. In 2017, average crude run was recorded at 111.37 KBD, and Bangchak Refinery had its record high of crude run at 121.64 KBD throughout March. Gross refinery margin increased from the widening crack
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
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
spread (DTD/DB), and the improvement of Fuel Oil / Dubai (FO/DB) crack spread. However, due to the crude price drop in this quarter, there was an inventory loss of THB 1,010 million, leading to an EBITDA
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
a historic high rate of 123.5 KBD during this past September. Meanwhile, Operating GRM declined by 1.69 $/BBL from the previous year, which was affected by the crack spread of finished product and
Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2017 Q4/2017 Q1/2018 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB
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
reduced Market GRM, following the decline in refinery production volume due to the TAM, as well as a decrease in average Gasoline/Dubai crack spread and Fuel oil/Dubai crack spread, and the rise in crude
Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q3/2017 Q2/2018 Q3/2018 YoY QoQ 9M 9M YoY AVG AVG MAX MIN AVG % % 2017 2018 % UNL95/DB 16.10 12.15 15.85 8.09 11.52 -28% -5% 15.00