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UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production

Kazmunaigas Exploration Production · Dec 10, 2013 · 21 slides

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Slides

  1. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 1
    JSC KazMunaiGas Exploration Production UBS Global Emerging Markets Conference December 2013
  2. UBS GLOBAL EMERGING MARKETS 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. UBS GLOBAL EMERGING MARKETS 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. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 4
    Kazakhstan oil & gas infrastructure overview Oil refineries Oil pipelines 1 Daily capacity of pipelines as of 2013 2 Annual processing capacity as of 2013 4
  5. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 5
    Recent developments The price of crude oil supplied to the domestic market has increased to 40 thousand Tenge per tonne (36.5 per barrel) in 2013 from 38 thousand Tenge per tonne (35.2 per barrel) in 2012 Dividend for 2012 of US725mn…
  6. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 6
    Consolidated 2P reserves at the end of 2012 Million barrels 483 757 272 1,494 -KGM 50% 402 -CCEL 50% -PKI 33% 1,495 -OMG 100% 1,092 -EMG 100% As at 31/12/2006 Production and + KGM 50%, CCEL 50% Production and As at…
  7. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 7
    Business plan 2014-2018 production profile OMG production profile, kbopd 120 108 109 110 107 110 100 100 90 5.0 mt 5.3 mt 5.4 mt 5.4 mt 5.5 mt 80 2012 2013B 2014B 2015B 2016B 270 250 247 247 251 252 251 248 250 244 238…
  8. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 8
    Revised production and Capex program Production and Capex* profile, OMG & EMG Expected results in midterm 177 168 169 164 165 166 166 OMG production to increase to 110 kbopd 159 156 Intention to increase overhaul period by 50% at…
  9. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 9
    Existing exploration projects FEDOROVSKIY ZHARKAMYS EAST I KARPOVSKY N. N. Kazakhstan TEMIR Kostanay Pavlodar region Akmolinsk region NORTH SEA TAISOGAN oblast W. Kazakhstan STANA LIMAN Novobogatinsk W. Novobogatinsk S.W.…
  10. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 10
    Exploration status in 2013 Recent exploration activity: Current exploration assets Pending acquisitions 2010 2011 2012 9M13 2013B Exploration Capex, US m 34 93 60 40 109 Fedorovsky block Stepnoi Leopard Temir Karpovskiy…
  11. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 11
    Lifting costs*, EMG and OMG, /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. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 12
    Export and domestic sales (OMG, 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. UBS GLOBAL EMERGING MARKETS 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. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 14
    Net Cash Cash breakdown by banks as of 31/12/2012 Net Cash* of 4.2 bn as of 30/09/2013 Citi Bank, 7% BNP Paribas, 0.6 -0,6 11% 0.3 - 0,7 HSBC Bank, 4.6 12% Deutsche Bank, - 0,0 4.2 7% Halyk Bank, National Bank 19% notes,…
  15. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 15
    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…
  16. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 16
    Chronology of cash distributions to shareholders 2007 May 2007 (AGM): dividend of US303m 2008 May 2008 (AGM): dividend of US346m Oct 2008 (BoD): 12 month buyback program, US148m 2009 May 2009 (AGM): dividend of US321m 2010…
  17. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 17
    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…
  18. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 18
    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…
  19. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 19
    Tax sensitivity Hypothetical estimated tax take(1) at different oil prices 80.0 72.8 Export duty2 59.3 Tax burden, /bbl 60.0 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…
  20. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 20
    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…
  21. UBS GLOBAL EMERGING MARKETS CONFERENCE – Kazmunaigas Exploration Production – slide 21
    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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