PT Pertamina (Persero):
1H 2017 (unaudited) Result
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.
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
1H 2017 Highlights
Key Financial Highlights
(USD Billions)
34%
66%
EBITDA by Segment
(Percentage)
64% 36%
Upstream
1H 2017
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
Priority Projects 2017
Revenues by Segment
(Percentage)
83% 17%
91% 9%
1H 2017
1H 2016
Upstream
1H 2016
Downstream & Others
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, 2
ndGen 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.
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
20-year contract.
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
Production of Euro 4 Standard Fuel (Sulfur Content)
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).
Revenues
COGS & OPEX*
Income from
Operations
Net Income
EBITDA
EBITDA
Margin (%)
USD Billions -40% 1H2017 20.50 1H2016 17.20 2016 36.49 2015 41.76 2014 70.00 +19% -13% +31% -20% -42% 1H2017 18.19 1H2016 13.91 2016 30.29 2015 37.84 2014 65.56 -30% -12% 1H2017 2.32 1H2016 3.29 2016 6.19 2015 3.92 2014 4.44 -24% +122% -2% 1H2017 1.40 1H2016 1.83 2016 3.15 2015 1.42 2014 1.45 3.16 4.10 7.56 5.13 5.73 -23% +47% -10% 1H2017 1H2016 2016 2015 2014 15.41 23.86 20.73 12.28 8.18 1H2017 2016 1H20162015 2014
*OPEX consist of Sales and General & Administration Expenses
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)
343 305 312 278 270 +12% +12% +3% 1H2017 1H2016 2016 2015 2014 +4% +3% +18% 1H2017 2.022 1H2016 1.938 2016 1.961 2015 1.902 2014 1.613 692 640 650 607 549 +8% +7% +11% 1H2017 1H2016 2016 2015 2014 62 56 114 102 99 +12% +12% +3% 1H2017 1H2016 2016 2015 2014 366 353 718 694 589 +4% +3% +18% 1H2017 1H2016 2016 2015 2014Total Intake (MMBbl) Total Output (MMBbl)
Yield Valuable Product On Total Intake (%) Volume Valuable Product (MMBbl)
164,53 -5% +7%
-3%
1H2017 1H2016
157,06
2016 327,79
2015 305,95
2014 314,42
148,60 -4%
+6% -2%
1H2017 1H2016
155,44
2016 308,90
2015 290,22
2014 297,36
-1% +3%
+3%
1H2017 1H2016
2016 77,67
2015 75,52
2014
73,14 78,64 78,09
2016 254,60
2015 231,05
2014 229,98
-5% +10%
0%
1H2017 1H2016
Fuel Sales (Million KL) Non-Fuel Sales (Domestic Gas, Petrochemical & Lubricant) (Million KL)
+3% +4%
-6%
1H2017 32,11
1H2016 31,25
2016 64,90
2015 62,35
2014 66,41
+6% +6%
+1%
1H2017 7,82
1H2016 7,41
2016 14,93
2015 14,05
2014 13,90
Gasoline
Jun 2017
73,0%
13,3% 0,7% 12,9%
Jun 2016
36,4%
18,0% 0,8%
44,8%
PREMIUM (RON 88) PERTAMAX (RON 92) PERTAMAX PLUS/TURBO (RON 95/98)
PERTALITE (RON 90)
Marketing & Trading Performance
Diesel
Jun 2017
0,8% 0,1%
99,0%
Jun 2016
1,4% 2,4%
96,2%
PERTAMINA DEX DEXLITE
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
