Esso (Thailand) Public Company Limited Announces Third Quarter 2008 Results

13 November 2008

Esso (Thailand) Public Company Limited reported a third quarter net loss of Baht 3,554 million, compared to a net loss of Baht 380 million in the third quarter of 2007. The larger net loss was primarily due to decreased downstream earnings.

The downstream incurred losses of Baht 5,024 million in the third quarter of 2008 compared with profits from sales of Baht 492 million in the same period last year. The losses reflect weaker refining margins and lower crude runs. Petrochemical segment profits from sales were Baht 89 million compared with profits of Baht 281 million in the third quarter of 2007 reflecting lower paraxylene industry margins and lower volumes. However, interest expense reduced significantly to Baht 266 million, which is Baht 435 million lower than for the same period last year, mainly as a result of the company’s capital restructuring and debt refinancing undertaken in 2007.

In the third quarter, the Company paid out interim dividends totaling Baht 1,730 million to shareholders, equivalent to Baht 0.5 per share.

As of 30 September 2008, Esso (Thailand) Public Company Limited had total assets of Baht 75,809 million, total liabilities of Baht 45,077 million, and shareholder’s equity of Baht 30,732 million.

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