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January June and Q2 2012 Results – OMV

OMV · Aug 8, 2012 · 51 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. January June and Q2 2012 Results – OMV – slide 1
    OMV Aktiengesellschaft OMV Results January June and Q2 2012 Gerhard Roiss, Chairman of the Executive Board and CEO David C. Davies, Deputy Chairman of the Executive Board and CFO Jaap Huijskes, Executive Board member responsible for…
  2. January June and Q2 2012 Results – OMV – slide 2
    Upstream 6m/12 Highlights Growth Black Sea Romania (offshore): Potentially biggest gas discovery Black Sea Bulgaria (offshore): Khan Asparuh Block awarded Gas development in Norwegian Sea acquired UK North Sea divestment in…
  3. January June and Q2 2012 Results – OMV – slide 3
    Downstream and OMV Group 6m/12 Highlights New concept Nabucco West selected as Central European option for gas delivery from SD II Build up Turkey: Start of direct gas sales G&P Petrobrazi modernization first step finalized Sale…
  4. January June and Q2 2012 Results – OMV – slide 4
    Strong financial performance in 6m/12 Clean CCS EBIT, EUR mn +38% 1,665 Clean CCS EBIT up 38% to EUR 1,665 mn (2011: EUR 1,206 mn) 1,206 E&P +35% Net income 1 up 15% to 1,510 EUR 986 mn (2011: EUR 861 mn) 1,120 Gearing ratio…
  5. January June and Q2 2012 Results – OMV – slide 5
    OMV Aktiengesellschaft Results Q2/12 Move & More.
  6. January June and Q2 2012 Results – OMV – slide 6
    Q2/12 Financial highlights Clean CCS EBIT in EUR mn 1 Production at 305 kboe/d 865 Libya production close to pre-crisis levels +82% USD 11% stronger vs. EUR Average oil price at USD 108.29/bbl 474 743 OMV indicator refining…
  7. January June and Q2 2012 Results – OMV – slide 7
    Economic environment Oil price and EUR/USD Gas prices in EUR/MWh OMV indicator refining margin in USD/bbl 117 120 1.50 35 4.5 4.15 108 110 30 4.0 1.44 100 30 1.44 25 3.5 90 1.38 25 80 1.28 1.32 26 3.0 70 20 24 1.26 2.5 60…
  8. January June and Q2 2012 Results – OMV – slide 8
    Results in Q2/12 Clean CCS net income attributable in EUR mn 1 Q2/12 Q2/11 to stockholders in EUR mn 1 EBIT 621 573 8% Financial result (26) (53) (51)% Taxes (236) (138) 71% 455 Effective tax rate 40% 26% 50% +89% Net income 360…
  9. January June and Q2 2012 Results – OMV – slide 9
    Cash flow 6m/12 in EUR mn 1 6m/12 6m/11 in EUR mn Net income 986 861 15% Depreciation and 1,003 814 23% (324) amortization 130 Other (324) (152) 112% 1,003 Sources of funds 1,665 1,522 9% (987) Change in net working 986 130…
  10. January June and Q2 2012 Results – OMV – slide 10
    CAPEX and EBITD 6m/12 in EUR mn 2,536 Petrom drilling and workovers Exploration (e.g. Kurdistan Region of Iraq, Tunisia) Power plants Brazi and Samsun 2,063 Gas storage Etzel (capitalized caverns lease fee) 889 Petrobrazi…
  11. January June and Q2 2012 Results – OMV – slide 11
    Special items Q2/12 in EUR mn 1 Q2/12 Q2/11 in EUR mn Clean CCS EBIT 865 474 865 CCS gains/(losses) (104) 119 (104) Clean EBIT 761 593 (23) Personnel related costs (23) (9) Unscheduled depreciation (101) (21) (101) Asset…
  12. January June and Q2 2012 Results – OMV – slide 12
    Exploration and Production Clean EBIT in EUR mn Q2/12 vs. Q1/12 Q2/12 vs. Q2/11 1 767 743 (61) 73 (30) 101 (79) 743 (5) 233 441 48 Q1/12 Realization Volume Exploration Other Q2/12 Q2/11 Realization Volume Exploration Other…
  13. January June and Q2 2012 Results – OMV – slide 13
    Exploration and Production Key Performance Indicators Hydrocarbon production (1,000 boe/d) Q2/12 vs. Q1/12 289 299 305 Production up by 2% 275 283 Oil and Higher production mainly in Libya, 143 157 164 134 136 NGL and New Zealand…
  14. January June and Q2 2012 Results – OMV – slide 14
    Exploration and Production Petrom group Hydrocarbon production (1,000 boe/d) Q2/12 vs. Q1/12 187 184 186 184 182 Clean EBIT down by 23%, mainly due to 92 90 Oil and 89 90 89 NGL lower oil price and oil sales volumes 95 95 96 94 93…
  15. January June and Q2 2012 Results – OMV – slide 15
    Gas and Power Clean EBIT in EUR mn Q2/12 vs. Q2/11 1 26 (7) 3 (2) 19 (1) Q2/11 Margin Volume Costs Other Q2/12 Depressed gas sales margins remain a significant factor in EconGas Volume deviation driven by gas sales in…
  16. January June and Q2 2012 Results – OMV – slide 16
    Gas and Power Key Performance Indicators Gas sales volumes in TWh Q2/12 vs. Q2/11 119 Gas sales volumes up by 70% due 92 89 to trading EconGas result negatively 53 54 impacted by significant spread between long-term oil-linked…
  17. January June and Q2 2012 Results – OMV – slide 17
    Refining and Marketing Clean CCS EBIT in EUR mn Q2/12 vs. Q2/11 1 129 22 55 38 14 Q2/11 Refining Fuels Petrochemicals Marketing Q2/12 Higher refining margins due to lower oil price in Refining Fuels Petrochemicals…
