Analyst Meeting 4Q and FY2019 results 1
Analyst Meeting 4Q and FY2019 results One Family Fueling the - - PowerPoint PPT Presentation
Analyst Meeting 4Q and FY2019 results One Family Fueling the - - PowerPoint PPT Presentation
Analyst Meeting 4Q and FY2019 results One Family Fueling the future of Thailand Analyst Meeting 4Q and FY2019 results 1 DISCLAIMER The information contained in this presentation is intended solely for your reference. This
Analyst Meeting 4Q and FY2019 results 2
The information contained in this presentation is intended solely for your reference. This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding SPRC’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where SPRC participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which SPRC will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. SPRC does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The information set out herein is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. SPRC makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case,
- nly one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given that future events will occur or our assumptions are correct. Actual results may
materially differ from those provided in the forward-looking statements and indications of past performance are not indications of future performance. In no event shall SPRC be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this material. SPRC makes no representation whatsoever about the opinion or statements of any analyst or other third party. SPRC does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or use of any such
- pinion or statement.
SPRC’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such act or such laws. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell SPRC’s securities in any jurisdiction.
DISCLAIMER
Analyst Meeting 4Q and FY2019 results 3
Analyst Meeting 4Q and FY2019 results 4
Market overview Operational review Financial performance
Contents
Highlights
Analyst Meeting 4Q and FY2019 results 5
5
Contents
Market overview Operational review Financial performance Highlights
Analyst Meeting 4Q and FY2019 results 6
“MSCI Global Small Cap Index Awards” SPRC had made it into MSCI Global Small Cap Index in November 2019
FY 2019 Achievement
“Green Industry Level 3”: Green System Awards for systematic environmental management including follow-up, assessment and revision aimed to continuous development (2019 - 2023) By Ministry of Industry CG Award “Excellent” scoring, granted by Thai Institute of Directors Association (IOD), in collaboration with the Stock Exchange of Thailand (SET), to evaluate the good governance of Thai Listed Companies on: Rights of Shareholders, Equitable Treatment of Shareholders, Role of Stakeholders, Disclosure and Transparency, and The Board Responsibilities. “CSR-DIW Continuous Award 2019”, granted by the Department of Industrial Works (DIW), Ministry of Industry, for 4th Consecutive years, in recognition of SPRC who has shown continuous commitment to Corporate Social Responsibility (CSR) continuous development. “2019 Event Project”: SPRC successfully completed the 2019 Refinery wide Turnaround and Inspection, Increase Capacity to 175 KBD and Reliability Projects during November – December 2019 without Day Away From Work Injury, maintenance was on plan and under the planned budget.
Analyst Meeting 4Q and FY2019 results 7
2019 Event Project
($256M)
Turnaround & Inspection (T&I) Increase Capacity to 175 KBD Reliability Projects
- Successfully completed the 2019 Refinery wide Turnaround and Inspection, Increase Capacity to 175 KBD and Reliability Projects during November –
December 2019 without Day Away From Work Injury, maintenance was on plan and under the planned budget.
- Target 6 years run length without any planned shutdown
- Operational planning in progress to capture benefits from reliability and capacity upgrades.
- Lower future structure OPEX per barrel.
- Looking for margin improvement opportunities post Event project.
The Best Event Ever
2019 Event Project
Analyst Meeting 4Q and FY2019 results 8
SPRC’s Winning formula
“At SPRC we believe that nothing is more important than being safe and reliable. We work together as one family to protect our employees, the environment, the community, and to be our customers partner of choice. All of which creates maximum value for SPRC’s shareholders.” Tim Potter, CEO
Analyst Meeting 4Q and FY2019 results 9
97.1%
TOTAL DAYS AWAY FROM WORK RATE (‘DAFWR’)
99.9% 75.8%
80.9%*
UTILIZATION OF EQUIVALENT DISTILLATION CAPACITY (UEDC)** AVAILABILITY
- EX. TURNAROUND
$2.34/bbl $3.39/bbl
MARKET GRM
* Normalized UEDC excluding economically concern for the best profitability. ** Lower UEDC from Turnaround and 2019 Event project, economic returns optimization and end of run plant conditions.
