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Q3 2013 FINANCIAL RESULTS – LUKOIL

LUKOIL · Nov 26, 2013 · 27 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. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 1
    3Q 2013 Financial Results (US GAAP) New York, November 2013
  2. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 2
    3Q 2013 Financial Highlights Q-o-Q Net income 3,105 million +48% Basic earnings per share 4.11 +48% Net income per boe of production 15.5 +47% EBITDA 5,472 million +26% FCF 1,578 million boe +440% 3
  3. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 3
    Increasing Dividend Growth Rate Dividend per share, rub. 120 CAGR 15%E 90 +20% +27% 90 60 75 59 52 50 +25% 50 38 42 40 30 2006 2007 2008 2009 2010 2011 2012 2013 Interim dividends Level that corresponds to 15%…
  4. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 4
    LUKOIL Shares Get More Attractive Due to Dividends Dividend yield, % 4.9 5 4.2 4 3.5 3.5 3 2.9 2 2008 2009 2010 2011 2012 Dividend payout, % 16% 18% 23% 28% 2008 2010 2012 1H 2013E 5
  5. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 5
    LUKOIL Presents High Financial Efficiency Among Russian Peers 9M 2013 hydrocarbon production, mln boe 9M 2013 net income, bln Company 1 1,163 LUKOIL 7.8 LUKOIL 598 Company 1 6.5* 12.9 Company 2 339 Company 2 4.3 Company…
  6. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 6
    LUKOIL Presents High Financial Efficiency Among Russian Peers 9M 2013 EBITDA, per boe 9M 2013 Net income, per boe LUKOIL 24.4 LUKOIL 13.0 Company 2 21.1 Company 2 12.6 Company 1 15.4* 20.9 Company 3 5.6 Company 3 8.5…
  7. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 7
    Macroeconomic and Tax Environment 9M 2013 to 9M 2012 Positive factors Fuel oil (Russia), 17.8% Negative factors R Diesel fuel (Russia), 9.0% E High-octane gasoline V (Russia), 3.2% E Urals, -3.1% N U Diesel fuel (Europe), -4.1% E…
  8. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 8
    Main Operating Results 9M 2013 to 9M 2012, % Export of refined products from Russia, 5.4% Refined products production , 2.3% Production of gas available for sale , 2.2% Refining throughput, 1.9% Domestic sales…
  9. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 9
    Main Operating Results Hydrocarbon production, mln boe per day The increase in hydrocarbon production was due to acquisitions of new upstream properties, 9M 2013 2.191 development in the Caspian Sea, increase in production wells…
  10. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 10
    million 10,000 7,000 8,000 9,000 9M 2012 Net income 8 316 Increase in revenue less purchases of oil, gas and 794 petroleum products Decrease in taxes other than income taxes (including 184 excise and…
  11. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 11
    Hydrocarbon Production Hydrocarbon production, mln boe per day 2.20 2.19 2.191 2.18 +1.1% 2.17 2.169 2.168 2.16 9M 2011 9M 2012 9M 2013 12
  12. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 12
    LUKOIL-KOMI (Timan-Pechora) LUKOIL-Komi oil production, Kbpd 290 +3,3% LUKOIL-Komi 285 280 275 270 265 jun jul jun jul okt nov mar apr may mar apr may sep sep dec jan aug jan…
  13. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 13
    Promising fields in Timan-Pechora Oil production, Kbpd 25 East-Lambeyshorskoye field 20 15 81 mln boe proved reserves 10 5 2012 production started 0 jan feb mar apr may jun jul aug sep okt nov dec 2012 2013 Oil…
  14. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 14
    Northern Caspian: Korchagin field Korchagin field oil production, Kbpd 30 +104% 25 20 15 10 9M 2012 9 2013 In 9M 2013 production wells 105, 117 and 122 were launched and contributed to doubling of production…
  15. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 15
    Northern Caspian: Filanovsky field LUKOIL selected contractors to construct ice-resistant stationary platform No. 2 (IRP-2 ) and living quarters module platform No. 2 (LQP-2 ) for second construction stage of Filanovsky field. The…
  16. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 16
    Tax Initiatives Implemented since January 2013 Approvals expected Korchagin field Hard-to-reach areas A lowered CED is kept in force for 2Q-3Q 2013 A lowered CED Hard-to-recover reserves A lowered MET for low permeability collectors…
  17. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 17
    LUKOIL Increases Production of High-Octane Gasoline In Russia Production of premium and higher quality gasoline in Production of high-octane gasoline in Russia, mln tons Russia, mln tons 2.0 9 2.0 +20% 1.9 +10% 8 7 6 1.8…
  18. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 18
    Financial Results 3Q 2Q 9M 9M , % million , % 2013 2013 2013 2012 36,737 35,053 5 Sales 105,560 103,152 2 2,514 2,516 0 OPEX 7,480 6,891 9 Taxes other than income tax 9,255 9,183 1 27,322 27,506 (1) (including excise and…
  19. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 19
    Operating Expenses 3Q 2Q 9M 9M , % million , % 2013 2013 2013 2012 1,103 1,078 2 Hydrocarbon extraction expenses 3,190 2,821 13 540 555 (3) Own refining expenses 1,603 1,108 45 Refining expenses at third parties and 113 130…
  20. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 20
    million 6,000 7,000 8,000 9,000 9M 2012 OPEX 6,891 Increase in refining expenses at own refineries 7,1% Increase in hydrocarbon extraction expenses 5,3% Operating Expenses ost of processing operations at…
  21. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 21
    Lifting Costs Lifting cost per boe, 5.6 5.7 6 5.4 5.3 4 Power consumption constitute 2 significant share of lifting cost 0 4Q 2012 1Q 2013 2Q 2013 3Q 2013 LUKOIL shows high efficiency in cost management: while power…
  22. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 22
    SG&A and Transportation Expenses Transportation Expenses SG&A expenses, million (3q 2013 to 3q 2012) 8% 1,200 1,090 6% 972 979 4% 904 2% 900 866 0% 600 -1% -1% -1% -3% -4% 300 -8% 0 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q…
  23. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 23
    Robust Financial Position Total debt and net debt, bln 4 LUKOIL net debt remains low 2 3,4 3.2 0 In 2Q 2013 LUKOIL successfully issued 3 bln of eurobonds -2 6.0 -4 6.2 LUKOIL net debt decreased by 141 mln -6 (-2%) for 3q…
  24. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 24
    CAPEX 3Q 2Q 9M 9M , % million , % 2013 2013 2013 2012 2,788 2,918 (4) Exploration and production 8,243 6,367 29 1,947 2,045 (5) Russia 5,866 5,128 14 841 873 (4) International 2,377 1,239 92 766 489 57 Refining and marketing 1,885…
  25. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 25
    Environmental Safety is Our Priority LUKOIL presented a draft 2014-2018 Environmental Safety Program Main goals: Utilization of newly generated waste in a ratio of at least 1:1 95-percent utilization of associated petroleum gas by…
  26. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 26
    Environmental Safety is Our Priority 2014-2018 Environmental Safety Program: Air Reduction of air emissions by 100 th. t Additional produced water conditioning 7 mcm Water Reduction of water usage by 8 mcm Waste disposal 900 th. t…
  27. Q3 2013 FINANCIAL RESULTS – LUKOIL – slide 27
    Conclusion - Value creation and accelerating growth of dividends - Increasing efficiency of operating activities - ost control, and OPEX optimization - Maintaining conservative financial policy - Maintaining strong financial…

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