  18. January June and Q2 2012 Results – OMV – slide 18
    Refining and Marketing Key Performance Indicators Refining output in mn t Lower Petrom refining output 4.61 4.94 4.93 4.55 4.61 due to Petrobrazi shutdown West East High oil price environment leads 3.67 4.12 4.03 3.73 4.02 to…
  19. January June and Q2 2012 Results – OMV – slide 19
    Key financing indicators Gearing ratio in % 1 34 33 34 31 28 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Key financial principles Payout ratio in % 1 Long-term gearing ratio target of 30% 52 Maintain a strong investment grade rating 32 32…
  20. January June and Q2 2012 Results – OMV – slide 20
    Outlook 2012 Market environment Average Brent price for 2012 expected to be above USD 100/bbl Significant spread between oil-linked gas prices and hub prices is expected to remain Refining margins expected to weaken; marketing…
  21. January June and Q2 2012 Results – OMV – slide 21
    OMV Aktiengesellschaft Strategy implementation update Move & More.
  22. January June and Q2 2012 Results – OMV – slide 22
    Our strategy announced in Istanbul in 2011 is simple: Grow upstream, optimize downstream Grow upstream Optimize downstream We aim to be a focused, integrated oil and gas company with improved overall profitability and strong…
  23. January June and Q2 2012 Results – OMV – slide 23
    Upstream what we have delivered Find new growth areas Black Sea Romania (offshore): potentially biggest gas discovery Black Sea Bulgaria (offshore): Khan Asparuh Block awarded Abu Dhabi upstream country entry +30% exploration…
  24. January June and Q2 2012 Results – OMV – slide 24
    Downstream and OMV Group what we have delivered Divestment program on track (Arpechim closed, OMV Group: K-Pet sold, Petrom LPG signed, Croatia and Bosnia Solid financials in progress, investment bank mandated for Bayernoil sale)…
  25. January June and Q2 2012 Results – OMV – slide 25
    What we promised Strategy Profitable Growth Stabilized production in Romania and Austria: 200-210 kboe/d until 2014 Production growth until 2016 1: 2% p.a. organic, up to 4% incl. acquisitions Upstream access for Nabucco: Caspian…
  26. January June and Q2 2012 Results – OMV – slide 26
    What we promised Strategy Profitable Growth Stabilized production in Romania and Austria: 200-210 kboe/d until 2014 Production growth until 2016 1: 2% p.a. organic, up to 4% incl. acquisitions Upstream access for Nabucco: Caspian…
  27. January June and Q2 2012 Results – OMV – slide 27
    Production in Romania and Austria stabilized Production in core countries on track Activities to maintain outlook stable Production performance of OMVs Performance improvement program in place core countries in line with 2014…
  28. January June and Q2 2012 Results – OMV – slide 28
    Organic production growth: Projects in development increased from 280 to 400 mn boe 1 Production growth strategy Successful maturation of developments target secures organic growth kboe/d Strong pipeline of projects, e.g., +2-4% 2 p.a.…
  29. January June and Q2 2012 Results – OMV – slide 29
    Production growth including acquisitions: Several transactions in less than one year Medco acquisition (Tunisia) Abu Dhabi country entry (UAE) Buy-out of a minority OMV and Wintershall signed shareholder Medco (Oct. 2011) upstream…
  30. January June and Q2 2012 Results – OMV – slide 30
    Exploration effort increasing Successful exploration activities Activities in Black Sea secure access to and focus on high impact wells further upstream growth potential Domino discovery (Romania) 50% success-rate 6m/12 (61% in 2011)…
  31. January June and Q2 2012 Results – OMV – slide 31
    Portfolio renewal overall 0.9 billion boe in project pipeline Q2/2012 (Q2/2011) New ventures Exploration Appraisal Field development New production Caspian Sea Black Sea Bina Bawi-3, KRI Schiehallion FPSO Cherouq CPF, Tunisia model…
  32. January June and Q2 2012 Results – OMV – slide 32
    What we promised Strategy Profitable Growth Stabilized production in Romania and Austria: 200-210 kboe/d until 2014 Production growth until 2016 1: 2% p.a. organic, up to 4% incl. acquisitions Upstream access for Nabucco: Caspian…
  33. January June and Q2 2012 Results – OMV – slide 33
    Divestments of up to EUR 1 bn on track Refining Capacity reduction and divestment activities Arpechim refinery permanently closed Petrobrazi capacity reduction from 4.5 to 4.2 mn t/y during recent shutdown Divestment of 45% stake in…
  34. January June and Q2 2012 Results – OMV – slide 34
