PTT Exploration and Production Public Company Limited

Invest ASEAN

February 2, 2013


Disclaimer

The information, statements, forecasts and projections contained herein reflect the Companys current
views with respect to future events and financial performance. These views are based on assumptions
subject to various risks. No assurance is given that these future events will occur, or that the Companys
assumptions are correct. Actual results may differ materially from those projected.
2/18
Contact us at : IR@pttep.com
Visit our website : www.pttep.com
Growth Strategy
2
Company Overview
1
3/18
3
Financial Performance
PTTEP Thailand
Moodys Baa1 Baa1
S&Ps BBB+ BBB+
JCR A- A-
TRIS AAA N/A
2
nd
largest company in
the Stock Exchange of Thailand
PTT
65.29%
Others
34.71%
Source: Bloomberg as of 30 January 2013, DMF (September 2012) and team analysis
Note:
1
As of 13 November 2012;
2
Foreign Currency Credit Rating except TRIS for Local Currency rating

is a subsidiary of PTT Public Company
Limited
is on par with sovereign ratings
2
Shareholding structure
1
and contributes approximately 1/3 of total
national oil and gas production
Others
72%
PTTEP
28%
33.4
22.2
21.4
19.5
18.2
15.9
14.3
13.5
12.2
11.0
US$bn
PTT
ADVANC
SCB
KBANK
SCG
BBL
CPALL
KTB
PTTGC
PTTEP Overview
Thailands flagship E&P business to secure national energy demand
4/18
PTTEP Overview : Group Value Chain
Creating value through PTT Group value chain

Source: PTT Annual report 2011

5 / 18

6 / 18

Proved Reserves
0
200
400
600
800
1,000
1,200
2010 2011 2012
MMBOE
Gas Liquid
By Product
Reserves Replacement Ratio (X)
Reserves Life Index (Year)
2011
1.10
9
1,043
Reserves Replacement Ratio Maintained Around 1
2010
1.21
9
969
Domestic
56%
Overseas
44%
By Geography
901
71 %
29 %
72 %
28 %
79 %
21%
2012
0.91
8
Source: PTTEP; * As of 31 December, 2012
7/18
Africa (6)
1 Development
5 Exploration
Algeria
Mozambique
Kenya
Thailand (18)
13 Production
5 Exploration
North America (1)
1 Production
Canada
Middle East (1)
1 Production
Oman
Australasia (3)
1 Development
2 Exploration
Australia
New Zealand
South East Asia (15)
4 Production
1 Development
10 Exploration
Myanmar
Vietnam
Indonesia
Cambodia
Internationally Diversified and Balanced Portfolio
Worldwide Operations: 44 Projects in 12 Countries
Thailand and
SEA 54%
Australia
14%
North
America,
16%
Africa 15%
Middle East
1%
PTTEPs Asset Base*
Growth Strategy
2
Company Overview
1
8/18
3
Financial Performance
188,385 186,982 183,314
76,190 78,065
92,609
0
100,000
200,000
300,000
Sales Volume
Liquid Gas
BOED
Volume Mix
Sales Price 2010 2011 2012
Gas ($/MMBTU)
Liquid
(1)
($/BBL)
Weighted Avg. ($/BOE)
5.52
73.77
44.83
6.00
102.23
55.49
7.59
103.27
64.86
Avg. Dubai ($/BBL)
Avg. HSFO ($/BBL)
78.11
72.57
105.52
99.81
109.03
103.26
265,047
Gas
66%
Liquid
34%
Revenue Mix
Gas
46%
Liquid
54%
2012
(High Sulphur fuel oils )
264,575
Highest ever Sales Volume and Price in 2012

PTTEP Average Product Price and Volume
275,923
(1) Included crude oil, condensate and bitumen
(1)
(1)
(1)
9/18
0
10
20
30
2010 2011 2012
Operating and Financial Performance
DD&A
Royalties
G&A

