 0.33 1.71StockGain/Loss
*A/C GRM and A/C GIM include effect from hedging gain/(loss)
Olefins
Olefins U-Rate
USD/Ton
HDPEPrice
PPPrice
QoQ YoY
PX 42% 6%
BZ 1% 33%
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
1% YoY
1% QoQ
60,614
On Jul 3, 2017 PTT transferred HMC/PTTPL/PTTPM/PTTAC/PTTMCC and the Projects’ Study Results of PTTPMMA to PTTGC
7684
69
80
5258
4756
105
118
85
108
Q2/18 Q2/19 9M/17 9M/18
Other Businesses : Coal - SAR Performance declined from one-off tax penalty despite better coal price
Net income
Sales Volume
Key Highlights
USD/Ton
2,126 1,826
5,764 5,959
8 93
71 156
2,134 1,919
5,835 6,115
Q2/18 Q3/18 9M/17 9M/18
kTon
Jembayan
Sebuku
Avg. Selling Price
Total Cash Costs
Avg. Selling Price1/ & Cash cost1/
New Castle
QoQ
• ASP rose following coal price, Cash cost increased from higher mining rate and royalties linked with Newcastle
• Sales vol. drop from lower demand in coal market
• Performance declined mainly from lower sales vol. despite higher ASP
YoY
• Cash cost increased from royalties following coal price
• Sales vol. increased from higher contracted vol. and Sebuku mud slide in 9M/17
• Better margin from higher price & vol., despite higher cash cost
• Performance declined from tax issue, despite better margin
1/Average Calorific value ~ 5,450 kcal/kg
16%
27%
19%
YoY 5% YoY
15
10% QoQ
QoQ
12%
11%
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
12%
21 22
62 679 3
15
(12)
MMUSD17% QoQ
77
Operating NI
NI 2530
29% YoY
Non-recurring items2/
Q2/18 Q3/18 9M/17 9M/18
55
2/Non-recurring items include the settlement of past’s tax lawsuit
Hydro Electricity85%
Cogen: SPP15%
1,508 1,543
3,472
4,257
1,659 1,585
4,713 4,936
Q2/18 Q3/18 9M/17 9M/18
Combine Cycle : IPP
60%
Cogen: SPP 36%
Renewable4%
Combined heat : VSPP
0%
1,052 899
2,453
2,873
Q2/18 Q3/18 9M/17 9M/18
QoQ YoY
Power 2% 23%
Steam 5% 5%
Net Income (100%)Sales Volume*
Key Highlights
MMTHBGWh
‘000 Ton
Committed Capacity
PowerSteam
ELECTRICITY1,940 MW (operate 1,410 MW)
STEAM 1,585 T/H(operate 1,446 T/H)
INDUSTRIAL WATER2,080 Cu.m./H
CHILLED WATER12,000 RT
Operating1,530 MW
Underconstruction
410 MW
Present 2020
E & P Gas Oil & Trading P&R Others
*sales vol. of Sriracha, Rayong, IRPC-CP, ISP1 power plants
Overview Performance Outlook
Other Businesses : Power - GPSC Enhanced performance mainly from full operation of IRPC-CP
QoQ 15% YoY 17%
QoQ
• Sales volume of power increased from Sriracha Plant regarding EGAT dispatch instruction.
• NI decreased mainly from Rayong and IRPC-CP due to rising gas price while Ft rate was flat, and lower Availability Payment of Sriracha Plant from seasonal effect.
YoY
• Sales volume increased from full phase operation in 2018 of IRPC-CP and ISP1 which was COD in Nov’17 and Dec’17 respectively.
• NI increased from the full operation of IRPC-CP and ISP1 together with an increase in Ft rate.
