Pertamina - Hubungan Investor
PT Pertamina (Persero):
1H 2017 (unaudited) Result
August 2017
Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations:
The information in this presentation has been prepared by representatives of PT Pertamina (Persero) (together with its subsidiaries, the “Company”) for use in
presentations by the Company at investor meetings and does not constitute a recommendation regarding the securities of the Company or any of its affiliates.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information, or opinions contained herein. Neither the Company nor any of the Company's affiliates, advisors or representatives shall have any responsibility or
liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection
with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may
change materially.
This presentation contains data sourced from third parties and the views of third parties. In replicating such data in this presentation, the Company makes no
representation, whether express or implied, as to the relevance, adequacy or accuracy of such data. The replication of any views in this presentation should be not
treated as an indication that the Company agrees with or concurs with such views.
This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent
developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives are under an
obligation to update, revise or affirm.
The information communicated in this presentation contains certain statements that are or may be forward-looking. These statements include descriptions regarding
the intent, belief or current expectations of the Company or its officers with respect to, among other things, the operations, business, strategy, plans, goals,
consolidated results of operations and financial condition of the Company. These statements typically contain words such as “expects,” “plan,” “will,” “estimates,”
“projects,” “intends,” "anticipates" and words of similar import. Such forward-looking statements are based on numerous assumptions regarding the Company's
present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risk
and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Company or any
of its affiliates will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its
advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The
Company assumes no responsibility to update forward-looking statements or to revise them to reflect future events or developments.
This presentation and the information contained herein do 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 of the Company, including any notes to be issued under the Company’s global medium term note program (the “Notes”), in any
jurisdiction. Any decision to purchase or subscribe for any securities of the Company, including the Notes, should be made solely on the basis of information
contained in the offering memorandum (as supplemented or amended) issued in respect of the offering of such securities (which may be different from the
information contained herein) after seeking appropriate professional advice, and no reliance should be placed on any information other than that contained in the
offering memorandum (as supplemented or amended).
This presentation is confidential and the information contained herein are being furnished to you solely for your information and may not be reproduced or
redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or
indirectly, taken or transmitted or distributed.
The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice.
1H 2017 Highlights
Key Financial Highlights (USD Billions)
Revenues by Segment (Percentage)
1H 2017
1H 2016
ICP (USD/BBL)
48.90
36.16
Revenues
20.50
17.20
COGS & OPEX
18.19
13.91
Net Income
1.40
1.83
EBITDA
3.16
4.10
Capex Realization
1.49
0.81
Cash Balance
4.33
5.09
Upstream
Downstream
& Others
9%
17%
83%
91%
1H 2017
1H 2016
Priority Projects 2017
EBITDA by Segment (Percentage)
Upstream & Geothermal:
• Geothermal Lumut Balai 1 & 2 (2 x 55MW)
Midstream, gas pipeline network:
• Duri to Dumai
• Grissik – Pupuk Sriwijaya
Downstream:
• New GRR Tuban
• RDMP Refinery Unit V Balikpapan
• Refinery Unit IV Cilacap – Blue Sky Project
Upstream
Downstream
& Others
34%
36%
64%
66%
1H 2017
1H 2016
Recent Developments
Duri & Dumai Pipeline Development
Pertamina signed an agreement with PGN to develop gas
transmission pipeline in Duri-Dumai, North Sumatera.
The project marks GoI’s intention to synergize Pertamina
and PGN operation.
The 67 Km pipeline is expected to be completed in end
2018 to transport gas to Pertamina’s Refinery Unit II and
other customers in Dumai area.
Gas will be supplied from Corridor field and Jambi Merang
field.
Pertamina’s holds 60% participating interest in the project.
Pertamina’s Collaboration with Repsol
Pertamina and Repsol signed a technology collaboration
agreement to jointly develop digital upstream technology,
EOR technology, 2nd Gen Biofuel, and R&D management.
The joint study on digital upstream technology will be
applied in Pertamina-Repsol Jambi Merang working area
as a pilot.
On EOR, Repsol perform knowledge and technology
transfer in applying field-scale EOR technology. The
collaboration will be applied to the Sago and Limau Field
trial program.
Production of Euro 4 Standard Fuel (Sulfur Content)
Pertamina - Exxon Mobil LNG Purchase Agreement
Pertamina and ExxonMobil have signed a memorandum of
understanding whereby Pertamina will purchase 1 million
tonnes per annum of LNG from ExxonMobil.
The purchase is scheduled to start in 2025 under a 20year contract.