Exploration Exp.
Operating Exp.*

10.53
5.44
2.06
0.90
4.74
Cash Cost
10.9
13.1
23.67
$/BOE
Note : The formulas for calculating ratios are provided in the supplementary section for your reference
13.61
7.80
3.09
2.11
5.61
28.86
14.5
11.55
6.67
2.67
2.24
5.73
32.22
Effective Cost Management with Remarkable Exploration Success
Unit Cost ($/BOE)

Unit Cost
(US$/BOE) 2010 2011 2012
Lifting Cost 3.75 4.35 4.28
F&D Cost 13.90 19.70 28.97

Success
Ratio**

15:19
(79%)

11:25
(44%)

43:54
(80%)
10/18
* Excludes diluent cost for blending bitumen in KKD Oil sands project
** Exploration and Appraisal wells

Drilling Success Ratio (Successful wells : Total)
Financial Highlights : Performance
* Includes gain/loss on FX, deferred tax from US$ Functional currency , and others

2010

2011 2012 Y-o-Y (%)
EBITDA (MMUS$) 3,171 3,814 4,816 26
EBITDA Margin (%) 71 69 70 1
Operating Cashflows
(MMUS$)
2,660 2,908 3,454 19
Net Profit (MMUS$) 1,380 1,468 1,846 26
Net Profit before
non recurring items
1,292 1,659 1,999 20
Gain (loss) from
non recurring items*
88 (191) (153) 20
Earnings per Share (US$) 0.42 0.44 0.55** 25
11/18
** Based on weighted average number of shares during the year
If based on number of shares as of 31 Dec 12 (3,970 million shares) ,EPS = 0.46 US$
EBITDA Margin Maintains at Level of ~ 70%
US$
37%
THB
63%
US$
97%
THB
3%
Financial Highlights : Position
Healthy Balance Sheet with Strong Gearing Ratio after Capital Raising
(Unit : MMUS$) 31 December 2010 31 December 2011 31 December 2012
Asset 10,694 14,131 19,637
Liability 5,286 7,819 8,926
Total Interest Bearing Debt 2,583 3,873 3,773
Equity 5,408 6,312 10,711
Debt to Equity (x) 0.48 0.61 0.35
Debt to EBITDA (x) 0.81 1.02 0.78
Debt Structure
Weighted Average Cost of Debt (%)
[Fixed : Floating]
3.69
[90 : 10]
3.12
[84 : 16]
4.07
[80 : 20]
Average Loan Life (Years)
3.54 3.96 7.58
CAD 12%
12/18
THB 4%
USD 84%
Dividend payment
Dividend policy: minimum payout of 30%
2.86
1.48
2.55 2.61
2.80
2.56
1.20
2.48
2.79
3.00
43%
40% 40% 40%
38%
0%
25%
50%
0.00
5.00
10.00
2008 2009 2010 2011 2012
Dividend Payment History
1H 2H Payout Ratio
(1)
THB per
share
Payout
Ratio
5.42
2.68
5.03
5.40
Source: PTTEP websites
Note:
1
Dividend Payout Ratio = Dividend Payment / Net Profit
13/18
5.80
16.0%
25.5%
25.1%
21.7%
(20)%
0%
20%
40%
2009 2010 2011 2012
PTTEP
ROE
Source: PTTEP, Cap IQ
*Comparable Peers (ROE as of 9M 2012) include CNOOC, Sinopec, Petrochina, Inpex, ONGC, Santos, BG, ENI, Statoil, OMV, Apache, Anadarko, Hess, Murphy, Marathon Oil, Petrobras and Ecopetrol
TOP quartile ROE
14/18 Note : The formulas for calculating ratios are provided in the supplementary section for your reference
Return On Equity
Top ROE amongst its peers*

Growth Strategy
2
Company Overview
1
15/18
3
Financial Performance
0
50
100
150
200
250
300
350
Target Sales Volume
Strong base from domestic assets with outstanding international growth

