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Bharat Petroleum Corporation Ltd Bharat Petroleum Corporation Ltd. Investor Presentation June 2015 Disclaimer No information contained herein has been verified for truthfulness completeness, accuracy, reliability or otherwise whatsoever by anyone. While the Company will use reasonable efforts to provide reliable information through this presentation, no representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind accepted by the Company or its directors or employees, with respect to the truthfulness, completeness, accuracy or reliability or otherwise whatsoever of any information, projection, representation or warranty (expressed or implied) or omissions in this presentation. Neither the Company nor anyone else accepts any liability whatsoever for any loss, howsoever, arising from use or reliance on this presentation or its contents or otherwise arising in connection therewith. This presentation may not be used, reproduced, copied, published, distributed, shared, transmitted or disseminated in any manner. This presentation is for information purposes only and does not constitute an offer, invitation, solicitation or advertisement in any jurisdiction with respect to the purchase or sale of any security of BPCL and no part or all of it shall form the basis of or be relied upon in connection with any contract, investment decision or commitment whatsoever. The information in this presentation is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the Company. We do not have any obligation to, and do not intend to, update or otherwise revise any statements reflecting circumstances arising after the date of this presentation or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. 2 Table of Contents 1. Corporate Overview 4 2 Business Overview 9 3. Industry Overview 23 3 1. Corporate Overview Credit Highlights 4 Introduction MMT • India’s 3rd largest company by turnover over INR 2,379 bn in FY15 FY15 34.5 • India’s 2nd largest Oil Marketing Company (OMC) with domestic FY14 34.0 sales volume of over 34.45 MMT in FY15 FY 13 33.3 − Domestic market share of 21% during FY15 FY 12 31.1 • Majority Govt. of India shareholding of 54.93% and explicit Govt. Sales Market FY 11 29.3 support through under-recovery compensation mechanism • # 242 ranking on Fortune 2014 global list; One of only eight Indian companies on the list with 3rd rank from top MMT • Well positioned to meet market demand across India through Strategically located Refineries and Marketing Infrastructure 30.5 30.5 30.5 30.5 • India’s only OMC with a successful foray into upstream business (1). 22.5 BPCL through its subsidiary BPRL has Participating Interests in 17 blocks across 6 countries Refining Capacity FY11 FY12 FY13 FY14 FY15 − Estimated recoverable reserves of about 50-70+ TCF till date in Rovuma basin (Mozambique) INR bn − Estimated resources of 200+ MMBOE(2) till date in Wahoo basin (Brazil) 586.3 • Ratings at par with the Sovereign 332.8 253.16 273.11 − Baa3 (Outlook Stable) by Moody’s / BBB- (Outlook Stable) 187.30 221.20 by Fitch (1) Also reflected in consistently improving market capitalization (2) Wood Mackenzie, Company reports Capitalization^ Market MMBOE - Million barrels of oil equivalent TCF- Trillion cubic feet of gas FY10 FY11 FY12 FY13 FY14 FY15 Source: National Stock Exchange ^ Market capitalization figures as on period end FY means Financial year ending 31st March India’s Leading Oil and Gas Company with presence across the Hydrocarbon Value Chain 5 Important Milestones Kochi Refinery capacity enhanced to 9.5 BPCL entered the LNG market GoI acquired Burmah Shell MMTPA by signing a gas sales MR capacity enhanced to Refineries. Name changed to CCR unit at purchase agreement with 12 MMTPA. BPCL in 1977 Mumbai Petronet LNG BPCL & Videocon JV Refinery acquired 50% stake in commissioned in Brazil's EnCana Brasil March 2014 Petroleo BPCL and GAIL formed a JV, IGL, for 2014 distribution of Natural Gas in entire capital region 2012 2011 2009 2008 2007 2006 2003 2002 1976 1998 2012: Started operations at its Refrigerated Bina refinery by launching Commissioning of LPG storage its crude distillation unit 6 MMTPA and handling grassroot Bina Entered into facility at Refinery upstream business Euro III / IV products JNPT & Uran Restructured business into First in the Indian and formed Bharat launched at Mumbai and LPG plant corporate centre, Strategic Oil Industry to roll Petro Resources Kochi Refinery commissioned Business Units (SBU) and out ERP Solution Limited (BPRL) Shared Entities. 