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MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production

Kazmunaigas Exploration Production · Apr 11, 2011 · 25 slides

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Slides

  1. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 1
    JSC KazMunaiGas Exploration Production Morgan Stanley EMEA Conference April 2011 1
  2. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 2
    2010 vs. 2009: business and financial highlights Average oil price increased 28% compared to 2009 Production ((including g share in JVs)) 270 kbopd, p , 16% higher g YoY Export sales (including share in JVs) 215 kbopd, 20% higher…
  3. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 3
    Operating overview RUSSIA Pavlodar KAZAKHSTAN 4.8 (7.5) mtpa Astana PKI (33%) Domestic Atyrau , 28% 4.3 (4.9) mtpa Domestic Export, KGM (50%) 21% EMG UAS Domestic 50% 29% KCP CPC 41% 29% Kyzylorda Aktau 33% UMG…
  4. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 4
    KMG EP Investment Case The largest listed Kazakh oil producer Top Kazakh Oil Producers (kbopd, 2010) Unique advantages in Kazakhstan based on TCO 520 relationship with the National Company KMG EP pro-forma 270 69 339 (1)…
  5. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 5
    KMG EP: Opportunity to co-invest with the Government IPO New Capital Growth Strategy US2bn S2 Near-term: Near term: selective acquisition of available onshore assets in Legacy Assets Kazakhstan Support from NC KMG…
  6. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 6
    Strong Growth in 2P Reserves since IPO year, mmbbl 2,560 Acquisitions in progress: (2) 120 408 377 2 130 2,130 3 2 133 2,133 (53) (47) - MMG 50% - KOA 50% - KTM 51% 363 358 475 445 272 1,495 Existing assets: - UMG, EMG…
  7. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 7
    Production growth + 26% 339 350 300 270 250 240 232 200 kbopd 150 100 192 192 190 181 177 177 50 0 2006 2007 2008 2009 2010 Acquisitions impact p (1) KOA, KTM, MMG PKI (33%) CCEL (50%) KGM (50%) Core assets…
  8. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 8
    Summary of JVs financial results in 2010(1) Sum/ 2010FY CCEL 50% KGM 50% PKI 33% Average Production volume th.tons 970 1,551 1,998 4,519 mbbl bbl 6 482 6,482 11 944 11,944 15 476 15,476 33 901 33,901 Sales by destination…
  9. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 9
    Focus on investment returns Attractive valuation of acquired oil and gas assets Non-recourse financing enhances KMG EP Cash investment payback return in its JVs while protecting from the as of 31/12/10, USm downside Immediate…
  10. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 10
    Exploration portfolio Historical portfolio: Recent acquisitions and JVs: West Novobogatinskoe (NBK) Liman block East Zharkamys-1 (SBS) Stepnoi Leopard R9 block Fedorovskiy block (UGL, 50%) Fedorovsky block Taisoigan g Stepnoi…
  11. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 11
    Fedorovsky block acquisition Deal price: KMG EP US149.1m including US87.8m of shareholder loans(*) US149.1m 50% Fedorovsky block overview MOL Caspian Oil and First International oil Exploration Venture Hydrocarbons Exploration…
  12. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 12
    Exploration: key figures UOM 2009A 2010A 2011E Overall exploration expenditure expenditure, 17 47 100 including 14 33 - -Total exploration capex USm 3 7 - -Exploration Exploration 11 26 (1) - -Supplemental exploration 3 14…
  13. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 13
    Capital expenditures 2011 Budget highlights: UMG & EMG CAPEX, USm Base case budget based on Brent price of US65/bbl and FX rate of 150 KZT/USD 588 327 348 294 Budgeted g Capex p in 2011 US709m: 2007 2008 2009 2010 Development…
  14. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 14
    Production costs(1), /bbl 10.7 12.4 14.2 14.0 95 9.5 13 5 13.5 9.6 11.8 10.9 10.0 10.0 10.2 10.0 10.2 9.5 9.6 92 9.2 8.5 8.7 7.9 7.6 7.6 6.8 6.1 6.2 6.4 5.1 5.1 5.3 5.3 4.4 4.5 4.3 4.3 4.4 4.3 1Q07 2Q07 3Q07…
  15. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 15
    Financial summary USm unless otherwise indicated 2007 2008 2009 3Q10 4Q10 2010 Production at Core assets (kbopd) 192 190 181 179 177 177 Revenue 3,974 5,029 3,291 1,007 1,113 4,135 O Operating expenses ( (1,720) ) ( (2,470) )…
  16. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 16
    Net Cash & Financial Assets As at 31/12/10, USbn 08 0.8 1.5 3.2 3.9 Cash & equivalents NC KMG Bond Debt Net cash Treasury policy update: changes in cash allocation by banks 30/06/10, USbn 31/12/10, USbn 1.5 3.2 1.0…
  17. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 17
    Cash Distributions to Shareholders 2007 18 May 2007 (AGM): dividend of US300m, Declared Dividends, KZT per share (US per GDR) including special dividend of US150m 656 704 800 500 563 2008 28 May 2008 (AGM): dividend of US344m,…
  18. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 18
    Appendix 19
  19. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 19
    KMG EP: key subsidiary of National Company KazMunaiGas Mining Kazakhmys (14.99%) Republic of Kazakhstan ENRC (11.65%) Finance sector 100% BTA (81.5% (81 5% ) Halyk Bank (26.8%) Kazkommertsbank (18.3%) Trading on LSE (GDRs) and…
  20. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 20
    KMG EP Reserves update (UMG & EMG) 1P 2P 3P Reserves as at 31/12/2009 mt 87 9 87.9 234 4 234.4 270 5 270.5 Production mt 8.8 8.8 8.8 Adjustment mt 25 2.5 64 6.4 42 4.2 Reserves as at 31/12/2010 mt 81.6 232.1 265.9 1P 2P…
  21. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 21
    Export and domestic sales (Core assets) Sales volume, kbopd 2010 Netbacks 193 US/bbl UAS CPC Domestic Average g 183 180 174 Brent 79.18 79.18 n/a n/a Sales price 75.35 78.70 21.43 65.50 55% Quality bank (2.06) 54% 56% 51% -…
  22. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 22
    Tax regime since 2009 Rent tax and MET are linked Rent tax applies to crude oil exports, zero to oil price rate below US40/bbl Brent, then progressive scale from 7% to 32% Mineral Extraction Tax (MET) rate depends 60 on production…
  23. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 23
    Tax sensitivity Estimated tax take(1) at different oil prices based on 2010 cost structure Tax burden (/bbl) 80.0 72.8 59.3 60 0 60.0 46.4 40.0 34.5 23 0 23.0 17.4 20.0 11.7 0.0 40 50 60 80 100 120 140 Export duty Rent…
  24. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 24
    Reference Information Share information, 31/01/2011 Contacts Total Treasury Corporate website: www.kmgep.kz www kmgep kz Number of ordinary shares 70,220,935 1,791,264 Number of preferred shares 4,136,107 1,582,643 Investor…
  25. MORGAN STANLEY EMEA CONFERENCE – Kazmunaigas Exploration Production – slide 25
    Abbreviations list bbl barrel mmbbl million barrels bn bbl billion barrels bopd barrels per dayy kbopd thousand barrels per day US m million US dollars US bn billion US dollars KZT bn billion Tenge NC KMG National N ti lC Company K…

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