[PPT] - Ban angkok gkok 15 May ay 2017 17 Sa Safety fety Pe Performa PowerPoint Presentation

SLIDE 1

Q1 2017 017 Ana nalyst lyst Mee eeting ting Ban angkok gkok 15 May ay 2017 17 PTT T Explo loration ration an and Production

duction Public

lic Co Comp mpany any Li Limit mited ed

SLIDE 2

Sa Safety fety Pe Performa rformance nce Financial nancial Pe Perform rforman ance ce Industry ustry High ghlights ights Operat rational ional Outlook tlook & G & Gro rowth wth

SLIDE 3

0.17

0.0 0.5 1.0

2009 2010 2011 2012 2013 2014 2015 2016 YTD

Industry Benchmark PTTEP

# of incidents per million man hours (Lost time injury incident frequency, LTIF)

Maintain ntain high safet ety y sta tandar ndard

Safet ety y of PTTEP EP employe loyees es and contract actors

rs in ever

ery y aspe pect ct of

ur oper

eratio ations ns is key to achieve hieve the goal al of

f

“Target Zero”

Saf afety ety DJSI JSI

Listed ted for th three consecutiv secutive e years

Prio iority rity on Saf afety y an and Sustai ainabilit ability

PTTEP is sele lect cted ed for the DJS JSI I World ld Oil and Gas Upst pstream ream & Integra egrated ed Indu dustry ry with h the high ghest est score re in 2016 and also awarde ded d the Robec ecoSA SAM Gold d Class Sustain inabili bility y Award rd 2017.

Significant cost reduction without compromising on SSHE

3

SLIDE 4

Sa Safety fety Pe Performa rformance nce Financial nancial Pe Perform rforman ance ce Industry ustry High ghlights ights Operat rational ional Outlook tlook & G & Gro rowth wth

SLIDE 5

10 10 20 20 30 30 40 40 50 50 60 60 70 70 80 80 90 90 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 US$ / Barrel rel

Dubai ai Bren ent Min-Max Max Bren ent Analyst lyst Conse sens nsus* us*

Remark: ** Bloomberg Analyst Consensus (CPFC) as of 5 May 2017

2016 1H actual

Brent 40.7 US$/BBL Dubai 36.8 US$/BBL

Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 2016 2016

2016 2H actual

Brent 47.7 US$/BBL Dubai 45.7 US$/BBL

2017 consensus

FY Brent 55 US$/BBL

2017 Q2 consensus

Brent 55 US$/BBL

2017 Q1 actual

Brent 53.7 US$/BBL Dubai 53.0 US$/BBL

Oil il Pric ices es

Gradually recovered but still ambiguous

Q1 2017 Highlights ghts

High h complianc pliance e on the product duction ion cut agreemen eement by OPEC and Non-OP OPEC EC members ers The re-san sanct ctio ionin ning g of Iran n by the US and unres est situatio uation n in Middle e East Addit itio ion n supply ly from m the US follo lowing ing oil price ice recovery ery Continued inued growt wth h in crude ude oil demand and Risin sing g tens nsio ion n among ng the US and Mid iddle le East The rene newal wal of the product uction n cut agree eement ment Reocc ccur urren ence ce of supply ly glut situatio uation n driv iven en by incr creas easing ing product uctio ion n from m the US

Compli pliance r ance rate ate

OPEC: : 104% 104%

achie ieved ved Production from most members bound by the six-month output deal edged lower

Source: IEA (as of March 2017)

Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 2017 2017

Outl tlook

k from

m the Remain ainder der of f 2017

Non-OP OPEC: EC: 64%

achie ieved ved Improved compliance led by further

utput cuts in Russia

5

SLIDE 6

M&A A Activiti ivities

2017 17 Glo lobal al Upstre ream am Grow

wth

th Outlook look

A sign of industry recovery through capital investments and M&A activities

Source: Wood Mackenzie

6 Investment stment Produ

duct

ction ion

1

10 2 20 3 30 4 40 5 50

Mi Mid/ d/Smal all-C

Cap

ap NOC La Large-C ge-Cap ap

Investments are expected to rise in 2017 targeting to boost production. However, the capital allocation will be moved towards smaller, incremental and short-cycle opportunities.

2016 2017

Unit: Billion USD

Upstrea ream m Explo plora ratio ion n and Deve evelop lopmen ment CAPEX Tight oil’s role as the world’s new swing produ duce cer

Oil production is still likely to increase while global gas markets are oversupplied

Chall llen enge ge from m LNG market et to r ramp-up up capaci city y durin ing g 2017

Tight ht oil

Gas

0% 20% 40% 60% 80% 100% 2016 2017YTD

United States Canada Europe South & Central America Africa & Middle East Asia-Pacific Russia & Caspian

Upstrea ream m Deal l Value lue Dis istribu ributio ion n by Region* ion*

Remark: *Includes deal over $100 million and excludes Globally Diversified transactions Source: IHS

$ 1 135 Bn Bn $ 7 70 Bn Bn

Global al M&A activiti ivities es have e picke cked up since ce 2H16, , mainly nly driven by the recovery in oil prices. Major deal activities occurred in North America i.e. US Shale and Canadian Oil Sands. However, there were only a few deals in South East Asia including Shell’s Bongkot stake divestment to KUFPEC.