6 Major Subsidiaries/ JVs Subsidiaries Joint Ventures City Gas Into-plane Upstream Refining Refining LNG Pipelines Distribution fuelling Trading Activities 50% 100% 61.65% 22.5% 12.5% 49% 50% Bharat Stars 50% Matrix Bharat Bharat Oman Indraprastha Petronet Petronet Services Pvt Marine Refineries Gas Limited LNG Limited CCK Limited Limited Limited Services Pte Limited 25% 11% Central UP Delhi Gas Limited GSPL India Transco 37% Aviation Fuel Facility (P) 22.5% Maharashtra Limited Maharashtra Bharat Natural Gas Numaligarh Natural Gas 11% PetroResources Limited Refinery Limited GSPL India Limited Limited Gasnet Kannur 25% International Sabarmati 17% Airport Ltd. Gas Limited 25% Kochi Salem Pipeline Pvt Ltd. 25% Mumbai Aviation Fuel Facility (P) Limited (under formation) 7 Key Business Verticals Industrial / RefineryAviation Retail Upstream Gas Lubricants LPG Aviation Commercial 23.9% market 25.6% market Refining 27.6% market PI in 17 oil & Currently 54 Currently share* share* 22.5% market capacity of share* gas blocks major LNG 7,000 Currently Currently share* in ATF 30.5MMTPA 12,809 retail 7 blocks in customers customers 16,000 4,044 38 Aviation 14% of the outlets India and 10 customers distributors service country’s 116 depots and overseas More than 50 LPG stations refining 12 installations 1000+ grades of (1) bottling plants capacity products Strategically Pan India Global Emerging Reliable, Major OEM Various Present at all located presence spread into Markets innovative tie ups such Innovative the major refineries across pure play and caring as Tata offerings gateways & products Exploration supplier of Motors, with ventures airports for I&C products Honda, in allied into plane Genuine Oil, business services TVS etc Four Pioneer in Only Indian One JV in Pioneer in IT Product Current Only OMC to refineries in branded OMC to have LNG and 4 integration customization customer implement Mumbai, retail outlets, made city gas and Supply base of “Apron Fuel Kochi, branded significant distribution Chain 45.8mn incl. Management Numaligarh fuels ex: discoveries JV’s Management retail and System” and Bina Speed bulk (1) Source : Ministry of Petroleum and Natural Gas * Market share includes sale by PSU as well as private oil marketing companies. All figures as of 31st March 2015 8 2. Business Overview Credit Highlights 9 BPRL’s Upstream Story over the years……. 2015 2014 2013 2012 2011 22 discoveries 2010 20 discoveries (cum) 2009 Schedule B (cum) & Lead Appraisal Wells Joint operator 2008 Reserve operator Shale gas entry certification 2007 Australia Indonesia entry 2006 Brazil & Mozambique NELP VI acquisition 2003 Formation (5 blocks) of BPRL Formation of E&P setup in BPCL 10 Upstream Global Spread ` Mozambique Brazil Fields Recoverable resources (TCF) Concession Well Net Pay Prosperidade 15-35+ BM-C -30 Wahoo - 1 65m Golfinho /Atum 10-30+ Barra and Barra1 34+18 m & 12m Farfan and Farfan 1 40m & 44m Orca Under Estimation BM-SEAL-11 Cumbe (multiple pay Total 50-70+ 38 m zone) Successful discoveries in Upstream to help BPCL achieve higher level of Vertical Integration 11 Global Upstream Footprint Within India Brazil Exploration Block Operator BPRL Stake Partners Exploration Block Operator BPRL Stake* Partners NELP - IV SEAL-M-349 Petrobras 20.0% Petrobras,Videocon CY-ONN-2002/2 ONGC 40.0% ONGC SEAL-M-426 Petrobras 20.0% Petrobras,Videocon NELP- VI SEAL-M-497 Petrobras 20.0% Petrobras,Videocon CY-ONN-2004/2 ONGC 20.0% ONGC C-M-30-101 Anadarko 12.5% Anadarko, Videocon, BP and Maersk NELP - VII POT-16-663 Petrobras 10.0% Videocon,Petrobras,Petrogal,BP RJ-ONN-2005/1 HOEC, BPRL 33.33% HOEC, IMC POT-16-760 Petrobras 10.0% Videocon,Petrobras,Petrogal,BP NELP - IX * BPCL’s effective stake held through 50:50 JV with Videocon CB-ONN-2010/11 GAIL, BPRL 25.0% GAIL, EIL, BIFL, MIEL AA-ONN-2010/3 OIL 20.0% OIL, ONGC CB-ONN-2010/8 BPRL,GAIL 25.0% GAIL, EIL, BIFL, MIEL Mozambique MB-OSN-2010/2 OIL 20.0% OIL, HPCL Exploration Block Operator BPCL Stake* Partners Mozambique Rovuma Anadarko, PTTEP, Mitsui & Co., Anadarko 10.0% Basin ENH, OVL-OIL Australia & East Timor Indonesia Exploration Block Operator BPRL Stake Partners Exploration Block Operator BPCL Stake* Partners Oilex, GSPC, Videocon, Japan Nunukan PSC, Pertamina, MEDCO, Videocon JPDA 06-103 Oilex 20.0% Partamina 12.5% Energy, Pan Pacific Petroleum Tarakan Basin Industries ARC EP-413 27.8% ARC Energy, Norwest, Energy Partnership with established Oil & Gas operators expected to generate optimal returns for BPCL 12 Refining Coverage Installed Capacity Refining Throughput Refining Capacity 29.24* 28.55 * 28.69* 30.00 26.74 * 2.73 3.10 1.00 2.86 Mumbai – 240 kbpd 25.00 2.83 2.48 2.61 2.78 20.00 13.35 13.10 13.03 12.96 Kochi – 190 kbpd 15.00 10.00 10.40 5.00 9.56 10.11 10.32 BORL – 120 kbpd - FY 12 FY 13 FY14 FY15 Kochi Mumbai Numaligarh Bina MMT Numaligarh – 60 kbpd . Capacity Utilization consistently above global peers for KR and MR . State of the art refinery at Bina - High Nelson Complexity Index of 9.1 * Bina Refinery throughput is considered proportionately because it’s a 50:50 JV Four Strategically located Refinery Utilization rates 935-km cross country pipeline to refineries across India significantly above global peers source crude to BORL 13 Bina Refinery .
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