Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP

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Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Q2 2021 Results
   Analysts Meeting
     30 July 2021
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Disclaimer

Forward-looking Information
The information, statements, forecasts and projections contained herein reflect the Company’s 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 Company’s assumptions are correct. Actual results may differ materially from
those projected.

Petroleum Reserves Information
In this presentation, the Company discloses petroleum reserves that are not included in the Securities Exchange and Commission of Thailand (SEC) Annual Registration Statement Form 56-
1 under “Supplemental Information on Petroleum Exploration and Production Activities”. The reserves data contained in this presentation reflects the Company’s best estimates of its
reserves. While the Company periodically obtains an independent audit of a portion of its proved reserves, no independent qualified reserves evaluator or auditor was involved in the
preparation of reserves data disclosed in this presentation. Unless stated otherwise, reserves are stated at the Company’s gross basis.

This presentation may contain the terms “proved reserves” and “probable reserves”. Unless stated otherwise, the Company adopts similar description as defined by the Society of Petroleum
Engineers.

Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be
commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations.
Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable.

                                                                                           2                                                                    Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Q2/2021 Highlights
  Khun Phongsthorn Thavisin
    Chief Executive Officer

                   Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Q2 2021 FINANCIAL PERFORMANCE                                                                                                   FY 2021 OUTLOOK
    Net Income                                 Unit Cost                                  Sales Volume                                                           Sales Volume
   222 MMUSD                                  27.24 $/BOE                                 443 KBOED                                                              412 KBOED
                                              CHANGING ENERGY LANDSCAPE
                                               - Energy Transition is reshaping the industry -

           Climate change is Top Agenda            Stakeholders demanding          Shifting to low carbon energy                     Fossil Fuel demand will peak
                                                    lower carbon footprint
                                                                                   • Renewables growing at                          • Peak Oil: 2028–2040+
            • GHG Reduction to sustain          • New Policy & Incentives            10% CAGR from 2010-                              by speed of growth in EVs
              E&P business                        for green investment               2040                                           • Peak Gas: 2037–2040+
Global      • Gas is a transition fuel          • Easy Access & Cheap              • H2 Society becomes                               by growth in renewables
            • Electrification is the future       Funding from Investor              aspiration for many
                                                                                     countries
            • 2030 GHG reduction                • Govt. plans to                   • Renewables growing at                          • Peak Oil: 2034
              target 20%                          - Change fuel mix                  2-3% CAGR (2019-2050)                            by clean energy & policy
            • Net-zero emission year              - Support goods from             • H2 Symposium & H2                              • Peak Gas: 2040+
Thailand      being defined                         low-carbon processes             Thailand Working Group                           by technology
            • Climate Change Act                  - Encourage Carbon                 established among private                        development
              being prepared                        Capture and Storage              sectors                                                               Energy Partner of Choice
                                                                     4                           Source: Various Org. Consultant (IEA, McKinsey, WoodMac, BCG, Rystad, etc.) and PTT TTS#2 cloud scenario
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
PTTEP’s Position towards Energy Transition
                                                                                                             Energy                             PTTEP’s Future Portfolio Mix
                                    Last man               Cautious             Low-carbon                 transition
          Strategy                  standing              diversified             adopter                 frontrunner              NI from Non-EP Business                           20%
                                                                                                                                   (projected in certain year)

                                      Minimal            Commitment but                                   Aggressive        100%
    Emission Targets                 adhere to                                     Net zero
                                                          not Net Zero              target                 2°C goal
                                    regulations

     Core Oil & Gas

                                                                                                                                 Net Income
       Business                      Focused                Maintain              Reduced                  Divested
                                   + Offset activities    + Offset activities   + Offset activities

          New                                                                                                                                                                                Year
        Business                       Minimal                Minor              Increased                Focused                       2021                    2025            2030
                                                                                                                                                   ARV, Tech. & Future Energy
                                                                                                                                               •     Growth Platform
                                                                                                                                                             Power Business
                                                                                                                                               •     Protection from Oil Price Fluctuation
         Company                                                                                                                                             E&P Business
         Mapping
                                                                                                                                               •     Core and Foundation for Growth
                                                                                                                        * Average ROCE between 2020 – 2030
Source: McKinsey, Wood-Mackenzie                                                                      5                                                                Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
PTTEP’s Directions and Long-Term Targets
                                                                          Execute & Expand

                      Sustainable E&P Business                                             Diversification to                         Resources
                                                                                               non-E&P                               Preparedness

    • Production CAGR 5% in 2030,             • GHG emission intensity             • Net Income contribution 20% by             • Resilient organization for
      maintain @700 KBOED after 2030             reduced by 25% in 2030                 2030                                       both E&P and non-E&P
    • R/P > 5 years                           • PTTEP’s visibility as
    • Unit Cost  25 $/BOE                       “Guardian of the Ocean”

                  Strategy:                              Strategy:                                  Strategy:                              Strategy:
•     Domestic gas sales to ensure gas       ❑ GHG reduction initiatives e.g.          ❑ ARV superior growth                ❑ Efficient human resources and
      supply continuity                        CCS in Thailand & Malaysia                                                     funding plan
                                                                                       ❑ Power Business in Vietnam /
•     Cost competitiveness of oil projects   ❑ Ocean for life initiatives e.g.           Myanmar                            ❑ Spin-off non-E&P businesses
      in Thailand & Malaysia                   Ocean data platform, Rig to reef,       ❑ In-house Tech Commercialization,
•     Resources monetization of                CSR around ocean                          CCU, Hydrogen
      exploration and development assets
•     “Go for Gas” growth in TMM & ME
•     New LNG investment shift to
      medium-long term

                                                                                   6                                                       Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Strategy Update
     Khun Natruedee Khositaphai
EVP, Strategy & Business Development

                       Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Strategy Focus
                                   E&P Business                                                                           Non-E&P Business
             Growth in Core Area & Strategic Partnership                                          Diversifying into Tech, Power and New Business
                                                                                                                                                                  Technology
      Oman and UAE                                          Thailand
                                                                                                                                                                   Business
• Monetize Discovered                       Coming       • Ensure domestic gas
  Resources                                  Home          supply continuity
• Accelerate                                             • Accelerate resources
  Exploration Campaign                                     recovery from onshore
• Grow through                                             assets
  Strategic Partner    Expand to                         • Find new growth
                       Middle East                                                                                                                                   Power
                                                           opportunity from OCA
                                                           and bid round                                                                                            Business
                                                                                                   Gas to Power            Wind            Solar
                                                                                                   LNG to Power
              Myanmar                                 Malaysia                                           Potential Business Opportunities
     • Pursue growth in Western             • Fully Explore and synergize
       Corridor
     • Unlock full potential of
       existing assets
                                              with existing facilities
                                            • Focus on Lang Lebah (LLB)
                                              Development
                                                                                       1CO2
                                                                                            Carbon Capture Utilization
                                                                                                    CCU
                                                                                                                  Potential Products
                                                                                                                  e.g. Methanol, Carbon
                                                                                                                  Nanotube
                                                                                                                                          2
                                                                                                                                       Hydrogen                     New Biz
                                                                                                                                                                  Opportunities

     • Closely monitor political            • Resources monetization from
       situation                              exploration blocks                       • Low carbon Initiative by turning CO2 into        • Studying alternative future
                                                                                         high-value products                                energy
                                                                                       • Support GHG reduction target

                                                                                   8                                                               Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
Sustainability Development
         Khun Natruedee Khositaphai
    EVP, Strategy & Business Development

                           Energy Partner of Choice
Q2 2021 Results Analysts Meeting - 30 July 2021 - PTTEP
SD Roadmap - GHG and Ocean for Life
   GHG Reduction Roadmap for 2030 Target                                                    Ocean for Life
                  25% GHG Intensity Reduction (base year 2012)                                     Guardian of the Ocean (via Ocean Data Platform)
                           16%                                           25%
  GHG Reduction            2021                                          2030
                                                                                                             Major Activities
   Renewable in        Renewable Use                      WHP Equipped with
                       at New WHP in        S1 Solar        Renewable in
    Operation             Domestic                           Domestic                             Clean and Friendly Operation

    Efficiency           Energy           Wave Craft        LNG Powered                                                                                  Offshore + Mid-Shore:
  Improvement          Optimization                        Production Fleet                       Ocean Health and                                        Advanced Technology &
                                                                                                  Biodiversity Monitoring                                             Innovation

  Flare Utilization    Feasibility of       FGRU                                                                                   Onshore +
                        Additional      Installation in    Zero Routine Flare                                                                                     Offshore:
                                          Domestic                                                 Ramp up CSR around Ocean        Nearshore:
                          FGRU             Assets                                                                                  Collaboration          Location Advantage
                                                                                                                                 Network & CSR

Carbon Capture and               Feasibility              CCS Initiative in TH   CO2
  Storage (CCS)                Study on CCS                and MY Assets         CCS

                                                                                       10                                                          Energy Partner of Choice
SD Progress & Highlights
                                             2030 Targets
 “Energy Partner of Choice”
 through Competitive Performance and      GHG Reduction                                         Circular Model for E&P                               Ocean for Life
Innovation for Long-term Value Creation

                                                                   25%     ≥50%                                   of main structures reuse
                                                                                                                                                      Net     Positive       Impact
                                                                                                                                                    of Biodiversity & Ecosystem Services
                                                                                                                                                                          in Offshore Operations
                                                               Reduction of                                                                                                      (2019 base year)