16/18
000 BOED
2016 2012 2013 2014
Project Start-up 2013 - 2017
Montara
2017
Algeria
433a &416b
Thailand *
South East Asia
Middle East & Africa
Australia
North America
Product Mix
Gas (%)
Liquid (%)
66
34
64
36
67
33
68
32
66
34
* Including overlapping area
CF = Closing forecast
Zawtika
13%
10%
61
39
276
310
340
335
325
339
KKD
Leismer Expansion
Corner
2015
Investment Plan
Structured to deliver organic growth through development activities
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Exploration
Development
Operation
Total Expenditures (2013-2017) = US$ 25 Billion **
CAPEX = US$ 15 Billion Cove Acquisition
OPEX = US$ 10 Billion
5,809
4,799
4,296
4,985
4,782
3,949
3,134
2,962
2,312
2,410
1,927
2,872
* Excludes expenditure for Cove acquisition ** Excludes expenditure for M&A opportunities

2015 2012 2013 2014 2016 2017
1,445
1,860
1,851
1,837
1,984
2,372
12% *
55% *
21% *
12% * Corporate & Others
16%
53%
20%
11%
12%
51%
25%
12%
11%
49%
27%
13%
4%
49%
33%
14%
7%
43%
37%
13%
17/18
MMUS$
Key Projects Expenditure
Arthit, Bongkot, S1, Pailin, MTJDA, KKD
Zawtika
6,244
PTTEPs Aspiration and its Growth Strategy
Initiatives to meet 3 strategic objectives
Sustainability
with R/P at 10 years
Production
Growth
Profitability
Production Volume (KBOE/D)
2020
1990
2010 2000
International
M&A
International
E&P Company
Proven Domestic
Operator
Emerging E&P Player
900
Domestic
84
7
304
600
Sustainability
With R/P *
at 10 years
Profitability
BIG
* R/P = Reserves / Production ration or Reserves Life Index
18/18
Supplementary
Supplementary 1/9
1. CAPEX by region and exploration expenditure
2. Total Shareholders Return
3. Thailand Energy Outlook
4. PTTEP Project Information
5. Ratio Formulas

1
2
3
4
5
CAPEX by Region
Committed to both domestic plateau and international growth



North America
8%
SE Asia
28%
Middle East &
Africa 10%
Australasia
7%
Thailand
59%
SE Asia
18%
Australasia
2%
Thailand 1,866 MMUSD
International 2,083 MMUSD
Thailand 6,381 MMUSD
International 4,437 MMUSD
2013
4 Billion USD
2014-2017
11 Billion USD
Middle East &
Africa 2%
CAPEX = 15 Billion USD


North
America
19%
Thailand
47%
1
Supplementary 2/9
Exploration Expenditure 2013
Focus on Thailand, Myanmar and East Africa Exploration
33%
34%
10%
4%
19%
Thailand
SE Asia
Australia
North America
ME & Africa
Exploration Expenditure
~900 MMUS$
Drilling expenditure by region
~ 750 MMUS$*
* Exploration and Appraisal wells
Drilling 80%
Seismic &
Others 20%
1
Supplementary 3/9
0
2
4
6
8
10
Jan-02 Apr-04 Jun-06 Aug-08 Oct-10 Dec-12
PTTEP has outperformed SET TRI, S&P 500 (TR) and O&G benchmarks at 22%
compounded annual growth
Total Shareholders Return, 2002-2012
S&P 500 (TR)
CAGR
SET TRI
2
PTTEP
1
Stock Prices and Indices (TSR) 2002 to 2012
x%
22%
18%
4%
Times
START OF
SET TRI
Source: Bloomberg, Datastream
10%
Oil & Gas
Benchmark
3
(1) PTTEP closing price on 31 January 2002: 21.25 Baht. Closing price as of 17 December 2012: 158.00 Baht
(2) SET Total Return Index (SET TRI) measures market performance, including price movements (capital gain/loss), rights offered
to current shareholders allowing them to purchase additional shares, usually at a discount to market price (rights offering), and
income from dividend payments (dividends) assuming they are reinvested in securities. Base Date: 31 January 2002
(3) O&G benchmarks represent the entire industry and cover >300 different O&G companies worldwide including Chevron, Exxon,
BP, Shell, etc.
2
Supplementary 4/9
Thailand Energy Outlook (PDP 2010)
Source : PTT & PTTEP

