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2012 Annual Report A 2012 Annual Report a 2012 Annual Report Forging Ahead Thinking Big b Petron Corporation Contents 1 We are Petron Our Vision and Mission 2 Message to Stockholders 12 Petron in Malaysia: A New Chapter in our History 18 Countdown to the Refinery of the Future 20 Meeting Customers’ Demands and More 22 Unprecedented Market Presence 25 Our Strength Within 26 Building a Strong Nation through Sustainability 30 Board of Directors 32 Management Committee Corporate Governance 42 Financial Highlights 44 Audit Committee Report 45 Financial Statements 146 List of Banks and Financial Institutions 147 Terminals and Depots 148 Product List At the end of 2012, we have completed 54% of our $2-billion Refinery Masterplan Phase 2 or RMP-2. This game-changing initiative will increase our competitive edge and enhance the country’s supply security. We are Petron 2012 Annual Report 1 Petron Corporation is the largest oil refining to households and other industrial consumers and marketing company in the Philippines. through an extensive dealership network. Supplying nearly 40% of the country’s oil requirements, our world-class products and Petron operates a lube oil blending plant in quality services fuel the lives of millions of Pandacan Oil Terminal, where it manufactures Filipinos. We are dedicated and passionate lubes and greases. These are also sold through about our vision to be the leading provider of Petron’s service stations and sales centers. total customer solutions in the energy sector and its derivative businesses. We source our fuel additives from our blending facility at the Subic Bay Freeport. Petron operates a refinery in Limay, Bataan, This gives us the capability to formulate with a rated capacity of 180,000 barrels a day. unique additives to produce premium fuels. Our Integrated Management System (IMS)- certified refinery processes crude oil into a We have partnered with major fastfood full range of petroleum products including chains, and other consumer service companies gasoline, diesel, liquified petroleum gas (LPG), to give our customers a one-stop full service jet fuel, kerosene, fuel oil, and petrochemical experience. Petron continuously puts up feedstocks benzene, toluene, mixed xylene, additional service stations in strategic and propylene. locations. From the refinery, Petron move its products In line with our efforts to increase our mainly by sea to over 30 depots and terminals presence in the regional market, we export situated all over the country. Through this various petroleum and non-fuel products to nationwide network, we supply fuel oil, diesel, Asia-Pacific countries such as Japan, India, and LPG to various industrial customers. Malaysia, Singapore, South Korea, Thailand, Petron also supplies jet fuel at key airports to Pakistan, and even to the United Arab international and domestic carriers. Emirates. Through its more than 2,000 service stations, In March 2012, we increased our regional Petron retails gasoline, diesel, and kerosene to presence as we acquired three companies in motorists and to the public transport sector. Malaysia comprising an integrated refining, We also sell our LPG brands Gasul and Fiesta distribution, and marketing business. Our Vision and Mission To be the leading provider of total customer solutions in the energy sector and its derivative businesses. We will achieve this by: • Being an integral part of our customers’ lives, delivering consistent customer experience through innovative products and services; • Developing strategic partnerships in pursuit of growth and opportunity; • Leveraging our refining assets to achieve competitive advantage; • Fostering an entrepreneurial culture that encourages teamwork, innovation, and excellence; • Caring for the community and the environment; • Conducting ourselves with professionalism, integrity, and fairness; and • Promoting the best interest of all our stakeholders. 2 Petron Corporation Message to Stockholders FORGING AHEAD he year 2012 was not without challenges. Despite a 6.6 % growth in the Philippine economy, global T oil prices remained volatile. “Despite the challenging Political unrest in oil-producing countries fueled a surge in the benchmark Dubai crude business environment, as it peaked to $124/barrel in March. By we remained focused on the 2nd quarter of 2012, however, oil prices started to slide and Dubai dropped to a year completing our ‘game- low $89/barrel in June amid a weak global changing’ initiatives that economy. We also saw a more competitive environment marked by “price wars” will give your Company a across the country, characterized by decisive edge over the long- heavy discounts. term. We also went beyond As a result of these factors, your Company our comfort zone and looked posted a modest income of P2.3 billion in 2012. Sales revenues, meanwhile, jumped by for opportunities to expand 55% to P424.8 billion as we consolidated the in terms of portfolio and operations of three companies in Malaysia— comprising an integrated downstream geographical reach.” petroleum business—in the 2nd quarter of the year. Despite the challenging business environment, we remained focused on completing our “game-changing” initiatives that will give your Company a decisive edge over the long-term. We also went beyond our comfort zone and looked for opportunities to expand in terms of portfolio and geographical reach. 