                                                                       Zero
                                                      GHG emissions intensity
                                                            (2012 base year)
                                                                                                                          waste to landfill                                ≥50%
                                                                                                                                                        Increase in Community Income for
                                                                                                                                                           local community that participated
                                                                                                                                                                              in our program
                                                                                                                                                             (before project implementation)
                                            Q2/2021 Key Performance
                                                    Accumulative GHG Emissions Reduction                                                       Oil and Chemical Spill Rate
                                                            (Unit: Absolute (tonne CO2 equivalent)                                     (Unit: Tonne per million tonne of petroleum production)
                                               16% Reduction of GHG Emission Intensity as of June 2021                                         Towards Zero Spills Aspiration
                                                               (compared to 2012 base year)                                      8.9
                                                                                                                           8.0                              8.3
                                                                                          1,982,215   2,149,958                              6.6
                                                                                                                                       6.0
                                                                              1,410,502
                                                                                                                                                     4.3
                                                              833,010                                                                                                      3.3               IOGP
                                                                                                                                                                   2.2            2.5    2.3 Benchmark
                                          188,417                                                                          1.6   0.5   0.4 0.43 0.1         0.9    0.0     0.3    0.6    0.6 0.1 0.0
                                                                                                                           2010 2011 2012 2013 2014 2015 2016Energy
                                                                                                                                                              2017 2018 2019 2020
                                                                                                                                                                     Partner      2021
                                                                                                                                                                              of Choice
                                           2013                2016             2018              2020 2021                                            11                         (Q2)
SD Progress & Highlights (Cont.)
                  GHG Reduction                                           Circular Model for E&P                                                Ocean for Life
                                                          Zero Waste to Landfill                                             Marine Spatial Planning
                                                          Achieved zero hazardous waste to landfill and step up to           On-going multi-spectrum drone survey (first time in SEA)
                                                          zero industrial waste to landfill by 2025                          for aerial mapping of coral reef monitoring with KU at Koh
                                                                                                                             Mannai and Pala Beach, Rayong
                                                          Topside Reuse Project
                                                          On-going 1st Topside re-location at Arthit operation (started in
                                                          July 2021)

                                                                                                                             Ramp Up CSR around Ocean
                                                                                                                             • 6 Aquatic Animal Hatchery Learning Centers are planned
Flare Gas Recovery                                        Upcycling High Volume Waste                                                                         for construction by 2021
Completed GBN Flare Gas Recovery Unit feasibility study   Sand to Zeolite: Completed prototype equipment setup in                                              • 17,248.50 Kg of wastes
                                                          May 2021 and now preparing for production                                                                collected @ Songkhla
                                                                                                                                                                     for proper disposal
CCUS Study
CCU: Carbon nanotube from flare gas:
100,000 scfd facility is under
engineering design for pilot project

CCS: Completed feasibility study
and on-going pre-FEED in GoT
                                                                                                                                                       12    Energy Partner of Choice
                                                                                       12
Industry Outlook
     Khun Natruedee Khositaphai
EVP, Strategy & Business Development

                        Energy Partner of Choice
Oil and LNG Market Update
                                                             Global Oil Market                                                                                                           LNG Market
                                                              Prices Outlook                                                                                                          LNG Spot Price Outlook
                          100                                                  Dubai         Brent             Min-Max Consensus                                               Quarterly                                   Yearly
                                                          2020 actual                                                                           12 Strong demand from global
                                                                                                                                                     economic recovery and
                           80                             Brent 41.84 US$/BBL                                                                                                                                WM: Global supply growth
                                                          Dubai 42.27 US$/BBL                              Analyst Consensus                        supply shortage from US                                   slowdown while Asian
                                                          Spread -0.44                                                                          10        and Australia                                       demand continues to Woodmac (Jul’21)
                           60                             US$/BBL                                                                                                                                                   increase
US$/BBL

                                                                                                                                    US$/MMBTU
                           40                                                                                                                    8
                              2019 actual
                           20 Brent 64.0 US$/BBL                                                                                                 6             Supply issues           Supply over demand                             FGE (May’21)
                              Dubai 63.0 US$/BBL                               2021 consensus        2022 consensus                                              recover                                                              Platts (May’21)
                              Spread 1.0 US$/BBL                               FY Brent 70.0 US$/BBL FY Brent 67.0 US$/BBL                                                                                     Global supply availability
                            0                                                                                                                                                                                   outstripping demand
                                                                                                                                                 4
                                                                                                                                                      Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 2023 2024 2025 2026 2027
                  Source: Refinitiv (Reuters), Monthly Poll on Oil Price as of Jun’21                                                      Source: Information as of Jul 2021.

                                                     Demand & Supply Outlook                                                                                             Global LNG Demand & Supply Outlook
                          110                                               World Consumption                    World Production               450                                                          LNG Demand              LNG Supply
Million Barrels per Day

                          100                                                                                                                   350

                                                                                                                                      MTPA
                           90                                                                                                                   250
                           80                                                                                                                   150
                                Q1   Q2   Q3   Q4    Q1     Q2     Q3     Q4    Q1      Q2   Q3      Q4   Q1     Q2   Q3    Q4                              2017               2018          2019           2020          2021         2022
                                      2019                    2020                       2021                      2022
                    Source: EIA, Short-Term Energy Outlook as of Jul’21                                                                     Source: Wood Mackenzie, Short-Term LNG Demand & Supply Tracker as of Q2’21

            Key                                        Global COVID-19                                   Economic                                    OPEC+                                    US Sanction                     LNG Market
          factors                                     Situation & Vaccine                                Recovery &                              Production Cuts                               Policy on                     Still Oversupply
        to Monitor                                        Distribution                               Stimulus Measures                             Agreement                               Iran & Venezuela 14       LNG
                                                                                                                                                                                                                     Energy Partner of Choice
Operations Update
   Khun Montri Rawanchaikul
          President

                     Energy Partner of Choice
Core E&P Business Update
               Assets
Assets Transition     Transition in Thailand
                  in Thailand                                                                     Stronger foothold in Malaysia

                                                                                                   SK410B Project                                                   SK438 Project
  G1/61                                                                                            • Under field development study reflecting • Evaluating petroleum potential at Mak
 (Erawan)            Delayed           Starting producing           Remediation Plan                 larger gas discovery volume and CO2        Yong-1, after gas discovery at Kulintang-1
                                                                                                                                                 st
                   Site Access         below PSC volume           (accelerate ramp-up and            management as per GHG aspiration target (1 exploration well) in April 2021
                                                                      uplift other fields)
                                                                                                   • FID target on track                                            PM407 Project
                                 On track towards 1st gas in 2022                                  • Several petroleum prospects under study                        • Conducting 3D Seismic Reprocessing
                                                                                                     with additional drilling planned in 2022                         and preparing for exploration drilling
  G2/61                                                                                                                                                               campaign in 2022-2023
(Bongkot)       WHP Construction             Awarded                   GSA Finalized
                  and Installation           drilling rig                                                             Potential Development Cluster in Sarawak, Malaysia
                (complete in Nov)       (ready to drill in Nov)                                    Thailand
                                                                                                                                      South Sarawak Cluster                                    North Sarawak Cluster
                                                                                                                                SK309-311, SK314A, SK438, SK405B                          SK410B & SK417
Production boost in Oman                    New volume in Algeria
                                                                                                                                             Arthit                                                  Block H
                                                                                                                                                                                                               PFLNG2
                                                                                                                            Bongkot

Oman Block 61                                Algeria HBR                                                                                   JDA

• Ramp up production to full                 • Construction and commissioning                                                                            PM415                             Block K

  capacity from 27 June 2021                   on progress
                                                                                                                                                                                                               Sabah
                                                                                                                                                                             SK410B   SK417

                                                                                                                              Peninsular              PM407

• Gas: 1,500 MMSCFD                          • 1st oil production expected in                                                                                        SK438

                                                                                                                                                                   SK405B
                                                                                                                                                                                 SK314A
                                                                                                                                                                                            MLNG

  Condensate: 69,000 BBL/D                     2H/2021 with capacity 10-13KBPD                    Legend
                                                                                                  Producing
                                                                                                                                                                        SK309/311          complex

                                                                                                                                                                                Sarawak
                                                                                                  Explorations
                                                                                                    Petroleum Discoveries
                                                                                             16                                                                                           Energy Partner of Choice
New Business Update - ARV
                                                                                                                                                                                            HEALTHTECH
                      End-to-end AI-augmented Subsea                        One-stop Service for Smart Farming                  Cloud-based Asset Inspection and Mgmt.                  Thailand’s largest lifetime digital health
                   Inspection Repair and Maintenance (IRM)                    and Smart Forestry Solutions                        Platform via Drones & AI/ML services                   ecosystem for illness and good-health.