16
Committed Capacity SCOD in 2020E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
Xayaburi Power Company Limited (XPCL)
Capacity: 1,220 MWProgress: 96%
Nam Lik 1 Power (NL1PC)Capacity: 63.8 MW
Progress: 95%
CUP4 Expansion ProjectCapacity: Power 45 MW
and Steam 70 TPH (Phase1)Progress: 40%
NNEG Expansion Project Capacity: Power 60 MW
and Steam 10 TPHProgress: EPC contractor has been awarded on 30 September 2018
Other Businesses : Power - GPSC Future Growth
GPSC Strategic Direction and Growth Strategy
17
43,003
18,5057,232 3,990
7,545
12,868
29,543
49,722 48,152
19,359 18,660
29,001 29,921
8,657 10,235
(6,923) (6,822)
9M/18 Performance: New high record 9M performance from most businesses
Overview Performance Outlook
PTTEPHigher tax expenseImproved ASP & Sales Vol. from oil price recovery
9M/17: - Marina Oil Sand Impairment
+ Dividends from mutual fund (EPIF)9M/18- Tax effect from oil business transferred - Loss on Montara divestment
Extra Items
Petrochem & Refining Higher stock gain Better Olefins from product price & sale vol.Aromatics decreased from BZ spreadsWeaken Mkt. GRM from higher crude premium
OilSlimmer margin and lower stock gainHigher vol. from aviation & station expansionNon-oil expansion
Gas
GSP increased vol. and LPG marginS&M margin roseTM increased from TDC vol.
TradingVol. increased from lower refineries shutdown
Margin slightly increased from rising oil price
Higher CIT
Others Affi.
* including petroleum exploration expenses and royalties
99,816
MMTHB
100,146Net Income
Extra Items
0.3%
9M/17 9M/18
PTTEP
PTT
P&R 3%
4%
1%
3%
18
HO
Margin
FX & Derivatives
OPEX*Depre & Amortiza-
tionOther
Income
Int. & CIT exp.&
Other
Impair
18%
PTTOR from oil business transferredPTT NGD from higher FO priceHigher revenue from LNG Terminal 1 Phase 2Coal business from tax penalty
Others Affi
72.1 74.3
51.170.1
20
18%
48%
30%
4%
578,787 606,980
1,463,763
1,718,738
Q2/18 Q3/18 9M/17 9M/18
PTT
P&R
OthersPTTEP
Net Income
Unit : MMTHB
EBITDA
Revenue
Revenue
100,699 96,138
251,182286,953
Q2/18 Q3/18 9M/17 9M/18
19
32%
25%6%
33%
4%
EBITDA
P&R
PTT - Gas
Others
PTTEP
PTT - Oil
& Trading
Net Income
5%
13%
50%
31%
1%
Revenue
PTT - Oil
& Trading
PTT - Gas
OthersPTTEP
P&R
17% YoY
14% YoY
5% QoQ
PTT Consolidated Performance: 9M/2018
Avg. Dubai (USD/BBL) 9M/189M/17
3% QoQ 37% YoY
Overview Performance Outlook
Net Income
EBITDA
5%QoQ
30,029 30,329
99,816 100,146
Q2/18 Q3/18 9M/17 9M/18
1% QoQ
5%
15%
48%
31%
1%
31%
24%6%
35%
4%
7%
55%
29%
9%
0.3% YoY
0.11 0.10
0.39
0.33
2017 9M/18
PTT Ratings at Sovereign Level
− FC : Moody’s (Baa1), S&P (BBB+),
FITCH (BBB+)
− LC : Moody’s (Baa1), S&P (BBB+),
FITCH (BBB+)
MMTHB
Statement of Financial Position
20
Assets/Liabilities increased :
• Increased in inventory from rising oil price.
