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2011 ANNUAL REPORT Petron Corporation 2011 Annual Report B BRIGHT MOVES 1

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2011 ANNUAL REPORT Petron Corporation 2011 Annual Report B BRIGHT MOVES 1 BRIGHT MOVES 2011 ANNUAL REPORT Petron Corporation 2011 Annual Report b BRIGHT MOVES 1 Contents Our Vision & Mission This is Petron 1 This is Petron To be the leading provider of total Petron Corporation is the largest oil refining and marketing company in the Philippines. Supplying 2 Message to Our nearly 40% of the country’s oil requirements, our world-class products and quality services fuel the Stockholders customer solutions in the energy sector lives of millions of Filipinos. We are dedicated and passionate about our vision to be the leading 10 Sustaining Our Leadership and its derivative businesses. provider of total customer solutions in the energy sector and its derivative businesses. Through Product Excellence and Network Expansion We will achieve this by: Petron operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels a day. Our Integrated Management System (IMS)-certified refinery processes crude oil into a full range 12 Box Story: A Small Business Making a Big Impact of petroleum products including gasoline, diesel, liquified petroleum gas (LPG), jet fuel, kerosene, • Being an integral part of our customers’ lives, industrial fuel oil, and petrochemical feedstock benzene, toluene, mixed xylene and propylene. 18 Marking Five Decades of delivering consistent customer experience Refining Excellence By From the refinery, Petron moves its products mainly by sea to 32 depots and terminals situated Building For The Future through innovative products and services; all over the country. Through this nationwide network, we supply fuel oil, diesel, and LPG to various 21 Box Story: Proudly Petron • Developing strategic partnerships in pursuit of industrial customers. Petron also supplies jet fuel at key airports to international and domestic carriers. Through its more than 1,900 service stations, Petron retails gasoline, diesel, and kerosene 22 Delivering Quality Products growth and opportunity; Anytime, Anywhere, In A to motorists and to the public transport sector. We also sell our LPG brands Gasul and Fiesta to Safe and Efficient Manner • Leveraging our refining assets to achieve households and other industrial consumers through an extensive dealership network. competitive advantage; 24 Box Story: Ensuring Petron operates a lube oil blending plant at Pandacan Oil Terminal, where it manufactures lubes on-time delivery of • Fostering an entrepreneurial culture that and greases. These are also sold through Petron’s service stations and sales centers. petroleum products, 24/7 encourages teamwork, innovation and We source our fuel additives from our blending facility at the Subic Bay Freeport. This gives us the 26 Making Sustainability excellence; capability to formulate unique additives to produce premium fuels. Our Way of Life We have partnered with major fastfood chains, and other consumer service companies to give our 27 Driving Force Behind Our • Caring for community and the environment; customers a one-stop full service experience. Petron continuously puts up additional service stations in Leadership • Conducting ourselves with professionalism, strategic locations. 28 A Strong Commitment to integrity and fairness; In line with our efforts to increase our presence in the regional market, we export various petroleum Nation-Building and non-fuel products to Asia-Pacific countries such as Japan, India, Malaysia, Singapore, South • Promoting the best interest of all our 31 Box Story: A Celebration Korea, Thailand, Pakistan and even to the United Arab Emirates. of HOPE for Hannah stakeholders. 32 Board of Directors 34 Management Committee Corporate Governance 36 Financial Highlights 38 Audit Committee Report 39 Financial Statements 108 List of Banks and Financial Institutions 109 Terminals and Depots 110 Product List 111 Information Assistance Petron Corporation 2011 Annual Report 2 BRIGHT MOVES Message to Stockholders 3 Message to Stockholders A strong performance amid P8.5 billion for 2011 was 7% a volatile and challenging higher than 2010’s P7.9 billion. environment Our strong performance can be attributed to the recovery of 2011 was a good year for your product cracks in the region and company amidst a difficult improved export sales. business environment. After a healthy GDP growth of 7.6% in We sustained our leadership 2010, the country experienced with a 34% market share in an economic slowdown coupled Reseller Trade on the back of our with high oil prices in 2011 as superior products and services political turmoil in oil producing coupled with an aggressive countries in the Middle East and network expansion program. North Africa threatened supply. Our pioneering Bulilit stations These crises overseas drove helped us reach the 1,900 service prices of the benchmark Dubai station mark in 2011. Petron crude to an average of $106/ Bulilit stations are now a common barrel in 2011 from only $78/ sight across the country, barrel the previous year – a 36% P8.5-B