2013 Financial Results (US GAAP) Moscow, February 2014
2013 Main Events Oil production growth +1.3% Finishing 1st stage of Filanovsky field infrastructure construction Final stage of West Qurna-2 field infrastructure 9 fields and 49 strata discovered best result for the last 5…
2013 Financial Highlights Excluding one-off Including one-off non-cash effects non-cash effects Net income, mln 10,281 7,832 Earning per share, 13.6 10.4 EBITDA, mln 19,255 16,668 Free cash flow, mln 643 643 Debt /…
LUKOIL Presents High Financial Efficiency 2013 EBITDA per boe of production, * 2013 net income per boe of production, * LUKOIL 24.0 LUKOIL 12.8 Company 2** 20.9 Company 2** 12.4 Company 1 16.4 Company 1 6.6 Company…
Transition to IFRS from 2015 Differences in the requirements between IFRS and US GAAP Currency Functional currency Reporting currency Property, plant and equipment Initial estimate Subsequent accounting Assets impairment…
Non-Cash Assets Write-offs Loss on impairment of assets in 2013 Write-offs have occurred mainly as a result of: 8% South-Khylchuyuskoe 21% 11% Inzyreiskoe E&P realization of geological risks Other fields and reserves write…
Non-Cash Assets Write-offs: South-Khylchuyuskoe field 510 mln South-Khylchuyuskoe field hydrocarbon production and 3 reserves, mln boe 600 Region: Timan-Pechora 500 Oil production in 2013: 14 th. bbl per day 400 67% As of the…
Non-Cash Assets Write-offs: Inzyreiskoe field 203 mln Inzyreiskoe field 3P hydrocarbon reserves, mln boe 800 Region: Timan-Pechora Oil production in 2013: 7 Kbpd 600 In 2013 3P reserves decreased by 686 mln 400 boe resulting in…
Non-Cash Assets Write-offs: ISAB 646 mln 1.8 Mbpd capacities were closed since 2009 Average refining margin of a cracking refinery at Mediterranean Europe markets, per bbl 15 10 5 0 -5 -10 -15 Jan Feb Mar Apr May Jun…
Non-Cash Assets Write-offs: Karpatneftekhim 411 mln Situation in Ukraine: Change of government. Political instability Unsatisfactory investment climate Uncoordinated policy of tax and regulatory authorities Pressure on raw…
Non-Cash Assets Write-offs: LUKOIL-Ecoenergo 270 mln Power consumption and installed capacity Accumulated forecasted power tariff growth on Russian South (2009=100%)* growth for all consumers (2013=100%)** 120% 240% Forecast as…
Non-Cash Expenses Write-offs: West Africa 277 mln In 2013 expenses write-offs in West Africa amounted to: 92 mln in Ghana 89 mln in Cote d'Ivoire 96 mln in Sierra Leone 13
Main Operating Results Hydrocarbon production, mln boe per day Acquisition of upstream assets 2013 2.202 Fields development in the Caspian Sea +1.5% Launching new wells and employment of 2012 2.170 EOR methods in Komi and Urals…
Macroeconomic environment Urals, /bbl Major pricing factors 2013 107.7 -2.4% 2012 110.4 Middle East political uncertainty OPEC balancing policy Fuel oil, /bbl Exploration cost escalation. High production costs of 591 2013 -6.3%…
Macroeconomic and tax environment Average exchange rate RUB per 1 USD 2013 31.85 RUB average exchange rate dropped by 2.4% to USD, as well as to other currencies of developed countries 2012 31.09 -2.4% in 2013, which is a positive…
Hydrocarbon production LUKOIL hydrocarbon production, mln Hydrocarbon production growth rate boe per day 2013/2012, % 2014E: 2.21 1% 1.5% 2.202 1% 2.20 2.19 -1% +1.5% 2.18 -3% 2.170 2.17 2.166 2.16 -5% LUKOIL Total…
Exploration 2013 LUKOIL discoveries 620 600 49 580 50 40 560 30 25 540 Due to increasing wells drilling 17 20 17 20 520 LUKOIL achieved the best 6 6 9 10 1 5 500 results in discoveries for the last 0 480 5 years 2009 2010…
Acquisition of Samara-Nafta Samara-Nafta oil production, Kbpd 53 52 52 Acquisition 51 Samara region 51 +4.2% 50 50 49 Apr. 2013 Aug. 2013 Feb. 2014 Exploration and development licenses: At the moment of…
Samara-Nafta: discoveries in 2013 after the acquisition Oil reserves, 5 mln bbl 34 Novokoshkarskoe 0.4 South-Akhmatovskoe 1.6 oil fields Svetloozerskoe* 7.8 mln bbl of Kulikovskoe* 22.2 recoverable 3P reserves…
LUKOIL Increases Production of High-Octane Gasoline In Russia Production of high-octane gasoline in Russia, mln tons 9 +20% 8 +32% 7 6 5 4 2009 2011 2013 2016E Production of premium and higher quality gasoline in…
LUKOIL Aircraft Refueling Business in Russia Into-plane fueling volume in Russia, th. t 1200 +200% 1000 800 600 1,058 923 400 792 587 200 349 0 2009 2010 2011 2012 2013 LUKOIL increases geographic coverage of…
Financial Results Excluding one-off Including one-off , non-cash effects non-cash effects 2013 2012 million % 2013 2013 141,452 139,171 2 Sales 141,452 141,452 (10,086) (9,359) 8 OPEX (10,086) (10,086) Taxes other than income…
Operating Expenses 4Q 3Q , % million 2013 2012 , % 2013 2013 1,145 1,103 4 Hydrocarbon extraction expenses 4,335 3,861 12 567 540 5 Own refining expenses 2,170 1,669 30 Refining expenses at third parties and 107 113 (5)…
Effective Cost-control Lifting costs, per boe 6 5.58 4.96 5.04 4 2 0 2011 2012 2013 In 2013, our hydrocarbon lifting costs increased by 10.7% to 5.58 per boe, mainly as a result of regulated power tariffs…
Robust Financial Position Total debt and net debt, bln 5 In 2013 LUKOIL successfully raised 4.5 bln by 2.9 1.7 issuing eurobonds (5-year 1.5 bln 3.4% notes and 10- 0 3.7 year 1.5 bln 4.6% notes) and took a 1.5 bln loan -5 9.1…
million 10,000 11,000 12,000 13,000 5,000 6,000 7,000 8,000 9,000 2012 Net income 11,004 Increase in revenue less purchases of oil, 505 gas and products Decrease in taxes other than income taxes…
Sources and Uses of Cash 25 Other inflows Other 20 outflows Other inflows Increase in Other net debt outflows Decrease in Other inflows net debt 15 bln Other Capital outflows expenditures Cash flow from Capital…
CAPEX 4Q 3Q , % million 2013 2012 , % 2013 2013 3,565 2,788 28 Exploration and production 11,808 8,973 32 2,459 1,947 26 Russia 8,325 7,085 18 1,106 841 32 International 3,483 1,888 84 830 766 8 Refining and marketing 2,715 2,007…
Environmental Safety is Our Priority Waste water discharge, million Area of contaminated lands, ha cubic meters 2.30 340 2.25 -1.6% 320 -26% 300 280 2.20 260 2.15 240 220 2.10 200 2012 2013 2012 2013 Recycling and burial of…
Conclusion The Company moves from the stabilization phase to the growth phase, focusing on the long-term sustainable growth of production LUKOIL receives access to the strategic reserves of Russia and expanded significantly its…
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