    Petrobrazi modernization well on track Petrobrazi modernization program Refining capacity reduced during shutdown On average 4,250 people on site in May/June 2012 (4.5 to 4.2 mn t) in line with 1.5 mn man-hours worked without the…
  35. January June and Q2 2012 Results – OMV – slide 35
    Optimizing marketing: Synergies and segmentation Several synergies with Petrol Ofisi More ambitious target for segmentation successfully under way initiative in Austria Significantly improved performance vs. 2011 Two-brand strategy:…
  36. January June and Q2 2012 Results – OMV – slide 36
    Asset Backed Trading started, first benefits achieved ABT business model go-live OMV trading area based on existing on Jan 1st 2012 OMV asset base Change from demand-driven to OMV refineries supply-driven optimization Ara 3rd party…
  37. January June and Q2 2012 Results – OMV – slide 37
    Borealis contributes strongly to R&M results Increasing profit contribution from Successful integration with Borealis Borealis (36% share) to OMV R&M in Schwechat and Burghausen income from Borealis 20% less supply utility costs in…
  38. January June and Q2 2012 Results – OMV – slide 38
    What we promised Strategy Profitable Growth Stabilized production in Romania and Austria: 200-210 kboe/d until 2014 Production growth until 2016 1: 2% p.a. organic, up to 4% incl. acquisitions Upstream access for Nabucco: Caspian…
  39. January June and Q2 2012 Results – OMV – slide 39
    A group-wide performance program energize OMV Upstream Upstream Stabilize production in Romania and Downstream Austria Group-wide initiatives Accelerate production growth in Tunisia and Pakistan Ongoing development and operational…
  40. January June and Q2 2012 Results – OMV – slide 40
    energize at E&P has kicked off 100 initiatives Production target of 350 kboe/d in 2016 confirmed Despite ongoing challenges, such as missing production in Yemen 70% of portfolio in core countries, with high natural decline to offset…
  41. January June and Q2 2012 Results – OMV – slide 41
    E&P key initiatives Ongoing development and Stabilize production in Romania and Accelerate production growth in operational excellence in rest of Austria Tunisia and Pakistan world Debottleneck facilities Accelerate South Tunisia…
  42. January June and Q2 2012 Results – OMV – slide 42
    Downstream key initiatives Reduce working capital Optimize marketing Improve refining Reduce G&P costs EUR 500 mn by end of Marketing excellence Refining excellence Cost reduction in G&P 2012, thereof (EUR 50 mn) (EUR 40 mn) (EUR 10…
  43. January June and Q2 2012 Results – OMV – slide 43
    energize OMV 2% points ROACE increase in 2014 ROACE impact Date of percentage points finalization Stabilize production in Romania and Austria 2014 Up- Accelerate production growth in Tunisia stream 2014 and Pakistan Ongoing…
  44. January June and Q2 2012 Results – OMV – slide 44
    energize OMV implementation started ROACE percentage points Regular updates every half year on the progress of energize towards +2% points ROACE Transparent results in context of overall performance Feb 2013: update of…
  45. January June and Q2 2012 Results – OMV – slide 45
    Well on track to implement Profitable growth 2014 Romania and Austria production continuously above 200 kboe/d Divestment program on track Raise performance Performance program: +2% points ROACE identified short-term Solid financial…
  46. January June and Q2 2012 Results – OMV – slide 46
    47 OMV Group, Results January June and Q2 2012
  47. January June and Q2 2012 Results – OMV – slide 47
    OMV Aktiengesellschaft Backup Move & More.
  48. January June and Q2 2012 Results – OMV – slide 48
    OMV steps into deep water gas development in Northern Norwegian Sea Aasta Hansteen acquisition in Norway Acquisition 1 of 15% stake in the Aasta Hansteen 2 gas field development from ExxonMobil Contains three significant gas…
  49. January June and Q2 2012 Results – OMV – slide 49
    OMV signs Upstream Agreement with OPEC Member UAEs biggest Emirate Abu Dhabi Abu Dhabi E&P Country Entry - Key Facts OMV and Wintershall signed upstream agreement with ADNOC 1 on June 21 Shuwaihat sour gas and condensate field in…
  50. January June and Q2 2012 Results – OMV – slide 50
    E&P: Exploration activities Update Norway: Zidane-2 (OMV 20%, RWE (Operator)) Romania: exploration well encountered Neptun deep block: promising results on Domino- hydrocarbons better than included in the 1, first deep water…
  51. January June and Q2 2012 Results – OMV – slide 51
    E&P: Project activities Update UK, West of Shetland (WoS): Schiehallion (OMV 5.88%, BP (Operator)) Romania: redevelopment: 5-year rig commitment and Totea deep development: Discovered in July major subsea contract award made, first…

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