Pertamina’s Cilacap unit begun to produce Pertamax High
Quality gasoline with Euro-4 standard sulfur content.
The fuel is more eco-friendly with maximum sulfur content
of 50 part per million (ppm).
The Cilacap refinery is estimated to produce this type of
gasoline with a capacity of 37.6 MBSD.
RDMP & NGGR Development Update
Pertamina has completed the Front End Engineering
Design (FEED) of RDMP Balikpapan
Pertamina will start partner selection for GRR Bontang
project
Financial Performance
USD Billions
+122%
-40%
70.00
Revenues
41.76
2014
1.83
2016
Net Income
+19%
36.49
2015
17.20
20.50
1H2016
1H2017
1.45
1.42
2014
2015
-10%
65.56
-20%
COGS & OPEX*
37.84
Income from
Operations
2015
2014
EBITDA
2016
5.73
+31%
30.29
2016
1H2016
1H2017
7.56
-23%
5.13
4.10
3.16
13.91
18.19
1H2016
1H2017
2014
2015
EBITDA
Margin (%)
6.19
-12%
4.44
1.40
+47%
-42%
2014
-24%
3.15
-2%
-13%
1H2016
1H2017
23.86
20.73
-30%
15.41
3.92
2015
2016
3.29
2016
1H2016
12.28
2.32
8.18
1H2017
2014
*OPEX consist of Sales and General & Administration Expenses
2015
2016
1H2016
1H2017
Upstream Performance
Daily Oil Production
(MBOPD)
+12%
Daily Gas Production
(MMSCFD)
+3%
270
278
2014
2015
312
2016
+18%
+12%
343
305
1H2016 1H2017
2014
+18%
694
+12%
56
2014
2015
2016
2016
1H2016 1H2017
2014
718
200
+4%
62
353
2014
2015
2016
+11%
589
1H2016 1H2017
650
2015
2016
692
640
1H2016 1H2017
Yearly Oil and Gas Production
(MMBOE)
+3%
+3%
114
607
549
2015
+8%
+7%
2.022
1.938
Yearly Gas Production
(BSCF)
+12%
102
1.961
+11%
1.613
Yearly Oil Production
(MMBO)
99
+4%
+3%
1.902
Daily Oil and Gas Production
(MBOEPD)
+7%
221
238
+8%
366
116
1H2016 1H2017
2014
2015
2016
125
1H2016 1H2017
Production figures includes overseas production & entitlement.
Refining Performance
Total Output (MMBbl)
Total Intake (MMBbl)
+7%
-3%
314,42
327,79
305,95
+6%
-2%
297,36
308,90
290,22
-5%
2014
2015
2016
-4%
164,53
157,06
1H2016
1H2017
Volume Valuable Product (MMBbl)
2014
2016
148,60
1H2016
1H2017
Yield Valuable Product On Total Intake (%)
+10%
254,60
231,05
-1%
+3%
+3%
0%
229,98
2015
155,44
73,14
75,52
77,67
78,64
78,09
2014
2015
2016
1H2016
1H2017
-5%
2014
2015
2016
129,41
122,64
1H2016
1H2017
Marketing & Trading Performance
Fuel Sales (Million KL)
+4%
-6%
66,41
Non-Fuel Sales (Domestic Gas, Petrochemical & Lubricant) (Million KL)
62,35
+6%
+1%
64,90
13,90
14,05
14,93
+6%
+3%
2014
2015
2016
31,25
32,11
1H2016
1H2017
2014
2015
2016
7,41
7,82
1H2016
1H2017
Fuel Composition (Total National Sales)
Gasoline
Diesel
Jun 2016
12,9%
0,7%
13,3%
73,0%
Jun 2017
36,4%
Jun 2016
Jun 2017
0,1%
0,8%
2,4%
1,4%
44,8%
18,0%
0,8%
99,0%
PERTALITE (RON 90)
PERTAMAX (RON 92)
SOLAR/BIO
PERTAMAX PLUS/TURBO (RON 95/98)
PREMIUM (RON 88)
DEXLITE
96,2%
PERTAMINA DEX
Work Plan and Budget 2017
Plan
1H Real.