spurring growth in rural areas Net Income increase. through employment and other opportunities. Petron’s performance was affected by the price volatility. We remained focused on other High oil prices dampened key segments of our business 37.7% demand and pulled down our and protected our leadership Overall Market Share domestic sales volumes by position in Industrial and LPG nearly 4% percent in 2011 versus sectors. For the first time ever, 2010. This was partly offset by we became No. 1 in Lube Trade export sales which posted a 4% as more motorists preferred our increase. locally-blended, world-class lubricants. We are now No. 1 Sales revenue in 2011 reached in all trades! Overall, Petron’s P274.0 billion or 20% higher than market share held steady at in 2010, reflecting higher fuel 37.7%. prices. Despite the contraction in local sales and tougher competition, our net income of Petron Corporation 2011 Annual Report 4 BRIGHT MOVES Message to Stockholders 5 Laying the groundwork for RMP-2 directly supports Even as we explored new Our Bataan Refinery maintained sustainable growth strategic initiatives essential avenues for growth, we saw a its Integrated Management to the company’s continued unique opportunity to expand System (IMS) Certification in The ground-breaking of our most growth and leadership, such Even as we our participation in the regional 2011. This means that our quality ambitious investment to date – as our network expansion and explored new oil and gas market in Asia. In management, environmental the $2-billion Refinery Expansion further diversification into the avenues for August 2011, we deployed a systems, and workplace safety Project (RMP-2) at our 180,000 petrochemicals business. growth, we saw a team to Malaysia in preparation at our main facility meet stringent barrel-per-day Bataan refinery – for the acquisition and takeover international standards. was held in 2011. Construction of our Solid Fuel- unique opportunity of three Exxon Mobil companies Fired Power Plant continued to expand our that form an integrated All our terminals and depots RMP-2 was born out of our vision during the year. This will provide participation in the downstream business. Assets received the 2011 Safety to enhance the country’s fuel more economical power and regional oil and gas include the 88,000 barrel-per-day Milestone (SMile) Award supply security and transform improve steam supply for our market in Asia. Port Dickson refinery, 7 product from the DOLE-Bureau Petron Bataan Refinery (PBR) expanding Bataan Refinery. terminals, and a retail network of of Working Conditions for into one of Asia’s most modern Using the latest technologies, 550 service stations. safety achievements in 2010, refineries. For starters, the the co-generation plant, which particularly our compliance with project will give us greater RMP-2 was born is targeted for full completion by Despite the clear challenges Occupational Safety and Health flexibility to process cheaper early 2014, can produce up to inherent in a major acquisition, (OSH) standards. As of end 2011, out of our vision crude oil varieties from non- 140 megawatts. we were able to close the deal we accumulated 43 million safe to enhance the traditional sources. as scheduled on March 31, man-hours without Lost Time country’s fuel In early 2011, we commissioned 2012. We are extremely excited Accident in all our terminals and supply security and RMP-2 will enable PBR to a polypropylene (PP) plant in about the prospects of this depots. convert most of its fuel oil transform Petron Mariveles, Bataan, to capture new business. Soon, we will production into higher value the incremental margin from see Petron stations serving the We also pursued several Bataan Refinery white products, such as gasoline converting our propylene Malaysian market. sustainability initiatives that (PBR) into one of and diesel. At the same time, production into polypropylene. have significantly reduced our Asia’s most modern petrochemical production will PP is used for making yarn and A focus on operational environmental footprint. We excellence refineries. significantly increase. The fiber for sacks and ropes; film are seeing marked decreases project also equips our refinery for packaging materials for food in our Greenhouse Gas (GHG) with advanced technologies to and apparel; and for bottle caps Our leadership is not just based emissions and air pollutants at produce Euro IV-standard fuels and furniture. The facility has on our market share, financial our refinery and an increase in – the global clean air standard of an annual capacity to produce strength, or the reach of our retail recycled water use. Our thrust the future. 160,000 metric tons of PP resin network. It is also based on our to integrate more sustainability and can be expanded to meet strict compliance to government practices in our business is not growing demand. regulations, and adherence to only good for the environment but international standards to ensure also result in cost savings and the health and safety of our more efficient operations. stakeholders, and environment- friendly operations.
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