August 2016
PT Pertamina (Persero):
1H16 (unaudited) results
Strictly Private and Confidential
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1H16
1H15
ICP (USD/BBL)
36.16
55.35
Revenues
17.20
21.79
EBITDA
4.10
2.35
Net Income
1.83
0.57
Cash Balance
5.09
3.39
SG&A Cost (OPEX)
1.09
0.98
1H16 Highlights
Key Financial Highlights (USD Billions)
64% 36%
EBITDA by Segment (Percentage)
22%
78%
Upstream
Downstream & Others
1H16
1. Procurement centralization
2. Efficiency on Hydro Procurement
3. Supply Chain Management
4. Marketing Operation Excellence
5. Upstream Efficiency Initiative
6. OPEX reduction
7. Refining Operation Efficiency Initiative
Continuous Efficiency Programs
Revenues by Segment (Percentage)
91% 9%
92% 8%
1H16 1H15
Upstream
Downstream & Others
1H15
RDMP Cilacap
Pertamina and Saudi Aramco signed the Engineering and
Project Management Services Contract to commence the
Basic Engineering Design study for Cilacap refinery
development
The contract is awarded to Amec Foster Wheeler Energy
Limited
Recent Developments
Source: Pertamina
Grass Root Refinery Tuban
Pertamina signed Framework Agreement with Rosneft,
which indicates in broad terms the possible areas of
cooperation between the two companies. The Framework
Agreement is valid until December 2016.
The agreement covers the plan to develop Grass Root
Integrated Refinery and Petrochemical Plant.
Pertamina aims to have a controlling stake of 55%, target
capacity of 300 KBPD with a complexity >9 NCI.
4
Efficiency Program
Breakthrough Project (BTP) New Initiatives yielded
efficiency of US$ 1.09 Billion in 1H 2016.
Includes Optimization of Integrated Supply Chain, Hydro
Procurement, Marketing Operation Excellence and
Upstream Efficiency Initiative.
Increased production from Cepu field
Pertamina EP Cepu has reached its targeted production
of 165 MBOPD with a possibility of higher production.
Oil Production (Pertamina share) increased from 28.20
MBOPD in 1H15 to 70.96 MBOPD in 1H16. (average)
Gas Production (Pertamina share) increased from 5.81
Financial Performance
Revenues
COGS & OPEX
Income from Operations Net Profit EBITDA USD Billions -40% -21% -2% 1H16 17.20 1H15 21.79 2015 41.76 2014* 70.00 2013 71.10 -31% -42% -1% 1H16 13.91 1H15 20.22 2015 37.84 2014* 65.56 2013 66.26 +110% -12% -8% 1H16 3.29 1H15 1.56 2015 3.92 2014* 4.44 2013 4.84 +221% -2% -53% 1H16 1.83 1H15 0.57 2015 1.42 2014* 1.45 2013 3.06 4.10 2.35 5.13 5.74 6.66 1H15 +74% -11% -14% 1H16 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) 274 278 270 202 +11% +3% +34% 1H16 305 1H15 2015 2014*
2013 2014
1.613 2013 1.528 2015 1.902 +6% 1H16 +21% +18% 1H15 1.938 1.602 640 551 607 548 465 +16%
2014* 2015 1H15 1H16 +11%
+18%
2013
1H16 +34% +3%
+12%
55,58
2013 1H15
73,55
2014*
101,60
2015 98,61
49,60 290 353
694 589 558 2014 2013 +18% 2015 +6% 1H16 +22% 1H15 116 100 221 200 170 +16%
2013 2014* 2015 1H15 1H16 +11%
+18%
Production figures includes overseas production & entitlement. 1H16 consists of 182 days (leap year), 1H15 consists of 181 days. *Restated due to change in the method of accounting record
Refining Performance
Total Intake (MMBbl) Total Output (MMBbl)
Yield Valuable Product On Total Intake (%) Volume Valuable Product (MMBbl)
2015 305,95
2014 314,42
2013 314,03
+10% -3%
0%
1H16 164,53
1H15 149,05
2014 297,36
2013 295,27
+10% -2%
+1%
1H16 155,44
1H15 141,11
2015 290,22
+6% +3%
+1%
1H16 78,64
1H15 74,32
2015 75,52
2014 73,14
2013 72,47
+17% 0%
+1%
1H16 129,38
1H15 110,77
2015 231,05
2014 229,98
2013 227,59
Marketing & Trading Performance
Fuel Sales (Million KL) Non-Fuel Sales (Domestic Gas & Petrochemical ) (Million KL)
Lubricant Sales (Million KL)
1H16 -6%
+4% 65,30
2015
65,37 61,69
30,07 31,25
0%
2013 2014 1H15 2014
12,06
7,17
1H15 2015
+1% +14%
6,74
13,80 13,98
+6%
2013 1H16
1H16 0,24 +5% +3%
1H15 -23%
0,23
2015 2014
0,58
2013
0,46 0,44
0,7% 12,9%
13,3%
73,0%
8,4% 4,2%
86,8%
0,6%
PERTALITE (RON 90) PERTAMAX PLUS (RON 95)
PERTAMAX (RON 92) PREMIUM (RON 88) Shift in Fuel Consumption (Total National Sales)
January 2016 Jun 2016
Crude Oil Price & Future Outlook
Source: Pertamina 9
38
51
61 66
68 69 49
56 62 65
10 20 30 40 50 60 70 80
2016 2017 2018 2019 2020 2021
ICP Bloomberg Brent Forecast
USD/BBL
External Price Forecast
2015
•
Revised internal
oil
price assumptions
•
2015
capital
expenditure revised
down by c.40%
from
original budget to
US$ 4.4bn
•
2015
operating
expense revised
down by c.19%
from
original budget to
US$ 6.2bn
2016
•
Revised internal
oil
price assumptions
•
Review of
pre-approved 2016
capital expenditure
and workplan &
budget
•
Target to
reduce
2016 operating
expense
by US$ 1-2
Bn
•
Maintaining credit
metrics
to comply
with covenants/debt
related parameters
used by the Rating
Agencies
Pertamina has taken several mitigation strategies to adjust to the changes in the oil price environment
USD/BBL 0 20 40 60 80 100 120 140 160
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Oil Price drop
