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Q3 2010 EARNINGS CALL – Rosneft Oil Company

Rosneft Oil Company · Nov 1, 2010 · 31 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 2010 EARNINGS CALL – Rosneft Oil Company – slide 1
    ROSNEFT Q3 and 9M 2010 US GAAP Financial Results November 1, 2010
  2. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 2
    Q310 and 9M10 Highlights Positives Challenges, Priorities Strong financial results: Q310 challenges EBITDA USD 4.6 bln in Q3 and Strengthening of the RUB against the USD USD 13.8 bln in 9M Growth in transportation tariffs Net…
  3. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 3
    Macroeconomic Environment: Prices Up YonY, Slightly Down QonQ Q310 Q210 , % 9M10 9M09 , % Urals FOB Primorsk, /bbl 75.1 75.3 (0.3)% 74.6 55.2 35.1% Gasoil 0.1% (FOB/CIF Med), /tonne 652.0 671.7 (2.9)% 652.2 490.3 33.0% Fuel oil…
  4. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 4
    Noncontrolled Expenses: Transportation Tariffs Up Again Q310 Q210 , % 9M10 9M09 , % Export customs duty USD/bbl 35.82 38.51 (7.0)% 36.80 21.40 71.9% Yugansk Novorossiysk tariff RUB/t 1,307 1,279 2.3% 1,288 1,106 16.5% Yugansk…
  5. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 5
    Q310 and 9M10 Results Overview: Record Low Net Debt, Strong Volume Growth Q310 Q210 , % 9M10 9M09 , % Daily crude oil production, th. bpd 2,332 2,315 0.7% 2,312 2,151 7.5% Gas production, bcm 2.86 2.96 (3.4)% 9.09 9.24 (1.6)%…
  6. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 6
    Daily Crude Oil Production: Key Driver Vankor mln bbl Daily Crude Oil Production Reconciliation, 9M10 vs. 9M09 000 bpd 8 6 216 2,359 2,312 (34) (16) (14) 2,151 (5) +7.5% 9M'09 Western Timan South of Far East…
  7. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 7
    Daily Crude Oil Production: Leading Growth Rates Daily Crude Oil Production in Russia, 9M10 vs. 9M09 Rosneft 7.5% TNK-BP 2.9% Crude oil output in Russia, th. bpd Gazprom Neft * 0.2% 59 10,096 10,100 Russias average 18…
  8. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 8
    Vankor: Ahead of Plan 000 bpd Extended zero stage, over 210 th. bpd by Plan December 31, 2009 250 August 21 official launch, 40 producing wells, full 200 capacity of zero stage August 12 first 150 deliveries to Transneft…
  9. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 9
    Yugansk: 4.7% Ahead of Plan in October, Flow Rates Stabilized Yuganskneftegaz Daily Crude Oil Production, 000 bpd Plan-fact Analysis, 000 bpd 1,320 1,350 1,315 8.1 1,310 2.8 1,305 1,318 10.9 1,300 1,295 1,296 1,290 9M Plan…
  10. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 10
    Revenues Reconciliation, USD mln 369 48 51 15,471 15,431 (7) (19) (38) (126) Q310 vs. Q210 Q310 vs. Q210 (144) 88 (1) (181) +0.3% Q2'10 Oil exports Oil exports Product Product Product Product Bunker Gas Petroche Oil Other…
  11. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 11
    Netback Ladder: Effect of Vankor Export Duty 1. Urals average price: USD 75.6/bbl Total sales: 206 mln bbl 2. Crude Export Duty: USD 35.8/bbl 3. Implied crude net export revenue (1-2) = USD 39.8/bbl Domestic sales: 28.1 4.…
  12. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 12
    Net Refining Margin: In Line with Export Duty Dynamics USD/bbl 25 20 17.3 16.1 16.0 15.0 15 13.5 10 7.7 8.4 7.5 7.3 6.1 6.3 5.4 5 0.1 0 Q1 1.4 Q2 Q3 Q4 Q1 Q2 Q3 5 2009 2010 Actual net refining margin…
  13. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 13
    Expenses Dynamics: Continuing Decrease in Real Terms Upstream Operating Expenses, USD/bbl of oil produced Refining Operating Expenses, USD/bbl of oil processed 4 3.77 3 3.35 2.37 2.75 2.79 2.72 2.15 2.09 2.17 2.06 3 2.62 2.69…
  14. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 14
    EBITDA and Net Income per bbl Reconciliation: USD/bbl EBITDA, USD/bbl Q310 vs. Q210 (1.23) 0.15 0.42 (0.11) 0.16 (0.37) 24.50 EBITDA, 23.52 -4.0% Q2'10 Revenue Taxes Purchases Transport OPEX SG&A Q3'10 USD/bbl Income,…
  15. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 15
    EBITDA and Net Income per bbl Reconciliation: 9M10 vs. 9M09 18.52 0.12 USD/bbl EBITDA, USD/bbl (9.74) (0.57) (1.84) (0.38) (0.10) EBITDA, 17.82 23.83 +33.7% 9M'09 Revenue Taxes Purchases Transport OPEX SG&A Others…
  16. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 16
