losses on inventories devaluation [NRV] THB 1,689 million] . And, due to the state of the price of crude oil declining significantly, the company recorded loss on impairments in assets under the

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

oil price throughout the quarter, leading to an inventory loss. However, despite the refinery Hydrogen Production Unit and Hydrocracking Unit temporary shut down, refinery’s average crude run remained

recorded an increased revenue coinciding with global crude oil price, leading to increased gross profit, but saw production and sales volume decrease according to the Natural Decline Curve. There was also

referenced crude oil price of every products; stemming from a state of excess supplies of finished products in the market, and declining demand from the 4 Management Discussion and Analysis of Business

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group

the refinery business which recorded much higher production rate, and benefited from the narrower average DTD/DB spread, resulting in 8. 05 $/BBL of total GRM. Also from the higher average crude oil

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

cost following the widened average DTD/DB spread. Further, crude oil price significantly drop during the year end, led to the refinery business to record Inventory Loss of THB 1,489 million Management

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and