PT Pertamina (Persero):

1H 2017 (unaudited) Result

August 2017
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1H 2017 Highlights

Key Financial Highlights (USD Billions) Revenues by Segment (Percentage)

1H 2017 1H 2016 Upstream

ICP (USD/BBL) 48.90 36.16 9% Downstream

17%
& Others
Revenues 20.50 17.20

COGS & OPEX 18.19 13.91

Net Income 1.40 1.83 83% 91%

EBITDA 3.16 4.10

Capex Realization 1.49 0.81 1H 2017 1H 2016

Cash Balance 4.33 5.09

Priority Projects 2017

EBITDA by Segment (Percentage)
Upstream & Geothermal:
• Geothermal Lumut Balai 1 & 2 (2 x 55MW) Upstream
Midstream, gas pipeline network: Downstream
• Duri to Dumai & Others
• Grissik – Pupuk Sriwijaya 34% 36%
Downstream:
• New GRR Tuban
66% 64%
• RDMP Refinery Unit V Balikpapan
• Refinery Unit IV Cilacap – Blue Sky Project

1H 2017 1H 2016
Recent Developments

Duri & Dumai Pipeline Development Pertamina’s Collaboration with Repsol

 Pertamina signed an agreement with PGN to develop gas
transmission pipeline in Duri-Dumai, North Sumatera.
 The project marks GoI’s intention to synergize Pertamina
and PGN operation.
 The 67 Km pipeline is expected to be completed in end
2018 to transport gas to Pertamina’s Refinery Unit II and
other customers in Dumai area.
 Gas will be supplied from Corridor field and Jambi Merang
field.
 Pertamina’s holds 60% participating interest in the project.
 Pertamina and Repsol signed a technology collaboration
agreement to jointly develop digital upstream technology,
EOR technology, 2nd Gen Biofuel, and R&D management.
 The joint study on digital upstream technology will be
applied in Pertamina-Repsol Jambi Merang working area
as a pilot.
 On EOR, Repsol perform knowledge and technology
transfer in applying field-scale EOR technology. The
collaboration will be applied to the Sago and Limau Field
trial program.

Production of Euro 4 Standard Fuel (Sulfur Content)

Pertamina - Exxon Mobil LNG Purchase Agreement
 Pertamina’s Cilacap unit begun to produce Pertamax High
 Pertamina and ExxonMobil have signed a memorandum of Quality gasoline with Euro-4 standard sulfur content.
understanding whereby Pertamina will purchase 1 million
 The fuel is more eco-friendly with maximum sulfur content
tonnes per annum of LNG from ExxonMobil.
of 50 part per million (ppm).
 The purchase is scheduled to start in 2025 under a 20-
 The Cilacap refinery is estimated to produce this type of
year contract.
gasoline with a capacity of 37.6 MBSD.

RDMP & NGGR Development Update

 Pertamina has completed the Front End Engineering
Design (FEED) of RDMP Balikpapan
 Pertamina will start partner selection for GRR Bontang
project
Financial Performance

USD Billions
+122%
-40%

70.00 3.15 -24%

-13% -2%
1.83
Revenues 41.76 +19% Net Income 1.45 1.42 1.40
36.49

17.20 20.50

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

-42% +47%

65.56 -10% 7.56

COGS & OPEX* -20% EBITDA -23%
5.73
5.13
37.84 +31% 4.10
30.29 3.16
13.91 18.19

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Income from EBITDA

Operations -12% 6.19 Margin (%) 23.86
20.73
-30%
4.44 15.41
3.92
3.29 12.28
2.32 8.18

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

*OPEX consist of Sales and General & Administration Expenses

Upstream Performance

Daily Oil Production Daily Gas Production Daily Oil and Gas Production
(MBOPD) (MMSCFD) (MBOEPD)

+12% +12% +18% +4% +11% +8%

+3% +7%
+3%
343 1.902 1.961 1.938 2.022 650 640 692
312 305 607
270 278 1.613 549

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Yearly Oil Production Yearly Gas Production Yearly Oil and Gas Production
(MMBO) (BSCF) (MMBOE)

+12% +18%
+3% +11% +7%
+3%
114 694 718 221 238
99 102 +12% 200
589 +4% +8%

56 62 353 366 116 125

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Production figures includes overseas production & entitlement.

Refining Performance

Total Intake (MMBbl) Total Output (MMBbl)

+7% +6%
-3% -2%
314,42 327,79 297,36 308,90
305,95 290,22

-5% -4%
164,53 157,06 155,44 148,60

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Volume Valuable Product (MMBbl) Yield Valuable Product On Total Intake (%)

+10% +3% +3% -1%

0%
254,60 75,52 77,67 78,64 78,09
229,98 231,05 73,14

-5%
129,41 122,64

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017
Marketing & Trading Performance

Fuel Sales (Million KL) Non-Fuel Sales (Domestic Gas, Petrochemical & Lubricant) (Million KL)

+4% +6%
-6% +1%
66,41 64,90 14,93
62,35 13,90 14,05

+3% +6%

32,11 7,41 7,82

31,25

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Fuel Composition (Total National Sales)

Gasoline Diesel
Jun 2016 Jun 2017 Jun 2016 Jun 2017

0,1% 2,4%
12,9% 1,4%
0,8%
0,7%
36,4%
13,3% 44,8%

73,0% 18,0%
0,8% 99,0% 96,2%

PERTALITE (RON 90) PERTAMAX (RON 92) SOLAR/BIO PERTAMINA DEX

PERTAMAX PLUS/TURBO (RON 95/98) PREMIUM (RON 88) DEXLITE
Work Plan and Budget 2017

Plan 1H Real.
ICP USD/BBL 45 48.90
Exchange Rate IDR/USD 13,300 13,331

Oil & Gas Production MBOEPD 693 692

Oil MBOPD 334 343
Gas MMSCFD 2,080 2,022

Revenues USD Bio 42.59 20.50

EBITDA USD Bio 7.43 3.16
Net Income USD Bio 3.04 1.40

Capex USD Bio 5.66 1.49

thank you