Companies: Good decisions lead to good reporting Where do we go from here? • Embedding impact in business as usual • Create a common language to redefine capitalism for players in the capital markets
the operating result for the first quarter of 2020 In first quarter of 2020, the situation of global epidemic of Coronavirus disease 2019 (COVID-19) as well as the spread in Thailand, the government
% 11.32 11.74 4% GO/DB 10.93 11.34 16.18 12.37 13.83 27% 22% 10.38 12.34 19% FO/DB -4.27 -1.78 0.40 -2.96 -1.35 68% 24% -6.11 -2.10 66% Crack Spreads Analysis The Mogas/Dubai crack spread (UNL95/DB) in Q3
from late 2018; particularly, the Gasoline-Dubai crack spread (UNL/DB), Jet (Kerosene)-Dubai crack spread (IK/DB), and the Gasoil-Dubai crack spread (GO/DB), causing the refinery business’s market gross
guidelines for employees to curtail the spread of COVID-19 as well as support our partner and community to help prevent the spread of the virus and support those already affected. Throughout the COVID-19
, leading to higher supplies in the region. Gasoil/Dubai crack spread (GO/DB) in Q2/2017 was averaged at 11.34 USD/BBL, increased by 0.81 USD/BBL, compared to Q2/2016, with respect to a rise in demand from
content not exceed 0.5% in 2020. Gasoil and Dubai crack spread (GO/DB) in Q4/2019 averaged at 14.32 $/BBL, a decline of 1.02 $/BBL compared to the previous quarter. Due to pressure from increasing
% 9% 12.13 15.38 27% GO/DB 13.01 14.34 18.16 9.76 14.98 15% 4% 12.51 14.68 17% FO/DB -3.03 -2.48 5.61 -3.69 1.33 144% 154% -2.33 -2.64 -13% Crack Spreads Analysis Gasoline / Dubai crack spread (UNL95
asymmetry of (permanent) price impact. – if the price of a stock did not go up recently -> less likely that investors own that stock -> hence the diversification (short sale) constraints is unlikely (more
crack spread between GO and Dubai crude by 13% from the previous quarter. As well as the Jet (Kerosene) and Dubai crack spread that increased 21% from the previous quarter. Management Discussion and