SLIDE 7

2017 17 Glo lobal al Upstre ream am Cost t an and Re Regulations lations Outlook look

Efficiency driven to maintain low cost base and major reform of fiscal terms

20 40 60 80 100 120 140 160 100 120 140 160 180 200 220 240 2014 2015 2016 2017

Cost to bottom

m out with

h lesser r room to impro prove ve Fiscal al rule les s to enhance ce scarce e investme tment t

To attra

ract ct investm tment, ent, country try with uncompeti

mpetiti

tive fiscal al regimes mes shou

uld

d consider der the e significant cant reform rm toward rds th s the e risk-re reward ard balance ce

These

se initiati tive e mome mentums ntums recentl ntly seen in Brazil, Mexico,

, Nigeria

a and Aust strali ralia

Upstrea eam m Capital al and Operatin ating g Cost Indice ces

UCCI (Upstream Capital Cost Index) UOCI (Upstream Operating Cost Index) Brent

(100 @ Base e year r 2000) 2000)

Brent t USD/ D/BBL

Source: IHS CERA

Massiv

sive CA e CAPEX EX reducti ction o

n over

er the past 2 years reflec ected ted from the e lean

perat

ational nal proces ess

From

m service e sector

r point of view,

there re shoul

uld

d be only room for small reduct ction

Progres

ess s on further rther reducti ction

n in

expenditu nditure re toward rds s 2017 will arise e from m efficiency ency drive

7

2014 2015 2016

Source: Wood Mackenzie

SLIDE 8

LNG Updat ates

Global supply glut peak in 2020 and expect to rebalance after 2023

Global LNG Deman mand d & Su Supply ply Si Situati ation

n

Source: FGE, LNG Market Pressure Points, December 2016

8

LNG Incre remental tal Supply y to 2020

20 20 40 40 60 60 80 80 100 120

3Q 2016 2016 4Q 2016 2016 1Q 2017 2017 2Q 2017 2017 3Q 2017 2017 4Q 2017 2017 1Q 2018 2018 2Q 2018 2018 3Q 2018 2018 4Q 2018 2018 1Q 2019 2019 2Q 2019 2019 3Q 2019 2019 4Q 2019 2019 1Q 2020 2020 2Q 2020 2020 3Q 2020 2020 4Q 2020 2020 Total LNG Supply

MMTPA Equivalent

18 17 40 185 19 19 88 226 21 35 99 322

100 200 300 400

Ame merica icas MEN ENA Eu Europe Asia ia

Unit: MMT of LNG

2016 2020 2030

Asia ian n LNG dema mand nd contin inues ues to domin inate e market et

LNG Global al Demand

Wheatst tstone Ichthys thys Cove Point Freeport rt & & Camero ron Corp rpus us Christi sti PFLNG NG Dua

2016 2016 2017 2017 2018 2018 2019 2019 2020 2020

LNG Situati ation

n for Asian

n Market

Asia’s Potential LNG Supply/Demand

Incremental demand from China and India will drive

Asian LNG Market

Asian demand fully contracted in 2018, and Asia spot

LNG prices are expected to be low in the short to medium-term.

Global LNG Balance: Expects the LNG supply growth by 40% in 2020 mainly from Australia and US. This leads to oversupply during 2017-2023 and will push LNG to sink markets, causes shut-in liquefaction plants and create new demand; before rebalancing after 2023.

SLIDE 9

Sa Safety fety Pe Performa rformance nce Financial nancial Pe Perform rforman ance ce Industry ustry High ghlights ights Operat rational ional Outlook tlook & G & Gro rowth wth

SLIDE 10

14.3 .39 12.20 11.30

10 20 30 40

DD& D&A

17.50 15.34 17.27

Fina nanc nce e Cost

1.99 2.08 1.94

Royalties lties

3.02 3.34 2.94

G&A

3.22 1.54 1.08

Explo plora ratio ion n Expens penses

0.41 0.05 0.86

Opera ratin ing g Expen penses es

5.75 5.19 4.48

Liftin ing Cost

4.63 3.83 3.90

Dril illin ing Succ cces ess Ratio** **

1 : 1 0 : 2 2 : 3

238, 8,842 842 235, 5,996 996 247, 7,248 248 62,499 499 52,600 600 55,121 121 14,966 966 15,512 512 27,489 489 100,000 200,000 300,000 400,000

Rest of st of W Worl

rld

Othe ther SE SEA Tha Thailand

BOED 329,858 316,307 304,108

Sales es Vol

lume

ume and nd Price

27.54 $/BOE OE 28.57 31.89

Unit Cost

Q4 2016 Q1 2017 Q1 2016*

Gas ($/MMBTU) U)

5.15 5.24 6.09

Liqu quid id ($/BBL) L)

46.80 52.79 32.04

Weight ighted ed Avg.

g. ($/BOE

OE)

35.65 38.00 35.08

Avg.

g. Duba

bai i ($/BBL) L)

48.32 53.03 30.42

Avg.

g. HSFO

O ($/BBL) L)

45.59 48.72 24.67

(High Sulphur Fuel Oil)

Volume lume Mix (Gas

s : Liquid id)

70 : 30 69 : : 31 68 : 32

Revenue venue Mix (Gas : Liqui

uid)

