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BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production

Kazmunaigas Exploration Production · Nov 10, 2013 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 1
    JSC KazMunaiGas Exploration Production Bank of America Merrill Lynch Russia & CIS 1-1 Conference November 2013
  2. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 2
    KMG EP at a glance The largest Kazakh oil producer listed on LSE and KASE Russia Preferential access to reserves and infrastructure through NC KMG EMG KGM Corporate governance in line with international Kazakhstan standards to…
  3. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 3
    Organisational structure Samruk-Kazyna 100% Tengizchevroil 20% NC KMG Kashagan 16.8% LSE/KASE Karachaganak 10% (1) (1) KazMunayTeniz 100% 34% 58% Mangistaumunaigas 50% KazTransOil 100% Including CIC 11% KazTransGas 100%…
  4. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 4
    Kazakhstan oil & gas infrastructure overview Oil refineries Oil pipelines Russia PNHZ 37 mmbopa** Karachaganak 36 mmbopa** ANPZ Kazakhstan KGM EMG Tengiz PKI Kashagan 38 mmbopa** UMG KBM PKOP Uzbekistan…
  5. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 5
    Recent developments Dividend for 2012 of KZT 1,619 per ordinary and preferred share (US1.8 per GDR) was approved. The total dividend of US740mn was paid in July 2013 NC KMG repaid the outstanding bond amount of 892mn Impairment of…
  6. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 6
    Consolidated 2P reserves at the end of 2012 Million barrels 483 757 1,494 272 -KGM 50% 402 -CCEL 50% -PKI 33% 1,495 -UMG 100% -EMG 100% 1,092 As at 31/12/2006 Production and (1) + KGM 50%, CCEL 50% Production and As at…
  7. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 7
    Consolidated production profile UMG production profile, kbopd 140 132 125 116 120 107 100 100 5.0 mt 5.3 mt 5.8 mt 6.2 mt 6.5 mt 80 2012 2013E 2014E 2015E 2016E 270 270 273 252 254 262 250 247 247 251 238 36 33 42 38 17…
  8. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 8
    Production and Capex program Production and Capex profile, EMG & UMG 189 190 183 177 173 164 159 156 Capex for modernisation in 2012-2017 US550m 1,121 985 220 106 853 109 136 70 716 725 705 91 93 63 51 622 599 60 29…
  9. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 9
    Existing exploration projects FEDOROVSKIY ZHARKAMYS EAST I KARPOVSKY N. N. KAZAKHSTAN TEMIR Kostanay PAVLODAR AKMOLINSK REGION REGION NORTH SEA TAISOGAN oblast W.Kazakhstan STANA LIMAN Novobogatinsk W. Novobogatinsk S.W.…
  10. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 10
    Exploration status in 2013 Recent exploration activity: Current exploration assets Pending acquisitions 2010 2011 2012 9M13 2013E Exploration Capex, US m 34 93 60 40 109 Fedorovsky block Stepnoi Leopard Temir Fedorovskiy block,…
  11. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 11
    Lifting costs*, EMG and UMG, /bbl 15.2 13.8 12.6 10.1 16.0 15.8 15.3 14.7 13.6 13.6 14.1 13.5 12.0 11.6 11.8 11.2 10.7 10.1 8.4 8.7 7.7 7.9 7.4 7.7 7.6 7.8 8.3 8.1 8.0 6.4 5.6 6.7 5.9 4.4 4.5 5.2 5.2 2.6 3.3 3.7…
  12. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 12
    Export and domestic sales (UMG, EMG) Sales volume, kbopd 9M13 Netbacks 190 US/bbl1 UAS CPC Domestic 179 176 171 162 Brent 108.5 108.5 - 152 160 156 152 Adjustments on bbl (2.1) (8.7) - 104 difference, quality bank 97 98 85 70…
  13. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 13
    Financial summary USm unless otherwise indicated 2007 2008 2009 2010 2011 2012 9M13 Production at Core assets (kbopd) 192 190 181 177 159 156 162 Revenue 3,974 5,029 3,291 4,135 4,919 5,346 4,000 Total operating costs (1,720) (2,470)…
  14. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 14
    Cash distributions to shareholders Declared dividends, KZT per share (US per GDR) Payout ratio, % 1,619 70% (1.81 ) 1,300 (1.48 ) 44% 704 800 563 656 500 (0.90 ) (0.91 ) (0.80 ) 27% 25% 25% (0.66 ) (0.77 ) 22% 20% 2 2006…
  15. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 15
    Chronology of cash distributions to shareholders 2007 May 2007 (AGM): dividend of US300m 2008 May 2008 (AGM): dividend of US344m Oct 2008 (BoD): 12 month buyback program, US148m 2009 May 2009 (AGM): dividend of US322m 2010…
  16. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 16
    Summary of JVs financial results KGM 100%, USmn 2012 9M131 Revenue 2,310 1,813 Operating expenses (1,221) (1,110) Income taxes (470) (279) Profit for the period 613 424 Capex 62 46 CCEL 100%, USmn 2012 9M13 Revenue 1,466 1,071…
  17. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 17
    Tax regime since 2009 Rent tax and MET are linked to oil price Rent tax applies to crude oil exports, zero rate below US40/bbl Brent, then progressive scale from 7% to 32% Mineral Extraction Tax (MET) rate depends on production…
  18. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 18
    Tax sensitivity Hypothetical estimated tax take(1) at different oil prices 80.0 72.8 Export duty2 59.3 60.0 Tax burden, /bbl 46.4 Rent 40.0 34.5 23.0 MET 20.0 17.4 11.7 EPT CIT 0.0 40 50 60 80 100 120 140…
  19. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 19
    Reference Information Share information, 30/09/2013 Contacts Total Treasury Corporate website: Number of ordinary shares 70,220,935 3,977,810 www.kmgep.kz Number of preferred shares 4,136,107 2,073,276 GDRs per one ordinary share 6…
  20. BANK OF AMERICA MERRILL LYNCH RUSSIA AND CIS 1 1 CONFERENCE – Kazmunaigas Exploration Production – slide 20
    Abbreviations list bbl barrel mmbbl million barrels bn bbl billion barrels bopd barrels per day kbopd thousand barrels per day US m million US dollars US bn billion US dollars KZT bn billion Tenge NC KMG National Company…

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