Petrom January December and Q4 2013 results Mariana Gheorghe, CEO Andreas Matje, CFO February 19, 2014
Contents Page Business environment 3 Strategy update 6 Operational and financial highlights FY 2013 9 Results Q4/13 19 Management agenda 2014 30 Note: All the figures refer to Petrom Group (herein after also referred to…
Business environment 3 Full year and Q4/13 results presentation
Macroeconomic environment Romanias resilient economy continues to recover Romania GDP continues to recover EU member since January 2007 GDP growth rate, % Current Account deficit, % of GDP 10 Country ratings: investment 7.9 6.3…
Regulatory environment An investment-friendly environment is required to fully unlock growth in the energy sector Progress made Remaining challenges Oil market is fully liberalized Oil Stable and investment-friendly Gas…
Strategy update 6 Full year and Q4/13 results presentation
PETROM STRATEGY AS OF 2012 Strategy 2021: Sustainable performance for growth Maximize portfolio value E&P and position for growth We aim to remain the leading Enhance value of equity G&P regional, integrated oil and…
Strong track record of implementing strategic initiatives C Position for long-term growth B Enhance mid-term value A Sustain performance 2012 2014 2016 2021+ Stabilize production through Increase ultimate oil and gas Explore…
Operational and financial highlights FY 2013 9 Full year and Q4/13 results presentation
Petrom is an operationally integrated oil & gas player 2013 FIGURES Exploration and Production Refining and Marketing Petrobrazi refinery Romania Oil: Supplies 100% of (4.2 mn t/yr capacity) 4 mn toe/yr crude oil and NGL oil for…
Health Safety Security and Environment (HSSE) Safer operations E&P LTIR1 Romania Significantly improved in 2013 1.6 Fatality rate in Romania reduced by 80% since 2008 1.11 50% reduction Petrom LTIR substantially improved2…
Exploration & Production First year of increased production in Romania, while containing production costs 2013 FIGURES Kazakhstan Production was stabilized by accelerating Group production, kboe/d Romania workovers and drilling,…
Mid-term production FRD projects to unlock growth potential FRDs aim at maximizing ultimate recovery 11 FRDs in development phase EOR/ IOR (water, steam, polymer injection) 2P reserves of 100 mn boe Peak incremental production: 17…
Black Sea exploration and production Strong position in Black Sea for future growth Romania Neptun Deep (50/50% JV ExxonMobil) Domino discovery in 2012 3D seismic completed (6,000 km2 ); processing seismic Neptun Shallow (100%…
Gas & Power Lower contribution due to challenging gas and power markets Other* Petrom gas sales, bcm Total gas consumption in Petrom gas sales 13.8 14.2 Romania down by 8% in 2013 15 13.1 13.6 12.5 Petrom consolidated gas sales…
Refining & Marketing Good operational performance with high refinery utilization rate Refining & Marketing positively contributes to Petrom results Strong operating profit despite margin Clean CCS EBIT, RON mn pressure 500 374…
Financial performance in 2013 Clean CCS EBIT 2013 vs. 2012 in RON mn Exploration & Production First annual increase in hydrocarbon production in Romania since privatization 6,015 5,855 Continued focus on cost reduction Unfavorable…
Evolution of financial indicators Solid financial basis for growth and sustainable performance Operating cash flows, RON bn ROACE, % 8.0 17.3 19.0 7.2 16.5 6.4 4.6 10.7 2.7 5.2 2009 2010 2011 2012 2013 2009 2010 2011 2012…
Results Q4/13 19 Full year and Q4/13 results presentation
Q4/13 affected by challenging market environment Clean CCS EBIT, RON mn Production at 181.1 kboe/d -24% 1,824 RON 6% stronger vs. USD and 2% vs. EUR 1,378 Average Urals crude prices of USD 108.9/bbl 1,329 Gas sales volumes of…
Economic environment Average Urals price in USD/bbl (left scale) Domestic gas price in Romania (for households) Indicator refining margin (USD/bbl) Average RON/USD (right/scale) Domestic gas price in Romania (for industries) Average…
Results in Q4/13 Clean CCS net income attribu- in RON mn Q4/13 Q4/12 table to stockholders (RON mn) EBIT 1,402 1,673 (16)% Financial result (99) (344) (71)% -16% Taxes (144) (275) (47)% 1,362 Effective tax rate 11% 21% (46)%…
Cash flow 2013 (RON mn) in RON mn 2013 2012 (77) Profit before taxation 5,699 4,826 18% (905) Depreciation and amortization 3,355 2,852 18% 3,355 Net interest paid (64) (68) (5)% Tax on profit paid (905) (986) (8)% (4,895) Other…
CAPEX and EBITD 2013 (RON mn) Key investment projects for 2013 9,313 E&P: drilling, workover activities & sub-surface operations and surface facilities, field re-development initiatives as well investments related to Totea Deep…
Special items and CCS effect Q4/13 (RON mn) in RON mn Q4/13 Q4/12 1,402 Clean CCS EBIT 1,378 1,824 1,378 54 CCS gains/ (losses) (14) (34) (14) (17) 0 0 Clean EBIT 1,365 1,790 Personnel related costs (17) (15) Other impairments 0…
Exploration and Production Clean EBIT Q4/13 vs. Q3/13 (RON mn) Q4/13 vs. Q4/12 (RON mn) 1.544 (17) 1.274 1.329 1.274 (94) 14 (42) 89 (173) 166 (268) Q3/13 Realiza- Volume Explo- Other Q4/13 Q4/12 Realiza- Volume Explo- Other…
Exploration and Production KPIs Hydrocarbon production (kboe/d) OPEX (USD/boe) Oil and NGL Gas 183 183 184 182 181 17.5 88 89 88 88 87 15.5 14.9 14.9 14.4 95 94 96 94 94 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q4/12 Q1/13 Q2/13…
Gas and Power Clean EBIT Clean EBIT Q4/13 vs. Q4/12 (RON mn) Q4/13 vs. Q4/12 (RON mn) 136 Gas sales volumes down by 6% Lower gas margins as upside from gas (23) price liberalization reflected in E&P starting (75) 23 February 2013…
Management agenda 2014 30 Full year and Q4/13 results presentation
Management agenda 2014 Maintain production stabilization Exploration activity in the Black Sea Finalize Petrobrazi modernization Continue dialogue with authorities on taxation and regulatory frameworks; impact on…
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