61 : 39 57 : : 43 71 : 29

Cash Cost Unit it Cost

Q4 2016 Q1 2017 Q1 2016*

Sal ales s Volum lume & U Unit it Cost st

Sales price started to recover while low cost base was still maintained

Note: * Represented and includes discontinued operations until end of August 2016 ** Exploration and Appraisal Wells The formulas for calculating ratios are provided in the supplementary section for your reference

10 10

SLIDE 11

Operating Cash Flow

200

400 600 800

Sour Source ces Uses Uses

CAPEX Interest & Finance Cost Paid

Sourc rce e & Use of Funds ds in Q1 2017

2,864 2,308 688 688 71 71 71 71 74 74

50 60 70 80 90 100 1,000 2,000 3,000 4,000

FY FY 201 2015 FY FY 201 2016 Q1 2 2017 Operatin ating g Cash h Flows* ws* (LHS)

MMUSD %

Cash h Flow

w Per

erforma mance nce

EBITDA A Margin gin (RHS) S)

MMUSD Remark: * Net of adjustment for the effect of exchange rate changes on cash and cash equivalents ** Excludes cash flows for investing in short-term investments (Fixed deposit > 3 months) *** Excludes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments, Impairment Loss on Assets, and etc.

Net Inco come me

(854) 372 349 349

Recurrin curring g Net Incom come*** e***

718 466 211 211 264** ** 688 688

Cas ash Flo low Perfor

rmance

ance

Self funding for CAPEX and debt service

11 11

SLIDE 12

US$ 100% 100% US$ 100% 100%

Weighted Average Cost of Debt** (%) 4.32 4.41 4.44 [Fixed : Floating] [82.18] [80 : 20] [80 : 20] Average Loan Life** (Years) 8.17 8.15 7.90

11,32 ,328 11,38 ,386 11,45 ,451 3,005 2,832 2,863 5,309 4,673 4,937 0.27 0.25 0.25

0.00 0.20 0.40 0.60 0.80 1.00 5,000 10,000 15,000 20,000 25,000

FY FY 201 2015 FY FY 201 2016 Q1 2 2017

Equity (LHS) Interest Bearing Debt (LHS) Other Liabilities (LHS) Gearing Ratio D/E (RHS)

MMUSD USD D/E Ratio

Remark: * Restated ** Excludes Hybrid bonds

Capita ital l Structur ucture

Debt Profile file** ** Asset ets

18,891 91 19,251 51 19,642 42

US$ 100% 100%

*

Fi Finan ancial cial Position ition

Healthy balance sheet with low gearing

12 12

SLIDE 13

Fi Financia ncial l Outl tlook

ok

Average ge Sales es Volum lume e (KBOED) Unit t Cost st (USD/BOE) Average ge Gas Price e (USD/MMBTU)

~ 5.5

.5

~ 70

70 %

~ 300

300

~ 29

29 300 300-310 310

~ 5.5

.5 ~29 ~29

Q2 2017 FY 2017 Q2 2017 FY 2017* Q2 2017 FY 2017 FY 2017

EBITDA DA margin in

* Based on FY2017 Dubai oil price at 52 $/BBL

Fi Finan ancial cial Outlook look

Expect to deliver robust financial performance

13 13

SLIDE 14

Sa Safety fety Pe Performa rformance nce Financial nancial Pe Perform rforman ance ce Industry ustry High ghlights ights Operat rational ional Outlook tlook & G & Gro rowth wth

SLIDE 15

2017 17 Outlook look on Ex Exis istin ting g Proj

jects

ects in in SE SEA

Maximizing value and mitigating near-term downsides

Producing ucing assets sets in SEA Miti tigati gation

n plan on lower

r gas s sales les

Si Situati ation

n
Potenti

tial al of low nominat nation

n of

natural ral gas fields s in GoT and utilizati zation

n of carry forward

ard volume me from m buyer r due to low LNG prices

Technic

nical al problem em on receiving ng plant of Malaysian an buyer r in MTJDA project ct Impact act to PTTEP EP

Lower

r 2017 sales s volume me approx.

x. 5-10

KBOED, D, wh which ch already dy incorpo porate rated d in the 2017 revised d guidance ance Mitigati tion

n Plan
Increas

ease e oil/cond ndens ensat ate e produc ucti tion

n to compe

pensa sate te low w gas nominati nation

n
Improve

rove Enhan anced ced Oil Recovery ry (EOR) ) technique o nique on n curren rent t produci cing ng assets ts e.g. S1

Cost

t optimi mizati zation n to compens ensate ate bottom

m line

15 15

95 95%

f PTTEP’s total

sales les volume lume

f PTTEP’s sales volume

sold to PTT

83 83%

SLIDE 16

Grow

wth

th Dim imensions sions

Accelerating project development and new investments execution

12MMTPA

Mozamb ambique que Rovuma ma Offsh shore re Area 1

Produ ducti ction

n

Expec pected ted Sta Start-up up

2022/23

Subst

stant antial ial reco coverable verable reso sour urce ces s of 70+ TCF

Initial

ial devel elop

pment

ment for 12 MMTPA PA LNG (2 trains ains)

Ubon (Contr ntract act 4)

Produ ducti ction

n

2021

25-30KBPD

Oil reso

sour urce ces s in the Gulf of Thaila ailand nd

Pursuing

suing further her cost ratio ional naliz izati ation

Expec pected ted Sta Start-up up Expec pected ted Sta Start-up up Produ ducti ction

n

2023

50KBPD

Accele

elerate ate devel elopment ment plan an with h early y product uctio ion n phase se of 10 10-13 3 KBPD D

