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H1 2011 EARNINGS CALL – LUKOIL

LUKOIL · Aug 31, 2011 · 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. H1 2011 EARNINGS CALL – LUKOIL – slide 1
    1H 2011 Financial Results (US GAAP) August 2011
  2. H1 2011 EARNINGS CALL – LUKOIL – slide 2
    2Q 2011 Financial Highlights Net income 3,251 million (+66.8% to 2Q 2010) Basic earning per share 4.16 (+80.9% to 2Q 2010) Net Income per boe of production 16.7 per boe (+75.8% to 2Q 2010) EBITDA 5,345 million (+ 44.3% to 2Q…
  3. H1 2011 EARNINGS CALL – LUKOIL – slide 3
    Macroeconomic and Tax Environment 1H 2011 to 1H 2010 Gasoline (Europe), 47.2% Positive factors R Fuel oil (Europe), 46.7% Negative factors E V Brent crude, 43.7% E Urals, 42.0% N U Fuel oil (Russia), 41.3% E Diesel fuel…
  4. H1 2011 EARNINGS CALL – LUKOIL – slide 4
    Main Operating Results 1H 2011 to 1H 2010 Crude oil sales (Russia), 20.4% Refined products sales (Russia), 5.6% Marketable gas production, 0.8% Refinery throughputs, -0.5% Petroleum product exports, -1.8%…
  5. H1 2011 EARNINGS CALL – LUKOIL – slide 5
    Financial Results 2Q 2Q , % million 1H 2011 1H 2010 , % 2011 2010 34,912 25,853 35.0 Sales 64,538 49,755 29.7 (2,440) (2,046) 19.3 OPEX (4,578) (4,034) 13.5 Taxes other than income tax (including excise and ( 9,324) (7,031)…
  6. H1 2011 EARNINGS CALL – LUKOIL – slide 6
    Sales Breakdown, million 70,000 Domestic market 64,538 Other sales* 65,000 International market 60,000 Sales of electricity in Russia 55,000 16% 49,755 +28.9% 50,000 Sales of gas in Russia 45,000 16% Sales of…
  7. H1 2011 EARNINGS CALL – LUKOIL – slide 7
    LUKOIL Increases Production of High-Octane Gasoline Refinery throughputs reconciliation Refining margin of a Russian (y-o-y), th. barrels per day* cracking refinery, per barrel +8 +6 -33 1,340 25 +13 2010 1,320 1,313 -7 2011…
  8. H1 2011 EARNINGS CALL – LUKOIL – slide 8
    Operating Expenses 2Q 2Q , % million 1H 2011 1H 2010 , % 2011 2010 924 800 15.5 Hydrocarbon lifting costs 1,777 1,584 12.2 344 259 32.8 Own refining expenses 686 532 28.9 Refining expenses at third-party 258 172 50.0 427 351…
  9. H1 2011 EARNINGS CALL – LUKOIL – slide 9
    Operating expenses Lifting costs, per boe 6 4.93 5 4.37 4.52 1H 2011 operating expenses increased by 4.07 3.97 4.07 4.08 4 13.5% y-o-y, meanwhile real rouble 3 appreciation was 15.0% 2 1 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2009 2010…
  10. H1 2011 EARNINGS CALL – LUKOIL – slide 10
    SG&A and Transportation Expenses Transportation expenses (1H 2011 to 1H 2010) SG&A expenses, million 1,100 -6% 1,001 977 -38% 908 902 878 900 853 791 802 825 9% 729 700 1% 13% 500 -3% 300 -70% -60% -50% -40% -30%…
  11. H1 2011 EARNINGS CALL – LUKOIL – slide 11
    11 mln * 0 3,000 6,000 9,000 12,000 15,000 Net income in 1H 2010 4,002 Net increase in revenue 6,819 Recalculation of the extraction tax 433 Net loss attributable to Change in revenue less…
  12. H1 2011 EARNINGS CALL – LUKOIL – slide 12
    12 million 0 3,000 6,000 9,000 12,000 15,000 Cash at the begininning of 2011 2,368 Cash flow from operating activities 8,290 Acquisition of subsidiaries and non- controlling interests -2,130…
  13. H1 2011 EARNINGS CALL – LUKOIL – slide 13
    CAPEX Breakdown 2Q 2Q , % million 1H 2011 1H 2010 , % 2011 2010 1,562 1,273 22.7 Exploration and production 2,979 2,390 24.6 1,305 976 33.7 Russia 2,490 1,838 35.5 257 297 (13.5) International 489 552 (11.4) 271 304 (10.9)…
  14. H1 2011 EARNINGS CALL – LUKOIL – slide 14
    Oil Production Reconciliation, th. tonnes of reference fuel 1H 2011 to 1H 2010 Naryanmarneftegaz, -1624 LUKOIL West Siberia, -919 LUKOIL Kalinengradmorneft, -54 RITEK, -18 LUKOIL Perm, 169 LUKOIL…
  15. H1 2011 EARNINGS CALL – LUKOIL – slide 15
    LUKOIL in Sierra Leone In July, 2011 LUKOIL has acquired from ORANTO Petroleum a 49% stake in the Petroleum Agreement for SL-5 Offshore Block in the Republic of Sierra Leone SL-5 offshore block area 4,022 km2, water depth…
  16. H1 2011 EARNINGS CALL – LUKOIL – slide 16
    Vietnam Potential Growth of Resource Base -02 block with area of 1,185 2, is located on the shelf of the South China Sea (water depth up to 20 eters) Shares in project: LUKOIL (operator) 50%, Quad Energy 50% PSA is active…
  17. H1 2011 EARNINGS CALL – LUKOIL – slide 17
    Robust Financial Position Total debt and net debt, bln 12 11.194 -4.8% 10.653 10 8 8.826 6.576 LUKOILs net debt decreased to 2.2 6 bln in 1H 2011 4 2 4.077 2.368 0 31.12.2010 30.06.2011 Cash and cash equivalents Net…
  18. H1 2011 EARNINGS CALL – LUKOIL – slide 18
    LUKOIL Shows the Best Financial Results in the Russian Oil Industry EBITDA* per boe, per boe Net income per boe, per boe 32 20 27.3 28 25.8 17.3 24 21.6 20.9 20.3 15 14.4 20 18.2 12.7 12.8 16 13.3 14.5 10.8 9.8 12 10…
  19. H1 2011 EARNINGS CALL – LUKOIL – slide 19
    Robust Competitive Position in the Industry 50 Net income per boe, per boe 15 Lifting costs per boe, per boe 45 40 12 35 30 9 25 20 6 15 10 3 5 0 0 2003 2004 2005 2006 2007 2008 2009 2010 1H 2011 2006 2007 2008 2009…
  20. H1 2011 EARNINGS CALL – LUKOIL – slide 20
    Conclusion Financial and Investment Policy Highlights: - Investment policy focuses on the development of E&P segment, increase of E&P share in total CAPEX - Continuing modernization of Russian refineries under new tax regime -…

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