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FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft

Gazprom Neft · Feb 28, 2014 · 33 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. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 1
    FY2013 IFRS FINANCIAL AND OPERATING RESULTS 28 February 2014, St. Petersburg
  2. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 2
    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 Vladimir Konstantinov…
  3. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 3
    HIGHLIGHTS FY2013 Financial Performance: Revenue: RUB 1,268 bln (+2.8% Y-o-Y) EBITDA*: RUB 337 bln (+4.2% Y-o-Y) Net Income: RUB 178 bln (+0.9% Y-o-Y) Operational Progress in FY2013: Hydrocarbon production up 4.3% Y-o-Y Refining…
  4. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 4
    2013 KEY EVENTS Upstream Increased stake in SeverEnergia to 40.2% Expanded presence in Iraq (Halabja block acquisition) Prirazlomnoye production start-up Signed a memorandum with Shell on development of liquid- rich shale…
  5. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 5
    Upstream Major projects and new technologies deliver production growth FY2013 IFRS FINANCIAL AND OPERATING RESULTS 6
  6. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 6
    NEW PROJECTS AUGMENT PIPELINE Tomsk region SeverEnergia Acquired Increased stake to 40.2% Yuzhno-Pudinskiy Block Reserves (C1+C2): 6 MMToe Reserves (C1+C2): 1.7 bln toe Startup: 2016 Startup: 2012 Peak: 0.3 MMToe at 2019 Peak: 42…
  7. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 7
    RESERVES REPLACEMENT RATE SURGES ON STRENGTH OF ORGANIC GROWTH Changes in PRMS (SPE) proven reserves*, Reserves Replacement Ratio***, % MMToe 333% Reserves replacement ratio *Excl NIS Reseves and production *** RRR for GPN…
  8. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 8
    4% Hydrocarbon GROWTH production DRIVEN BY growth ASSETS, NEW ORENBURG MURAVLENKOVSKOYE EXPANSION, SEVERENERGIA AND PRIOBSKOYE Hydrocarbon production *Joint operations: proportionally consolidated entities (Tomskneft, SPD). **…
  9. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 9
    SIGNIFICANT PROGRESS IN HARD-TO-RECOVER RESERVES DEVELOPMENT PROGRAMME Operating data 91% growth y-o-y in workover activity at HTR 20% of all workovers were done at HTR 70% of workovers at HTR were at low permeability reservoirs…
  10. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 10
    LARGE SCALE DEPLOYMENT OF NEW TECHNOLOGIES The share of high-tech wells in total drilling in 2012-2013 increased from 4% to 35% Horizontal wells drilled Multi-stage well fracking Multilateral wells drilled 2.7 5.1 4.8 2011…
  11. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 11
    4% Hydrocarbon LONG-TERM production PRODUCTION growth REASSESSMENT DUE TO IMPLEMENTATION OF NEW TECHNOLOGIES Priobskoye Introduced integrated field development plan Started drilling horizontal wells with Start-up: 1999 multistage…
  12. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 12
    NEW UPSTREAM PROJECTS DEVELOPMENTS UPDATE Off shore projects Messoyakha Sever Energia Prirazlomnoye Reached investment decision: Started oil deliveries to condensate pipeline Prirazlomnoye production start-up. Production 2P reserves…
  13. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 13
    FIRST ARCTIC OFFSHORE PRODUCTION Recoverable reserves (C1+C2): 74 MMTonnes Startup: 2013 Peak: 5.5 MMTonnes at 2021 Key events: Completed necessary audits ahead of platform Barents Sea Kara Sea launch Murmansk Drilled first well…
  14. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 14
    Downstream Rising product quality, growth in premium channels FY2013 IFRS FINANCIAL AND OPERATING RESULTS 15
  15. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 15
    REFINERY MODERNIZATION SHIFTS TO CONVERSION AS PREMIUM SALES RISE 2013 Key results: 2014 Major goals: Refining Launched FCC gasoline hydrotreating, Omsk: completion of FEED and launch of EPC for isomerization and diesel…
  16. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 16
    NETBACKS, RETAIL PRICES RISE IN 2013 Crude oil prices, /bbl Gazprom Neft average netbacks /bbl Domestic product wholesale prices change Domestic product retail prices change +4% Regular Gasoline (92) +8% Diesel +2%…
  17. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 17