Prep

epari aring ng develo elopment ment plan n and target get to submi mit in Q3 2017

Algeria a HBR

M&A and Explor

ration

ion Key pre-deve velopm lopment ent projects jects

Geogra raphic hical l

Thailand, SEA and Middle East

Explo lora ratio tion

Known area & Acceptable risk
Quick commercialization opportunities

M&A M&A

Focus on producing or near-producing

Worki king ng Inter erest est Worki king ng Inter erest est Worki king ng Inter erest est

8.5% (operated by Anadarko) 60% (operated by Chevron) 24.5% (operator)

16 16

Key element ments s towar ards ds FID Legal/Con al/Contrac actual ual

Key agreements are now finalized; working through formal approval.

Rese settlemen lement

Resettlement action plan was approved, which will enable contracts finalization and begin construction of new villages.

Market keting ing

Secured HOAs with multiple

customers. In the process of

turning HOAs into SPAs.

Projec ject Financ ancing ng

Lenders are keenly engaged and have indicated the willingness to support.

SLIDE 17

Coope peration ration wit ith PTT T in in LN LNG Opportun rtunities ities

Synergy to capture value in the LNG chain

Field eld Develo elopment ment Liquef uefact action Shipping ing Rega gasif sifica icatio ion Utilit lities ies Gas Market keters ers

LNG

Tradin ading

LNG

Thail iland and Market ket

LNG will be increasingly important to Thailand energy security
Cooperation creates value from synergy between PTTEP’s upstream

expertise and PTT’s midstream and gas business experiences

LNG business cushions impact from oil prices volatility
LNG business’s risk is lower comparing to E&P business

5 10 15 20 25 2015 2017 2019 2021 2023 2025 2027 2029 2031 MMTPA

Growing Thailand‘s LNG Demand Inter ernat natio ional nally ly Key Ratio ionale nales & Benef efit its

17 17

SLIDE 18

Path h to re-tende ndering ing of expir iring ing concessions sions PTTEP: P: Compe petitive titively ly positio itioned ed to continue inue as operat ator

r

Operati ation

nal

al effici cien ency cy

through 20 years of factory drilling and GoT synergies

Deep subs bsurface face unders rstand tanding ng

Key enabler to deliver optimum resource recovery

Exper erien enced ced and reliable

perated at average over 95%* field reliability

Remark: * Bongkot field’s performance as of 2016

Bongkot kot Concessio ssion n Expir iry

PTTEP is well-positioned to continue as operator

Associa

ciate

ted d Laws

5 5 Minis niste teria rial l Regulati lations

Prescribing the Production Sharing Contract Form
Prescribing Rules, Procedures and Conditions in

PSC Application

Prescribing Rules, Procedures and period for

payment of royalty for PSC contractors

Prescribing the Service Contract Form
Prescribing Rules, Procedures and Conditions in

SC Application 1 Anno nouncem ncemen ent t of Petro troleu eum Commi mitte ttee

Rules and procedures in determining E&P areas

18 18

Source: Indicative timeline interpreted from the interview by Minister of Energy on 4 May 2017

SLIDE 19

Series

s of project ct developments pments in the e pipeline e and M&A

Current

rrent gas-weighte eighted d portfo folio in line with global trend d toward rds s gas

Coopera

erati tion

n with PTT in

LNG Value e Chain ain investments tments

$4.4 Bn

Bn cash on hand d and solid capital al structur cture e with low w D/E ratio at 0.25x

A consiste

sistent nt dividend- paying compan pany y for over 15 years

Low cost

t operati tions

ns in

SEA with ~70% EBITDA TDA margi gin n amid the low w oil prices

Cost

t discipline ne and

perat

ation n efficiency ncy with

ver 30% Unit cost

reduc uction

Com

mpetitiv

petitive e Cos

st base

e and strong g margin Best Balance nce sheet t and Capital ital Managem ement ent We Well pos

sitio

itioned d for

r

futur ture e growth th

+90% of sales

s volume me concent entrated rated in SEA

St

Stable e revenues ues from m PTT +80% of sales volume me via long term m off- take contracts racts

Gas-weig

eighted ed portfol

lio
to

cushi shion n oil price volatility ty

Foc

cuse

sed d Por

rtfolio

lio with h revenue ue stability ility

Ke Key Tak akeaways aways

Strived through the downturn and ready to compete 19 19

SLIDE 20

You can an reac ach the In Investo stor r Rela lations tions team am for more e in informa rmation tion an and in inquir iry y thro rough h the follow llowing ing ch chan annels: ls: http:// //www www.pt .pttep tep.com com IR IR@pttep ttep.com com +66 66 2 537 37 4000 00 Than ank k you an and Q&A