2012 Annual Report 3 RAMON S. ANG ERIC O. RECTO Chairman and President Chief Executive Officer 4 Petron Corporation EXPANDING OUR HORIZONS transformation to our distinctive blue and red logo and design, our service stations Petron embarked on an exciting journey in in Malaysia embody the Petron experience March 2012 when it assumed ownership and what our brand stands for—innovative of ExxonMobil’s downstream business in products and personalized services, Malaysia. The acquisition included the successful partnerships built on trust, 88,000 barrel-per-day Port Dickson Refinery and caring for our customers. (PDR), 550 service stations, and 7 storage terminals. This is a significant milestone in the Company’s 80-year history since this is its “Beyond just the visual first major international venture. transformation to our We renamed the three acquired companies distinctive blue and red to reflect our new identity: Esso Malaysia Berhad, now known as Petron Malaysia logo and design, our service Refining & Marketing Bhd; ExxonMobil stations in Malaysia embody Malaysia Sdn Bhd, now known as Petron Fuel International Sdn Bhd; and ExxonMobil the Petron experience and Borneo Sdn Bhd, now named Petron Oil (M) what our brand stands Sdn Bhd. for—innovative products Investing in Malaysia made perfect business and personalized services, sense since its economy is robust and progressive. Its per capita consumption successful partnerships built of fuel is double that of the Philippines. on trust, and caring for Additionally, its business model is almost the same as that of Petron Philippines and our customers.” we have the inherent talent and experience to run this business effectively. As we duplicate the success of Petron in Malaysia, we are also looking at upgrading Barely a year after entering the Malaysian the Port Dickson Refinery to meet the market, we have already re-branded 125 more stringent and environment-friendly service stations out of the 550 stations Euro-4M specifications. We are already to Petron. Beyond just the visual making headway into optimizing the 2012 Annual Report 5 refinery’s production streams. as we cornered nearly 38.5% of the total While we are a relative newcomer in the market in 2012, an increase from the market, we have been warmly received previous year. by Malaysian consumers. The number of customers at our service stations has been We are proud to say that Petron’s market growing and we have secured a supply share now exceeds its two closest contract to fuel the needs of Malaysia competitors combined! Airlines’ brand new Airbus 380 fleet. We also expanded our aviation fuel business to We are also pleased to report that we have the Low Cost Carrier Terminal for the first already grown our service station network time when we were awarded the contract to to over 2,000 at the end of 2012, adding become the major fuel supplier of AirPhil nearly 250 new stations for the year. This Express. The trust and confidence shown still forms part of our continuous network by our new partners only strengthen our expansion program commitment to bring excellent fuel products which enables us and services to the market. to establish our presence in Indeed, we are gaining a strong foothold in underserved our neighboring country! markets. ENDURING LEADERSHIP 35% Even while we consolidated our gains in Outlet Share Malaysia, we continued to increase our presence in the Philippine market. Total domestic volumes surged by nearly 8% to 44.5 million barrels fueled by an Since we started this program in 2009, we increase in sales across all major market have already built over 900 new Petron segments—Reseller, Industrial, and LPG. service stations across the archipelago. As a This is the highest sales growth achieved result, our outlet share is now at 35% of total by your Company in the past 5 years, industry count—the most extensive among even outpacing industry demand which the oil players. While we see our service only grew by 4% in 2012. The strong sales station expansion program as a means to performance helped cement our leadership further reach out to our countrymen, we also 6 Petron Corporation view this as a manifestation of the increasing 2 (RMP-2) in the middle of 2014. The plant confidence of entrepreneurs in our business provides a more economical and efficient and our commitment to nation-building, one steam and power source for PBR and service station at a time. is expected to generate significant cost savings. Using the latest technologies to “While we see our service ensure efficient and environment-friendly operations, the power plant will supply the station expansion program higher power demand of RMP-2 units once as a means to further reach they go on-stream.
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