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2014 EARNINGS CALL – Kazmunaigas Exploration Production

Kazmunaigas Exploration Production · Mar 3, 2015 · 16 slides

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Slides

  1. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 1
    JSC KazMunaiGas Exploration Production 2014FY Financial results March 2015
  2. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 2
    2014 financial highlights FX gain Impairment Tenge devaluation in February 2014, Tenge Due to declining crude oil prices an impairment loss depreciated by 19%. of 228bn Tenge (US1,274m) at OMG in 4Q 2014. In 2014 FX gain of 109bn…
  3. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 3
    2014 operating highlights 2014 production in line with the plan kbopd 250 248 247 33 34 31 PKI 19 20 19 32 32 32 CCEL 57 57 57 KGM EMG 108 107 109 OMG 2014B 2014A 2015B th. tonnes 12,263 12,328 12,212 Additional supply to…
  4. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 4
    Shipments to Russia KMG EP supplied 447,000 tons of crude oil to Russia in Netback price in Sep-Dec 2014 /bbl Sep-Dec 2014. Average Brent price 76.1 Under inter-governmental agreement Kazakhstan will compensate for oil products…
  5. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 5
    2014 Key Figures 2013 2014 YoY, % 3Q14 4Q14 QoQ, % Brent /bbl 109 99 -9% 102 77 -25% Core production kbopd 162 164 1% 167 164 -2% JVs production kbopd 89 86 -3% 83 86 4% Core export % 75% 70% -5pp 73% 59% -14pp JVs export % 89% 47%…
  6. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 6
    2014 Revenue Sales by route, th. tonnes Revenue in KZT terms grew by 4% mainly due to an 7,985 7,985 increase in the average domestic sale price from 25% 25% 40,000 Tenge per tonne in 2013 to 48,000 Tenge per 5% tonne in 2014 and…
  7. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 7
    Lifting costs* and taxes other than on income Lifting costs*, OMG and EMG, /bbl 16.1 In 2014 employee benefits increased due to: 15.1 1.3 salary indexation by 7% from Jan. 1, 2014 and 1.5 1.4 1.5 10% salary increase from Apr. 1;…
  8. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 8
    Share of JVs income at 60bn Tenge in 2014 compared to 51bn Tenge in 2013 2014 KGM PKI In 2014 KMG EP recognized 60bn Tenge2 (US336m) Net income, 100% USm 506 517 as a share of JV income compared to 51bn Tenge (US334m) in 2013. KMG EP…
  9. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 9
    Financial summary (in KZT bn) KZT bn unless stated otherwise 1Q 2013 2Q 2013 3Q 2013 4Q 2013 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 2014 Production at Core assets (th. tonnes) 1,928 2,012 2,057 2,052 8,049 1,985 2,032 2,085 2,049 8,151…
  10. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 10
    Financial summary (in USD mn) USm unless otherwise indicated 1Q 2013 2Q 2013 3Q 2013 4Q 2013 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 2014 Production at Core assets (kbopd) 158 163 165 164 162 162 164 167 164 164 Revenue 1,342 1,202 1,455…
  11. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 11
    Summary of JVs financial results USmn 1Q13 2Q13 3Q13 4Q13 2013 1Q14 2Q14 3Q14 4Q14 2014 Kazgermunai, 100% Revenue 638 571 605 634 2,448 395 387 344 274 1,400 Operating expenses (353) (402) (355) (377) (1,495) (198) (164) (159) (115) (636)…
  12. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 12
    Cash and financial assets US4.0bn as at 31/12/2014 Cash and financial assets by banks Net Cash* of US4.0bn as of 31/12/2014 1.1 (0.7) 0.4 (0.7) 4.0 0.1 4.0 47% 53% Local banks International banks Net Cash, CFO Capex…
  13. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 13
    Financial performance Financial indicators 385 2012 2013 2014 309 282 KZT bn 183 161 156 142 47 29 EBITDA** Net income Free cash flow estimate* 2,585m 2,031m 1,574m 1,079m 932m 263m 1,227m 194m 869m Free cash flow…
  14. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 14
    Lifting costs*, OMG and EMG, /bbl 16.1 15.1 17.4 16.9 15.8 0.9 15.3 14.9 15.0 1.3 14.7 14.8 1.0 1.4 3.6 0.8 0.9 0.6 0.7 4.9 2.4 3.3 4.0 3.1 3.4 1.5 4.6 1.5 1.5 1.3 1.4 1.0 1.4 1.2 1.7 1.5 1.5 1.2 1.4 1.4 1.5 1.5…
  15. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 15
    Reference information Share information, 31/12/2014 Contacts Total Treasury Corporate website: Number of ordinary shares 70,220,935 4,123,865 www.kmgep.kz Number of preferred shares 4,136,107 2,073,147 GDRs per one ordinary share 6…
  16. 2014 EARNINGS CALL – Kazmunaigas Exploration Production – slide 16
    Abbreviations list bbl barrel mmbbl million barrels bn bbl billion barrels bopd barrels per day EGM Extraordinary General Meeting of shareholders kbopd thousand barrels per day US m million US dollars US bn billion US dollars KZT bn…

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