Bangchak Public : Disclosure of key information update by business for Q2/2022

	- TRANSLATION -
10000/057/2022
	22 July 2022
Subject	: Disclosure of key information update by business for Q2/2022
Attention	: President of the Stock Exchange of Thailand

Bangchak Corporation Public Company Limited ("the Company") is pleased to submit the quarterly key business update and plans to announce such information approximately in the third week after each quarter end.

For Q2/2022, the summary of key information as follows:
Refinery and Trading Business Group
Average Crude Oil Price ($/BBL)	Q2/2022	Q1/2022
Dubai (DB)	108.22	96.21
Dated Brent (DTD)	113.93	102.23
DTD-DB	5.71	6.02

Crack Spreads ($/BBL)	Q2/2022	Q1/2022
UNL95-DB	35.14	17.82
IK-DB	39.62	16.53
GO-DB	43.60	19.87
LSFO-DB	24.80	13.97

Production	Q2/2022	Q1/2022
Average Crude Run (KBD)	122.5	122.1
Utilization Rate (%)	102%	102%

In Q2/2022, crude oil prices and crack spreads continued its positive momentum from the previous quarter which supported by rising oil demand from unwinding of COVID-19 control measures in various countries, as well as the economic reopening amid supply tightness on the prolonged war between Russia-Ukraine. These resulted in a high average crude run of 122.5 KBD, or 102% utilization rate.

Marketing Business Group
Sales Volume (Million Liters)	Q2/2022	Q1/2022
Retail	1,170	1,122
Industrial	300	286
Total	1,470	1,408

In Q2/2022, the total sales volume of the Marketing business group surged as economic activities have resumed, and employees both from public and private sectors and students return to on-site work and on-site class, respectively. The tourism industry also began to recover after the government lifting nationwide COVID-19 restrictions led to higher domestic oil consumption, especially in diesel and gasohol products.

Green Power Business Group
Electricity Production (GWh)	Q2/2022	Q1/2022
Total Electricity Production	226.8	179.3

The Q2/2022 electricity production increased mainly from the commencement of commercial operations of 2 solar power plants in Japan, Komagane and Yabuki, in late Q1/2022 and early Q2/2022 respectively. In addition, the performance was also supported by the high season for both solar power plants and hydropower plants in Laos PDR, coupled with the additional COD of solar rooftop projects (CMU project at Chiang Mai University). In this regard, BCPG Public Company Limited., is the flagship company for this business group.

Bio-Based Products Business Group
Sales Volume (Million Liters)	Q2/2022	Q1/2022
Biodiesel (B100)	46.59	51.08
Ethanol	27.12	38.19
Reference Prices (Baht/Liter)	Q2/2022	Q1/2022
Biodiesel (B100)	56.99	53.69
Ethanol	26.46	25.58

Source: Energy Policy and Planning Office (EPPO), Ministry of Energy

In Q2/2022, the sales volume of biodiesel decreased mainly from an announcement of the Committee on Energy Policy Administration (CEPA) to reduce the proportion of B100 blended to B5 (from B7) from February 5, 2022 to September 30, 2022 due to the increase of the selling price of biodiesel in line with the price of palm oil. In addition, the sales volume of ethanol declined mainly from the adjustment of the sales management plan for the best benefit to the company due to the price of the essential commodities used to produce ethanol, such as molasses and cassava, had climbed significantly.

The average biodiesel reference price increased, in accordance with crude palm oil ( CPO) price due to Russia-Ukraine crisis and the drought in South America, causing a shortage of oil crops over the world. In addition, in late April to late May 2022, Indonesia, the world's largest producer and exporter of palm oil, imposing the ban of palm oil export caused a surged exports of palm oil from Thailand. The average ethanol reference price also increased as the cost of the main raw materials for ethanol production such as cassava and molasses rose, coupled with the higher ethanol demand for energy consumption owing to the relief of COVID-19 pandemic and the relaxation of various control measures. In this regard, BBGI Public Company Limited., is the flagship company of the Bio-Based Products business group.

Natural Resources Business Group

	Q2/2022	Q1/2022
Production volume - Net to OKEA (KBD)	16.04	14.91
Sales volume - Net to OKEA (KBD)	15.96	15.44
Realized liquids price ($/BBL)	100.3	89.6
Realized gas price ($/MMBTU)	14.7	31.7

OKEA is the flagship company of the Natural Resources business group. In Q2/2022, OKEA's production volume and sales volume rose from the previous quarter. The average selling price of crude oil and liquids prices also continued to increase in accordance with the global market price. However, natural gas selling price softened in line with the market price of the main export destination country. OKEA already announced the results of Q2/2022 on its company website. For more information, please visit www.okea.no/investor/reports/

Please be informed accordingly.

Yours sincerely, - Signed -

(Mr. Chaiwat Kovavisarach)

President and Group Chief Executive Officer

Disclaimer: The information contained in this statement is based on a preliminary assessment and may be subject to change.

Investor Relations Division Tel. [phone]