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Q1 2012 EARNINGS CALL – LUKOIL

LUKOIL · May 28, 2012 · 20 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. Q1 2012 EARNINGS CALL – LUKOIL – slide 1
    1Q 2012 Financial Results (US GAAP) Hong Kong May 2012
  2. Q1 2012 EARNINGS CALL – LUKOIL – slide 2
    1Q 2012 Financial Highlights Q-o-Q Y-o-Y Net income 3,789 million 182% 8% Basic earnings per share 4.9 182% 9% Net Income per boe of production 18.9 180% 7% Net Debt 5,256 million 17% 40% 2
  3. Q1 2012 EARNINGS CALL – LUKOIL – slide 3
    LUKOIL Presents High Financial Efficiency Among Russian Peers 1q 2012 hydrocarbon production, mboe 1q 2012 net income, bln Rosneft 240 LUKOIL 3.8 LUKOIL 200 Rosneft 3.7 TNK-BP 185 TNK-BP 2.6 Gazprom Gazprom 109 1.8 neft…
  4. Q1 2012 EARNINGS CALL – LUKOIL – slide 4
    LUKOIL Presents High Financial Efficiency Among Russian Peers Net income per boe, per boe EBITDA per boe, per boe LUKOIL 19 LUKOIL 27 Gazprom Gazprom 16 24 neft neft Rosneft 23 Rosneft 15 TNK-BP 19 TNK-BP 14 Novatek 8…
  5. Q1 2012 EARNINGS CALL – LUKOIL – slide 5
    Macroeconomic and Tax Environment 1Q 2012 to 1Q 2011 Diesel fuel (Europe), Positive factors 10.9% Negative factors R Diesel fuel (Russia), 7.0% E Urals, 14.0% V E Fuel oil (Russia), 13.4% N U Gasoline (Europe), 15.1% E Fuel oil…
  6. Q1 2012 EARNINGS CALL – LUKOIL – slide 6
    Main Operating Results 1Q 2012 to 1Q 2011 Positive factors Hydrocarbon production, 0.4% Negative factors Marketable gas production, 13.6% Refined products production, 3.2% High-octane gasoline production in Russia,…
  7. Q1 2012 EARNINGS CALL – LUKOIL – slide 7
    LUKOIL 1Q 2012 Production LUKOIL hydrocarbon production, mln boe per day 2.22 2.20 +1.8% 2.18 2.16 2.14 2.12 2q 2011 3q 2011 4q 2011 1q 2012 LUKOIL hydrocarbon production in 1Q 2012 increased by 1.8% q-o-q 7
  8. Q1 2012 EARNINGS CALL – LUKOIL – slide 8
    LUKOIL 1Q 2012 Production in Western Siberia Western Siberia oil production, mln bbl per day 1.002 1.000 +0.6% 0.998 0.996 0.994 0.992 2q 2011 3q 2011 4q 2011 1q 2012 LUKOIL average daily oil production in 1Q 2012 in…
  9. Q1 2012 EARNINGS CALL – LUKOIL – slide 9
    Financial Results 1Q 4Q 1Q 1Q ,% million ,% 2012 2011 2012 2011 35,261 34,549 2 Sales 35,261 29,626 19 (2,215) (2,197) 1 OPEX (2,215) (2,138) 4 Taxes other than income tax (9,055) (8,805) 3 (including excise and export (9,055)…
  10. Q1 2012 EARNINGS CALL – LUKOIL – slide 10
    LUKOIL Increases Production of High-Octane Gasoline In Russia Refinery throughputs reconciliation, Kbpd Refining margin of a Russian 1,310 cracking refinery, per barrel 2 30 -4 58 2011 -13 1,295 25 2012 -23 20 1,280 15 1,265…
  11. Q1 2012 EARNINGS CALL – LUKOIL – slide 11
    Operating Expenses 1Q 4Q 1Q 1Q , % million , % 2012 2011 2012 2011 906 874 4 Hydrocarbon extraction expenses 906 900 1 315 375 -16 Own refining expenses 315 336 -6 Refining expenses at third parties and 263 242 9 263 169 56…
  12. Q1 2012 EARNINGS CALL – LUKOIL – slide 12
    Operating Expenses Lifting costs, per boe Our extraction expenses were on the 4.7 4.7 same level as in 1q 2011 due to efficient cost management. Our average hydrocarbon extraction cost remained flat versus the first quarter of…
  13. Q1 2012 EARNINGS CALL – LUKOIL – slide 13
    SG&A and Transportation Expenses SG&A expenses, million Transportation expenses, million 1,100 1,700 1,653 1,043 1,604 1,605 977 1,000 977 1,600 1,500 900 1,444 829 1,420 825 1,400 800 1,300 700 1q 2011 2q 2011 3q 2011…
  14. Q1 2012 EARNINGS CALL – LUKOIL – slide 14
    million * 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Net income in 1q 2011 3,517 Net increase in revenue* 2,112 Decrease in income tax 272 expense Increase in equity share in income of…
  15. Q1 2012 EARNINGS CALL – LUKOIL – slide 15
    million 0 3,000 6,000 9,000 Cash at the beginning of 2012 2,753 Net cash provided by operating activities 3,880 Other inflow 221 Capital expenditures and acquisition of licenses 2,422 1q 2012 Cash Flow…
  16. Q1 2012 EARNINGS CALL – LUKOIL – slide 16
    CAPEX Breakdown 1Q 4Q 1Q 1Q ,% million ,% 2012 2011 2012 2011 2,002 2,141 -6 Exploration and production 2,002 1,393 44 1,629 1,504 8 Russia 1,629 1,161 40 LUKOIL-Nizhnevolzhskneft 309 201 54 309 66 368 (Caspian offshore) 373…
  17. Q1 2012 EARNINGS CALL – LUKOIL – slide 17
    Robust Financial Position Total debt and net debt, bln 6 4 2 4.1 LUKOIL net debt decreased 2.8 0 -2 by 1,083 mln (-17.1%) -6.3 -5.3 -4 -6 in 1q 2012 1q 2012 -8 2011 Cash and cash equivalents Net debt Debt-to-capital ratio, %…
  18. Q1 2012 EARNINGS CALL – LUKOIL – slide 18
    New Approach to Dividends: Income Redistribution in Favour of Shareholders CAGR Dividend per one common share, rub. 2012-2021: 15%E 80 +27% 75 70 +13% 60 +4% 59 50 52 50 40 42 38 30 33 20 2005 2006 2007 2008 2009…
  19. Q1 2012 EARNINGS CALL – LUKOIL – slide 19
    Robust Competitive Position in the Industry Globally Lifting costs per boe, Net income per boe, per boe 40 15 36 12 32 28 9 24 20 6 16 12 3 8 4 0 0 2006 2007 2008 2009 2010 2011 1Q2012 2003 2004 2005 2006 2007 2008 2009 2010…
  20. Q1 2012 EARNINGS CALL – LUKOIL – slide 20
    Conclusion - Investment policy focuses on the development of E&P segment, increase of E&P share in total CAPEX - Stabilization of production in the key region of Western Siberia - Continuing modernization of Russian refineries under…

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