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Q2 2013 EARNINGS CALL – Rosneft Oil Company

Rosneft Oil Company · Jul 29, 2013 · 28 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. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 1
    OJSC Rosneft Operational and Financial Performance in 2Q and 1H 2013 29 July, 2013 29.07.2013
  2. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 2
    Substantial improvement of Key Operational and Financial Performance Indicators in 2Q and 1H 2013 96 mln tons (706.0 mln boe) hydrocarbons 1,988 RUB bln revenue, growth by 34.0%, production by combined company (organic organic revenue…
  3. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 3
    Key events A number of agreements for priority business development areas signed at the St. Petersburg Economic Forum including: - Seven agreements with ExxonMobil for offshore hydrocarbon production development - Agreements with…
  4. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 4
    Assessment of synergy effect Exploration and Production Refining, Trading and Logistics 56 RUB bln - development of Suzun, Tagul and Over 5 RUB bln reducing transportation costs Lodochnoye fields using Vankor field's infrastructure…
  5. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 5
    Positive operational effect and optimization of costs 19 bln RUB - expected synergy effect from assets integration in 2013 Revising technical solutions and management approaches: Using common electric power capacities and…
  6. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 6
    Capital Expenditures control CAPEX breakdown Priorities of CAPEX program: RUB bln 500 450 319 (1) maintaining production at brownfields 400 increasing production at greenfields 329 325 243(1) 230 (1) refinery modernization 281…
  7. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 7
    Control over G&A & Transportation Expenses Transportation costs General and administrative costs RUB bln RUB bln 2 6 (2) 97(1) 39 103 58 30(1) 12 2Q12 Tariffs Volume growth Logistic 2Q13 indexation optimisation - proforma…
  8. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 8
    Stabilizing production on brownfields and developing tight oil with advanced technology 3, 421 kb/d - stabilizing production at mature fields Production of oil and gas condensate from mature fields, kb/d Yuganskneftegas and…
  9. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 9
    Medium-term production growth through acceleration of greenfield development Greenfield contribution 18.4% of the total Production of oil and gas condensate from new production volume; stable growth rates fields Vankor - 433 kb/d,…
  10. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 10
    Unique opportunities for growth and value creation of the largest offshore project portfolio Kara Sea Barents Sea 3 LBs* , partner ExxonMobil 3 LBs*, partners Statoil, Eni Recoverable resources: Recoverable resources:: Oil c.5 bln t…
  11. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 11
    Accelerating offshore exploration activity Over USD 250 mln repayment of one-off license 2D seismic survey in the Okhotsk Sea fees and portion of historical costs in 2Q 2013 6 000 Creating an Arctic research center with ExxonMobil 5…
  12. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 12
    Steady gas production growth, world class resource base and effective monetization Acquisition of OOO NGK Itera gas assets Gas sales and own consumption * competitive terms of aquisition 1.57 USD/boe bcm 22.6 synergy of gas supply…
  13. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 13
    Growth in oil refining against successful implementation of the modernization program 20.6 mln tons Russian oil refining in 2Q 2013; 8% growth yoy vs. 4.2% overall Russian growth Refining growth in Russia, mln tons Russian oil…
  14. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 14
    Substantial increase in petroleum products sales efficiency Sales through own network, t/day Rapid growth in daily sales by gas stations and increase in retail sales profitability Steadily increasing direct sales of jet fuel…
  15. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 15
    Crude Oil & Petroleum Products Sales of Rosneft Crude oil sales & production Petroleum and Petrochemical Products Sales 400 mln bbl mln t 27 0.8 356.1 0.7 320 340.8 22.8 21.1 18 9.2 8.6 240 31.8 19.9 0.9 16.9 19.1 1.4 160 2.9…
  16. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 16
    Increasing sales via priority export routes Fields Ports Key pipelines Primorsk Ust-Luga Ventspils Mozyr Skovorodino Druzhba Ruhr Oel Plock Ukraine Vanino Lisichansk Nakhodka Crude delivered directly Taganrog to…
  17. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 17
    Finance
  18. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 18
    EBITDA, RUB bln Macroeconomics (+42) Company-driven (+10) 3 3 (8) (6) 5 (3) 4 (1) 13 7 (5) 2Q13 vs. 2Q12 40 215 + 52 RUB bln +32% 163 2Q12 Export duty lag Decrease in Increase in MET rate MET lag Increase in…
  19. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 19
    OCF Reconciliation, RUB bln 258 1H12 vs 1H13 1 (5) 107 573 (12) 315 224 1H12 Decrease in WC in Change in NI, adjusted Increase in WC in Result from operations Subtotal Prepayment under 1H13 6M12 for non-cash items…
  20. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 20
    Credit Profile Net debt Repayment profile(2) 3,000 2 RUB bln 1.78(1) 1.5 2,000 1.02 1 0.65 1,000 1,850 0.5 432 591 0 0 2011 2012 1H'13 Net debt, RUB bln Net debt/LTM EBITDA 10-year coupon ruble bonds for a total…
  21. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 21
    Dividends Dividend payout ratio on common stock (% of net profit) Rosneft dividend payout 30% 9 27% 25% 25% 25% 22% 20% 6 18% 16% 17% 16% 12% 8.05 10% 7.53 10% 10% 3 9% 2.76 2.30 0% 0 0% 2012 2009 2010 2011…
  22. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 22
    2013 Outlook Exploration and Refining, trading and International Production logistics Gas business projects Stabilization of Developing an Gas production Developing production at updated marketing growth and projects in brownfields…
  23. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 23
    Appendix 24
  24. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 24
    Macroeconomic Environment 2Q13 1Q13 1H13 1H12 Average USD/RUB exchange rate 31.61 30.41 3.9% 31.02 30.64 1.2% Inflation for the period, % 1.6 1.9 3.5 3.2 Urals FOB Primorsk, th. RUB/bbl 3.17 3.32 (4.5)% 3.25 3.38 (3.8)% Gasoil…
  25. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 25
    Finance expenses, RUB bln 2Q13 1Q13 1H13 1H12 1. Interest accrued (1) 19 11 72.7% 30 13 130.8% 2. Interest paid 14 9 55.6% 23 12 91.7% 3. Change in interest payables (1-2) 5 2 150.0% 7 1 600.0% 4. Interest capitalized (2) 9 7…
  26. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 26
    FX Losses for 1H 2013 RUB bln. RUB per USD 10 10 7 28 6 5 3 0 1 0 29 Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun -5 -2 -4 -6 -10 -8 30 -15 -12 -20 31 -25 -30 32 -35 -40 Forex gain/(loss) Exchange rate, end of…
  27. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 27
    Export Duty Lag Effect, RUB bln (13) (3) (7) 228 215 159 156 152 145 4Q12 1Q13 2Q13 Normalized EBITDA Actual EBITDA Negative export duty lag effect up by RUB 10 bln QoQ 28
  28. Q2 2013 EARNINGS CALL – Rosneft Oil Company – slide 28
    Sources and Uses of Cash 2Q13, RUB bln 1H13, RUB bln Acquisition and Increase in cash sale of assets and ST investments 17 Net 133 Increase of debt Increase in 83 cash and ST investments Net 110 Increase of debt 1,060…

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