                                      ROV
                                      Inspection & repair                                                                                                                                                         IoT
                                                                                                                                                                                                                  Temp
                                                                                                                                                                                                                  Monitoring
                                      Xplorer AUV
                                                                                      AiAng Sprayer Drone
                                      Surveillance & inspection
 Products                                                                                                                                         AIM Platform
      and
 Services                             Nautilus
                                      Repair & Maintenance                                                                                                                                        ARVIC
                                                                                                                                                                                                    by ARV

                                      Software & Data
                                      Analytics & Insights
                                                                                          VARUN Platform                                        Drone Inspection                              Health Ecosystem Platform

                      • Delivered ROV support for pipeline                  • 1,120 sq.km Varuna analytics                        • AeroSky JV established                             • Delivered 2,000 units of IoT cold-chain
                        replacement to Mubadala                               performed in POC stage                              • MOU signed for power sector                          device for Covid-19 vaccine
                      • Awarded for Zawtika pipeline survey                 • 31 AiAang sprayer drone confirmed                   • Delivered POC for Telecom and                      • Ongoing development of COVID-19 risk
 Business                                                                     orders in Q2 (to be delivered in Q3)                  Construction sectors                                 evaluator software (Thaisavefamily
                      • Awarded for ME ROV support project
Highlights                                                                                                                                                                               platform) for Department of Health
                                                                            • Ongoing discussion with 3 additional                • Ongoing inspection services performed
                      • 5 sales opportunities in pipeline
                                                                              AiAang distributors                                   2,000 km of PTT Pipeline                           • Ongoing health ecosystem platform
                                                                                                                                  • Awarded for HMC long-term service                    development (ARVIC) with potential
                                                                            • Awarded for 48 sq.km spraying service
                                                                                                                                                                                         1.5m users on board
                                                                            • 14 sales opportunities in pipeline                  • 12 sales opportunities in pipeline
                                                                                                                                                                                       • Ongoing POC development of wellness
                                                                                                                                                                                         platform with BJC
                                                                                                                                                                                                      Energy Partner of Choice
 Note: ME = Middle East market (via Mermaid Subsea Services), ROV = Remotely Operated Underwater Vehicle, AUV = Autonomous Underwater Vehicle, POC = Proof of Concept, AIM = Asset Inspection Management
Financial Results
   Khun Sumrid Sumneing
  EVP, Finance & Accounting

                    Energy Partner of Choice
Results - Net Income
Impressive recurring net income curbed by oil price hedging loss
Q2/21 on Q1/21 (QoQ)                                                                         6M2021 on 6M2020 (YTD)
Unit: million USD             376                                                            Unit: million USD                              598
                                                         222                  450
                     94
                                                                              250
                                                                                                                  409                                        450
                             282                           349                                                                               631
                                                                                                                   418                                       250
                                                                              50
                                                                                                                                                             50
                           Q1/21                         Q2/21                                               -9 6M2020
                                                                    -127      -150                                                         6M2021 -33     -150
                      Recurring NI      Non recurring NI         Net Income                                      Recurring NI    Non recurring NI Net Income

   Recurring (+67 MMUSD or +24%)                                                             Recurring (+213 MMUSD or +51%)
                               +16%                                           +4%                                    +20%                                    +3%
                    Mainly from Oman Block 61             Average Higher liquid price                    Increase from Gulf of Thailand, Average Higher liquid price
  Sales Volume              and Sabah H                  Selling Price                       Sales Volume Sabah H, and Oman Block 61 Selling Price   offset with
                                                                                                                                                   lower gas price
                                             -3%                                                                                      -10%
                                        Lower unit costs                                                                           Lower unit costs

   Non-recurring (-221 MMUSD or ->100%)                                                      Non-recurring (-24 MMUSD or ->100%)
            Higher oil price hedging loss in Q2, and realization of gain from bargain                      Higher oil price hedging loss offset with a gain from bargain
                     purchase offset with exploration asset write-off in Q1                                                     purchase in 2021

                                                                                        19                                                              Energy Partner of Choice
Results – Sales Volume and Average Selling Price
Solid volume addition from Oman Block 61 and Malaysia Sabah-H
             UNIT: BOED                                                    443,126                       413,168
                                                       382,877               68,068
                    400,000         354,052                                                                45,867                                        Volume Mix
                                                         23,420                              327,004                   345,207
                                      19,323                                                                            20,443     Rest of World
                                                         85,215             102,239           24,790       93,774                                        Gas       Liquid
                    300,000           85,248                                                                            82,692     Other SEA
                                                                                              80,401
                                                                                                                                                          29%        28%
                    200,000
                                                                                                                                Thailand &
                                     249,481            274,242             272,819                       273,527       242,072 MTJDA                                72%
                                                                                              221,813                                                     71%
                    100,000

                            0                                                                                                                            Q1 2021   Q2 2021

       Product Price                   2020              Q1 21              Q2 21            Q2 20       6M 2021      6M 2020                           Revenue Mix
       Gas ($/MMBTU)                      6.27                5.61               5.59             6.37         5.60         6.64
       Liquid ($/BBL)                    41.55               56.59              63.98            28.92        60.52        40.80
                                                                                                                                                         41%        43%
       Weighted Avg. ($/BOE)             38.92               40.38              42.19            34.97        41.35        40.15
       Avg. Dubai ($/BBL)                42.27               60.21              67.02            30.72        63.62        40.72                         59%        57%
       Avg. HSFO ($/BBL)                 39.30               56.74              61.21            29.18        58.98        36.26
       (High Sulphur Fuel Oil)
                                                                                                                                                        Q1 2021    Q2 2021
       Note: Include sales volume from ADNOC Gas Processing (AGP)
             Exclude Oman Block 61 deemed sales volume from tax payment by government

                                                                                        20                                                         Energy Partner of Choice
Results – Unit Cost
Consistent decline in unit cost to meet long-term aspiration cost target
                                      Unit : $/BOE
                                           40
                                                          30.50                                                       30.25                        30.62
                                          30                                   27.96                27.24                         27.57
                         Cash Cost
                         Unit Cost        20
                                                         14.40                                      11.62             13.88       11.84            14.33
                                                                              12.10
                                          10

                                            -
                                                          2020                Q1 21                Q2 21              Q2 20       6M 2021         6M 2020
            DD&A                                           16.10                  15.86                 15.62             16.37           15.73       16.29
            Finance Cost                                    1.96                   1.39                  1.27              2.04            1.33        2.00
            Royalties                                       3.17                   3.41                  3.42              2.63            3.42        3.20
            G&A                                             2.33                   2.12                  1.97              2.02            2.03        1.98
            Exploration Expenses                            0.80                   0.12 *                0.19              1.03            0.16        1.10
            Operating Expenses                              6.14                   5.06                  4.77              6.16            4.90        6.05
            Lifting Cost                                    4.47                   4.15                  3.91              4.59            4.02        4.42
            Note: * Exclude Exploration assets write-off in Brazil for Q1 21
                    All Unit Cost shown above exclude costs related to new business
                   The formulas for calculating ratios are provided in the supplementary section for your reference

                                                                                                 21                                                           Energy Partner of Choice
                                                                                                                                                                                     5
Results – Cash flows and Financial Position
Robust operating cash flow with higher EBITDA margin
 6M 2021 : Source and Use of Funds*                                                                               Financial Position
       75%
    EBITDA Margin                     2,098                 4,052
                                                                                        Unit: million USD                                                   Unit: million USD
                                                                    Others                                                           22,493    23,230      Total Assets
                                                             278
                                                Free
                    Cash flow from                           730    CAPEX
                         operations    2,098
                                                Cash flow
                                                                                                                                     6,762     7,078       Other Liabilities
               (Before tax payment)             410
                                                             680    Tax payment
                                                                    Asset acquisition
                                                                    (Oman Block 61)
                                                                                                                                     3,932     4,131       Interest-bearing Debt
                                                            2,364

                3,804
                                                                                                                                               12,021
                                                                                                                                                            Equity
                                                                                                                                     11,799
                                                                                1,850

                2020                  Sources               Uses             Jun-21                                                  2020     JUN-21
     Note:     * Include Short-term investment
                 Net of adjustment for the effect of exchange rate changes on cash and cash equivalents
                                                                                                      Debt Profile
   D/E ratio       0.33x                                                         0.34x                           Weighted Average    14.08      12.86
                                                                                                                 Loan Life (Years)
Weighted Average 3.44                                                             3.31                            Fixed : Floating   82:18      78:22
 Cost of Debt (%)

  Note: Debt profile excludes Hybrid bonds
                                                                                                            22                                         Energy Partner of Choice
Shareholders’ Return - Interim Dividend
                                                                            Glimpse to 2021
  Schedule for 1H2021 Dividend Payment    THB per share
                                                                    Guidance 2020 Credit Rating/Outlook
                                                                                             6.00
                                                    6.00
                                                                                    5.00
      XD                                                                  4.25                              4.25
     Date
                  11 August 2021                    4.00                                             3.75
                                                             3.25
                                                                                    3.25
                                                                           2.75                             2.75
                                                                                                                          2.00
                                                    2.00     2.50

    Record                                                                                           2.25                 2.00
     date
                  13 August 2021                             0.75
                                                                           1.50     1.75                    1.50
                                                    0.00
                                                             2016         2017      2018             2019   2020         1H2021
                                                                                           1H   2H

                                           Payout Ratio             98        88      55              49     77           40
    Payment
     Date
                  27 August 2021         (% of net income)
                                           Payout Ratio             79        63      51              53     71           38
                                          (% of recurring
                                            net income)

                                                                     23                                            Energy Partner of Choice
Financial Outlook
                                                                                                                           Glimpse to 2021
 2021 Guidance
                        Guidance
  Average Sales Volume* Average       2020**
                                 Gas Price         Unit Cost                    EBITDA Margin
  KBOED                 USD/MMBTU                  USD/BOE                      % of Sales Revenue
              Q3
   ~405                   Q3 & Full year              Q3 & Full year              Q3 & Full year     Note:
                                                                                                     * Include sales volume from

                              ~5.7
                                                                                                        ADNOC Gas Processing (AGP)
     Full year
                                                     ~28-29                      ~70-75%             ** Based on average Dubai oil

   ~412
                                                                                                         price in 2021 at 67.6 $/BBL

 Credit Rating/Outlook
                                     International                                                       National

       BBB+ / Stable               BBB+ / Stable                       Baa1 / Stable                 AAA / Stable
     BBB stand-alone rating      BBB stand-alone rating           Baa2 stand-alone rating