ICP
USD/BBL
45
48.90
Exchange Rate
IDR/USD
13,300
13,331
Oil & Gas Production
MBOEPD
693
692
Oil
MBOPD
334
343
Gas
MMSCFD
2,080
2,022
Revenues
USD Bio
42.59
20.50
EBITDA
USD Bio
7.43
3.16
Net Income
USD Bio
3.04
1.40
Capex
USD Bio
5.66
1.49
thank you
1H 2017 (unaudited) Result
August 2017
Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations:
The information in this presentation has been prepared by representatives of PT Pertamina (Persero) (together with its subsidiaries, the “Company”) for use in
presentations by the Company at investor meetings and does not constitute a recommendation regarding the securities of the Company or any of its affiliates.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information, or opinions contained herein. Neither the Company nor any of the Company's affiliates, advisors or representatives shall have any responsibility or
liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection
with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may
change materially.
This presentation contains data sourced from third parties and the views of third parties. In replicating such data in this presentation, the Company makes no
representation, whether express or implied, as to the relevance, adequacy or accuracy of such data. The replication of any views in this presentation should be not
treated as an indication that the Company agrees with or concurs with such views.
This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent
developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives are under an
obligation to update, revise or affirm.
The information communicated in this presentation contains certain statements that are or may be forward-looking. These statements include descriptions regarding
the intent, belief or current expectations of the Company or its officers with respect to, among other things, the operations, business, strategy, plans, goals,
consolidated results of operations and financial condition of the Company. These statements typically contain words such as “expects,” “plan,” “will,” “estimates,”
“projects,” “intends,” "anticipates" and words of similar import. Such forward-looking statements are based on numerous assumptions regarding the Company's
present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risk
and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Company or any
of its affiliates will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its
advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The
Company assumes no responsibility to update forward-looking statements or to revise them to reflect future events or developments.
This presentation and the information contained herein do 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 of the Company, including any notes to be issued under the Company’s global medium term note program (the “Notes”), in any
jurisdiction. Any decision to purchase or subscribe for any securities of the Company, including the Notes, should be made solely on the basis of information
contained in the offering memorandum (as supplemented or amended) issued in respect of the offering of such securities (which may be different from the
information contained herein) after seeking appropriate professional advice, and no reliance should be placed on any information other than that contained in the
offering memorandum (as supplemented or amended).
This presentation is confidential and the information contained herein are being furnished to you solely for your information and may not be reproduced or
redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or
indirectly, taken or transmitted or distributed.
The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice.
1H 2017 Highlights
Key Financial Highlights (USD Billions)
Revenues by Segment (Percentage)
1H 2017
1H 2016
ICP (USD/BBL)
48.90
36.16
Revenues
20.50
17.20
COGS & OPEX
18.19
13.91
Net Income
1.40
1.83
EBITDA
3.16
4.10
Capex Realization
1.49
0.81
Cash Balance
4.33
5.09
Upstream
Downstream
& Others
9%
17%
83%
91%
1H 2017
1H 2016
Priority Projects 2017
EBITDA by Segment (Percentage)
Upstream & Geothermal:
• Geothermal Lumut Balai 1 & 2 (2 x 55MW)
Midstream, gas pipeline network:
• Duri to Dumai
• Grissik – Pupuk Sriwijaya
Downstream:
• New GRR Tuban
• RDMP Refinery Unit V Balikpapan
• Refinery Unit IV Cilacap – Blue Sky Project
Upstream
Downstream
& Others
34%
36%
64%
66%
1H 2017
1H 2016
Recent Developments
Duri & Dumai Pipeline Development
Pertamina signed an agreement with PGN to develop gas
transmission pipeline in Duri-Dumai, North Sumatera.
The project marks GoI’s intention to synergize Pertamina
and PGN operation.
The 67 Km pipeline is expected to be completed in end
2018 to transport gas to Pertamina’s Refinery Unit II and
other customers in Dumai area.
Gas will be supplied from Corridor field and Jambi Merang
field.
Pertamina’s holds 60% participating interest in the project.
Pertamina’s Collaboration with Repsol
Pertamina and Repsol signed a technology collaboration
agreement to jointly develop digital upstream technology,
EOR technology, 2nd Gen Biofuel, and R&D management.
The joint study on digital upstream technology will be
applied in Pertamina-Repsol Jambi Merang working area
as a pilot.
On EOR, Repsol perform knowledge and technology
transfer in applying field-scale EOR technology. The
collaboration will be applied to the Sago and Limau Field
trial program.
Production of Euro 4 Standard Fuel (Sulfur Content)
Pertamina - Exxon Mobil LNG Purchase Agreement
Pertamina and ExxonMobil have signed a memorandum of
understanding whereby Pertamina will purchase 1 million
tonnes per annum of LNG from ExxonMobil.
The purchase is scheduled to start in 2025 under a 20year contract.