• Increased in asset from acquisition Bongkot
stake at 22.22%
AP & Other Liabilities
PPE
Others Non-
currentAssets
AR & OtherCurrentAssets
L/TLiabilities(incl. due within 1 yr)
TotalEquity
Cash & S/T Invest
31 Dec 13 30 Sep 14
1,805,041
1,076,906 1,102,215
373,238 387,377
386,330451,642
395,840
404,435
1,248,556 1,294,054
511,353495,770
472,405555,845
1 2 3 4 5
2,232,314
2,345,669
30 Sep 1831 Dec 17
Net Debt/EBITDA ≤ 2.0
Net Debt/Equity ≤ 1.0
5%
Free Cash flow
103,115 199,401
Ending Cash & Cash Equivalents
195,453 277,518
Ending cash incl. S/T investment
395,840 404,434
Beginning Cash and Cash Equivalents
215,566 166,189
Cash In/(Out)
(20,113) 111,329
Adjustment
(10,459) 813
Statements of Consolidated Cash Flows : 9M/2018
21
Operating9M/2017 9M/2018
205,951 176,137
Net Income 99,816 100,146
Changes in assets & liabilities (19,582) (70,265)
Income Tax (32,545) (43,608)
Non-Cash Adjustment 158,262 189,864
Investing9M/2017 9M/2018
(102,836) 23,264
CAPEX (PP&E, Intangible asset) (77,069) (76,825)
Investment (Sub. & Affiliates & others) (23,905) (21,239)
Current investment (5,185) 109,632
Dividend/Interest Received 12,634 10,031
Others (9,311) 1,665
Financing (112,769) (88,885)
Repayment Loans (62,029) (93,325)
Interest paid (23,237) (20,191)
Dividend paid (73,320) (61,354)
Received from share issue 3,056 52
Received from loans/Bonds 12,366 95,135
Others 30,395 (9,202)
22
Contents
Overview
Q3/2018 & 9M/2018 Performance
Outlook 2019
Overview Performance Outlook
Global Economic Outlook: Global Growth Plateauing, as Economic Risks Become More Significant
Eurozone economy: Healthy, If Moderate, Growth
Bull : - Accommodative monetary policy & improving labor market support growth
Bear : - Less expansionary fiscal stance in several economies weigh on growth- Uncertain political scene weigh on growth
Bear : - High household debt constrain domestic demand- Potential de-stocking from a huge increase in inventories in 1H/2018 weigh on
Bull : - Continuous expansion in exports and tourism stimulate growth- More clarity on public investment projects stimulate growth
Thai economy: Robust Growth Seen Continuing, despite Slowdown
Bull : - Proactive fiscal & prudent monetary policies support and stabilize growth- Easing credit campaign help counter trade dispute impact & support growth
Bear : - Difficult trade problems with the US weigh on growth- Ongoing reforms in China, specifically tight pollution rules weigh on growth
China economy: Steady Slowdown in Growth
Bull : - Strong labor market support consumer spending
- Fiscal package e.g. Tax cut stimulate economic activity
US economy : Robust Growth to Continue, Though at a Softer Pace
Bear : - Fed’s rate hike higher borrowing costs- Trade tensions with trading partners weigh on growth
23
Overview Performance Outlook
near-term growth
GDP = $20,510 Bn24% of World GDP
GDP = $13,460 Bn16% of World GDP
GDP = $13,740 Bn16% of World GDP
GDP = $490 Bn0.6% of World GDP
Summary: Outlook 2019
Business 9M/2018 2019 (Forecast)
Reasons
Gas Price ($/mmbtu)
- Henry Hub- JKM
2.859.67
Range
2.7 – 3.2
8.8 – 9.8
HH:
• Availability of low-cost dry gas resources and abundance of associated
gas from the oil fields in Permian basin
JKM:
• Expected new supply, from the start-up of US, Australian, and Russian
LNG projects during end of 2018 - 2019
Oil Price ($/bbl)
Dubai Price 70.1
Range
70 – 80
Geopolitical risks: U.S. sanction on Iran, crisis in Venezuela, unrest in
Libya, Nigeria, etc.
Rising OPEC’s oil production to offset Iranian and Venezuelan oil
supply loss and surging Non-OPEC output, especially U.S. and Russia
Expected economic slowdown due to trade war concerns
High oil price may dampen demand amid currency depreciation
Refinery Margin ($/bbl)
Singapore GRM 6.38
Range
6.8 – 7.2
Light & middle distillates
High middle distillate crack amid tight supply and stock buildup in
2H2019 ahead of IMO Implementation
Light distillate crack will increase in 2H2019 due to lower supply from
shifting refinery yield to maximize middle distillate
FO
Tend to decline in 2H2019 ahead of IMO implementation
Petrochemical ($/ton)
- Olefins (HDPE, PP)
- Aromatics (PX, BZ)
HDPE = 1,371PP = 1,269
PX-Naphtha = 413BZ-Naphtha = 234
HDPE = 1,311 PP = 1,314
PX-Naphtha = 370-380BZ-Naphtha = 205-215
Economic slowdown and weak local currencies may dampen demand.
Olefins:
Higher crude oil and naphtha prices in 2019 comparing to prices in
2018.