SLIDE 21

Supple lemen mentary tary in information rmation

Q1 2017 Fi Financia ncial l Results lts Sustai taina nable le Devel elopment

pment

Reser erves es and Resources

urces

Key Project ct Highli hlight ghts s by Region

n

Project ect Deta tails ls Organizat nization ion Str tructure ture Rati tios

s and Fo

Formula la

24 24 25 25 26 26 27 27-33 33 34 34-37 37 38 38 39 39 21 21

Thail iland and Updat dates es

22 22-23 23

SLIDE 22

Statem ement nt of Inco come me Q4 16 16 Q1 17 17 % QoQ Q1 16* 16* % YoY Total Revenu nues es 1,089 1,092 1,085 1 Sales 1,038 1,040 1,045 Others 51 52 2 40 30 Sales Volume (BOED) 316,307 304,108 (4) 329,858*** (8) Sales Price (USD/BOE) 35.65 38.00 7 35.08 8 Total Expenses nses 1,122 743 743 (34) 929 929 (20) Major r Expenses nses: : Operating Expenses 167 142 (15) 130 9 Exploration Expenses 12 1 (92) 25 (96) DD&A 509 420 (17) 518 (19) Impairment loss on assets 47

(100)
Income Tax Expense

133 (8) (>100) 30 (>100) (Gain)/Loss on FX 16 (3) (>100) (6) 50 Net inco come me from Continuin tinuing g Opera rati tions ns (33) 349 349 >100 156 156 >100 Profit (loss) from Discontinued Operations 17

(100)

1 (100) Net Income me (16) 349 349 >100 157 157 >100 Recurring Net Income 123 211 72 116 82 Non-Recurring ** (139) 138 >100 41 >100

Deliver strong performance from better sales price and low unit cost

Summary ary of Q1 201 017 7 Fi Finan ancial ial Result lts

Unit it : MMUSD USD

Note: * Represented ** Includes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments, impairment loss on assets and etc. *** Sales volume includes discontinued operations

22 22

SLIDE 23

406 406 413 413 1,275 349 349 490 490

200

400 600 800 1,000 1,200 1,400 USD Millions

ns

Debt Mat aturity rity Prof

file

ile

Expect no debt maturity until 2018

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

23 23

SLIDE 24

Thai aila land d Ec Econom

mic

ic Updat ate

Economic growth with uncertainty on Thai Baht

Domestic Domestic Domestic Myanmar Myanmar Myanmar LNG LNG LNG

1,000 2,000 3,000 4,000 5,000

FY 2015 FY 2016 2M 2017

Electricity Electricity Electricity Industry Industry Industry GSP GSP GSP NGV NGV NGV

1,000 2,000 3,000 4,000 5,000

FY 2015 FY 2016 2M 2017

Thailand’s Natural Gas Supply by Source

Source: EPPO

MMSCFD

Thailand’s Natural Gas Consumption by Sector

Source: EPPO

MMSCFD

Exch change ange Rate Moveme ment nt (THB/USD) /USD)

31 33 35 37 39 37.5 .5

(High ighes est) t) (Ave verage) ge)

35.4 .4

(Lowes est) t)

32.4 .4

Source: Bank of Thailand, Bloomberg Forecast based on Bloomberg Consensus as of 24 April 2017

2016 2016 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 2017 2017

36.09 09 35.24 24 35.18 18 34.70 70 35.8 .83 34.4 .45

Thailand’s Gas Market
In meeting stable domestic demand, saw a slight increase in

LNG import and Myanmar volumes declined due to planned shutdown in 2M 2017.

Consensus on the exchange rate mostly depends on
FOMC’s interest rate hike decision may cause the USD to

appreciate against the THB

Uncertainties surrounding Trump’s Fiscal and Monetary policies

24 24

SLIDE 25

Exemplar emplary y soc

cial

al con

ntributo

ibutor Gree een driver to

en

environm ronment ent

Outstanding Sustainability Report Award 2016

Thai Listed Companies Association

Certified Member

Thailand’s Private Sector Collective Action Coalition Against Corruption (CAC)

CG Asia Recognition Awards

Corporate Governance Asia Magazine

Platinum Award for Best Community Program at the 9th Annual Global CSR Summit 2017

Stimulation, Intervention, Optimization of Services for Children (SIOLA) Program in Indonesia

Best Initiative Environmental Responsibility Award

The Asset Magazine

CDP’s Climate Leadership Level

CDP

Excellence in the safety, health and environmental management awards

2016 SHE Award

2016 2016 DJSI List sted d Com

mpany

pany

PTTEP is selected for the DJSI World Oil and Gas Upstream & Integrated Industry with the highest score and also awarded the RobecoSAM Gold Class Sustainability Award 2017. PTTEP is a constituent of the FTSE4Good Emerging Index following its launch in December 2016

FTSE4G 4Good

d Emerging

ging Index ex Prov

ven

en busin siness s int nteg egrit rity

Susta tainabl inable e develop lopme ment nt

Pursue long-term growth with social and environmental wellness

25 25

SLIDE 26

Reserve rves s an and Resour

urces

ces

Maintaining reserve life with majority of reserves base in SEA

26 26

777 738 695 499 457 404 3,588 3,844 3,901 1,000 2,000 3,000 4,000 5,000 6,000 2014 2015 2016 MMBOE

5,039 4,864

Reserves / Resource Life* Proved (P1) Probable (P2) Contingent (2C) 5 Year ars 8 Year ars 37 Year ars

2016 2016 by Geograph aphy

Reserves (P1 + P2 + 2C) P1 P1 + P2

2016 2016 by Produ

duct

t Ty Type

Domestic International Gas Liquid Resources Base 37% 63% 66% 52% 24% 48% 695 695 1,099 76% 34% 26% 74% 25% 75% 5,000 Reserves (P1 + P2 + 2C) P1 P1 + P2 Resources Base