    Operating Cash Flow Reconciliation, USD mln 558 (1,099) 396 202 37 Operating Cash Flow Reconciliation (376) vs. Q210 Q310 vs. Q210 (342) 5,010 12.5% 4,386 Q310 Q2'10 Increase in net Difference in Difference in…
  17. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 17
    Sources and Uses of Cash: Strong Cash Flow Generation 9M2010 Q32010 Increase in cash and investments 2,235 Increase in cash Net repayment and investments of debt and other outflows 425 2,764 Net repayment…
  18. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 18
    Capital Expenditures: At the Lower End of the Initial Guidance USD mln USD mln 9,000 9,500 8,732 7,252 6,780 2,096 2,318 3,462 1,769 2,091 2,155 2009 2006 2007 2008 2009 2010 1,754 1,232 2010 Upstream…
  19. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 19
    Net Debt Reconciliation: Reaching pre2007 Acquisitions Level USD mln 429 33 (11,188) 6,189 18,489 13,952 Decreased by USD 4.5 bln Adjusted net debt as Adjusted operating CAPEX and licenses Net acquisition of Other…
  20. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 20
    Credit Profile Strongest Financial Position Sep. 30, Dec. 31, Repayment profile*, USD bln 2010 2009 Total debt, USD bln 20.54 23.51 USD 4.0 bln remaining to draw by the Longterm debt, % 71.5% 66.7% end of 2010 from China…
  21. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 21
    Q310 and 9M10 US GAAP Financial Results Appendix 22
  22. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 22
    Profit and Loss Statement Analysis Q310 Q210 , % Lower prices compensated by higher volumes, most of additional Revenues 15,471 15,431 0.3% volumes were sold on the domestic market at relatively lower prices (but higher netbacks)…
  23. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 23
    Crude Oil Sales Crude Oil and Condensate Sales Volumes, mln bbl Average Prices, USD/bbl 140 57.1% 60% 140 53.4% 54.3% 120 120 116.0 111.9 50% 100 103.1 80 100 40% 60 80 40 30% 20 60 0 20% Q3'09 Q2'10 Q3'10 40 Europe and…
  24. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 24
    Net Revenue of an Oil Exporter USD/bbl 90 80 14.8 14.6 14.3 14.3 70 13.4 13.3 13.5 13.7 12.8 12.7 12.9 13.0 13.3 12.5 12.6 12.7 11.7 11.5 60 10.9 9.2 50 36.8 36.4 20.9 31.6 34.7 39.7 39.8 7.4 30.3 32.9 36.5 34.0 36.1 37.4 6.6…
  25. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 25
    Gas Production and Sales Gas Sales vs. Production, bcm Gas Sales Prices, USD per 1,000 cubic meters 4.5 Production by subsidiaries 90 4.0 Sales 80 Increase in gas 3.5 inventories 70 2.96 2.96 3.0 2.86 60 2.5 50 41.4 41.6…
  26. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 26
    Gas Sales Prices USD RUB 55 1,400 1,279 1,274 1,251 1,300 50 1,200 45 1,113 1,078 1,100 1,044 40 1,000 961 976 977 1,000 915 35 900 767 780 800 742 30 710 700 25 28.2 27.5 30.1 31.6 41.2 40.7 40.3 33.6 28.8 33.5 33.3…
  27. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 27
    Petroleum Product Revenues Petroleum Products: Average Prices and Volume Breakdown USD/t 1,000 800 779 789 769 750 707 667 698 688 648 650 641 614 627 600 584 573 561 580 556 551 548 499 12% 528 503 478 12% 12% 490 6%…
  28. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 28
    Petroleum Product Prices in 20092010 (Rosneft Refineries)* USD/t 600 400 200 0 Jan- Feb- Mar- Apr- May- Jun- Jul-10 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul-10 Aug- Sep- 09 09 09 09 09 09 09 09 09…
  29. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 29
    Transportation Costs, Factor Analysis: 9M10 vs. 9M09 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 5,217 2,263 3,833 1,623 9M'09 Tariffs Volume Mix FX 9M'10 9M'09 Tarriffs Volume Mix FX…
  30. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 30
    Transportation Costs, Factor Analysis: Q310 vs. Q210 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 1,752 1,701 768 751 Q2'10 Tariffs Volume Mix FX Q3'10 Q2'10 Tariffs Volume Mix FX Q3'10…
  31. Q3 2010 EARNINGS CALL – Rosneft Oil Company – slide 31
    Interest Expense 9M10 Q3'10 Q210 Q110 1. Interest accrued according to loan agreements 507 163 172 172 2. Interest paid (cash) 574 297 42 235 3. Change in interest payables (12) (67) (134) 130 (63) 4. Interest capitalized* 247 91…

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