November 2016
PT Pertamina (Persero):
3Q16 (unaudited) results
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Refining & Petrochemical Megaproject Director
Organizational Update
Gas, New & Renewable Energy
Director
Yenni Andayani
Marketing Director
Ahmad Bambang
Finance Director
Arief Budiman
Human Resources & General Affairs
Director
Dwi Wahyu Daryoto Rachmad
Hardadi Refinery Director
President Director & CEO
Dwi Soetjipto
Upstream Director
Syamsu Alam
Gas Director
Yenni Andayani
Marketing Director
Act: Ahmad Bambang Finance &
Corporate Strategy Director
Arief Budiman
Human Resources IT & General Affairs Director
Dwi Wahyu Daryoto
Act: Rachmad Hardadi Refinery Director
President Director & CEO
Dwi Soetjipto
Upstream Director
Syamsu Alam
COO / Deputy President Director & CEO
Ahmad Bambang
Rachmad Hardadi
3Q16
3Q15
ICP (USD/BBL)
37.88
52.21
Revenues
26.62
31.99
EBITDA
6.23
3.55
Net Income
2.83
0.91
SG&A Cost (OPEX)
1.62
1.43
3Q16 Highlights
Key Financial Highlights (USD Billions)
65% 35%
EBITDA by Segment (Percentage)
27%
73%
Upstream
Downstream & Others
3Q16
Upstream & Geothermal:
• Matindok Gas Development Project
• Jambaran-Tiung Biru Gas Field
• Geothermal Lumut Balai 1 & 2, Ulubelu 3 &4
Midstream, gas pipeline network:
• Muara Karang – Muara Tawar – Tegalgede (West Java)
• Gresik – Semarang (East Java & Central Java)
Downstream:
• Upgrade on Refinery IV Cilacap (Proyek Langit Biru Cilacap)
• Development of Fuel Terminal in Sambu Island Priority Projects 2016
Revenues by Segment (Percentage)
91% 9%
92% 8%
3Q16 3Q15
Upstream
Downstream & Others
3Q15
Crude Processing Deal with Shell
Pertamina appointed Shell to process the crude from
Iraq’s West
Qurna 1 Block to produce Gasoline RON 88
Shell will process 1 million barrels of crude per month
from July to December 2016 at Singapore refinery.
Recent Developments
Maurel et Prom Share Purchase
Pertamina purchased 24.53% shares of Maurel et Prom
(MP), a France based independent oil and gas company.
MP’s operations
are in Gabon, Namibia, Nigeria, Tanzania,
Myanmar, Canada, and Italy.
Pertamina is currently performing a voluntary tender offer,
expected to be completed by the end of 2016.
Head of Agreement with REPSOL
Pertamina and Repsol signed the HoA to develop Treated
Distillate Aromatic Extract (TDAE) Plant at Refinery Unit
IV, Cilacap.
Plant is designed at a capacity of 60.000 tons/annum of
TDAE, to process Distillate Aromatic Extract into a Rubber
Processing Oil (material for synthetic rubber and tire).
Plant will be operated in 2019. Total investment amounting
to US$ 80 Million.
Efficiency Program
Pertamina maintains continuous efficiency program
through Breakthrough Project (BTP) New Initiatives.
The program yielded a value of US$ 1.6 Billion as of
3Q2016.
Includes Optimization of Integrated Supply Chain, Hydro
Procurement, Marketing Operation Excellence and
Upstream Efficiency Initiative.
New Product Launch
Pertamina launched Pertamax Turbo, a gasoline with
minimum Research Octane Number of 98.
Financial Performance
Revenues
COGS & OPEX
Income from Operations Net Income EBITDA EBITDA Margin (%) USD Billions 3Q15 32.00 2015 41.76 2014* 70.00 -40% -17% -2% 3Q16 71.10 26.62 2013 -27% -42% -1% 3Q16 21.57 3Q15 2015 37.84 2014* 65.56 2013 66.26 29.55 +107% -12% -8% 3Q16 5.05 3Q15 2.44 2015 3.92 2014* 4.44 2013 4.84 2015 1.42 2014* 1.45 2013 3.06 +209% -2% -53% 3Q16 3Q15 0.91 2.83 6.23 3.55 5.13 5.74 6.66
2013 2014* 2015 3Q15 3Q16
-14% +75%
-11% 23.42 11.09 12.28 8.20 9.30 3Q16 3Q15 2015 2014 2013
Upstream Performance
Daily Oil Production (MBOPD)
Daily Gas Production (MMSCFD)
Daily Oil and Gas Production (MBOEPD)
Yearly Oil Production (MMBO)
Yearly Gas Production (BSCF)
Yearly Oil and Gas Production (MMBOE) 309 277 278 270 202 +12% +3% +34% 3Q16 3Q15 2015 2014* 2013 1,953 1,730 1,902 1,613 1,528 +13% +18% +6% 3Q16 3Q15 2015 2014 2013 646 575 607 549 465 +12% +11% +18% 1H16 1H15 2015 2014* 2013 84.77 75.56 101.60 98.61 73.55 +12% +3% +34% 3Q16 3Q15 2015 2014* 2013 535 472 694 589 558 +13% +18% +6% 3Q16 3Q15 2015 2014 2013 177 157 221 200 170
+18% +11%
Refining Performance
Total Intake (MMBbl) Total Output (MMBbl)
Yield Valuable Product On Total Intake (%) Volume Valuable Product (MMBbl)
226,28 +8% -3%
0%
3Q16 244,91
3Q15 2015
305,95
2014 314,42
2013 314,03
214,66 +8% -2%
+1%
3Q16 230,94
3Q15 2015
290,22
2014 297,36
2013 295,27
+5% +3%
+1%
3Q16 77,75
3Q15 2015
75,52
2014 73,14
2013
72,47 74,39
+13% 0%
+1%
3Q16 190,29
3Q15 2015
231,05
2014 229,98
2013 227,59
168,32
Marketing & Trading Performance
Fuel Sales (Million KL) Non-Fuel Sales (Domestic Gas & Petrochemical ) (Million KL)
Lubricant Sales (Million KL)
+5% -5%
0%
3Q16 47,80
3Q15 2015
61,69
2014 65,23
2013 65,37
45,73
13,97
2014 13,80
2013 12,06
+5% +1%
+14%
3Q16 10,80
3Q15 2015
10,28
+2% +3%
-23%
3Q16 0,35
3Q15 2015
0,46
2014 0,44
2013 0,58
0,34
28,2%
54,5% 0,8%
16,5% 13,3%
73,0%
12,9% 0,7%
PERTALITE (RON 90) PERTAMAX (RON 92)
Shift in Fuel Consumption (Total National Sales)
Jun 2016 Sep 2016
8,4% 4,2%