                                                                                 24                                                          Energy Partner of Choice
Thank you and Q&A
                                               You can reach the Investor Relations
                            +66 2 537 4000    team for more information and inquiry
                                                 through the following channels

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                                                                  take the survey

               http://www.pttep.com
IR@pttep.com                                                     25   Energy Partner of Choice
Supplementary information

Financial Results Q2/2021                    27-29
Industry and Thailand Energy Updates         30-32
Reserves at Year-end 2020                     33
Key Project Highlights by Region             34-39
Project Details                              40-44
Organization Structure                        45
Ratio and Formula                             46

                             Energy Partner of Choice
Results – Net Income
                                                                                                                                                                  Unit: million USD
                              Statements of Income                             Q2 21            Q1 21          %QoQ       Q2 20        %YoY         6M21       6M20       %YTD
                              Total Revenues                                      1,768           1,779          (1%)       1,095           61%      3,546      2,779         28%
                              Sales (1)                                           1,729            1,391          24%        1,041          66%      3,120      2,523         24%
                                Sales Volume (BOED) (2)                         443,126          382,877          16%      327,004           36%    413,168    345,207         20%
                                Sales Price (US$/BOE)                             42.19            40.38           4%        34.97           21%      41.35      40.15          3%
                              Gain from a bargain purchase                            -              350        (100%)             -    -              350          -        100%
                              Others (3)                                             39               38           3%             54        (28%)       76        256        (70%)
                               Total Expenses                                     1,548           1,405          10%          959           61%      2,953      2,382         24%
                              Major Expenses:
                              Operating Expenses                                     193             174          11%         183           5%         367        380           (3%)
                              Exploration Expenses                                     7             149         (95%)         30         (77%)        156         69       >100%
                              G&A                                                     83              75          11%          62          34%         158        128          23%
                              DD&A                                                   629             547          15%         488          29%       1,176      1,024          15%
                              Loss on Financial Instruments                          125              98          28%          78          60%        223           -        100%
                              Impairment Loss on Assets                                -               -             -         47       (100%)           -         47       (100%)
                              Income Tax Expenses                                    321             192          67%         (68)      >100%          513        384          34%
                              Share of profit (loss) from associates and JV           2               2              -         (2)      >100%            5         12         (58%)
                              Net income                                            222             376          (41%)        134           66%        598        409         46%
                              Recurring Net Income                                  349              282          24%         128       >100%          631        418         51%
                              Non-recurring Net Income                             (127)              94       (>100%)          6      (>100%)         (33)        (9)     (>100%)
                               Non-recurring Net income breakdown:
                                Oil Price Hedging                                  (141)            (107)         (32%)       (26)     (>100%)        (248)       140     (>100%)
                                Tax from Effect of FX                                  -               (9)       100%         122        (100%)          (9)     (103)        91%
                                Effect from FX and others                            14                 5       >100%         (43)      >100%           19           1     >100%
                                Impairment Loss on Assets                              -                 -            -       (47)      >100%              -       (47)      100%
                                Exploration assets write-off                           -            (145)        100%            -            -       (145)           -     (100%)
                                Gain from a bargain purchase                           -             350        (100%)          -             -        350            -      100%
Note:
(1) Include Oman Block 61 deemed sales revenues from tax payment by government (28 MMUSD for Q2 21 and 6M21)
(2) Exclude Oman Block 61 deemed sales volume from tax payment by government                                      27                                                             Energy Partner of Choice
(3) Consisted of Revenue from Pipeline, Gain from FX, Forward Contract, and Oil price Hedging
Five –Year Plan : Sales Volume                                                                                                                                        Figures have not yet reflected Oman block 61
     Maximize value of existing assets, accelerate G1/G2 transitions & maintain key milestones for key projects
                                 In KBOED                                                                                CAGR +6%
                                      500                                                                       436                        446                       466                          462
                                                                                      375                                                                                                                     Rest of World
                                      400                   354
                                      300                                                                                                                                                                     Other SEA
        Sales Volume
                                      200                                                                                                                                                                     Thailand &
                                      100                                                                                                                                                                     MTJDA
                                        0
                                  In MMUSD
                                                           2020                      2021                      2022                       2023                      2024                         2025
                                     6,000                                                                       5,617                     4,779                     4,934
                                                                                      4,196                        686                                                  73
                                                                                                                                              34                                                   4,111          OPEX
                                                                                         63                                                                                                          62           (Decommissioning)
                                     4,000                 2,900                                                 1,896                      1,771                     1,778
                                                                                                                                                                                                                  OPEX
          Investment                                         30                        1,545                                                                                                       1,710          (exclude decommissioning)
                                                                                                                   554                       768                        819
                                     2,000                  1,480                       493                                                                                                          481          CAPEX
                                                                                                                                                                                                                  (Dev & Pre-sanction projects (3))
                                                             233                       2,095                     2,481                      2,206                     2,264                        1,858          CAPEX
                                                            1,157                                                                                                                                                 (Producing projects (4))
                                           0
       5 Years (2021 – 2025)                               2020                       2021                      2022                       2023                      2024                         2025
         CAPEX           14,020
         OPEX             9,617                                                                                                                                                                  Algeria HBR
                                                                                    Block H: 1H                G1/61: April (2)         G2/61: March (2)      Mozambique LNG: 1H               (Full phase): 2H       SK410B (1)
         TOTAL           23,637                                                 Capacity 270 MMSCFD          Capacity 800 MMSCFD       Capacity 700 MMSCFD        Capacity 13 MTPA
                                                Key Project Start-up                                                                                         Southwest Vietnam: 2H (1)
                                                                                                                                                                                       Capacity 50-60 KBPD Initial Capacity 600-800 MMSCFD
                                                                              Algeria HBR (phase l): 2H        G2/61: April (2)                                 Capacity 490 MMSCFD
                                                                                  Capacity 10-13 KBPD        Capacity 200 MMSCFD

Note: (3)(1) Subject to regulatory approval and FID timing (2) According to Production Sharing Contracts signed on 25 February(4) 2019 28                                                                         Energy Partner of Choice
            Development & Pre-sanction projects include Mozambique LNG , Algeria HBR, SK410B, and Southwest Vietnam Includes exploration and appraisal in all projects and head office CAPEX
Debt Maturity Profile
As of June 2021

                      700
                                                                                                                         650
                                                                                  600
                      600
                                                                                        500
                      500                          480                                                         490
       USD Millions

                      400
                                                                                                   349   350

                      300
                                    200
                      200

                      100

                        -

                      Note: Excludes Hybrid bonds
                          Unit: USD Millions or equivalent after cross currency swap

                                                                                              29                     Energy Partner of Choice
Thailand Updates
Higher gas volume with recovering demand constraint; THB fluctuation continues

                                                                    Thailand Energy Overview                                                                                                                          Exchange Rate Movement
                                                                                                                                                                                                                            (THB/USD)
                                                                                   Natural Gas Supply
                                                                                                                                                                                           34
                                                                                            MMSCFD
     FY 2019 FY 2020 5M 2021

                                                                                                                                                                                           33                32.7                                                               33.0
                                            Domestic                     Myanmar LNG         5,023                                                                                                                                                                            (Highest)
                                                                                                                           o     Recovering energy demand, which                                                                  31.7               31.3
                                                                                                                                                                                                                                                            32.1
                                                                                                                                                                                                                                                                                31.5
                                                                                                                                                                                           32
                                                                                                                                 rebounded to the same level of pre COVID-19                                                                                                  (Average)

                                           Domestic                    Myanmar LNG 4,699                                                                                                   31
                                                                                                                           o     As of April 2021: Higher domestic supply,                                          30.9
                                                                                                                                                                                                                                                                                30.7
                                                                                                                                                                                                                                                                              (Lowest)
                                                                                                                                 while LNG imports decreased slightly and                  30
                                             Domestic                     Myanmar LNG         5,017                                                                                              30.2
                                                                                                                                 a decline from Myanmar piped gas imports                  29
                                                                                                                                                                                                                                              30.0

                               0    1,000          2,000       3,000           4,000      5,000
                                                                                                                                 due to natural decline                                    28

                                                                                                                                                                                                    Q1         Q2           Q3        Q4         Q1         Q2      Q3   Q4
                                   Natural Gas Consumption                                                                                 Electricity Generation                                                    2020                                        2021

                                                                                   MMSCFD                                                                                          GWH     Consensus on the exchange rate mostly depends on
     FY 2019 FY 2020 5M 2021

                                                                                                  FY2019 FY2020 5M 2021

                                     Electricity            Industry GSP NGV 4,625                                                       57%             2% 16%      14% 11%      87,190    o Efficacy of Covid-19 containment measures in Thailand and vaccine
                                                                                                                                                                                              procurement and distribution timeline
                                    Electricity            Industry GSP NGV 4,368                                                    55%                2% 18%       14% 10%     205,995    o Thailand’s economic recovery which heavily depends on tourism recovery
                                                                                                                                                                                            o Sustained fiscal and monetary policy support in Thailand and Federal
                                     Electricity            Industry GSP NGV 4,762                                                       57%              3% 17%     12% 10%     212,050      Reserve tapering timeline
                               0   1,000      2,000         3,000      4,000      5,000                                   0%
                                                                                                                                                                                            Source: Bank of Thailand, Bloomberg
                                                                                                                           Natural 20%
                                                                                                                                   Gas         40%
                                                                                                                                                     Hydro60%
                                                                                                                                                           Electricity80% Coal
                                                                                                                                                                           100%
                                                                                                                                                                               & Lignite
           Source: Energy Policy and Planning Office (EPPO)                                                                                                                                 Forecast based on Bloomberg Consensus as of 12 July 2021
                                                                                                                           Imported                  Renewable Energy