More US PE cargoes will divert to SE Asia due to the start-up of new
units and US-China trade tariff
PP demand is expected to remain healthy from durable goods &
automobile
New PP capacities from Malaysia in 2H/2019 (RAPID)
Aromatics:
There will be more BZ, PX supply from Petro Rabigh, Nghi Son, TPPI24
Overview Performance Outlook
9M/2018
• Gas price continue to increase following oil price
• PTTEP – Higher prices & vol. with no impairment
• Gas –Improved performance from higher product
prices
• Oil – Soften performance due to high competition
• P&R – Better from stock gain and Olefins margin,
despite lower Aromatics
• GPSC – Higher performance from fully operations
of IRPC-CP and ISP1
• Coal – Weaken from tax issue, despite better
operating income
Outlook 2019
• Global economic growth to expand at a slower
pace
• Risk of trade war between U.S. and China
• One -time use plastic trend
• Thai General Election
• New PDP launch
• Expected bidding expiring concession to
conclude by the end of 2018
• Higher oil price will translate into higher gas cost
• Refinery margin improved
• Weaken Olefins & Aromatics
Key Takeaways
25
Thank youPTT Public Company Limited – Investor Relations Department
Tel. +66 2 537-3518, Fax. +66 2 537-3948, E-mail: [email protected] Website: http://www.pttplc.com
Disclaimer
The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient,
you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements
that reflect our current views with respect to future events, financial performance and result of PTT’s activities. These views are based on assumptions subject to various
risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ
materially from those projected.
The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the
estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.
27
26
Statements of Cash Flows (PTT Only) : 9M/2018
27
Free Cash Flow
52,209 117,781
Adjustment
111 (268)
Beginning Cash and Cash Equivalents
62,648 38,692
Cash In/(Out)
(23,675) 65,954
Ending Cash & Cash Equivalents
38,973 104,646
Ending cash incl. S/T investment
106,748 133,197
Operating9M/2017 9M/2018
54,602 46,640
Net Income 83,768 153,147
Changes in assets & liabilities (11,924) (21,555)
Income Tax (9,240) (12,000)
Non-Cash Adjustment (8,002) (72,952)
Investing9M/2017 9M/2018
(2,393) 71,141
CAPEX (PP&E, Intangible asset) (16,484) 106,950
Investment (Sub.& Affiliates & Others) (34,224) (119,104)
Current investment (20,618) 45,554
Dividend/Interest Received 39,912 36,374
Others 29,021 1,368
Financing (75,995) (51,559)
Repayment Loans (18,520) (11,431)
Interest paid (8,579) (6,924)
Dividend paid (51,413) (34,258)
Received from loans/Bonds 2,517 1,054
PTT Group Performance : Q3/2018 (QoQ)
28** Since Feb 21,2018, PTT hold 48.05% in IRPC
1/ On Jul 3, 2017 PTT transferred all stake in HMC/PTTPL/PTTPM/PTTAC/PTTMCC and the Projects’ Study Results of PTTPMMA to PTTGC2/ Including BSA, PTT TCC and RTC
% PTT
holding
Q2/18 Q3/18 QoQ Q2/18 Q3/18 QoQ
PTT Net operating Income 15,423 13,534 -12% 15,423 13,534 -12%
E&P - PTTEP 3,590 10,401 >100% 65.29% 2,352 6,792 >100%