    REFINING MAXIMIZES CRUDE VALUE Gazprom Neft crude mix (MMTonnes) Refining throughput, MMTonnes 2013/2009 y-o-y growth +28% Mozyr +15% NIS +26% Crude to NIS CIS & Russia Slavneft +92% Moscow Crude export Omsk +10% Peer…
  18. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 18
    QUALITY PROGRAM DELIVERS HIGHER VALUE PRODUCT MIX Output by products, MMTonnes Gasoline yield Other Naphta Bitumen Jet fuel Bunkering fuel Fuel oil Diesel yield Diesel Gasoline FY2013 IFRS FINANCIAL AND…
  19. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 19
    CONVERTING REFINERIES TO ADVANCED OIL PROCESSING CENTERS Licensor FEED Operational Equipment Construction Base Project choice development documentation delivery &installation Deep processing unit* Omsk CDU/VDU unit Delayed…
  20. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 20
    HIGHLY SUCCESSFUL REBRANDING AND MARKETING EFFORT Benchmarking Loyalty program 2 3 Accompanying goods and services 4 Retail metrics 1 Benchmarking, tpd (Avg. Loyalty program, Non oil sales, 1 Retail metrics 2 daily sales/site…
  21. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 21
    INTERNATIONAL AVIATION PRESENCE GROWS 2013 Key events: Geographical expansion Sales volume increased: +14.4% vs. 2012 Market share increased by 1.6pp vs. 2012 to 22.9% Expanded international presence to 125 airports (+37 airports…
  22. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 22
    BUNKER SALES INCREASE AS EXPANSION CONTINUES 2013 Key events: Geographical expansion Premium sales increased: +11.4% 2013 vs. 2012 Market share in Russia reached 18.6% Active growth of Black Sea bunker market: +57% 2013 vs. 2012…
  23. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 23
    SALES RISE ON MARKET SHARE GROWTH Lubricants Bitumen 2013 Key events: 2013 Key events: Sales of G-Family products grew by 26% Y-o-Y Began production at Kazakhstan bitumen plant Began deliveries to Libya, Nigeria, Turkmenistan,…
  24. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 24
    Financials Increased sales in premium channels resulted in EBITDA and revenue growth Y-o-Y; Margin deterioration Q-o-Q, driven by cost inflation FY2013 IFRS FINANCIAL AND OPERATING RESULTS 25
  25. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 25
    INCREASED SALES IN PREMIUM CHANNELS RESULTED IN EBITDA AND REVENUE GROWTH Y-O-Y Revenue grew 2.8% Y-o-Y on higher hydrocarbon production volumes and increased sales through Revenues premium channels, partially offset by RUB bln…
  26. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 26
    EBITDA RECONCILIATION FY2013 VS. FY2012 EBITDA FY2013 vs FY2012, RUB mln FY2013 IFRS FINANCIAL AND OPERATING RESULTS 27
  27. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 27
    STRONG FREE CASH FLOW GENERATION RUB million Cash Flow Reconciliation FY2013 * Projects that are not consolidated under IFRS. ** Including effect of foreign exchange on cash and cash equivalents FY2013 IFRS FINANCIAL AND OPERATING…
  28. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 28
    INVESTMENTS SUPPORT STRATEGIC GOALS AND UPSTREAM PRODUCTION IN MATURE FIELDS Investments (RUB mln) 32% Y-o-Y growth in brownfield capex due 15.6% to increase in use of new technologies in legacy fields Active development of…
  29. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 29
    DIVERSIFIED DEBT PORTFOLIO Debt maturity profile at the end of FY2013 Debt structure at the end of FY2013, and comparison of profiles structures 2013 vs. 2012 RUB mln From 25% to 34% 100% 21,235 Cash and cash equivalents 90%…
  30. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 30
    CONTINUED COMMITMENT TO SHAREHOLDERS VIA INTERIM DIVIDENDS In 2013, the expected amount of annual dividends is 25% of IFRS Net Income Launched interim dividend program via payment of 6-month interim dividends Dividend Yield…
  31. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 31
    Questions & Answers FY2013 IFRS FINANCIAL AND OPERATING RESULTS 32
  32. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 32
    Attachment FY2013 IFRS FINANCIAL AND OPERATING RESULTS 33
  33. FULL YEAR 2013 IFRS FINANCIAL RESULTS – Gazprom Neft – slide 33
    RECLASSIFICATIONS IN GROUP IFRS The Group reclassified costs of transportation services from Other operating expenses to Transportation expenses in order to present expenses of similar nature in one PL line 2013, 2012, Costs and…

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