KBOED
Energy Consumption
Petroleum Product
Coal & Lignite
Natural Gas
Hydro
Nuclear
Source : EPPO
0
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010 2011 2012 2013 2014 2015 2016
Contracted
Domestic
Contracted
Import
Gas Demand
Gas Market
MMSCFD @
1000 BTU
Gas Consumption
By Sector
0
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010 2011 2012 2013 2014 2015 2016
Power
Industry
NGV
MMMSCFD
60%
24%
4%
12%
60%
19%
7%
15%
Source : PTT & EPPO
0
400
800
1,200
1,600
2,000
2,400
2,800
2007 2008 2009 2010 2011 2012 2013 2014 2015 2020
1%
4%
19%
34%
42%
0 %
2 %
17 %
40 %
40 %
Household &
Petrochemical
3
Thailand Energy Outlook
Natural Gas Energy for the future
Supplementary 5/9
MMSCFD @
1000 BTU
Source : PTT & PTTEP
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
J F M A M J J A S O N D
2012
Jan-Nov 11 4,234
Jan-Nov 12 4,633
Growth 9 %
2010
2011
Gas Consumption
PTTEP Projects Information
4
Supplementary 6/9
Project

PTTEPs
Share
Partners Production
1
2012 Key Activities
Gas
2
Oil and Other
3

Production Phase
Thailand
1 Arthit 80% Chevron
MOECO
16%
4%
220 MMSCFD
Condensate: 10k BPD

- Ensure gas deliverability at 220 MMSCFD
Drill Appraisal wells to appraise petroleum reserves and resources
2 B6/27 60% JX Nippon 40% N/A N/A Conduct Exploration activities
3 B8/32 & 9A 25% Chevron
MOECO
KrisEnergy
PSTL
51.66%
16.71%
4.63%
2%
170 MMSCFD

Crude: 30k BPD

Maximize oil production and sustain gas deliverability
Drill Exploration well
4 Bongkot 44.4445
%
TOTAL
British Gas
33.3333%
22.2222%
870 MMSCFD
Condensate: 30k BPD

- In Greater Bongkot, maintain production plateau as per GSA commitment
Drill Exploration/Appraisal wells to appraise petroleum reserves and resources
5 Contract 3
(Unocal III)
5% Chevron
MOECO
71.25%
23.75%
1,240 MMSCFD
Condensate: 24k BPD

Crude: 15k BPD Optimize oil production and maintain gas deliverability
Drill development wells and install wellhead platforms
6 Contract 4
(Pailin)
45% Chevron
Hess
MOECO
35%
15%
5%
368 MMSCFD
Condensate: 14k BPD

- Maintain production plateau as per GSA commitment
Drill development wells and install wellhead platforms
7 E5 20% ExxonMobil 80% 33 MMSCFD - Maximize gas deliverability
8 G4/43 21.375% Chevron
MOECO
PSTL
51%
21.25%
6.375%
- Crude: 7k BPD

Maintain production rate
Drill Exploration wells to appraise petroleum reserves and resources
9 G4/48 5% Chevron
MOECO
71.25%
23.75%
-

Crude: 2k BPD

Maximize oil production
10 PTTEP 1 100% - Crude: 0.4k BPD Maintain and maximize production rate
11 S1 100% - Crude: 27k BPD

Maximize oil production to reach 30,000 BPD
Continue Exploration activities
12 Sinphuhorm 20% Hess
Apico
ExxonMobil
35%
35%
10%
100 MMSCFD