* Based on total production of natural gas, condensate, and crude oil (including LPG) of 368 KBOED for the year ended December 31, 2016

5-Year Average Proved Reserves Replacement Ratio (RRR) 2014 2014 2015 2015 2016 2016 0.45x 0.50x 0.57x

5,000

695 695 1,099 5,000

SLIDE 27

Piped Gas Deepwater Gas (LNG)

Op Oppo port rtunities in in an n early early ph phase:

Oil Sand project in Alberta
Deepwater exploration in Brazil

with prominent partners

North h & South h Amer erica ica

An n area for growt wth, key proje ject cts inclu clude: de:

Producing: Algeria’s Bir Seba oil field has

started up with current flow rate of approximately 19 KBPD

Pre-development and Appraisal: Mozambique

LNG and Algeria’s Hassi Bir Rakaiz

Af Africa

Oil il produc ucin ing g proje ject ct

12KBPD of oil sales from

wholly-owned Montara project

Sizable undeveloped gas

resource in Timor Sea

Australasia tralasia Thailan and

Seco cond nd heart rtla land nd to P PTTEP

17% of total sales volume
Myanmar being most important with gas

production mostly supplied into Thailand

Other producing assets in Vietnam (oil)

and Indonesia (gas)

Southe theas ast t Asia

LNG Oil

Notes: * Excludes 2 projects that are pending official withdrawal approval ** Information dated as of 31 March 2017

Oil sands

PTTEP’s core production base

78% of total sales volume
Key producing assets include

Bongkot, Arthit, Contract 4 and S1

Thail iland nd 59.4% Austra ralas lasia ia 4.7% Ameri rica ca 4.3% Afric rica 14.5% SE Asia 17.1%

Total Assets ts USD 19 19 billion Book Value o e of f Assets** ts*** * (by region) n)

Div iversi rsified fied internation rnational al portfol tfolio io

Worldwide operations: 37 projects* in 10 countries

*** Information as of 31 March 2017

Deepwater

27 27

SLIDE 28

Production / Ramp-up Projects

Arthit Bongkot South S1 Vietnam 16-1

Bongkot t (44.4445 4.4445% % interest) est)

Bongkot’s natural gas sales volume of 928 MMSCFD in 3M 2017
Average condensate sales volume was 26 KBPD in 3M 2017

S1 (100% 0% interest) st)

S1 is the largest onshore crude oil production field in Thailand
Average crude oil sales volume was 29 KBPD in 3M 2017

Arthit hit (80% interest) est)

Average sales volume in 3M 2017 was 214 MMSCFD of natural gas and 9.4 KBPD of

condensates

Acquis quisition ition of

f Hes

ess Assets ets in n Th Thaila iland

PTTEP successfully acquired Hess Corporation’s working interests in the Contract 4

project and Sinphuhorm project, and now holds 60% working interest in the Contract 4 project and 55% working interest in the Sinphuhorm project . PTTEP has also become the operator of the Sinphuhorm project

The Contract 4 project had an average sales rate of 317 MMSCFD for natural gas and

13 KBPD for condensate in 3M 2017

S1 Bongkot Arthit Contract 4

Contract 4

Thai aila land

Strong home base with legacy assets maintaining production plateau

28 28

SLIDE 29

Participating in three producing gas fields which supply gas to

both Thailand and Myanmar: Yadana, Yetagun, Zawtika

Operate Zawtika project, brought online in August 2014. Deliver

gas supply of 272 MMSCFD in 3M 2017.

Significant exploration acreage both onshore and offshore in the

Moattama Basin

Thailand

Note: WI – working interest

Exploration block Production block Myanmar

Yetagun Yadana Zawtika PSC G & EP2 MOGE-3 M3 M11 MD7

Produci cing ng Appraisa sal Explorat

ration
Yadana

(25.5% WI)

Yetagun

(19.3% WI)

Zawtika

(80% WI)

M3

(80% WI)

PSC G & EP2

(70% WI)

MOGE-3

(75% WI)

M11

(100% WI)

MD7

(50% WI)

Project ect Status tus

Southe theast ast Asia ia : M Myan anmar ar

Significant contribution to growth

29 29

SLIDE 30

Vietna nam m 16-1 (28.5% 8.5% interes est) t)

Average crude oil sales volume of 20 KBPD in 3M 2017
Commissioned production platform in the H5 area to support

current production level

Produ duct ction ion / Ramp-up up Proje jects cts

Vietna nam m 16-1 Natun una a Sea ea A

Source : Premier Oil

Southe theast ast Asia ia : V Vie ietnam nam an and In Indone nesia sia

Reinforcing regional exposure through strategic partnerships

Natun una a Sea A (11.5 .5% % interest) st)