BOTTOM LINE IMPROVEMENT PROGRAM OPEX PER BARREL Excluding T&I and Project OPEX
$2.24/bbl
FY2019 Highlights
THB 0.0625 /share
DIVIDEND
Excluding interim dividend of THB 0.1202/share Total 2019 dividend of THB 0.1827/share
Analyst Meeting 4Q and FY2019 results 10
SPRC’s Formula for success
SAFETY
(Injuries per 200,000 man-hours) ▪ Achieved over 6 years without Days Away From Work injury. The last DAFW was 24 Jun 2013. ▪ Achieved 26.6 million man-hours without Days Away From Work injury.
PERFORMANCE UPLIFT FROM “BLIP”
US$/bbl
BLIP: Bottom Line Improvement Program
RELIABILITY OPTIMIZATION MARKET GRM
▪ Sustained high availability but lower UEDC due to Refinery wide Turnaround and Event Project ▪ Target top quartile performance in availability and utilization among
- ver 90 refineries in the Asia Pacific
and India Ocean region. ▪ 4Q19: Captured BLIP benefit from good crude and process
- ptimization.
▪ Maximized domestic placement for gasoline, diesel and jet. ▪ End of run conditions limited process optimization benefit in 2019.
OPERATIONAL AVAILABILITY
- EX. TURNAROUND
A strong foundation of personal safety … …exceptional reliability… …and maximizing GRM …driving optimization & cost efficiencies…
US$/bbl
TOTAL DAYS AWAY FROM WORK RATE
1Q19 2Q19 3Q19 4Q19 2018 2019
90.9% 85.1% 85.7% 42.0% 94.2% 75.8%
1Q19 2Q19 3Q19 4Q19 2018 2019
EDC UTILIZATION RATE
99.9% 99.8% 100.0% 100.0% 99.1% 99.9%
1Q19 2Q19 3Q19 4Q19 2018 2019
2.34 2.39 2.11 2.64 2.93 2.34
1Q19 2Q19 3Q19 4Q19 2018 2019
3.07 2.57 5.07 2.49 5.67 3.39 2.40 2.13 5.21 3.46 2.37
1Q19 2Q19 3Q19 4Q19 2018 2019
SG GRM
No one gets hurt
(0.27)
▪ Market GRM decreased from weak product cracks. ▪ Crude premium relative to Dubai and Freight cost limited margin recovery.
Analyst Meeting 4Q and FY2019 results 11
11
Contents
Market overview Operational review Financial performance Highlights
Analyst Meeting 4Q and FY2019 results 12 ▪ Typical SPRC GRM is in range of US$5-7/bbl.
SINGAPORE GRM
Overview of oil demand growth, inventories and GRM
Source: IEA
Million barrels/day ▪ For 2020, global oil demand growth forecast at 1.2 mb/d. Demand in the Middle East and parts of Asia was revised slightly increase comparing with 2019. ▪ New capacity adding defer from 2019 to 2020 cause surplus supply in the market.
ASIA
(include Middle East)
NORTH AMERICA EUROPE LATIN AMERICA AFRICA INCREMENTAL OIL DEMAND FSU
2018 2019 2020e
0.46 0.13 0.14
- 1.00
- 0.80
- 0.60
- 0.40
- 0.20
- 0.12
- 0.04
0.10
- 1.00
- 0.80
- 0.60
- 0.40
- 0.20
0.16 0.14 0.08
- 0.06
- 0.02
0.02
- 0.01
0.06 0.06 0.67 0.69 0.81
- 1.00
- 0.80
- 0.60
- 0.40
- 0.20
OIL MARKET OUTLOOK GLOBAL PRODUCT INVENTORIES
- Current global inventory are increase mainly from light
distillation while middle distillate stock as the same level with 2018-2019.