                                                                                                                                                                    30                                                                                Energy Partner of Choice
Thailand’s Energy Value Chain
PTTEP contributes over 1/3 of Thailand’s petroleum production

            5M 2021 Thailand’s Oil and Gas Demand                                               6M 2021 Thailand Petroleum Production            Midstream

                  Crude Oil &
                                                                                                  % by Petroleum Type and Area              Gas: operated by PTT
                  Condensate                ~ 1.0m BOE/D                                                           Onshore 8%
                                                                                                                               8%       Transmission Pipelines
                                                 Imports                                                 Gas                            Gas Separation Plants
                                                                                                         74%        Offshore
                                                  ~ 83%                                                              92%
                                                                                                         Liquid                         Oil: PTT participates through
                                             Domestic ~ 17%                                               26%                                    subsidiaries
                                                                                                       by Type      by Area
                                                                                                                                        Refineries
                                                                                                    % Production by Company
                  Natural Gas               ~ 0.9m BOE/D
                                             Imports ~ 30%
                                                                                                        PTTEP                                   Downstream
                                                Domestic                                                 38%
                                                                                                                                        Petrochemicals
                                                 ~ 70%                                                            Others
                                                                                                                   62%                  Oil and gas marketing

       Source: Energy Policy and Planning Office (EPPO) and Department of Mineral Fuels (DMF)

                                                                                                         31                                             Energy Partner of Choice
Thailand’s Oil and Gas Balance
                                                    Oil Balance***                                                                                            Natural Gas Balance****
                                 Maintains stability supply through adequate refining capacity                                                                Main driver of the Thailand economy

                                 Import (83%)                                      Indigenous (17%)                                  Gulf of Thailand (66%)                Onshore(3%)
                                                                                                                                                                          Onshore   (2%)                Import (31%)
                                   917 KBD                                             189 KBD
   SUPPLY

                                                                                                                                                  PTTEP
                                                                                                                                                   40%                                                         Myanmar
                                                                                                                                         Others                                                        LNG      49%
                                                                                                                                          60%                                                          51%

                                             Crude/                               Crude/                                                  3.043            Bypass Gas 482 MMSCFD
                                         Condensate                               Condensate                                            MMSCFD
                                           891 KBD                                169 KBD
                                              Total Refining Capacity in Thailand                                                                            6 Gas Separation Plants
   PRODUCTION

                                              1,242 KBD                                                                                               Total Capacity 2,870 MMSCFD
                      Imported                                                                                                                                          @ Actual Heat
                       Refined                                                                           Crude                                                                             113                 1,426
                     Petroleum                                                                           Export                                                                            MMSCFD              MMSCFD
                      Products                                                                           20 KBD
                       26 KBD             PTT’s Associated Refineries 770 KBD (TOP, PTTGC, IRPC)
                                                Other Refineries 472 KBD (SPRC, ESSO, BCP)                                                                                                    Methane
                                                                                                                                                                                           1,603 MMSCFD
                                             Refined                                Refined                                                         958 MMSCFD
                                            Products                                Products                                                              (21%)
                                           992 KBD *                                183 KBD
                                  Domestic                                               Export                                           Petrochemical             Ethane
                                                                                                                                                                    Propane
                                                                                                                                                                                                    Power (60%)
                                 840 KBD **                                             203 KBD                                            Feedstock                LPG
                                                                                                                                              (13%)                 NGL
   SALES

                                                                                                                                                                                                    Industry (16%)
                                                                                                                                             Industry
                                                                                                                                            Household               LPG                             NGV (3%)
                                                                                                                                          Transportation            NGL
                                                                                                                                               (8%)
   Source: PTT
   Note: * Refined product from refineries = 919 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 92 KBD
            ** Not included Inventory
            *** Information as of 3M21
            **** Information as of 3M21                                                                                    32                                                                       Energy Partner of Choice
            MMSCFD @ Heating Value 1,000 Btu/ft3
Reserves at the Year-end 2020 (not including Oman Block 61)
Sustained reserve life at over 5 years target
                       MMBOE                                                                                         Reserves
                                                                                                                          Life*                  2020 by Geography
                       1,800                                       1,647                     1,622                                                  Domestic     International
                                                                                                                 10 Years
                                                                                                                                                                      1,622
                                                                      507                     548                                                 1,074                 47%
                        1,200               1,028                                                                7 Years                           50%
                                                                                                                                                                       53%
                                             351                                                                                                   50%
                           600                                      1,140                                                                            P1               P1 + P2
                                                                                             1,074
                                             677                                                                                                2020 by Product Type
                                                                                                                                                           Gas      Liquid
                              0
                                            2018                     2019                     2020                                                                     1,622

                                                    Proved (P1)              Probable (P2)                                                         1,074                31%
                                                                                                                                                    27%
                                  5-Year Average Proved Reserves Replacement Ratio (RRR)                                                                                69%
                                            2018                   2019                   2020                                                      73%
                                            0.7x                   1.5X                   1.5X
                                                                                                                                                     P1               P1 + P2
                 • Based on total production of natural gas, condensate, and crude oil (including LPG) of 422 KBOED for the year ended December 31, 2020
                 • Figures include reserves from equity method

                                                                                                           33                                                                    Energy Partner of Choice
Diversified international portfolio
                           Central Asia                                                                                                                                   Thailand
  First presence in Kazakhstan:                                                                                                                                          PTTEP’s primary operational base
  • Production: Dunga onshore oil field                   Oil sands                                                                                                      • 66% of total sales volume
    from the acquisition of Partex in 2019                                                                                                                               • Key producing assets include Bongkot,
                                                                                                                                Oil                                        Arthit, Contract 4 and S1
                                                                                                                                                                         • Transition of operations for G1/61 (Erawan)
                                                                                                                                                                           and G2/61 (Bongkot) are in process to ensure
                                                                                                                                                                           production continuity under new PSCs
          North & South America                             Oil

Opportunities in an early phase:                                                                                                                                         Southeast Asia
• Deepwater exploration in Brazil and Mexico                                                                                                 Piped Gas
  with prominent and prudent operators                                                                                                                                   Second heartland to PTTEP
                                                                                                         Oil   Gas/LNG
                                                                                                                                                                         • 23% of total sales volume, mainly from
                                                                              Oil                                                                                          Malaysia and Myanmar
                                                                                                                                                       Oil   GAS/LNG
                                                                                                                                                                         • Recent multiple petroleum discoveries in
                                                                                                                                                                           Malaysia formed fundamental for cluster
                                                                                                                                                                           development potential
           Book Value of Assets by region                                                                                                                                • Other producing assets in Vietnam (oil)
           Total assets USD 23.23 billion                                                                                                                                  and Indonesia (gas)
                                Others
                                   3%
                     Middle East
                           16%                Thailand                                                   Africa          Middle East
            Africa                                  38%
              17%                                                     An area for growth, key projects include:          Strong presence in UAE and Oman:                   Australia
                          Southeast Asia
                                                                      • Production: Algeria’s Bir Seba oil field with    • 3 offshore exploration blocks in UAE,
                                 26%                                    current flow rate of approximately 17 KBPD         partnered with experienced operator            Potential gas development
                                                                      • Development : Algeria’s Hassi Bir Rakaiz         • 4 onshore blocks in Oman including PDO         • Sizable undeveloped gas resources in
                                                                        with target 1st phase production in 2021           (Block 6), largest producing oil asset, and      Timor Sea
         As of Jun 2021 (including Oman Block 61)                       and Mozambique Area 1 with target first            Block 61, largest tight gas development
                                                                        cargo in 2024                                    • Stake in OLNG

                                                                                                               34                                                              Energy Partner of Choice
Information as of 30 June 2021
Thailand, Myanmar and Malaysia
“Coming Home” strategy to maintain strong foundation and utilize expertise
                                   Myanmar                                                                        Malaysia
 • 3 producing gas fields supplying gas to both Thailand                                                 Production
   and Myanmar: Yadana, Yetagun and Zawtika                                                              Block K Project :
 • Operate Zawtika project, brought online in March 2014                                                 Kikeh(56% WI) , Siakap North-Petai (SNP) (22.4% WI) and
   with current gas supply of 340 MMSCFD in 6M2021                                                       Gumusut-Kakap (GK) (6.4% WI)
                                                                                                         • Average production volume in 6M2021 was 25* KBPD
                    Project Status                                                                         of crude oil and 25* MMSCFD of natural gas
                       • Zawtika (80% WI)
          Production • Yadana (25.5% WI)                                                                 SK309 and SK311 Project : (59.5% WI)
                       • Yetagun* (19.3% WI)                                                             For East Patricia field (42% WI)
          Appraisal    • M3 (80% WI)                                                                     • Average production volume in 6M2021 was 173* MMSCFD
                                                                                                           of natural gas and 17* KBPD of condensates and crude
                                                                                                         Block H Project :
                                                                                                         Rotan field (56% WI) Remaining Area (42% WI)
                                                                                                         • First gas delivered in early February 2021 with average
                          Thailand                                                                         production volume in 6M2021 at 142 MMSCFD of natural gas
                                                                                                         • Full capacity at 270 MMSCFD
   Production / Ramp-up Projects                                                                                                        For Block K, gross production is net off utilization
  Bongkot (66.6667% WI)                                                                 Sabah H
  Average natural gas and condensate sales volume of 919                                                 Exploration
  MMSCFD and 22 KBPD in 6M2021                                                                           Sarawak SK410B Project (42.5% WI)
  S1 (100% WI)                                                                                           • Multi TCF significant discovery
  The largest onshore crude oil production field in Thailand                                             • Expected Final Investment Decision (FID) announcement by
                                                                                                           end of 2022/beginning of 2023
  with 6M2021 average crude oil sales volume of 28 KBPD                                                  Sarawak SK417 and Sarawak SK405B projects
  Arthit (80% WI)                                                                        SK309 & SK311   • New Petroleum discoveries with additional well drilling to
  Average sales volume in 6M2021 was 243 MMSCFD of                                                         assess upside potential
  natural gas and 12 KBPD of condensates                       Production phase
  Contract 4 (60% WI)                                          Exploration phase
  Average sales rate of 395 MMSCFD for natural gas and                                                            Note: WI – working interest
  16 KBPD for condensate in 6M2021
                                                                                   35                                                     Energy Partner of Choice
Other South East Asia countries
Expanding foothold in the region                                    Vietnam