Average sales volume of natural gas was 224 MMSCFD in

3M 2017

30 30

SLIDE 31

Source: Anadarko

Key Milesto estones nes to to Fi Final al Invest estment ment Decis ision ion

Technical nical Commerc ercia ial Re Regulato latory ry Fi Finan ancing cing

Secured ed more t e than an 8 MMTPA of non- binding g HOAs Certified d reserves rves to suppor port t initial trains Announced nced selecti ction n of contractor actor for

nshore
re LNG faciliti

ties es construc tructi tion

n

Decree ee law ratified ed Substan stanti tial al engagement gement with governm nment nt to progres ess s on remaini aining ng agreem ements nts and approv

vals

als to supp pport

rt investm

tment nt Positive e indicati tions

ns on project

ct financi cing ng

Onwar ards ds to to initi tial al phase se of 12 MMTPA TPA

Locatio tion n and Cost Advantag antage

Close

e proximi mity y to shor

re
High quality

ty reservoi rvoirs rs

Access

ss to Asian m n marke arkets ts

Substantial recoverable resources of 70+ tc tcf with scalable offshore development of more th than n 6 LNG tr trains ns

Ea East Africa ica : M Mozam ambique ique

Potential to become one of the world’s largest emerging LNG supply hubs

31 31

SLIDE 32

Proj

ject

t Over erview view

Operates 100% interest of the Thornbury, Hangingstone and

South Leismer (THSL) areas (exploration and appraisal phase)

Potential large resource base with over a billion barrel
Current focus on assessing cost reduction opportunity in light
f low oil price environment.

Hangingstone Thornbury South Leismer

Marian iana a Oil Sands ds Project ect

Source: Company data, BP Statistical Review of World Energy 2014

Approximately 96% of the reserves in Canada, the world’s 3rd

rd largest

st oil reserves, rves, is oil sands

Canada ada Other liquid hydrocarbon Oil sands

~174 bn bn barrels els

America ica : C Can anad ada a Oil il San ands

Flexibility to pursue long-term investment from the oil sands project

32 32

SLIDE 33

Source : The National Agency of Petroleum, Natural Gas and Biofuels, Brazil (the ANP)

BRAZIL

Farm-in 25% from BG Group in 2014
Operated by Shell Brasil (65% interest)
Four offshore exploration blocks: BAR-M-215,

BAR-M-217, BAR-M-252 and BAR-M-254

Completed 3D seismic activities and is in the

process of assessing the petroleum potential

BM-ES-23

Acquired 20% interest from Shell in Q3

2014

Partnered with Petrobras (65%, operator)

and INPEX (15%)

Barreirinhas AP1

Barreirinhas Basin Espirito Santo Basin

America ica : B Brazi azil l Deepwat ater er

Entry into high potential petroleum province at exploration phase

33 33

SLIDE 34

Project ject in inform rmation ation 1/4

Production phase: Thailand and JDA

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship *** Pending the approval of the partner divestment from DMF ** Sales volume stated at 100% basis. **** DCQ = Daily Contractual Quantity

Project Status* PTTEP’s Share Partners (as of Q1 2017) 3M 2017 Average Sales Volume ** 2017 Key Activities Gas Oil and Other

Production Phase Thailand and JDA

1 Arthit OP 80% Chevron MOECO 16% 4% 214 MMSCFD Condensate: 9.4 k BPD  Ensure gas deliverability level at DCQ****  Drill development wells 2 B6/27 OP 60%*** N/A N/A  Subsurface study 3 B8/32 & 9A 25% Chevron MOECO KrisEnergy PSTL 51.66% 16.71% 4.63% 2% 114 MMSCFD Crude: 28 k BPD  Drill development wells  Perform waterflood activities 4 Bongkot OP 44.4445% TOTAL British Gas 33.3333% 22.2222% 928 MMSCFD Condensate: 26 k BPD  Ensure gas deliverability level at DCQ****  Drill development wells  Install wellhead platforms 5 Contract 3 (Formerly Unocal III) 5% Chevron MOECO 71.25% 23.75% 517 MMSCFD Crude: 22 k BPD Condensate: 16 k BPD  Drill exploration / appraisal / development wells  Install wellhead platforms  Perform waterflood activities 6 Contract 4 (Formerly Pailin) 60% Chevron MOECO 35% 5% 317 MMSCFD Condensate: 13 k BPD  Ensure gas deliverability level at DCQ****  Drill development wells  Install wellhead platforms  Review development plan of Ubon field 7 E5 20% ExxonMobil 80% 10 MMSCFD

8

G4/43 21.375% Chevron MOECO PSTL 51% 21.25% 6.375% 2.5 MMSCFD Crude: 5.8 k BPD  Drill development wells  Perform waterflood activities 9 G4/48 5% Chevron MOECO 71.25% 23.75% 7 MMSCFD Crude: 2.6 k BPD 10 L53/43 & L54/43 OP 100%

Crude: 633 BPD

 Drill exploration / appraisal / development wells 11 PTTEP1 OP 100%

Crude: 287 BPD

 Drill development wells  Perform waterflood activities 12 S1 OP 100% 24 MMSCFD Crude: 29 k BPD  Drill exploration / development wells  Enhance oil recovery program includes waterflooding and artificial lift 13 Sinphuhorm OP 55% Apico ExxonMobil 35% 10% 123 MMSCFD Condensate: 424 BPD  Drill development wells 14 MTJDA JOC 50% Petronas-Carigali 50% 229 MMSCFD Condensate: 6.5 k BPD  Drill development wells  Install wellhead platforms 15 L22/43 OP 100%

Crude: 273 BPD

 Drill development wells

34 34

SLIDE 35

Project ject in inform rmation ation 2/4

Production phase: Overseas

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship ** Sales volume stated at 100% basis except for Algeria 433a & 416b *** Completion of divestment transaction in Dec 16 **** DCQ = Daily Contractual Quantity