- Global on-land FO stock built since the IMO regulation
came in to force on January, 1st. US$/bbl
Singapore GRM
2018 2019 2020
High product inventory globally
Strong gasoline demand & low crude
- il premium
SPRC GRM
- 1
1 2 3 4 5 6 7 8 9 10 2010201220142016 Q1 Q3 Q1 Q3 Q1 Q3
Analyst Meeting 4Q and FY2019 results 13
Overview of product cracks
DUBAI PRICE
US$/bbl US$/bbl
GASOLINE CRACK
US$/bbl
JET FUEL CRACK DIESEL CRACK
US$/bbl US$/bbl
FUEL OIL CRACK
DUBAI + OPEC increases output cuts from 1.2 to 1.7 MBPD, Resolved of US China trade phase I deal provides bullish sentiment and supports price.
- Bearish demand from lower economic growth foresees from trade war, Strong supply from Non OPEC provides bearish fundamental to the market.
- Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million caps gain US and WAF crude price.
GASOLINE +Cracks inched higher as supply tightened slightly owing to heavy refinery turnarounds and unplanned outages. +Drawdown of inventory levels in Singapore to below minimum of seasonal levels supported sentiments and cracks.
- China export limits gain of Gasoline crack.
JET
- The overall market sentiment for heating oils remains muted.
- The restart of nuclear power capacity since the beginning of the year and forecasts by both the Japanese and Korean meteorological agencies of a warmer winter.
DIESEL + Cracks strengthened slightly on continued buying interest ahead of IMO kept pace with the rise in supply as refiners look to capitalize on the diesel contango in the coming months. + Asia's 10ppm gasoil cash premium to Singapore rose to an almost one-year high on strong demand and tight supplies due to refinery maintenance across regions. FUEL OIL
- Fuel oil cracks against Dubai collapsed as the increase in comparatively small LSFO trade volumes and subsequent rise in cracks have been dwarfed by the substantial volumes of HSFO, which
now struggles to find a home.
- Cracks collapsed within a week after attack on Abqaiq as news of supply disruptions were offset by a recovery of Saudi Arabian crude production through the use of its spare capacity.
KEY HIGHLIGHT
67 61 62 69 64 4Q18 3Q19 4Q19 2018 2019 5 12 13 11 9 4Q18 3Q19 4Q19 2018 2019 15 15 14 15 14 4Q18 3Q19 4Q19 2018 2019 16 16 14 15 14 4Q18 3Q19 4Q19 2018 2019 1 1 (19) (3) (5) 4Q18 3Q19 4Q19 2018 2019
Analyst Meeting 4Q and FY2019 results 14
98 85
DEMAND GROWTH 2018 (12 mths) – 2019 (12 mths) EXPECTED GROWTH 2020 COMMENTS
▪ Auto LPG demand continue to decline due to price differential.
FUEL OIL AUTO LPG DIESEL JET GASOLINE
407 424 122 123 195 202 +3.7% 38 34 +4.2%
- 10.5%
2019 2018
- 12.6%
▪ Healthy demand growth keeps track with GDP growth. ▪ Seasonal import Diesel. ▪ Domestic Fuel oil consumption remains relatively constant.
KBD
Source: EPPO
KBD KBD KBD
- K. ton/month
0.8%
▪ Continued strong demand for gasoline. ▪ Import GB95 continue to increase YoY. ▪ Continued long-term growth due to tourism growth.
Strong petroleum demand in Thailand
Analyst Meeting 4Q and FY2019 results 15
15
Contents
Market overview Operational review Financial performance Highlights
Analyst Meeting 4Q and FY2019 results 16
CRUDE INTAKE
- 11 types of crude processed in 4Q19.
- 25 types of crude with 4 new crudes processed in 2019.
*Industry Average of 2019 during January-November 2019 Source: Company data, EPPO
Crude
2% 2% 23% 17% 23% 23% 16% 21% 13% 15% 9% 11% 13% 11% 13% 66% 68% 66% 69% 68% 51% 4Q18 3Q19 4Q19 2018 2019 Industry average 2019* Middle East Far East Domestic Others
Analyst Meeting 4Q and FY2019 results 17
Products
▪ Sustained higher than industry average of domestic placement in almost all products. ▪ Export sales including Indochina sales at 4% in 4Q19 and 2019.
PRODUCTION YIELD DOMESTIC SALES
▪ Higher crack spreads over Dubai drove to increase Diesel and Jet production.