Petrochemical 10,918 12,888 18% 5,663 6,259 11%
- PTTGC1/ 10,827 12,793 18% 48.65% 5,573 6,164 11%
- PTTTANK and others 91 95 4% 90 95 6%
Refining 8,844 7,119 -20% 3,866 3,518 -9%
- TOP 4,795 4,558 -5% 48.91% 2,287 2,078 -9%
- IRPC 4,049 2,561 -37% 46.27% 1,579 1,440 -9%
Others Business 5,730 7,633 33% 3,941 5,896 50%
Inter - PTTER/PTTGE/PTTGM 911 872 -4% 100% 876 796 -9%
Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 2,102 2,340 11% 1,802 1,764 -2%
Utilities - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 1,550 1,457 -6% 385 372 -3%
Oil & Oth. - PTTT/PTTOR/THAPPLINE/Others2/ 1,167 2,964 >100% 878 2,964 >100%
Shared of Net Income from Affiliates 29,082 38,041 31% 15,822 22,465 42%
Tax adjustment for gain on disposal of investment and asset (1,216) (5,670) >(100%) (1,216) (5,670) >(100%)
PTT Conso. Net Income 43,289 45,905 6% 30,029 30,329 1%
Unit : MMTHB
Performance 100% Equity Method % PTT
3030
PTT Group Performance : 9M/2018 (YoY)
29
1/ On Jul 3, 2017 PTT transferred all stake in HMC/PTTPL/PTTPM/PTTAC/PTTMCC and the Projects’ Study Results of PTTPMMA to PTTGC2/ Including BSA, PTT TCC and RTC3/ PTT Tank and others
% PTT
holding
9M/17 9M/18 YoY 9M/17 9M/18 YoY
PTT Net operating Income 54,982 48,152 -12% 54,982 48,152 -12%
E&P - PTTEP 11,138 27,372 >100% 65.29% 7,278 17,871 >100%
Petrochemical 35,220 36,290 3% 17,394 18,172 4%
- PTTGC1/ 29,740 36,008 21% 48.65% 14,759 17,889 21%
'- PTTTANK/HMC/PTTPL/PTTPM/PTTAC/PTTMCC/PMMA1/ 5,480 282 -95% 2,635 283 -89%
Refining 24,770 24,323 -2% 11,607 11,749 1%
- TOP 17,929 14,961 -17% 48.91% 8,672 7,215 -17%
- IRPC 6,841 9,362 37% 46.27% 2,935 4,534 54%
Others Business 13,705 22,801 66% 8,645 11,272 30%
Inter - PTTER/PTTGE/PTTGM 1,658 7,258 >100% 100% 1,603 853 -47%
Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 5,593 6,330 13% 4,401 5,055 15%
Utilities - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 4,118 4,401 7% 1,050 1,106 5%
Oil & Oth. - PTTT/PTTOR/THAPPLINE/Others2/ 2,336 4,812 >100% 1,591 4,258 >100%
Shared of Net Income from Affiliates 84,833 110,786 31% 44,924 59,064 31%
Tax adjustment for gain on disposal of investment and asset (90) (7,070) >(100%) (90) (7,070) >(100%)
PTT Conso. Net Income 139,725 151,868 9% 99,816 100,146 0%
Unit : MMTHB
Performance 100% Equity Method % PTT
3/
31
Debt Profile : Control Cost & Manage Risk
Debt Portfolio
Managed debt according to financial risk and policy
ConsolidatedPTT OnlyUnit : MMTHB
: Cost of debts ~ 5.25%: % fixed-rate ~ 71%: Avg. debt life ~ 8.59 years
: Cost of debts ~ 4.46%: % fixed-rate ~ 65%: Avg. debt life ~ 6.99 years
147,592 129,279 129,265
325,524 311,317 336,02681,245
45,088 34,583
250,968
194,284 154,640
228,837
174,367 163,848
576,492
505,601 490,666
31 Dec 16 31 Dec 17 30 Sep 18 31 Dec 16 31 Dec 17 30 Sep 18
USD&Others
THB
(36%)
(64%)
(21%)
(79%)
(44%)
(56%)
(32%)
(68%)
Note : Data as of 30 Sep 18 (THB/USD = 32.5767 THB/JPY = 0.289234 Excluding liabilities from finance leases; Cost of debts includes withholding tax.
Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions. Debt outstanding is reconciled with accounting.