Project Status* PTTEP’s Share Partners (as of Q1 2017) 3M 2017 Average Sales Volume ** 2017 Key Activities Gas Oil and Other

Production Phase Overseas

16 Vietnam 9-2 JOC 25% PetroVietnam SOCO 50% 25% 13 MMSCFD Crude: 4.4 k BPD  Maintain production operation  Perform reservoir management 17 Yadana 25.5% TOTAL Chevron MOGE 31.24% 28.26% 15% 693 MMSCFD



Ensure gas deliverability level at DCQ**** 18 Yetagun 19.3178% Petronas-Carigali MOGE Nippon Oil PC Myanmar (Hong Kong) 30.00140% 20.4541% 19.3178% 10.90878% 212 MMSCFD Condensate: 3.9 k BPD  Drill appraisal / development wells  Perform reservoir Management 19 Vietnam 16-1 JOC 28.5% PetroVietnam SOCO OPECO 41% 28.5% 2%

Crude: 20 k BPD

 Drill development wells  Maintain production operation 20 PTTEP Australasia (PTTEP AA) OP 90%-100% (varied by permits)

Crude: 12 k BPD

 Drill development well in Montara  Maintain production operation  Acquire 3D seismic reprocessing 21 Natuna Sea A 11.5% Premier Oil KUFPEC Petronas Pertamina 28.67% 33.33% 15% 11.5% 224 MMSCFD Crude: 2.4 k BPD  Maintain production operation 22 Zawtika (M9 & a part of M11) OP 80% Myanma Oil and Gas Enterprise (MOGE) 20% 272 MMSCFD



Maintain production rate  Drill development wells  Install wellhead platforms 23 Algeria 433a & 416b (Bir Seba) JOC 35% PetroVietnam Sonatrach 40% 25%

Crude: 3.3 k BPD

(net entitlement)

 Maintain production operation  Review field development plan for possible capacity expansion

35 35

SLIDE 36

Project ject in inform rmation ation 3/4

Exploration phase

Project Status* PTTEP’s Share

Partners (as of Q1 2017) 2017 Key Activities Exploration Phase Thailand and JDA

24 G9/43 OP 100%

Overseas

25 Myanmar M3 OP 80% MOECO 20%  Assess resource potential and commercial feasibility 26 Mozambique Rovuma Offshore Area 1 8.5% Anadarko, Mitsui, ENH, Bharat Petroleum, BREML, OVL 26.5%,20% 15%,10%, 10%,10%  Preparatory work for Final Investment Decision (FID) including LNG marketing and finalization of remaining commercial contracts 27 Algeria Hassi Bir Rekaiz OP 24.5% CNOOC Sonatrach 24.5% 51%  Conduct pre-development study and prepare project development plan 28 Myanmar M11 OP 100%  Acquire 3D seismic 29 Vietnam B & 48/95 8.5% PVN MOECO 65.88% 25.62%  Negotiate a GSA with the Vietnamese government 30 Vietnam 52/97 7% PVN MOECO 73.4% 19.6%  Negotiate a GSA with the Vietnamese government 31 Myanmar PSC G and EP 2 OP 70% WinPreciousResources MOECO Palang Sophon Offshore 10% 10% 10%  Conduct G&G studies 32 Myanmar MD 7 OP 50% TOTAL 50%  Assess resource potential 33 Mariana Oil Sands OP 100%  Assess development approach and cost reduction opportunity 34 Barreirinhas AP1 25% Shell Brasil Mitsui E&P Brasil 65% 10%  Acquire 3D seismic

* Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship

36 36

SLIDE 37

Project ject in inform rmation ation 4/4

Exploration phase

Remarks: 37 projects exclude 2 projects that are pending official withdrawal approval * Status: OP = PTTEP operatorship / JOC = PTTEP joint operatorship

Project Status* PTTEP’s Share Partners (as of Q1 2017) 2017 Key Activities

Exploration Phase Overseas (Cont’d)

35 Myanmar MOGE 3 OP 75% Palang Sophon Offshore MOECO WinPreciousResources 10% 10% 5%  Acquire 2D and 3D seismic 36 Brazil BM-ES-23 20% Petrobras INPEX 65% 15%  Assess petroleum potential 37 Malaysia SK410B OP 42.5% KUFPEC PSCB 42.5% 15%  Acquire 3D seismic

37 37

SLIDE 38

Organizat anizatio ion structur ucture

Ensuring transparency, integrity and good corporate governance

Nominating Committee Remuneration Committee Risk Management Committee

President and CEO

Strategy and Business Development Group Production Asset and Operation Support Group Geosciences and Exploration Group Human Resources and Business Services Group Finance and Accounting Group Engineering and Development Group Corporate Affairs and Assurance Group Internal Audit Department

Board of Directors

Corporate Governance Committee Audit Committee

Operation Support Group Safety, Security, Health and Environment Division

38 38

SLIDE 39

Ratio io Formu mula la Lifting Cost ($/BOE) (Operating Exp. – Transportation Cost – Stock Variation – Other expense not related to lifting) / Production Volume Cash Cost ($/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 & AmortiseBond 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 & Amortize Bond Issuing Cost

Rat atio io & formula ula

39 39