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Ahead of the Game

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Ahead of the Game AHEAD OF THE GAME 2016 ANNUAL REPORT Petron is the undisputed leader in the Philippine oil industry and is a leading player in Malaysia. After the roll-out of a full line of Euro 4 standard fuels ahead of the 2016 government mandate, Petron marked another industry first with the introduction of Petron Blaze 100 Euro 5, a more stringent fuel standard. We likewise introduced Petron Turbo Diesel Euro 5 in Malaysia. We sold 104 million barrels in the Philippines and Malaysia – the first time we breached the 100 million mark. This is a 104 6% increase from 2015’s 98 million barrels. Million Barrels We maintained the widest service station network in the Philippines at nearly 2,300. In turn, we continued to expand our 2,900 presence in Malaysia to end the year with 580 stations, Service Stations bringing our combined total to almost 2,900. 2016 marked Petron Foundation’s 20th anniversary. We celebrated this milestone with the college graduation of our first batch of Tulong Aral ng Petron (TAP) scholars. For SY 2016, TAP had 3,400 scholars complemented 3,400 by 105 Petron schools. Scholars AHEAD OF THE GAME Petron service stations, such as those along the Tarlac-Pangasinan- La Union Expressway (TPLEX), are welcome destinations for millions of Filipinos who travel across the country. They signify our unique understanding of our customers, which keeps us ahead of the game in all aspects of our operations including product and service offerings, operational efficiency, and market presence. This leadership drives us to explore new avenues for excellence moving forward, while steering the nation towards greater growth and progress. Contents 3 We are Petron 4 Message to Stockholders 12 Miles Ahead 20 Redefining Excellence 24 Setting the Highest Standards 28 Our Competitive Edge 30 Reaching New Heights in Malaysia 36 Driven to Serve 44 Board of Directors 48 Corporate Governance 62 Financial Highlights 64 Audit Committee Report 65 Financial Statements 66 Statement of Management’s Responsibility for Consolidated Financial Statements 68 Report of Independent Auditors 74 Consolidated Statements of Financial Position 76 Consolidated Statements of Income 77 Consolidated Statements of Comprehensive Income 78 Consolidated Statements of Changes in Equity 81 Consolidated Statements of Cash Flows 83 Notes to the Consolidated Financial Statements 176 Terminals and Airport Installations 177 Products List 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. 1 2 Petron Corporation is the largest oil refining and marketing company in the Philippines and is a leading player in the We are Malaysian market. We have a combined refining capacity of 268,000 barrels-per-day, producing a full-range of world- class fuels and petrochemicals to fuel the lives of millions of Petron 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 barrel-per-day oil refinery in Bataan. This Integrated Management Systems (IMS) – certified facility processes 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 over 30 terminals 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. Through 2,300 service stations – the most extensive 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 5, XCS, Xtra Advance, Turbo Diesel and Diesel Max. We also sell our LPG brands Gasul and Fiesta Gas to households and commercial consumers through an extensive retail network. We source our fuel additives from our blending facility at the Subic Bay Freeport. This gives us the unique capability to formulate additives suited 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 Ave 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 barrel-per-day refinery in Port Dickson, 11 storage facilities and a retail network of 580 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 MESSAGE TO STOCKHOLDERS Record- Breaking We not only met our goals, we handily surpassed our targets. This emboldens us to explore new avenues for excellence in 2017. 4 Eduardo M. Cojuangco, Jr. Record- Chairman t was an exceptional year for innovative products and customer your company and the only services – as we strived to anticipate Filipino-owned oil major, Petron the needs of our customers. Along Corporation. We stayed well the way, we established new records Iahead of competition in every and milestones in the industry, in aspect of our operations – from essence, setting the bar even higher our upgraded refining capabilities as we sustained our unparalleled to our enhanced value chain to our leadership. Our sharp focus on key initiatives namely profitable market leadership, Our sharp focus on key initiatives namely optimal yields from our refinery production, operational excellence, profitable market leadership, optimal yields from and innovations for our customers allowed us to navigate through our refinery production, operational excellence, headwinds that impacted on our business. We continued to see and innovations for our customers allowed us to volatile international oil prices weighed down by an oversupply navigate through headwinds that impacted on as the world economy remained our business. sluggish. As a result, the benchmark 5 Ramon S. Ang President and Chief Executive Officer Dubai crude averaged US$41.27/ Record-Breaking barrel in 2016, 19% lower than Our undisputed market the full-year 2015 average of Performance US$50.91/barrel. Product “cracks” leadership has always – the differential between crude Records are made to be broken and and finished products – further these are done by people who seek been anchored on the narrowed during the period. to do better each time, a cycle of continuous improvement, setting world-class quality The success of our strategies speaks more and more records in the for itself as we thrived in the face of process. of our fuels and our the challenges to come out ahead and enjoyed another banner year. We posted a consolidated net steadfast desire to The unrelenting and dedicated income of P10.8 billion in 2016, a efforts of the entire organization 73% increase from the previous give customers the resulted in an impressive year’s earnings of P6.3 billion. performance for 2016, catapulting Operating income grew by 31% to best experience and our company to a new growth P23.8 billion from P18.1 billion in trajectory. 2015. This is the best performance benefits. in Petron’s 80-year plus history. 6 Our consolidated sales volumes Blaze 100 Euro 5, the first and only in the Philippines and Malaysia Euro 5 gasoline in the country, which reached 104 million barrels last year meets stringent technology and – the first time we breached the 100 emission standards. million mark. This is a 6% growth from the 98 million sold in 2015. To give customers a better Both markets saw solid growth experience, we leveraged on our in key segments namely Reseller, unique advantage, which is the Industrial, LPG, and Lubricants, Petron Value Card (PVC), the first and with nearly all posting double-digit only motorist card in the country increases. that gives rewards and benefits that no other card can match. In our home country, domestic volumes grew by 10% hitting a Future Ready record 48.2 million barrels in 2016. This is the highest level in company 2016 marked another milestone history. Sales of high-value products for the company as we fully namely gasoline, diesel, and Jet A-1/ commissioned our single largest kerosene increased by 6.2 million investment – the US$2 billion The project fully barrels equivalent to a 14% growth, Refinery Master Plan Phase 2 (RMP- further cementing Petron’s overall 2) at our 180,000 barrels-per-day supported our record- market leadership. Bataan refinery. high sales as we can We faced even tougher competition It is a game changer since it and responded by further leveraging substantially increases our now locally produce on our superior products and production of high-margin and in- a full slate of cutting services and innovation mindset, demand fuels and petrochemicals, going full speed with our market in step with the shifting petroleum edge fuels that are expansion.
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