(26%)
(74%)
(38%)
(62%)
30
Gas3% Transmission
17%
Oil & Trading3%
P&R6%
HO & Others7%
Capital restructure
47%
Other JV & wholly owned subsidiaries
17%
2018 2019 2020 2021 2022
159,573
Capital restructure
Other JV and wholly owned subs
Natural Gas
Transmission
Oil and International Trading
Petrochemical & Refinery
HO & Others
45,88021,369
5,599
246,613
22,501
Unit: MMTHB
JV & wholly owned subs
64%
87,040
PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest ~Bt 342bn* ($10bn) during 2018-2022
Additional Provisional CAPEX = Baht 245 bn
• Business expansions
• Prepare for the future ( New S-Curve )
* 2018-2022 budget approved by BOD on 22 Dec 17
PTT 5-Years Committed CAPEX Plan ̴Bt 342 bn
31
7.718.75
13.43
22.40
30.57
34.14 34.82
18.33
21.06
29.58
37.24 36.58
32.52
20.34
6.73
32.68
46.74
2.432.50 2.85 4.00
6.75
9.2510.50
11.50
8.00 8.5010.25
13.00 13.00 13.0011.00 10.00
16.00
20.00
0.80
25%25%
32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0% 43.6% 40.4% 34.7% 34.9% 35.5% 40.0% 54.1%
148.6%
49.0% 42.8% 32.9%
-900.00%
-600.00%
-300.00%
0.00%
0.00
10.00
20.00
30.00
40.00
50.00
60.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H/2018
PTT’s minimum payout ratioBaht / share
EPS
DPS
Dividend payout
32
Dividend Policy & Historical PaymentsPTT is firmly committed to pay dividend at no less than 25% of net income
Split par*
* Spilt par value from 10 to 1 Baht/share since 24 April 2018
Subsidiaries ConsolidatePTT Oil & Retail Business Co., Ltd. PTTOR 100.00%
Others CostPetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00%PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00%
Others
Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.29%PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%PTT LNG Co., Ltd. PTTLNG 100.00%PTT Global LNG Co., Ltd PTTGL 50.00%
Joint Ventures EquityTrans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00%Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00%
Petrochemical Subsidiaries ConsolidatePTT Global Chemical Plc.* PTTGC 48.65%PTT Tank Terminal Co., Ltd. PTTTANK 100.00%
Refining Subsidiaries ConsolidateThai Oil Plc.* TOP 48.91%IRPC Plc.* IRPC 46.27%
Subsidiaries ConsolidatePTT Digital Solutions Co., Ltd.* PTT DIGITAL 20.00%PTT Energy Solutions Co., Ltd.* PTTES 40.00%Energy Complex Co., Ltd. EnCo 50.00%Business Service Alliance Co., Ltd.* BSA 100.00%PTT Regional Treasury Center Pte. Ltd. PTTRTC 100.00%PTT Treasury Center Co. Ltd PTT TCC 100.00%
International Trading Business Group
Subsidiaries ConsolidateGlobal Power Synergy Co., Ltd* GPSC 22.58%Thai Oil Power Co., Ltd.* TP 26.00%
Joint Ventures EquityDistrict Cooling System and Power Plant DCAP 35.00%
Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.
Petrochemicals & Refining Business GroupE&P and Gas Business Group Oil Business Group
Data as of 30 Sep 2018
International Investment
Subsidiaries ConsolidatePTT Energy Resources Co., Ltd. PTTER 100.00%PTT Green Energy Pte. Ltd PTTGE 100.00%PTT Global Management Co., Ltd. PTTGM 100.00%
Others CostSarn Palung Social Enterprise Company Ltd. SPSE 20.00%Baania (Thailand) Company Ltd. Baania 3.57%
Others Fair ValueDhipaya Insurance Plc. TIP 13.33%
33
Power Business Group
Subsidiaries Consolidate PTT International Trading Pte. PTTT 100.00%PTT International Trading London Ltd PTTTLDN 100.00%
3535
Natural Gas Price Structure : Jan-Sep 2018
CustomersSales Price Structure
Gas Pool Price Supply Margins Pipeline Tariffs+ +
Average Purchased Gas Price
1.75%
1.75%
9.33%
21.9 Bt/MMBtu
Charged at the same price structure of power producers
Reference to Saudi Aramco’s contract price
Charged at prices comparable to fuel oil
Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns.
Profit-sharing mechanism based on market prices of petrochemicals
Reference to Naphtha market price
At GSPs cost (adjusted every 3 months)
• Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions
*
*
*
* EGAT IPP and SPP Supply Margins not more than 2.1525 and 11.4759 respectively
34
• Since 16 Jul 2016 : The retail price is set to reflect the natural gas cost but operating cost is still regulated.
• Since 5 Sep 2017 : Allowance to adjusted +0.46 Baht/Kg. for gas quality improvement cost
• Since 16 May 2018 : Allowance to adjusted the retail price of NGV public bus to 10.62 Baht/Kg.
• NGV retail Price as of 30 Sep 18 = 15.13 Baht/Kg.