Source: Company data, EPPO Source: Company data, EPPO
9% 6% 2% 8% 8% 2% 3% 2% 3% 3% 1% 1% 1% 1% 1% 10% 8% 8% 10% 8% 3% 36% 37% 40% 36% 36% 43% 8% 8% 10% 8% 8% 12% 23% 26% 24% 24% 24% 20% 4% 4% 5% 4% 4% 4% 5% 5% 4% 4% 21% 2% 3% 2% 2% 2%
4Q18 3Q19 4Q19 2018 2019 Country demand 2019
PGP LPG Light Naphtha Gasoline Jet Diesel Fuel Oil Asphalt Mix C4 Others 83% 82% 89% 85% 91% 85% 85% 82% 89% 85%
3% 3% 4% 4% 4% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 4Q18 3Q19
SPRC Competitive Export Industry Average
4Q19 2018 2019
Analyst Meeting 4Q and FY2019 results 18
Contents
Market overview Operational review Financial performance Highlights
Analyst Meeting 4Q and FY2019 results 19
OPEX PER BARREL
▪ Efficient in OPEX management. Target NECC* at the breakpoint of quartile 1 and 2 against Asia Pacific. ▪ OPEX per barrel of 4Q19 and 2019 increased due to Turnaround and project OPEX cost and lower crude intake. ▪ Normalized OPEX Excluding End of run condition, T&I and Project OPEX was US$2.04/bbl for 4Q19 and US$1.88/bbl for 2019.
* Non Energy Cash Cost: Operating expenses exclude energy cost US$/bbl
GROSS REFINERY MARGIN
US$/bbl
Margin and OPEX
4.40 5.07 2.49 5.67 3.39 (5.96) 3.11 1.85 4.73 4.12 4Q18 3Q19 4Q19 2018 2019 Market GRM Accounting GRM 1.84 1.94 4.19 1.79 2.24 0.71 3.04 9.51 0.35 3.04 4Q18 3Q19 4Q19 2018 2019 T&I and Project OPEX Normal OPEX 2.55 4.98 13.70 2.14 5.28
▪ Accounting GRM: ➢ QoQ: Decreased primary from a lower GRM and LCM adjustment. ➢ YoY: Increased from less stock loss in 4Q19. ▪ Market GRM: ➢ Lower from the strong of crude price but weaker product crack spreads.
Analyst Meeting 4Q and FY2019 results 20
NET INCOME
US$/bbl
EBITDA
US$ M US$ M
EBITDA and profitability : ➢ 4Q19 EBITDA and Net income significantly decreased mainly from high increase of T&I and Project OPEX and stock loss of US$4.6M (Including of stock loss of US$4.3M and LCM of US$0.3M). ➢ FX gain for 4Q19 decreased to US$5.2M from US$7.4M in 3Q19 due to lower appreciation of the Baht relative to the U.S. dollar.
EBITDA and profitability
(128.0) (17.3) (102.0) 176.9 (39.2) 4Q18 3Q19 4Q19 2018 2019 (117.8) (29.9) (98.0) 73.6 (93.9) 4Q18 3Q19 4Q19 2018 2019
Analyst Meeting 4Q and FY2019 results 21 CFO: ➢ Cash flows used in operating activities of US$123.4M for year 2019, reflecting losses before tax in the year of US$122.9M and unfavourable working capital effects mainly from temporary inventories due to T&I impact of US$135.1M. CFI: ➢ Primarily on Turnaround and projects spending to increase refinery reliability and efficiency. CFF: ➢ Proceed from short term loan of US$221.9M and dividend payment of US$17.0M for 1H19 net profit.
Cash Flow
CASH FLOW
US$ M
2.3 (123.4) (83.3) 204.9 0.1 0.7 Short term Loan 221.9 Dividend (17.0)
December- 2018 CFO CFI CFF FX Adjustment December- 2019
Analyst Meeting 4Q and FY2019 results 22
9.1 12.4 17.1 9.6 10.7
- SPRC’s dividend policy is to pay out at least 50% of net profits semi-annually.