- Conduct 3D Seismic Interpretation
Maintain production plateau
13 MTJDA 50% Petronas-
Carigali
50% 335 MMSCFD
Condensate: 7k BPD

-

Maintain production plateau as per GSA commitment
Continue exploration activities
Overseas
14 Oil Sands KKD 40% Statoil 60% - Bitumen: 16k BPD

Increase Leismer production up to production capacity and optimize well and facilities performance
Continue development of Leismer Expansion and Corner Project
Conduct Winter Evaluation Program (WEP) e.g. Appraisal/Delineation wells, including 3D seismic
15 Oman 44 100% -

Crude: 3k BPD

Maintain Gas and Condensate production
Continue exploration and appraisal activities
16 Vietnam 9-2 25% PetroVietnam
SOCO
50%
25%
- Crude: 6k BPD Maintain production rate
17 Yadana 25.5% TOTAL
Chevron
MOGE
31.24%
28.26%
15%
565 MMSCFD
+ 150 MMSCFD
(to Myanmar)
- Maintain production plateau as per GSA commitment
18 Yetagun 19.3178
%
Petronas-
Carigali
MOGE
Nippon Oil
PC Myanmar
(Hong Kong)
30.00140
%
20.4541%
19.3178%
10.90878
%
400 MMSCFD
Condensate: 9k BPD
-

Maintain production plateau as per GSA commitment


19 Vietnam 16-1 28.5% PetroVietnam
SOCO
OPECO
41%
28.5%
2%
- Crude: 37k BPD

Maximize oil production and drill development wells
Expect to reach crude production at 55,000 BPD by 4Q12
Note:
1
Based on 100% share of project
3
Based on 9M12 average daily production

2
Based on DCQ = Daily Contractual Quantity. Condensate based on average yield from gas DCQ.
PTTEP Projects Information
Project PTTEPs
Share
Partners 2012 Key Activities
Development Phase :
Overseas
20 Algeria 433a & 416b (Bir
Seba)
35% PetroVietnam
Sonatrach
40%
25%
Bir Seba & MOM Oil Field Development
Finalize bidding Engineering Procurement & Construction (EPC) and drill development wells
Expect production to reach 20,000 BPD in 2014

21 Myanmar Zawtika
(M9 & a part of M11)
80% Myanma Oil and Gas Enterprise
(MOGE)
20% Continue development activities
Complete 3D Seismic in Zawtika East (continued from 2011)
First production expected at end of 2013
Daily contractual quantity at 300 MMSCFD (80% to Thailand and 20% to Myanmar)

22 PTTEP Australasia
(PTTEP AA)
20%-100%
(varied by
permits)


Montara : first production in 1Q 2013 with the potential capacity of 35,000 BPD
Drill Appraisal well in Cash/Maple field to appraise petroleum resources
FLNG finalize Pre-FEED Study and proceed with FEED