                          VIETNAM

                                                                    Vietnam 16-1 (28.5% WI)                    Southwest Vietnam
                                                                  • Average sales volume of crude oil was       ● Vietnam B & 48/95 (8.5% WI)
                                                                    12 KBPD in 6M2021                           ● Vietnam 52/97 (7% WI)
                                                                  • The project is preparing the drilling of   • Field Development Plan was approved by Government
                            INDONESIA
                                                                    additional development wells in order to   • The project is currently in the negotiation process on
                                                                    maintain the production level in 2021.       commercial terms to put forward FID
                                                                                                               • First production target by end of 2024, and ramp up to
                                                                                                                 full capacity of 490 MMSCFD

                                                 Indonesia
                                        Natuna Sea A (11.5% WI)
                                        • Average sales volume of natural gas
                                          was 214 MMSCFD in 6M2021
  Production projects
                                        • The project is preparing the drilling of
  Pre sanction projects
                                          additional development wells in 2021.

                                                                              36                                                                     Energy Partner of Choice
The Middle East
Building strategic presence and gaining access to Upstream oil & gas asset as well as Midstream Complex
                                             UAE                                                                                                   Oman
                                                                                                                                                                       Mukhaizna (Block 53)
                          Abu Dhabi Offshore 1,2 and 3                                                                             PDO (Block 6)                 • Largest single onshore
                                                                                                                                                                   producing field in Oman
     • High potential prospective resources with significant sizeable                                                      • Largest asset covering around       • Average oil production volume of
       discoveries                                                                                                           1/3 of the country                    96 KBPD in Q22021
     • Located North-west of Abu Dhabi Emirates, United Arab Emirates                    Abu Dhabi offshore 3
                                                                                                                           • Long-life asset, produced only      • Operated by Occidental
                                                                                                                             15% of reserves in-place              Petroleum (47% interest)
     • Granted the award for exploration in January 2019 - 2020
     • Operated by Eni Abu Dhabi B.V. (70% interest)                                                                       • Average oil production volume
                                                                                                                             of 627 KBPD in Q22021
                                                                                                                           • Operated by Petroleum                      Oman Block 61
                            ADNOC Gas Processing (AGP)                                                                       Development of Oman
                                                                                                                Block 61     (Joint Operating Company)           • Largest tight gas development in
  • One of the largest gas processing complexes in the world                                                                                                       Middle East
    (total capacity of 8 BCFD)                                                                                                                                   • Gas and condensate production
      JV: 3 plants with capacity of 1.2 BCFD                            Oman Onshore                                                                               capacity of 1,500 MMSCFD and
                                                                          block 12                                           Oman Onshore Block 12                 69,000 BPD respectively
      Adnoc: 2 plants with capacity of 6.9 BCFD
                                                                                                                           • Located onshore central part of     • Operated by BP Exploration
  • Essential to Abu Dhabi and UAE’s economy                                                                                 the Sultanate of Oman                 (Epsilon) Limited (40% interest)
  • Sizeable volumes of Propane, Butane and Naphtha offtake             *Block awarded in 2019                             • Signed agreement with Oman’s
                                                                        **Block awarded in 2020                              Ministry of Oil and Gas (MOG) for              Oman LNG
  • Operated by ADNOC (68% interest)                                                                                         exploration and production rights
                                                                                                                             in February 2020                    • The only LNG facility in Oman
                                                                                                                           • Operated by Total E&P Oman          • Processing capacity 10.4 MTPA
                                                                                                                             Block 12 B.V. (80% interest)        • Contracted LNG sales to
                                                                                                                                                                   international buyers: Japan
                                                                                                                                                                   and South Korea
                                                                         Production phase                                                                        • Government of Oman 51%
                                                                         Exploration phase
                                                                                                                                                                   (Operator)
                                                                         Midstream

                                                                                                  37                                                                 Energy Partner of Choice
Mozambique Area 1
On the path of unlocking value from world class LNG asset
                                                                 Mozambique
                                                                                   Substantial recoverable resources of approximately 75 tcf
                                                                                with scalable offshore development expending up to 50 MTPA

                                                                                                                            Location and Cost Advantage
                                 MOZAMBIQUE                                                                            • Close proximity to shore
                                                                                                                       • High quality reservoirs
                                                                                                                           capable of flow up to 200 mmcfd per well
                                                                                                                       • Access to Asian and European markets

              Achievements                                      FID                                    Next milestones                            1st Cargo expected 2024
      Legal & Contractual Framework                                                            Project Finance (2/3 Project Financed)
      Plan of Development Approved            FID in June 2019 with initial 2 trains of
                                                       13.1 MTPA capacity                      Drilling & Completion
      Onshore & Offshore Contractors                                                           Onshore Construction and
      Awarded                                                                                  Offshore Installation
      First Mover for the Marine Facility                                                      Operation Readiness
      LNG SPAs ~11.1 MTPA                                                                      LNG Shipping

                                                                                          38                                                                    Energy Partner of Choice
America: Mexico and Brazil
Entry into high potential petroleum province at exploration stage

                                        Mexico                                                                                                                   Brazil
            Deep-water with high petroleum potentials                                                                                                                  Deep Water
                  and attractive fiscal regime
                   Mexico block 12 (2.4)                                                                                                                            Barreirinhas AP1
   •   Non-operating partner with 20% participating interest                                                                                 • Farm-in 25% from BG Group in 2014
   •   Located in the Mexican Ridges, western Gulf of Mexico                                                                                 • Operated by Shell Brasil (65% interest)
   •
                                                                                             Mexico block 12 (2.4) &
       Currently evaluating petroleum potential and preparing for                             Mexico block 12 (2.4)
                                                                                                                                             • Four offshore exploration blocks: BAR-M-215, BAR-M-217, BAR-M-252
                                                                             MEXICO
       an exploration well drilling in 2021                                                                                                    and BAR-M-254
                      Mexico block 29 (2.4)                                                                             Barreirinhas         • Currently waiting for exploration wells drilling permit from the
                                                                                                                           Basin
                                                                                                                                               government
   •   Non-operating partner with 16.67% participating interest
   •   Located in the Campeche, southern Gulf of Mexico                                                            BRAZIL
                                                                                                                                                                        BM-ES-23
                                                                                                                            Espirito Santo
   •   Made two successful deep-water oil discoverieswith good quality                                                          Basin
                                                                                                                                             • Acquired 20% interest from Shell in Q3 2014
       reservoirs in May 2020                                                                                                                • Partnered with Petrobras (65%, operator) and INPEX (15%)
   •   The appraisal plan and exploration plan were approved by                                                                              • Currently evaluating the petroleum potential for further
       the Mexican regulators (CNH) on 25 March 2021.                                                                                          development
   •   Preparing for exploration well and appraisal drilling.

                                                                         Exploration phase

                                                                                                        39                                                                         Energy Partner of Choice
Project information 1/5
                                                               PTTEP’s                      Partners                   6M2021 Average Sales Volume **
               Project          Status*        Phase                                                                                                                                         2021 Key Activities
                                                                Share                   (as of April 2021)            Gas (MMSCFD)      Liquid (KBPD)
Thailand and JDA
                                                                              Chevron                          16%                                         • Ensure gas deliverability level at DCQ***
  1   Arthit                      OP         Production                80%                                                  243               12
                                                                              MOECO                             4%                                         • Drill development wells
  2   B6/27                       OP          Production              100%                                                   -                 -           • Prepare for decommissioning activities
                                                                              Chevron                        51.66%
                                                                              MOECO                          16.71%                                        • Ensure deliverability of production volumes as nominated from the buyer
  3   B8/32 & 9A                   JV        Production            25.001%                                                  48                15
                                                                              KrisEnergy                      4.63%                                        • Drill development wells​
                                                                              Palang Sophon                      2%
                                                                                                                                                           • Drill development wells
                                                                                                                                                           • Maintain production level as planned
  4   Bongkot                     OP         Production           66.6667%    TOTAL                        33.3333%         919               22
                                                                                                                                                           • Carry out wells plug and abandonment, and prepare for non-transferred wellhead
                                                                                                                                                             platforms decommissioning
      Contract 3 (Formerly         JV                                         Chevron                        71.25%
  5                                          Production                 5%                                                  501               27           • Prepare for decommissioning activities
      Unocal III)                                                             MOECO                          23.75%
                                                                                                                                                           • Ensure gas deliverability level at DCQ***
      Contract 4 (Formerly         JV                                         Chevron                          35%
  6                                          Production                60%                                                  395               16           • Drill development wells
      Pailin)                                                                 MOECO                             5%
                                                                                                                                                           • Topside reuse
  7   E5                           JV        Production                20%    ExxonMobil                        80%         8                  -           • Ensure gas deliverability level at DCQ***
                                                                              Chevron                           51%
                                   JV                                                                                                                      • Deliver production volumes as nominated from the buyer and oil production as
  8   G4/43                                  Production            21.375%    MOECO                          21.25%         1                 3
                                                                                                                                                             planned
                                                                              Palang Sophon                  6.375%
                                   JV                                         Chevron                        71.25%
  9   G4/48                                  Production                 5%                                                  2                 0.2          • Prepare for decommissioning activities
                                                                              MOECO                          23.75%
                                                                                                                                                           • Maintain production plateau
 10   L53/43 & L54/43             OP         Production               100%                      -                            -                1            • Explore for additional field potential i.e. new drilling well and EOR/IOR
                                                                                                                                                           • Prepare for decommissioning activities

