Business Operation for 2Q/2018 Bangchak Corporation Plc. I 7 from the increment in crude oil price and improving crack spread of some products. In this quarter, crude oil price adjusted upward sharply, which

swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil products Performance for Q4/2019, the refinery business recorded EBITDA THB 1,073 million, an

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

2.87 $/BBL, the refining margin still remains on the low side due to the crack spread of finished product and reference crude oil price declining significantly. A result of severe drop in demand for fuel

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

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

USD 12.82 per barrel in Q2/2018; the decline was due to the retracting finished product and crude oil crack spread for most products. Moreover, refinery business incurred an inventory loss of THB 107

spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

reinforced Dubai crude oil price to increase. Dated Brent and Dubai spread (DTD/DB) in Q3/2019 on average decline by 0.20 $/BBL when compared to Q3/2018, due to pressures from light crude supplies that has