Pertamina’s Cilacap unit begun to produce Pertamax High
Quality gasoline with Euro-4 standard sulfur content.
The fuel is more eco-friendly with maximum sulfur content
of 50 part per million (ppm).
The Cilacap refinery is estimated to produce this type of
gasoline with a capacity of 37.6 MBSD.
RDMP & NGGR Development Update
Pertamina has completed the Front End Engineering
Design (FEED) of RDMP Balikpapan
Pertamina will start partner selection for GRR Bontang
project
Financial Performance
USD Billions
+122%
-40%
70.00
Revenues
41.76
2014
1.83
2016
Net Income
+19%
36.49
2015
17.20
20.50
1H2016
1H2017
1.45
1.42
2014
2015
-10%
65.56
-20%
COGS & OPEX*
37.84
Income from
Operations
2015
2014
EBITDA
2016
5.73
+31%
30.29
2016
1H2016
1H2017
7.56
-23%
5.13
4.10
3.16
13.91
18.19
1H2016
1H2017
2014
2015
EBITDA
Margin (%)
6.19
-12%
4.44
1.40
+47%
-42%
2014
-24%
3.15
-2%
-13%
1H2016
1H2017
23.86
20.73
-30%
15.41
3.92
2015
2016
3.29
2016
1H2016
12.28
2.32
8.18
1H2017
2014
*OPEX consist of Sales and General & Administration Expenses
2015
2016
1H2016
1H2017
Upstream Performance
Daily Oil Production
(MBOPD)
+12%
Daily Gas Production
(MMSCFD)
+3%
270
278
2014
2015
312
2016
+18%
+12%
343
305
1H2016 1H2017
2014
+18%
694
+12%
56
2014
2015
2016
2016
1H2016 1H2017
2014
718
200
+4%
62
353
2014
2015
2016
+11%
589
1H2016 1H2017
650
2015
2016
692
640
1H2016 1H2017
Yearly Oil and Gas Production
(MMBOE)
+3%
+3%
114
607
549
2015
+8%
+7%
2.022
1.938
Yearly Gas Production
(BSCF)
+12%
102
1.961
+11%
1.613
Yearly Oil Production
(MMBO)
99
+4%
+3%
1.902
Daily Oil and Gas Production
(MBOEPD)
+7%
221
238
+8%
366
116
1H2016 1H2017
2014
2015
2016
125
1H2016 1H2017
Production figures includes overseas production & entitlement.
Refining Performance
Total Output (MMBbl)
Total Intake (MMBbl)
+7%
-3%
314,42
327,79
305,95
+6%
-2%
297,36
308,90
290,22
-5%
2014
2015
2016
-4%
164,53
157,06
1H2016
1H2017
Volume Valuable Product (MMBbl)
2014
2016
148,60
1H2016
1H2017
Yield Valuable Product On Total Intake (%)
+10%
254,60
231,05
-1%
+3%
+3%
0%
229,98
2015
155,44
73,14
75,52
77,67
78,64
78,09
2014
2015
2016
1H2016
1H2017
-5%
2014
2015
2016
129,41
122,64
1H2016
1H2017
Marketing & Trading Performance
Fuel Sales (Million KL)
+4%
-6%
66,41
Non-Fuel Sales (Domestic Gas, Petrochemical & Lubricant) (Million KL)
62,35
+6%
+1%
64,90
13,90
14,05
14,93
+6%
+3%
2014
2015
2016
31,25
32,11
1H2016
1H2017
2014
2015
2016
7,41
7,82
1H2016
1H2017
Fuel Composition (Total National Sales)
Gasoline
Diesel
Jun 2016
12,9%
0,7%
13,3%
73,0%
Jun 2017
36,4%
Jun 2016
Jun 2017
0,1%
0,8%
2,4%
1,4%
44,8%
18,0%
0,8%
99,0%
PERTALITE (RON 90)
PERTAMAX (RON 92)
SOLAR/BIO
PERTAMAX PLUS/TURBO (RON 95/98)
PREMIUM (RON 88)
DEXLITE
96,2%
PERTAMINA DEX
Work Plan and Budget 2017
Plan
1H Real.
ICP
USD/BBL
45
48.90
Exchange Rate
IDR/USD
13,300
13,331
Oil & Gas Production
MBOEPD
693
692
Oil
MBOPD
334
343
Gas
MMSCFD
2,080
2,022
Revenues
USD Bio
42.59
20.50
EBITDA
USD Bio
7.43
3.16
Net Income
USD Bio
3.04
1.40
Capex
USD Bio
5.66
1.49
thank you