- 1H19 Dividend payout at 50% of net profit
* Dividend yield based on closing stock price as of the performance period of dividend declaration ** 2019 Dividend is subjected to Shareholders’ approval in AGM on 9th April 2020
DIVIDEND POLICY DIVIDEND PAYMENT
(Avg. 4.2%-4.8%) Closing stock price as of the performance period
Dividend Policy and Yield
0.2638 1.1824 1.1427 0.5928 0.1827 2.9% 10.8% 7.1% 4.6% 1.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
- 0.2000
0.4000 0.6000 0.8000 1.0000 1.2000 1.4000
2H15 2016 2017 2018 2019** Dividend per share Dividend Yield* SETHD
Analyst Meeting 4Q and FY2019 results 23
Looking ahead
No one gets hurt Operational excellence Bottom Line Improvement Program Continue to evaluate for growth opportunities
Analyst Meeting 4Q and FY2019 results 24
Appendices
Analyst Meeting 4Q and FY2019 results 25
ASSET BREAKDOWN LIABILITIES & EQUITY
US$ M US$ M
Financial position
26.94 83.75 880 880 393 589 385 237 2 1
Dec-18 Dec-19
Cash and cash equivalents Account receivables Inventories PP&E Other current & non current assets 1,182 1,071 24 16 482 703
Dec-18 Dec-19
Current liabilities Non current liabilities Total Equity
1,790 1,687 1,790 1,687
Analyst Meeting 4Q and FY2019 results 26
Unit: US$ M 4Q18 3Q19 4Q19 YoY QoQ +/- +/- Revenues 1,657.6 1,434.6 912.4 (745.2) (522.2) OPEX (38.7) (66.3) (120.7) (81.9) (54.3) EBITDA (128.0) (17.3) (102.0) 26.0 (84.7) Depreciation & Amortization (21.0) (20.3) (20.5) 0.6 (0.11) Profit for the period (117.8) (29.9) (98.0) 19.8 (68.1) EPS (THB per share) (0.90) (0.21) (0.69) 0.21 (0.47) 2018 2019 Year +/- 6,438.6 5,391.7 (1,046.8) (124.4) (281.3) (156.9) 176.9 (39.2) (216.1) (84.3) (82.2) 2.09 73.6 (93.9) (167.5) 0.52 (0.65) (1.17)
Income statement
Analyst Meeting 4Q and FY2019 results 27
SALES BY VOLUME
US$/bbl
52% 35% 13%
SALES BY REVENUE
▪ Chevron and PTT account for 88% of total sale in 2019 by revenue. ▪ Others are products sold as Petrochemical feedstock and intermediate product exchange.
54% 34% 12%
Others 2018 Others 2019
48% 35% 17%
Others 2018 Others
51% 32% 17%
Others 2019
Sales by customers
Analyst Meeting 4Q and FY2019 results 28
Low gearing means we are financially resilient and able to gear up to seize growth opportunities
STRONG BALANCE SHEET
One of world’s leading oil and gas groups with over a century of experience worldwide. The Chevron connection brings bargaining power, crude supply,
- fftake agreements and access to
proprietary technology and systems
CHEVRON RELATIONSHIP STRATEGIC LOCATION
Location in Map Ta Phut ensures low logistics costs with access to dedicated deep water jetty and an SPM for VLCCs. Puts us close to several important customers.
TECHNICAL CONFIGURATION
Our refinery configuration enables us to buy cheaper crudes and turn them into higher value products, including a higher gasoline yield than our competitors.
