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Rising to the Challenge Contents 2014 Annual Report Rising to the Challenge Contents 2 We are Petron 4 Message to Stockholders Operational Highlights 10 Ramping Up Our Volumes 16 Petron Bataan Refinery:A Pacesetter in the Asia Pacific 24 A Stronger, More Reliable Distribution Network 28 Petron Malaysia: Changing the Landscape 32 Empowering Our People 36 Building Better Communities 40 Board of Directors 46 Corporate Governance 64 Financial Highlights 66 Audit Committee Report Financial Statements 68 Statement of Management’s Responsibility for Financial Statements 69 Report of Independent Auditors 71 Consolidated Statements of Financial Position 73 Consolidated Statements of Income 74 Consolidated Statements of Comprehensive Income 75 Consolidated Statements of Changes in Equity 78 Consolidated Statements of Cash Flows 80 Notes to the Consolidated Financial Statements 176 Terminals, Depots, and Airport Facilities 177 Product List For more information visit our website: www.petron.com About the Cover Unfazed by the extraordinary challenges 2014 Annual Report Rising to in 2014, Petron Corporation succeeded the Challenge in sustaining its industry leadership in the Philippines and further increasing its presence in Malaysia. Our successes during the year were the result of our continued commitment to deliver premium products and services with the utmost convenience to our customers. 1 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. We are Petron Petron Corporation is the largest oil refining and marketing company in the Philippines and is a leading player in the Malaysian market. We have a combined refining capacity of 268,000-barrels-per-day, fueling the lives of millions of Filipinos and Malaysians. Here in the Philippines, we supply nearly 40% of the country’s total fuel requirements through the operation of our 180,000-barrels-per-day oil refinery in Bataan. This Integrated Management Systems (IMS) – certified facility refines crude oil into a full range of petroleum products including gasoline, diesel, LPG, jet fuel, kerosene and petrochemicals. From Bataan, we move our products mainly by sea to 30 terminals and depots located across the archipelago. Through our robust distribution network, we fuel strategic industries such as power- generation, manufacturing, mining, agribusiness, among others. Petron also supplies jet fuel at key airports to international and domestic carriers. 2 Through close to 2,200 service stations – the largest in the country – we retail gasoline, diesel, and autoLPG to motorists and the public transport sector. Our wide range of world-class fuels includes Blaze 100 Euro 4, XCS, Xtra Advance, Super Xtra, Turbo Diesel and Diesel Max. We also sell our LPG brands Gasul and Fiesta Gas to households and other industrial consumers through an extensive retail network. We source our fuel additives from our blending facility at the Subic Bay Freeport. These additives are formulated for Philippine driving conditions. We have partnered with popular food and service locator chains to give our customers a one-stop, full-service experience. We have San Mig Food Avenue stores in select stations that offer a wide variety of food, beverages, and personal items. We also re-launched our Treats convenience stores for motorists-on-the-go. In line with our efforts to increase our presence in the region, we continue to expand our presence in Malaysia which comprises an integrated refining, distribution, and marketing business. We operate an 88,000-barrels-per-day refinery in Port Dickson, 7 storage facilities and a retail network of 560 service stations. As part of the San Miguel Group – one of the largest and most diversified conglomerates in the Philippines – we are committed to expand and grow our business to ensure that we have a positive impact in markets where we are present. We are guided by our vision “to be the leading provider of total customer solutions in the energy sector and its derivative businesses.” 3 WE ARE PETRON MESSAGE TO STOCKHOLDERS OPERATIONAL HIGHLIGHTS CORPORATE GOVERNANCE FINANCIAL HIGHLIGHTS We withstood challenges and sustained our industry leadership. 2014 was a year full of challenges and yet replete with opportunities as Petron continued to grow and strengthen its business. A supply surplus and tapering demand for oil in Europe, Asia, and the U.S. courtesy of weakening economies led to the sharp decline of oil prices in the second half of 2014. In the span of six months, the price of benchmark Dubai crude fell by 44% from an average of US$108/barrel in June to only Your Company US$60/barrel in December 2014. The oil price drop has had ramifications on oil companies around remained focused the world, affecting profitability as higher-priced on completing major inventory was sold at lower prices. projects, establishing a platform Here at home, competition ramped up as more for growth to further cement our players entered the oil industry; the sector grew 4 an estimated 5% last year, in lockstep with the leadership in the industry. Philippine economy’s growth rate of 6.1%. In the highly-competitive retail segment, an estimated 6,200 “branded” stations were operating at the end of 2014 and we expect this number to grow further in 2015. Management set out on a number of priorities On the strength of our retail rebranding and to stabilize the business such as profit margin expansion programs in both countries, the protection, increased retail network to increase acquisition of major industrial accounts, and market presence, and expansion and upgrade of innovative loyalty programs, consolidated sales existing stations in select but high-yield areas. volumes grew 6% to 86.5 million barrels in 2014 from To their credit, the entire Petron team did an the previous year’s 81.7 million barrels. This resulted exceptional job, delivering underlying growth in in a 4% growth in revenues to 483 billion. these very challenging market conditions. In the Philippines, total sales volumes including Your Company remained focused on completing exports and supply sales surged by nearly 9% to 51.5 major projects, establishing a platform for growth to million barrels. further cement our leadership in the industry. We are proud to note that we remain the undisputed market leader in the Philippines with a 36% market Rising to the Challenge share as of 2014–more than the combined market share of two of our closest competitors. We ended the year with better-than-expected results as we posted a consolidated net income of 3 billion. While the drop in oil prices put pressure on our margins, efforts to increase sales volumes, the completion of strategic programs, and our disciplined approach to risk management moderated its impact. Eduardo M. Cojuangco, Jr. Chairman 5 Understanding Your Needs We continued to build new service stations in 2014 as we made every effort to bring the “Petron experience” closer to customers. This simply means caring for our customers with a Filipino touch. As the only Filipino oil major with regional aspirations, we pride ourselves in understanding and catering to the unique needs of our markets. We added a total of 70 stations here and in Malaysia bringing our total station count to nearly 2,800. In the Philippines, we have hundreds of additional stations in various stages of construction while We are proud to we are slowly ramping up our network expansion note that we remain program in Malaysia. the undisputed Three years since we entered and became a major player in the Malaysian market, we have changed market leader in the the petrol station landscape both figuratively Philippines with a and literally. We completed our rebranding and upgrading program in early 2015 ahead of schedule 36% market share as and today, about 550 stations carry the distinct blue –more than the combined and red Petron logo. More importantly, they offer of 2014 our premium fuels and services. market share of two of our closest competitors. WE ARE PETRON MESSAGE TO STOCKHOLDERS OPERATIONAL HIGHLIGHTS CORPORATE GOVERNANCE FINANCIAL HIGHLIGHTS In the Industrial/Commercial sector, our market insights, reliability as a partner, together with superior products and strong after-sales services, continue to make us a preferred supplier. In Malaysia, our aviation business grew by 100% as we secured new accounts with several carriers. We were also the preferred supplier of power generating companies in Malaysia. The continued trust in the Petron brand allowed us to increase sales in the commercial sector by 21%. Here, Petron fuels continue to be the lifeblood of the country’s economy as we supplied nearly 40% of total industrial volumes. Our fuels power several strategic industries including aviation, manufacturing, agriculture, transportation, power generation and mining. Our fuels power Fueling the Future several strategic Late last year, your company started the including commissioning of the most ambitious and complex
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