Mr. Pongpun Amornvivat, Chief Executive Officer and President of Thai Oil Public Company Limited or Thaioil (SET: TOP), said: “Amid volatility in the global energy market, Thaioil continues to focus on managing its integrated supply chain, from crude oil procurement and refining to the reliable and timely delivery of petroleum products in accordance with contractual commitments. These efforts ensure a continuous supply of petroleum products to meet domestic demand, while supporting people’s daily lives and economic activities. At the same time, Thaioil remains committed to maintaining its financial strength and exploring opportunities to unlock assets value.”
“Furthermore, Thaioil’s efficient operations, the Clean Fuel Project (CFP)’s on-schedule progress, and strong financial discipline have enabled the Company to maintain its Investment Grade Credit Ratings from leading credit rating agencies. This recognition reflects the Company’s financial position and commitment to responsible business practices. Thaioil also continues to contribute to society by strengthening national energy security and, through its corporate social responsibility activities, easing the cost-of-living burden and improving quality of life.”
Securing Crude Oil Supply and Optimizing Refinery Operations to Strengthen National Energy Security
In Q3/2026, the refining margin declined from Q2/2026, as heightened geopolitical tensions in the Middle East pushed up crude oil prices and transportation costs. These tensions included attacks on commercial vessels in the Strait of Hormuz, the termination of the temporary ceasefire agreement by the US and an attack on Saudi Arabia’s East-West Pipeline.
Thaioil recorded a net stock gain of Baht 3,847 million in Q3/2026, after netting stock gain against inventory write-downs on crude oil and petroleum products. After accounting for realized losses of Baht 922 million on commodity hedging instruments, the Company reported earnings before interest, tax, depreciation and amortization (EBITDA) of Baht 26,733 million and a net profit of Baht 18,010 million, equivalent to earnings per share of Baht 8.06.
Amid these challenges, Thaioil proactively managed crude oil procurement risks to ensure operational continuity by reducing its reliance on Middle Eastern crude oil compared with pre-conflict levels. The Company also adjusted its refining processes to accommodate new crude oil grades. Following the resumption of Crude Distillation Unit 1 (CDU-1) operations after its scheduled maintenance, Thaioil maintained a high refinery utilization rate helping secure sufficient fuel supply to meet domestic demand.
In Q4/2026, refined product spreads over Dubai crude are expected to decline slightly compared with Q3/2026, primarily as China is likely to export more refined products after allocating additional export quotas. However, refined product supply should remain tight as Russia continues to restrict gasoline and diesel exports until January 2027 amid its ongoing conflict with Ukraine, while winter demand for heating fuels should provide further support.
Crude oil prices are projected to decline during November–December 2026, as tensions in the Middle East are expected to ease following the US midterm elections results. The Republican Party’s loss could constrain the US administration’s policy agenda. In addition, crude oil supply from the Middle East is expected to gradually recover. As a result, the refining margin, including stock gain/(loss), is expected to decline in Q4/2026 compared with Q3/2026, reflecting lower crude oil prices.
Advancing the Clean Fuel Project (CFP) and Supporting Thailand’s Economic Growth
Thaioil continues to advance the Clean Fuel Project (CFP). Construction of the new Crude Distillation Unit is scheduled for completion in 2027, while the remaining units are progressing towards planned commercial operation of the entire project in 2028. Construction is proceeding on schedule and within the budget approved by the shareholders. During the construction phase, the project has helped stimulate Thailand’s economy through investment, domestic procurement, and local employment, generating income and economic opportunities for Thai businesses and workers.
Easing the Cost-of-Living Burden, Supporting the Thai Economy and Creating Social Value
Thaioil has supported government measures to ease the public’s cost-of-living burden, totaling over Baht 19,000 million. These include diesel ex-refinery price reductions over Baht 7,000 million (April 9 – November 30, 2026) and participation in the Oil Fuel Fund mechanism, which helps limit increases in domestic fuel prices. As of October 31, 2026, the Company had outstanding receivables from the Oil Fuel Fund of Baht 12,429 million.
In addition, Thaioil recognized corporate income tax expenses of Baht 11,397 million during January–September 2026, reflecting its business performance and supporting Thailand’s economic growth, infrastructure development, and public services.
To mark its 65th anniversary in 2026, Thaioil has enhanced the quality of life in communities through social initiatives in healthcare, education, and sports totaling over Baht 300 million. These comprise over Baht 200 million for strengthening healthcare facilities and supporting medical personnel, including medical equipment for 16 hospitals nationwide to enhance healthcare services and improve access to medical care. A further Baht 100 million or more has been allocated to education and sports through scholarships, educational materials, youth skills development programs, and sports promotion activities.
Thaioil also promotes clean renewable energy. In 2026, Thaioil engineers installed solar power systems and provided maintenance training at 11 public hospitals and schools in the Northeast and Chonburi Province, bringing the total to 35 locations nationwide since 2018. The total installed capacity has reached 638.48 kilowatts, helping reduce greenhouse gas emissions by 535.04 tonnes of carbon dioxide equivalent (tCO₂e) per year, equivalent to the annual carbon absorption of approximately 56,320 trees.
Thaioil continues to enhance business efficiency across crude oil procurement, refining, product delivery, cost and risk management, while maintaining financial discipline and advancing the Clean Fuel Project (CFP). These efforts aim to strengthen the Company’s competitiveness, support stable and sustainable growth, and deliver long-term value to all stakeholders.
