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BAML Oil & Gas Conference – Kazmunaigas Exploration Production

Kazmunaigas Exploration Production · Apr 16, 2015 · 26 slides

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Slides

  1. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 1
    JSC KazMunaiGas Exploration Production Bank of America Merrill Lynch Oil & Gas Conference April 2015
  2. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 2
    KMG EP at a glance 2013 2014 Russia Consolidated production, kbopd 251 250 EBITDA1, USm 2,031 1,574 KGM EMG Net profit / (loss) ,USm 932 263 Kazakhstan PKI Free cash flow2, USm 194 869 KBM OMG Net cash, USm 4,010 3,987…
  3. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 3
    Kazakhstan oil & gas infrastructure overview Oil refineries Oil pipelines 1Daily capacity of pipeline in 2014 *Preliminary plans of export and domestic routes for 2015 2Annual processing capacity as of 2014 **Aktau bitumen plant…
  4. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 4
    Current export and domestic transportation routes of OMG and EMG Oil refineries Oil pipelines *Preliminary plan for 2015 4
  5. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 5
    Recent developments Operating highlights Financial highlights 2014 production in line with the plan at 12.3mt. Due to declining crude oil prices an impairment loss of Domestic supply in 2014 at 1.9 mt at 48 th. Tenge per 228bn Tenge…
  6. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 6
    Consolidated 2013-2015 production profile Consolidated 2013-2015 production profile OMG & EMG production and Capex* profile 162 164 164 251 250 246 946 37 34 31 93 19 20 19 59 715 33 32 32 63 kbopd 23 434 457 389 44 20 162…
  7. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 7
    Export and domestic sales (OMG, EMG) Sales volume, kbopd1 2014 Netbacks2 UAS CPC Russia Domestic 158 158 Brent 99.0 99.0 - - Price diff, quality bank (1.6) (7.6) - - 71 Realized price 97.4 91.4 30.0 37.2 80 Rent tax (20.4)…
  8. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 8
    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…
  9. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 9
    Domestic supply trends 108.7 Brent 99.0 50.0 Expected increase up Domestic to 50% of OMG and price EMG sales T40.0 th. T48.0 th. 36.4 37.1 2.3 0.4 EMG 3.9 1.9 1.9 1.9 OMG 2013 2014 2015B 2018B Domestic…
  10. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 10
    Stable contribution from joint ventures Capex and production profile Domestic supply Realized N/A 39.7/bbl domestic 49 51 50 price 972 853 KGM, 50% 33 32 32 - 64% 57% 2013 2014 2015B 2013 2014 2015B Production, kbopd Capex*,…
  11. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 11
    Financial performance Financial indicators 309 2013 2014 282 KZT bn 142 156 47 29 EBITDA** Net income Free cash flow estimate* 2,031m 1,574m 932m 263m 194m 869m Free cash flow estimate* 2012 vs. 2013 vs. 2014 183…
  12. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 12
    The impact of recent macroeconomic changes on KMG EP economics Export custom duty, /bbl Devaluation effect on financial indicators FX gain in February 2014 KZT108bn (600mn) 10.9 94% of cash denominated in hard currencies 8.2 8.2…
  13. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 13
    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) 47% 4.0 0.1 4.0 53% Net Cash, CFO Capex Dividends Dividends Other*** Net Cash,…
  14. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 14
    Dividend distributions to shareholders Declared dividends Declared dividend amounts KZT per share KZT bn 135 1 976 (US per GDR) (US mn) 110 730 1 619 1.8 740 1 300 1.8 91 615 1.5 800 57 656 704 42 48 51 563 0.9 37 346 389…
  15. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 15
    Tax sensitivity Hypothetical estimated tax take(1) at different oil prices 80.0 64.6 60.0 Export duty2 52.2 Tax burden, /bbl 41.1 Rent 40.0 31.7 23.1 18.8 MET 20.0 14.1 Other taxes EPT CIT 0.0 40 50 60 80 100 120…
  16. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 16
    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…
  17. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 17
    Abbreviations list AGM Annual General Meeting of shareholders 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…
  18. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 18
    Appendix 18
  19. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 19
    Kazakhstan economy: key indicators National Fund assets grew to 74bn in 2014 Inflation at 6-8% during the last six years 74 179 71 152 148 147 147 149 126 123 120 58 44 19% 31 27 24 8% 10% 21 8% 7% 7% 28 29 28 29 6% 6% 14…
  20. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 20
    Financial summary USm unless otherwise indicated 2011 2012 2013 2014 Production at Core assets (kbopd) 159 156 162 164 Revenue 4,919 5,346 5,368 4,722 Total operating costs (3,761) (3,806) (4,117) (3,932) Operating profit 1,157 1,540…
  21. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 21
    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…
  22. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 22
    Summary of JVs financial results KGM 100%, USmn 2008 2009 2010 2011 2012 2013 2014 Revenue 1,763 1,173 1,527 2,354 2,310 2,448 1,400 Operating expenses (490) (737) (812) (1,343) (1,225) (1,487) (636) Income taxes (530) (179) (286) (375)…
  23. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 23
    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, 110,632 ordinary shares and 8,699,697 GDRs bought back for…
  24. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 24
    Change in reserves Consolidated reserves* Consolidated 2P reserves as at 2014 end mmbbl mmbbl 1 854 1 819 1 677 1 494 1 466 1 303 EMG 100% KGM 50% 1 182 1 185 1 017 309 95 CCEL 50% 172 1,303 PKI 33% 54 UOG 50% 1P 2P 3P 81…
  25. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 25
    Exploration programme FEDOROVSKIY ZHARKAMYS EAST I Exploration Capex, mn KARPOVSKY N. 114 12 100 TEMIR Ko 13 TAISOGAN o 43 W.Kazakhstan LIMAN Novobogatinsk W. Novobogatinsk S.W. Makat E. 67 37 59 7 R-9 Atyrau Aktobe 6…
  26. BAML Oil & Gas Conference – Kazmunaigas Exploration Production – slide 26
    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 level…

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