IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2014 16 May 2014, Saint-Petersburg
Agenda Highlights, Alexey Yankevich Financials Member of the Management Board, CFO Upstream Mihail Zhechkov Head of Economics and Investment Department, Exploration and Production Division Downstream Alexey Urusov Head of…
Upstream Growing production through effective development of legacy fields and major projects Gazprom neft 5
Upstream key events Reached agreement with Novatek for 50/50 ownership in SeverEnergia, completed first step of ownership restructuring: 45.1% effective share from March 31, 2014 Positive dynamics: hydrocarbon production up…
Growth driven by Priobskoye, Orenburg, increased gas utilization, and SeverEnergia Average daily production, ktoepd Hydrocarbon production, MMtoe *Joint operations: proportionately consolidated entities (Tomskneft, SPD). ** Joint…
Hydrocarbon production reconciliation 1Q 2014 vs 1Q 2013 reconciliation, MMtoe +4.4% Oil +0.22 MMtoe Gas +0.44 MMtoe Gazprom neft 8
Large scale deployment of new technologies Horizontal wells drilled Multi-stage well fracking Multilateral wells drilled 84% 82% 67% 1Q12 1Q13 1Q14 1Q12 1Q13 1Q14 1Q12 1Q13 1Q14 Increased side-tracking with multi-stage…
Bazhenov: Building quality portfolio Bazhenov opportunities in Khanty-Mansiysk Directions to develop hard-to-recover reserves Autonomous District Palyanovskoye Drilled 3 wells in 2014 (2 wells Field completed), 1 well currently…
Upstream field development continues Chona Conducting pilot production at well 96 at Kuyumba Completed drilling of 1 exploration well Timpuchikanskiy license area Completed drilling of 2 horizontal wells at Completed 3D seismic field…
Upstream field development continues Eastern part of Orenburg field Orenburg SeverEnergia Launched CPF at Yaro-Yakhinskoye field Commissioned 1 start-up complex of third technological line (oil section) Launched first line of GPF at…
Downstream Rising product quality, growth in premium channels Gazprom neft 13
Refinery modernization on track as premium sales volumes rise 1Q 2014 Key results: 2014 Major goals: Refining throughput grew 4.6% in 1Q14 Refining vs. 1Q13 Omsk: complete FEED and launch of EPC for Increased share of Class-5…
Retail prices rise while netbacks remain largely steady in 1Q 2014 Crude oil prices, /bbl Gazprom Neft average netbacks /bbl Domestic product wholesale prices change Domestic product retail prices change +6% Regular Gasoline…
Continued growth via premium channels Premium sales volume growth 1Q 2013 vs. 1Q 2014 Increased average daily throughput per site in Russia to 18.4 tpd in 1Q 2014 Increased total number of active retail stations to 1,738 Retail…
Financials Production and premium channels delivered 9.6% EBITDA growth Y-o-Y; taxes, oil prices and FX diluted quarterly financial results Gazprom neft 18
Expanded EBITDA Y-o-Y driven by growth in hydrocarbon production and premium channels Revenue grew 9.6% Y-o-Y on higher hydrocarbon production volumes and increased sales through Revenues premium channels, partially offset by RUB…
EBITDA reconciliation 1Q14 vs. 1Q13 EBITDA 1Q14 vs 1Q13, RUB bln RUB/t RUB/t * Lower export duty in effect in February and March 2014 (crude rate reduced from 60% to 59%, light products from 66% to 65%) Gazprom neft 20
EBITDA reconciliation 1Q14 vs. 4Q13 EBITDA 1Q14 vs 4Q13, RUB bln RUB/t RUB/t * Lower export duty in effect in February and March 2014 (crude rate reduced from 60% to 59%, light products from 66% to 65%) Gazprom neft 21
Strong free cash flow generation RUB million Cash Flow Reconciliation 1Q 2014, RUB mln * Projects that are not consolidated under IFRS Gazprom neft 22
Investments support strategic goals and upstream production in mature fields Investments (RUB mln) 10% Y-o-Y growth in brownfield capex due to increase in use of new technologies in 17.2% legacy fields Active development of…
Diversified debt portfolio Debt maturity profile at the end of 1Q14 Debt structure at the end of 1Q14, RUB mln Other borrowings Bonds Cash and cash equivalents LPN Short-term deposits Bank loans Net debt/EBITDA…
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