4
Supplementary 7/9
PTTEP Projects Information
Project PTTEPs
Share
Partners 2012 Key Activities
Exploration Phase
Thailand
23 A4, 5 & 6/48 100% 3D Seismic acquisition and processing
24 G9/43 100% Pending activities and waiting for final boundary resolution (overlapping area Thai Cambodia)
25 L21/48 & L28/48 70% Resourceful Petroleum (Thailand) 30% Drill 1 Exploration well in L21/48 and conduct G&G studies
26 L22/43 100% Drill 1 Exploration well
27 L53/43 & L54/43 100% Drill 4 Exploration wells /additional 3D Seismic acquisition
Overseas
28 Algeria Hassi Bir Rekaiz 24.5% CNOOC
Sonatrach
24.5%
51%
Continue 3D seismic acquisition & processing
Drill 6 Exploration wells
29 Australia WA-423-P 30% Murphy
Diamond Resources
40%
30%
Drill 1 Exploration well
30 Cambodia B 33.33% Resourceful Petroleum
SPC
33.33%
33.33%
Drill 1 Exploration well
Conduct G&G studies and post-well analysis
31 Indonesia Semai II 28.33% Murphy
INPEX
PT Pertamina Hulu Energi Semai II
28.33%
28.33%
15%
Drill 2 Exploration wells
Conduct G&G studies
32 Indonesia South Mandar 34% Talisman
TOTAL
33%
33%
Continue G&G studies
33 Indonesia Malunda 100% Continue G&G studies
34 Indonesia Sadang 30% Talisman
TOTAL
40%
30%
3D seismic data interpretation and G&G studies
35 Indonesia South Sageri 20% Talisman
TOTAL
35%
45%
3D seismic data interpretation and G&G studies
36 Myanmar M3
Myanmar M11
100%
45%
(1)
TOTAL (for M11)
JX NOEX (for M11)
40%
15%
Drill 1 Appraisal Well in M3 by 2012
Drill 1 Exploration Well in M11 (Deep Water) by 2012 or early 2013
Farm out to TOTAL& JX NOEX is subject to Myanmar Government approval
37 New Zealand
Great South
18% Shell
OMV
Mitsui E&P
50%
18%
14%
3D seismic acquisition and G&G studies
38 Vietnam B & 48/95 8.5% Chevron
MOECO
PVEP
42.38%
25.62%
23.5%
Complete follow-on engineering and pipeline detailed design
Further exploration program
39 Vietnam 52/97 7% Chevron
PVEP
MOECO
43.4%
30%
19.6%
Complete follow-on engineering and pipeline detailed design
Further exploration program
40 PSC-G and EP-2 90% WinPreciousResources 10% 2D seismic
41 Mozambique Rovuma
Offshore Area 1
8.5% Anadarko, Mitsui,
ENH, Bharat Petroleum, Videocon
36.5%,20%
15%,10%,10%
Exploration drilling i.e. Black Pearl, Barracuda in 2012

42 Mozambique Rovuma
Onshore
10% Anadarko, Maurel&Prom,
ENH, Wentworth Resources

35.7%,27.7%
15%,11.6%

43 Kenya L10A
Kenya L10B
25%
15%
BG, Premier, Pan Cont.
BG, Premier, Pan Cont.
40%,20%,15%
45%,25%,15%

44 Kenya L5, L7, L11, L11B,
L12
10% Anadarko, Total 50%,40%
Note:
1
Subject to Myanmar government approval
4
Supplementary 8/9
Ratio Formula
Lifting Cost ($/BOE)
(Operating Exp. Transportation Cost Stock Variation Other expense not related to lifting) /
Production Volume
Cash Cost ($/BOE) (Operating Exp. + SG&A + Royalty & SRB) / Sales Volume
Unit Cost ($/BOE) (Operating Exp. + Exploration Expense + SG&A + Royalty + DD&A) / Sales Volume
F&D Cost ($/BOE) (5 Yr Avg. of Acquisition + 5-Yr Avg. of (Expl.+ Dev. Cost )) / 5 Yr Avg. of additional reserves
Reserves Replacement Ratio 5-Yr Additional Proved Reserves / 5-Yr Production Volume
Reserves Life Index (Year) Proved Reserves / Production Volume
Success Ratio Number of wells with petroleum discovery / Total number of exploration and appraisal wells
EBITDA
(Sales + Revenue from pipeline transportation) - (Operating expenses + Exploration expenses +
Administrative expenses + Petroleum royalties and remuneration + Management's remuneration)
EBITDA Margin EBITDA / Sales Revenue
Return on Equity
Trailing-12-month net income / Average shareholders' equity between the beginning and the end of the
12-month period
Total Interesting Bearing Debt
Short-term loans from financial institution + Current portion of long-term debts + Bonds + Long-term
loans from financial institution
Total Debt to Equity Ratio Total interest bearing debt/ Shareholders' equity
Total Debt to EBITDA Ratio Total interest bearing debt / Trailing-12-month EBITDA
Dividend Payout Ratio Dividend Payment / Net Profit
Ratio Formula
5
Supplementary 9/9