                                                                                                                                                           • Maintain production plateau
 11   PTTEP1                      OP         Production               100%                      -                            -                0.2          • Explore for additional field potential i.e. new drilling well and EOR/IOR
                                                                                                                                                           • Prepare for decommissioning activities
                                                                                                                                                           • Maximize crude production by fully implemented the business plan and work activities as
                                                                                                                                                             planned
                                                                                                                                         Crude:28 KBPD
 12   S1                          OP         Production               100%                      -                           8                              • 10 years strategy roadmap is being submitted to the management committee to ensure
                                                                                                                                       LPG: 190 MTon/Day
                                                                                                                                                             all focused strategic areas will be set up in the long term until end of concession in year
                                                                                                                                                             2031
                                                                                                                                                           • Ensure gas deliverability
                                                                              Apico****                      35%                              0.3          • Drill development well
 13   Sinphuhorm                  OP         Production                55%                                                  97
                                                                              ExxonMobil                     10%                                           • Sinphuhorm new Gas Sales Agreement is under Government’s consideration and
                                                                                                                                                             approval process
* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship / JV = PTTEP as Joint Venture Partner
** Sales volume stated at 100% basis.
*** DCQ = Daily Contractual Quantity
**** PTTEP holds indirectly and directly 80.48% participating interest in Sinphuhorm Project.
                                                                                                                       40                                                                                      Energy Partner of Choice
APICO also holds 100% participating interest in Block L15/43 and Block L27/43.
Project information 2/5
                                                                PTTEP’s                     Partners                   6M 2021 Average Sales Volume **                                      2021 Key Activities
              Project          Status*         Phase
                                                                 Share                  (as of April 2021)             Gas (MMSCFD)       Liquid (KBPD)
Thailand and JDA
                                                                                                                                                              • Study to explore additional field potential
 14   L22/43                     OP           Production              100%                                        -           -                   -
                                                                                                                                                              • Prepare for decommissioning activities

 15   MTJDA                      JOC          Production               50%    Petronas-Carigali                50%          263                  8            • Ensure gas deliverability level at DCQ***

 16   G9/43                      OP          Exploration             100%                      -                              -                   -           • Activity suspended
                                                                                                                                                              • Awarded as an operator for Erawan field (Contract 1, 2 and 3) under PSC (after
                                                                                                                                                                concession-end in 2022)
 17   G1/61 (Erawan)             OP          Exploration              60%     MP G2 (Thailand) Limited         40%            -                   -           • Preparing all transitional works including construction of facilities, staff
                                                                                                                                                                recruitment, Gas Sales Agreement, and related procurement activities, aiming
                                                                                                                                                                for successful transition and gas production as per commitment.
                                                                                                                                                              • Awarded as a sole operator under PSC (after concession-end in 2022/2023)
                                                                                                                                                              • Drill appraisal and exploration wells
 18   G2/61 (Bongkot)            OP          Exploration             100%                          -                          -                   -
                                                                                                                                                              • Installation new wellhead platforms and drill production wells
                                                                                                                                                              • Finalise Gas Sales Agreement and Prepare for seamless operation handover
Others SEA
                                                                                                                      SK309 and SK311**
                                 OP                                                                                                                           • SK309 and SK311: Pemanis Gas Development Topside Installation and South
                                                                                                                             173          SK309 and SK311**
                               (except                             6.4-80%                                                                                      Acis Satellite infill oil development​ drilling
                                             Production/                                                                  Block K**              17
 1    Malaysia                Gumusut-                           (varied by    Varied by permits                                                              • Block K: SNP Development Drilling
                                             Exploration                                                                      25              Block K**
                             Kakap (GK)                            permits)                                                                                   • Block H: Maximize production at plateau 270MMSCFD after first gas in
                                                                                                                          Block H**              25
                             in Block K)                                                                                                                        February 2021​
                                                                                                                             142
                                                                              TOTAL                          31.24%
                                  JV                                                                                                                          • Drill 2nd production well
 2    Yadana                                  Production              25.5%   Chevron                        28.26%         767                   -
                                                                                                                                                              • New DCQ*** proposal and negotiation with PTT
                                                                              MOGE                              15%
                                                                              Petronas-Carigali           40.91018%
                                  JV                                                                                                                          • Suspended the production due to the feed gas was not sufficient for the
 3    Yetagun                                 Production          19.3178%    MOGE                         20.4541%           -                   -
                                                                                                                                                                minimum threshold level
                                                                              Nippon Oil                   19.3178%
                                                                              Myanma Oil and
      Zawtika                                                                                                                                                 • Some activities are delayed and process under difficulty due to the political
 4                               OP           Production               80%    Gas Enterprise                   20%          340                   -
      (M9 & a part of M11)                                                                                                                                      situation and COVID-19 in Myanmar
                                                                              (MOGE)
                                                                                                                                                              •   Waiting for approval of PSC Supplementary
 5    Myanmar M3                 OP          Exploration              80%     MOECO                            20%            -                   -           •   FEED & OE and survey activities
                                                                                                                                                              •   Gas Sales Agreement negotiation
                                                                                                                                                              •   Waiting for final termination document from MOGE
 6    Myanmar M11                OP          Exploration             100%     -                                               -                   -           •   Leftover material transferring to MOGE in progress (slow progress due to
                                                                                                                                                                  current situation in Myanmar)
                                                                                                                                                              •   Termination process in progress
 7    Myanmar MD-7               OP          Exploration              50%     TOTAL                            50%            -                   -           •   Leftover material transferring to MOGE in progress (slow progress due to
                                                                                                                                                                  current situation in Myanmar)
                                                                              Palang Sophon                    10%                                            •   Termination process in progress
 8    Myanmar MOGE 3             OP          Exploration            77.5%     MOECO                            10%            -                   -           •   Leftover material transferring to MOGE in progress (slow progress due to
                                                                              WinPreciousResources            2.5%                                                current situation in Myanmar)
* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship/ JV = PTTEP as Joint Venture Partner
** Sales volume stated at 100% basis/ For Malaysia project, gross production is net off unitization                                                                                                           Energy Partner of Choice
*** DCQ = Daily Contractual Quantity                                                                                  41
Project information 3/5
                                                                                                          Partners                       6M 2021 Average Sales Volume **                                   2021 Key Activities
                   Project            Status*          Phase           PTTEP’s Share
                                                                                                      (as of April 2021)                Gas (MMSCFD) Liquid (KBPD)
 Others SEA
                                                                                             PetroVietnam                        50%                            3          • Maintain production level
     9      Vietnam 9-2                 JOC          Production                      25%                                                      15
                                                                                             SOCO                                25%                                       • Development drilling study support
                                                                                             PetroVietnam                     41%                                          • Maintain production level
     10     Vietnam 16-1                JOC          Production                    28.5%     SOCO                           28.5%              8               12          • Drill development wells
                                                                                             OPECO                             2%                                          • Under procurement process for Equipment and Services
                                                                                                                                                                           • Negotiation process on commercial terms in order to push forward the Final
                                                                                             PetroVietnam                  65.88%
     11     Vietnam B & 48/95            JV          Exploration                   8.5%                                                        -                -            Investment Decision (FID)
                                                                                             MOECO                         25.62%
                                                                                                                                                                           • The first production target at the end of 2024
                                                                                                                            73.4%                                          • Negotiation process on commercial terms in order to push forward the Final
                                         JV                                                  PetroVietnam
     12     Vietnam 52/97                            Exploration                     7%                                     19.6%              -                -            Investment Decision (FID)
                                                                                             MOECO
                                                                                                                                                                           • The first production target at the end of 2024
                                                                                             Premier Oil                   28.67%
                                         JV                                                  KUFPEC                        33.33%
     13     Natuna Sea A                             Production                    11.5%                                                     214                2          • Drill development wells
                                                                                             Petronas                         15%
                                                                                             Pertamina                      11.5%
Middle East

                                                                                                                                                                           • Being evaluated for petroleum potential to support future exploration, including G&G
     1      Abu Dhabi Offshore 1         JV          Exploration                    30%      Eni Abu Dhabi                       70%           -                -
                                                                                                                                                                             report

     2      Abu Dhabi Offshore 2         JV          Exploration                    30%      Eni Abu Dhabi                       70%           -                -          • Preparation for exploration well which to be drilled in Q3/2021

                                                                                                                                                                           • Appraisal plan of Pre-existing discovery has been approved by ADNOC
     3      Abu Dhabi Offshore 3         JV          Exploration                    30%      Eni Abu Dhabi                       70%           -                -          • Project is on-going with G&G study.

