Esso Thailand : Analyst Presentation - 4Q 2022 and Full Year 2022 Results

4Q and FY2022 ANALYST PRESENTATION

28.02.2023

Disclaimer

The information contained in this presentation is provided by Esso (Thailand) Public Company Limited (the "Company") and is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. Forward-looking statements are based on

management's knowledge and reasonable expectations on the date hereof, and the Company assumes no duty to update these

statements as of any future date.

This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness.

2

Industry and Business Environment

• Average Dubai prices in 4Q22 was $84.9/Bbl and FY2022 was $96.3/Bbl
• 4Q and FY2022 Industry gross refining margin was $6.3/Bbl and $10.7/Bbl
• 4Q and FY2022 Thailand GDP growth 1.4% and 2.6% year on year
• FY2022 Thailand fuel demand increased 13.5% year on year

Source : GDP forecast : Bank of Thailand, Reuters: Oil prices and Industry GRM, DOEB: Industry demand growth

3

4Q and FY2022 HIGHLIGHT

2022 Net Profit

2022 Operating GRM

9,509 Million Baht

$9.0/Bbl

4Q Net profit of -1,563 MTHB	4Q Operating GRM of $6.9/Bbl
2022 Retail sales volume	Retail Footprint

57	KBD	802	stations

4Q Retail sales of 59 KBD

Exceeded plan of 800 stations

2022 Crude intake

131 KBD

4Q Crude intake of 130 KBD

2022 GHG intensity reduction

1.2%

4

Margins and Crude Intake

				Industry Gross Refining Margin ($/Bbl)											Crack Spread ($/Bbl)
											10.7				UGP		40.4			40.7							38.1
														ADO
	6.1	7.1	6.3
																																18.8
							3.4						15.5	12.3	13.2			9.4		11.1
																									8.1
		4Q21		3Q22		4Q22	2021			2022						4Q21		3Q22	4Q22			2021			2022
				Gross Refining Margin ($/Bbl)											Crude Intake (Kbd)
		Accounting GRM
		Operating GRM					7.5			9.4	9		124		134			130				123			131
	7.4
			6.9
	5.4
	4.5
					3.1

		-1.5
	-7.4
4Q21	3Q22	4Q22	2021	2022	4Q21	3Q22	4Q22	2021	2022

Source : Reuters, Platt's	5