GSP 22%
Petrochemicals Feedstocks
Industry 16%
Ethane, Propane, LPG
NGL
Local Cooking Gas
Export Cooking Gas
Power Producers 57%
: EGAT 15%
: IPP 16%
: SPP 26%
NGV 5%
Gas Business Roadmap
LNG Projects
35
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
Country: Projected Gas Volume
New Project
LNG Ph#2
MajorProject
COD
LNGCapacity
(MTA)
10 10
• 4th
onshore Midline Comp.
• Comp Wangnoi
• Nakhon Ratchasima
11.5 11.5
LNG Terminal#1 - Extension
11.5
• 5th
Pipeline
• RA#6-RatchburiPipeline
Gas Facilities Expansion
19.0
LNG Terminal#2
LNG projects :
1) LNG Terminal 1 phase 2 Extension :
(Capacities expansion from 10 MTA to 11.5 MTA)
- Approved by Cabinet 12 Jul 2016
- Expansion capacity: 1.5 MTA
- Construction completed 100%
- COD : 2019
2) LNG Terminal 2 (Onshore LNG Terminal No.2)
- Approved by Cabinet 11 Apr 2017
- Capacity: 7.5 MTA
- COD : 2022
• Additional LNG projects (submitted studies to
CEPA and NEPC on July 2017)
− Myanmar-Thailand LNG Terminal
− FSRUs (domestic)
− Onshore LNG Terminal 3
P&R : Upcoming Projects
21
2018 2019 2020
UHV Catalyst Cooler
PTA & PET ME plants2
PO/Polyols
MTP Retrofit
ME plants2
PTA & PET UHV
Catalyst CoolerPO/
Polyols
MTP Retrofit(Olefins
Reconfiguration)
CFP(Clean Fuel
Project)
MARS (Maximize Aromatics)
Objective/Capacity
• Methyl Ester (200 KTA)
• Signed SPA to acquire share in SMPC (PTA) & TPRC (PET) businesses
• Enhance product portfolio & polymer business
• PTA (970 KTA)
• PET bottle(147 KTA)
• Flexibility of crude selection
• Lower utility cost from cracking heavy crude
• Create value added in Polyurethane chain
• PO (200 KTA)
• Polyols (130 KTA)
• Ethylene (500 KTA)
• Propylene (250 KTA)
• Upgrade lower value product higher
value product
• Ability to process heavier (cheaper) crude oil
• Utilize excess Naphtha/ Toluene/ Xylene as feedstock to maximize PX & BZ products
• Paraxylene(1,000-1,300 KTA)
• Benzene(300 - 500 KTA)
• Other Products(200 KTA)
CAPEX 47 MMUSD4,148 MB
(125 MMUSD)1,320 MB
(32 MMUSD)888 MMUSD 985 MMUSD 4,825 MMUSD 1.0-1.1 Bn.USD
COD Q4/18Begin of 2019(Closing Date)
Q1/192020
(FID Aug’17)2H/20
(FID Jan’18)Q1/23
(FID Jul’18)Q1/23
2023
CFP
E & P Gas Oil & Trading P&R Others
Overview Performance Outlook
Maximize Aromatics
36
Natural Gas : Growth of natural gas upon Government fuel diversification policy for power generation
37
Thailand Gas DemandReplace :Coal กระบี่ (800 MW), EE 30%
Thailand Gas demand forecast (CAGR during 2018-2032): Total ~ 0.1%: Power ~ 2%: GSP ~ -7%: Industry ~ 1%: NGV ~ -6%
Gas Business Generates Stable Returns
Sole owner and operator of entire
gas transmission pipelines in
Thailand (~ 4,000 km), a regulated
business
• IRROE ranges between
12.5% - 18% for transmission
pipeline investment
Supply & marketing of natural gas
provides fixed margin with long-term
contracts of 25-30 years
6 Gas Separation Plants; Total
production 6.7 MTA; are on
petrochemical market price-linked
profit sharing basis
38
Overview Gas transmission pipeline capacity
Gas Separation Plant Capacity
Unit 1 420 MMcf/d
Unit 2 and 3 820 MMcf/d
Unit 4 170 MMcf/d
Unit 5 570 MMcf/d
Unit 6 880 MMcf/d