                                                                                             Government of Oman                  60%
     4      PDO (Block 6)               JOC          Production                      2%      Shell                               34%           -              627**        • Normal operations with daily production around 600 KBD
                                                                                             Total                                4%
                                                                                             Occidental                          47%
                                                                                             OOCEP                               20%
     5      Mukhaizna                    JV          Production                      1%                                                        -               96**        • Normal operations with daily production around 95 KBD
                                                                                             Indian Oil                          17%
                                                                                             Mubadala                            15%
            Oman Onshore                                                                     Total E&P Oman Block 12                                                       • 3D seismic reprocessing (original 3D)​ in progress
     6                                   JV          Exploration                    20%                                          80%           -                -
            Block 12                                                                         B.V.                                                                          • Preparation of 3D seismic acquisition (new 3D)
                                                                                             BP                                  40%
                                                                                             Makarim Gas                         30%
     7      Oman Block 61                JV          Production                     20%      Development LLC                                 647               31          • Completed production ramp up as planned
                                                                                             PC Oman Ventures                    10%
                                                                                             Limited (PETRONAS)
*        Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship / / JV = PTTEP as Joint Venture Partner
**       Sales volume stated at 100% basis / For PDO (Block 6) and Mukhaizna projects, gross production is net off unitization
                                                                                                                                       42                                                                                   Energy Partner of Choice
Project information 4/5
                                                                                                        Partners                   6M 2021 Average Sales Volume **                                   2021 Key Activities
                   Project           Status*          Phase           PTTEP’s Share
                                                                                                    (as of April 2021)            Gas (MMSCFD)      Liquid (KBPD)
Other International
                                                                                                                                                                     • AC/RL7 (Cash Maple) and Oliver (AC/RL12) Field : under way to define proper
            PTTEP Australasia
     1                                  OP          Exploration                   100%                          -                        -                -            direction in order to increase development opportunities​
            (PTTEP AA)
                                                                                                                                                                     • Other exploration projects: G&G studies​

                                                                                                                                                                     • First Cargo is expected by 2024 (Under further assessment)
                                                                                           Total, Mitsui,                                                            • 1st Debt drawdown in project Finance
                                                                                                                    26.5%,20%
                                        JV                                                 ENH, OVL                                                                  • The Force Majeure has been declared by the operator for safety reason due to
     2      Mozambique Area 1                      Development                    8.5%                               15%, 10%            -                -
                                                                                           OVRL & Oil India ,                                                          the security incident in Palma.
                                                                                                                     10%, 10%
                                                                                           Bharat                                                                    • Project management under FM and study of impacts
                                                                                                                                                                     • Plan to resume the project after safety security

                                                                                                                                                                     • Drill development wells​
            Algeria 433a & 416b                                                            PetroVietnam                    40%
     3                                 JOC          Production                     35%                                                   -                3          • Existing wells intervention
            (Bir Seba)                                                                     Sonatrach                       25%
                                                                                                                                                                     • Production respect OPEC+ policy

                                                                                                                                                                     • Drilling development wells
            Algeria Hassi Bir                                                              CNOOC                         24.5%
     4                                  OP         Development                   24.5%                                                   -                -          • Expected first oil production for the initial phase of around 10,000-13,000 barrels
            Rekaiz                                                                         Sonatrach                       51%
                                                                                                                                                                       per day (BPD) in 2021

     5      Mariana Oil Sands           OP          Exploration                  100%                           -                        -                -          -

                                                                                                                           65%
                                                                                           Shell Brasil                                                   -          • Waiting for exploration wells drilling permit from the government
     6      Barreirinhas AP1            JV          Exploration                   25%                                      10%           -
                                                                                           Mitsui E&P Brasil

                                        JV                                                 Petrobras                       65%
     7      Brazil BM-ES-23                         Exploration                   20%                                                    -                -          • Evaluating the petroleum potential for development concept
                                                                                           INPEX                           15%

                                                                                                                                                                     • The geophysical survey processing and interpretation are in progress for further
                                        JV                                                 PC Carigali Mexico              60%                            -
     8      Mexico block 12 (2.4)                   Exploration                    20%                                                   -                             petroleum potential evaluation
                                                                                           Ophir Mexico                    20%                                       • Drilling exploration wells

                                                                                           Repsol Mexico                    30%                                      • Completed drilling of 2 exploration wells in 2020 with successful result.
                                        JV
     9      Mexico block 29 (2.4)                   Exploration                 16.67%     PC Carigali Mexico            28.33%          -                -          • The drilling operation for exploration well and appraisal drilling is ongoing, and it
                                                                                           Wintershal DEA                   25%                                        is expected to complete by Q4/2021.

*        Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship/ JV = PTTEP as Joint Venture Partner
**       Sales volume stated at 100% basis except for Algeria 433a & 416b (production volume)

                                                                                                                            43                                                                                      Energy Partner of Choice
Project information 5/5
                                                                                                  Partners                  6M 2021 Average Sales Volume **
             Project            Status*         Phase           PTTEP’s Share                                                                                                                 2021 Key Activities
                                                                                              (as of April 2021)           Gas (MMSCFD)      Liquid (KBPD)
Other International
                                                                                     Total                           30%
                                                                                     Sonangol                        30%
                                                 Pre
 10   Block 17/06                 JV                                         2.5%    SSI                           27.5%          -                -          • Completed Begonia FEED study (in-house)
                                             development
                                                                                     Acrep                            5%
                                                                                     Falcon Oil                       5%

                                                                                                                                                              • Maintain production plateau
 11   Potiguar                    OP          Production                     50%     Petro reconcavo                50%           -               0.2

                                                                                                                                                              • Continue to curb production per OPEC+ agreement to support price
                                                                                     Total                          60%                                       • Procurement process for designing of Compression, Separation upgrade ​and
 12   Dunga                       JV          Production                     20%                                                 2                 11
                                                                                     OOCEP                          20%                                         Flare package
                                                                                                                                                              • Engineering of Sea water and Export Line

Midstream Project

                                                                                     Government of
                                                                                     Oman                            51%
                                                                                     Shell                           30%
                                                                                     Total                         5.54%
 1    Oman LNG                Shareholder       On line                        2%                                                 -                -          • Normal operations
                                                                                     Korea LNG                        5%
                                                                                     Mitsubishi                    2.77%
                                                                                     Mitsui                        2.77%
                                                                                     Itochu                        0.92%

                                                                                     ADNOC                          68%                                       • Perform midstream operation activities
      ADNOC Gas                                 On line
 2                                JV                                           2%    Shell                          15%           -               -***        • Maintain production and plant integrity with maintenance work as planned
      Processing (AGP)
                                                                                     Total                          15%                                       • Improving plant's efficiency and capacity with plant debottlenecking as planned

• Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship/ / JV = PTTEP as Joint Venture Partner
** Sales volume stated at 100% basis
*** Products are propane, butane and naphtha.

                                                                                                                     44                                                                                   Energy Partner of Choice
Organization structure
Ensuring transparency, integrity and good corporate governance
                                                                                  Board of Directors

                                                                                                                        Nominating Committee

                          Corporate Governance and                                                                     Remuneration Committee
                      Sustainable Development Committee

                                 Audit Committee                                                                      Risk Management Committee

                                       Internal Audit                                     CEO
                                          Division

                                   Safety, Security, Health and
                                                                                                                        Legal Division
                                      Environment Division

        President

                       Non-E&P Business Management                                                                                                           Human
                               Department                                              Geosciences,
         Production                                                                                    Engineering,     Strategy and                        Resources,
                                                                                        Subsurface                                       Finance and
           Asset         New Business Development                  Operations                              and           Business                           Corporate
                                                                                           and                                           Accounting
           Group                                                  Support Group                        Development      Development                         Affairs and
                               Department                                               Exploration                                         Group
                                                                                                          Group            Group                            Assurance
                         Enterprise Mission Control                                       Group                                                               Group
                                Department

                                                                                            45                                                         Energy Partner of Choice
Supplementary Index : Ratio & Formula
                   Ratio                                                                                              Formula
  Lifting Cost ($/BOE)             (Operating Exp. – Transportation Cost – Stock Variation – Other expenses not related to lifting) / Production Volume
  Cash Cost ($/BOE)                (Operating Exp. + Exploration Exp. + G&A + Royalties + Finance Cost) / Sales Volume
  Unit Cost ($/BOE)                (Operating Exp. + Exploration Exp. + G&A + Royalties + Finance Cost + DD&A) / Sales Volume
  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
  Sales Revenue                    Sales + Revenue from pipeline transportation
  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
  Return on Capital Employed       (Trailing-12-month net income + Trailing-12-month Interest Expenses & Amortization of Bond Issuing Cost) / (Average shareholders' equity and average total debt
                                   between the beginning and the end of the 12-month period)
  Simple Effective Tax Rate        Income tax expenses / Income before income taxes
  Total debt                       Short-term loans from financial institution + Current portion of long-term debts + Bonds + Long-term loans from financial institution
  Net debt                         Total debt – Liquidity
  Debt to Equity                   Total debt / Shareholders' equity
  Net Debt to Equity               Net debt / Shareholders' equity
  Total Debt to Capital            Total debt / (Total debt + Shareholders' equity)
  Total Debt to EBITDA             Total debt / Trailing-12-month EBITDA
  Net Debt to EBITDA               Net debt / Trailing-12-month EBITDA
  EBITDA Interest Coverage Ratio   Trailing-12-month EBITDA / Trailing-12-month Interest Expenses & Amortization of Bond Issuing Cost
                                                                                                46                                                                             Energy Partner of Choice
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