The SPRC competitive advantage
Analyst Meeting 4Q and FY2019 results 29
Sustainable Development
Vision: “To create stakeholder value by leveraging
- pportunities associated
with environmental and economic issues for the betterment of society”
Analyst Meeting 4Q and FY2019 results 30 CUSTOMERS(1) DISTRIBUTION(1) REFINERY CRUDE SUPPLY
REFINERY Capacity: 175 KBD Single point mooring system 265,000 DWT Power Generation Facilities 41 MW
VLCC
Up to 265,000 DWT
PANAMAX
Up to 80,000 DWT Marine terminal CRUDE Capacity: 4.9 M barrels PRODUCT Capacity: 4.0 M barrels PIPELINE ▪ Supply to north, north east of Thailand and Indochina export market VESSEL ▪ Dispatch to both domestic and export markets at Main Pier ▪ LPG Pier DOMESTIC EXPORT
Middle East 68% Far East 11% Domestic 21% SOURCES OF CRUDE FOR 2019
89% 11% ▪ Pipeline connects Map Ta Phut, Sriracha & Bangkok ▪ Connections to petrochemical customers TRUCK 39% 11% 50%
Business overview
(1) Based on 2019 data
Analyst Meeting 4Q and FY2019 results 31
A brief history
Analyst Meeting 4Q and FY2019 results 32
CRUDE OIL NATURAL GAS REFINERY POWER AND STEAM PRODUCTS SPMS MARINE TERMINAL 1 2 3 4 5 LPG JET GASOLINE DIESEL FUEL OIL ASPHALT HVGO
PROPYLENE
OTHERS 7 6 8
FEEDSTOCK TECHNICAL & OPERATING OFFTAKE
SPRC BUSINESS KEY AGREEMENTS
New Feedstock Supply Agreement(1) Single Point Mooring System Operating Agreement Natural Gas Sales Contract for Cogeneration and Natural Gas Sales Contract for Petroleum Product Manufacturing Process 1 2 3 Marine Services Transportation Agreement Technical Services Agreement and License Agreement 4 5 Amended Offtake Agreement(1) Propylene Sale Agreement Intermediate Products Exchange Agreement 6 7
8
COUNTERPARTIES COUNTERPARTIES COUNTERPARTIES
(1) Effective upon the first day of trading of SPRC’s shares on the SET
Key contractual arrangements
Analyst Meeting 4Q and FY2019 results 33
SPRC Crude Capacity 175 KBD
Naphtha Hydrotreating Unit (NHTU) 20 KBD Crude Distillation Unit (CDU) 175 KBD Vacuum Distillation Unit (VDU) 65 KBD Continuous Catalytic Regeneration Reformer (CCR) 19 KBD Residue Fluidized Catalytic Cracking Unit (RFCCU) 42 KBD Heavy Vacuum Gas Oil Hydrotreating Unit (HVGO HTU) 35 KBD Whole Cat Naphtha Hydrotreating (WCN) 28 KBD Jet Merox Unit (JMU) 20 KBD Diesel Hydrotreating Unit (DHTU) 69.4 KBD Benzene Saturation Unit (BSU) 15 KBD
LPG
Chemical Naphtha
Mogas PGP Jet Diesel Fuel Oil Asphalt
Refinery complexity
EDC = 1,177 KBD
UEDC 30 KBD UEDC 98 KBD EDC 252 KBD EDC 132 KBD EDC 20 KBD UEDC 58 KBD UEDC 378 KBD UEDC 76 KBD EDC 84 KBD
Analyst Meeting 4Q and FY2019 results 34 Energy Management
- Energy roadmap with
monthly and yearly targets
- Energy AOS every 2 years
- US$0.02-0.11 /bbl
Margin Improvement People Efficiency and Waste Management Oil Loss Control
- Lean sigma
- Cost leadership
- US$1-6 MM/year
- Data reconciliation
- US$0.02-0.05 /bbl
- Yearly Innovation Quest (IQ)
and Asset Optimization Studies (AOS)
- Monthly core team meeting
- Rigorous benefit tracking
BLIP Despite a challenging margin environment, SPRC continues to drive incremental margin improvement through BLIP Crude benefit over Benchmark crudes US$0.55-0.80/bbl Product yield and placement
- ptimization
US$0.20-0.90/bbl Process plant optimization US$0.60-0.80/bbl Cracker feed synergy US$0.10-0.40/bbl
BLIP (Bottom Line Improvement Program)
2.34 2.39 2.11 2.64 2.93 2.34
1Q19 2Q19 3Q19 4Q19 2018 2019
Analyst Meeting 4Q and FY2019 results 35
Thank You
Any queries, please contact SPRC Investor Relations at email: ir@sprc.co.th Tel: +6638 699 887 Website: http://investor.sprc.co.th Please send us your feedback via QR code below: