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PT Pertamina (Persero): 1H 2017 (Unaudited) Result

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PT Pertamina (Persero): 1H 2017 (Unaudited) Result 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 Upstream ICP (USD/BBL) 48.90 36.16 17% 9% Downstream & Others Revenues 20.50 17.20 COGS & OPEX 18.19 13.91 1.83 Net Income 1.40 83% 91% EBITDA 3.16 4.10 Capex Realization 1.49 0.81 1H 2017 1H 2016 Cash Balance 4.33 5.09 Priority Projects 2017 EBITDA by Segment (Percentage) Upstream & Geothermal: • Geothermal Lumut Balai 1 & 2 (2 x 55MW) Upstream Midstream, gas pipeline network: Downstream • Duri to Dumai & Others • Grissik – Pupuk Sriwijaya 34% 36% Downstream: • New GRR Tuban 66% 64% • RDMP Refinery Unit V Balikpapan • Refinery Unit IV Cilacap – Blue Sky Project 1H 2017 1H 2016 Recent Developments Duri & Dumai Pipeline Development Pertamina’s Collaboration with Repsol . Pertamina signed an agreement with PGN to develop gas . Pertamina and Repsol signed a technology collaboration transmission pipeline in Duri-Dumai, North Sumatera. agreement to jointly develop digital upstream technology, EOR technology, 2nd Gen Biofuel, and R&D management. The project marks GoI’s intention to synergize Pertamina and PGN operation. The joint study on digital upstream technology will be applied in Pertamina-Repsol Jambi Merang working area . The 67 Km pipeline is expected to be completed in end 2018 to transport gas to Pertamina’s Refinery Unit II and as a pilot. other customers in Dumai area. On EOR, Repsol perform knowledge and technology transfer in applying field-scale EOR technology. The . Gas will be supplied from Corridor field and Jambi Merang field. collaboration will be applied to the Sago and Limau Field trial program. Pertamina’s holds 60% participating interest in the project. Production of Euro 4 Standard Fuel (Sulfur Content) Pertamina - Exxon Mobil LNG Purchase Agreement . Pertamina’s Cilacap unit begun to produce Pertamax High . Pertamina and ExxonMobil have signed a memorandum of Quality gasoline with Euro-4 standard sulfur content. understanding whereby Pertamina will purchase 1 million tonnes per annum of LNG from ExxonMobil. The fuel is more eco-friendly with maximum sulfur content of 50 part per million (ppm). The purchase is scheduled to start in 2025 under a 20- The Cilacap refinery is estimated to produce this type of year contract. 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 3.15 -24% -13% -2% 1.83 Revenues 41.76 Net Income 1.45 1.42 1.40 36.49 +19% 17.20 20.50 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 -42% +47% 65.56 -10% 7.56 COGS & OPEX* -20% EBITDA 5.73 -23% 5.13 37.84 +31% 4.10 30.29 3.16 13.91 18.19 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Income from EBITDA Operations -12% 6.19 Margin (%) 23.86 20.73 -30% 4.44 3.92 15.41 3.29 12.28 2.32 8.18 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 *OPEX consist of Sales and General & Administration Expenses Upstream Performance Daily Oil Production Daily Gas Production Daily Oil and Gas Production (MBOPD) (MMSCFD) (MBOEPD) +12% +18% +12% +3% +4% +11% +7% +8% +3% 343 1.961 1.938 2.022 692 312 305 1.902 607 650 640 270 278 1.613 549 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Yearly Oil Production Yearly Gas Production Yearly Oil and Gas Production (MMBO) (BSCF) (MMBOE) +12% +18% +3% +11% +7% +3% 114 694 718 238 102 221 99 +12% 589 +4% 200 +8% 56 62 353 366 116 125 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Production figures includes overseas production & entitlement. Refining Performance Total Intake (MMBbl) Total Output (MMBbl) +7% +6% -3% -2% 327,79 308,90 314,42 305,95 297,36 290,22 -5% -4% 164,53 157,06 155,44 148,60 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Volume Valuable Product (MMBbl) Yield Valuable Product On Total Intake (%) +10% +3% +3% -1% 0% 254,60 75,52 77,67 78,64 78,09 229,98 231,05 73,14 -5% 129,41 122,64 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Marketing & Trading Performance Fuel Sales (Million KL) Non-Fuel Sales (Domestic Gas, Petrochemical & Lubricant) (Million KL) +6% -6% +4% +1% 66,41 14,93 62,35 64,90 13,90 14,05 +3% +6% 7,82 31,25 32,11 7,41 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Fuel Composition (Total National Sales) Gasoline Diesel Jun 2016 Jun 2017 Jun 2016 Jun 2017 0,1% 2,4% 12,9% 0,8% 1,4% 0,7% 36,4% 13,3% 44,8% 73,0% 18,0% 0,8% 99,0% 96,2% PERTALITE (RON 90) PERTAMAX (RON 92) SOLAR/BIO PERTAMINA DEX PERTAMAX PLUS/TURBO (RON 95/98) PREMIUM (RON 88) 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 Capex USD Bio 5.66 1.49 thank you .
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