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H1 2013 EARNINGS CALL – LUKOIL

LUKOIL · Aug 30, 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. H1 2013 EARNINGS CALL – LUKOIL – slide 1
    2Q 2013 Financial Results (US GAAP) Vice-President Leonid Fedun Moscow, August 2013
  2. H1 2013 EARNINGS CALL – LUKOIL – slide 2
    2Q 2013 Financial Highlights Y-o-Y Net income 2,104 million +107% Basic earnings per share 2.8 +108% Net income per boe of production 10.5 +102% EBITDA 4,359 million +26% Hydrocarbon production 2,193 th. boe per day…
  3. H1 2013 EARNINGS CALL – 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 2013E Interim dividends Level that corresponds to 15%…
  4. H1 2013 EARNINGS CALL – 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 * Dividends recommended by…
  5. H1 2013 EARNINGS CALL – LUKOIL – slide 5
    LUKOIL Presents High Financial Efficiency Among Russian Peers 1H 2013 hydrocarbon production, mln boe 1H 2013 net income, bln Company 1 624 LUKOIL 4.7 LUKOIL 397 Company 1 4.3 Company 2 225 Company 2 2.5 Company 3 221…
  6. H1 2013 EARNINGS CALL – LUKOIL – slide 6
    LUKOIL Presents High Financial Efficiency Among Russian Peers 1H 2013 EBITDA, per boe 1H 2013 Net income, per boe LUKOIL 12 LUKOIL 23 Company 2 11 Company 2 19 Company 1 17 Company 1 7 Company 3 7 Company 3 5 5 10 15 20…
  7. H1 2013 EARNINGS CALL – LUKOIL – slide 7
    Management Buys the Company Shares LUKOIL share price (MICEX), rub. Purchase of LUKOIL shares by management, mln USD 800 1,980 600 400 1,780 200 1,580 0 Jan 2012 Jul 2012 Jan 2013 Jul 2013 2012 7M 2013 Since the…
  8. H1 2013 EARNINGS CALL – LUKOIL – slide 8
    High Rates of Increase in Financial Returns EBITDA CAGR (2008-2012) 5% 0% Chevron Eni Total LUKOIL ExxonMobil Shell BP Gazprom neft ConocoPhillips Rosneft Petrobras -5% -10% -15%…
  9. H1 2013 EARNINGS CALL – LUKOIL – slide 9
    Macroeconomic and Tax Environment 1H 2013 to 1H 2012 Positive factors Negative factors R Fuel oil (Russia); 13.4% E Diesel fuel (Russia); 8.9% V High-octane gasoline E (Russia); 0.9% N Gasoline (Europe); -4.5% U Diesel fuel…
  10. H1 2013 EARNINGS CALL – LUKOIL – slide 10
    Main Operating Results 1H 2013 to 1H 2012 Positive factors Export of refined products Negative factors from Russia, 3.9% Domestic sales of petroleum products, 3.6% Production of gas available for sale , 3.3% Refined…
  11. H1 2013 EARNINGS CALL – LUKOIL – slide 11
    million 4,000 4,500 5,500 6,000 5,000 6M 2012 Net income 4,807 Decrease in excise, export tariffs and taxes other than 539 income taxes Increase in revenue less purchases of 384 oil, gas and…
  12. H1 2013 EARNINGS CALL – LUKOIL – slide 12
    Hydrocarbon Production Hydrocarbon production, mln boe per day 2.20 2.194 2.18 +1.1% 2.171 2.170 2.16 2.146 2.14 2H 2011 1H 2012 2H 2012 1H 2013 In 2Q 2013 production increased by 2.3% y-o-y 13
  13. H1 2013 EARNINGS CALL – LUKOIL – slide 13
    The Main Fields Which Have Provided Production Growth Western Timan- Nothern Volga International Siberia fields Pechora fields Caspian fields fields projects Investments in prospective projects provided production growth…
  14. H1 2013 EARNINGS CALL – LUKOIL – slide 14
    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 1.25 Russia, mln tons 9 +1.4 +7% 1.19 8 7 1.15 6 1.11…
  15. H1 2013 EARNINGS CALL – LUKOIL – slide 15
    Financial Results 2Q 2Q , % million 1H 2013 1H 2012 , % 2013 2012 35,053 32,397 8 Sales 68,823 67,658 2 2,516 2,327 8 OPEX 4,966 4,542 9 Taxes other than income tax (9,183) (9,551) (4) (18,067) (18,606) (3) (including excise…
  16. H1 2013 EARNINGS CALL – LUKOIL – slide 16
    Operating Expenses 2Q 2Q , % million 1H 2013 1H 2012 , % 2013 2012 1,078 944 14 Hydrocarbon extraction expenses 2,087 1,850 13 555 363 53 Own refining expenses 1,063 678 57 Refining expenses at third parties and 130 263 (51)…
  17. H1 2013 EARNINGS CALL – LUKOIL – slide 17
    million 4,000 4,500 5,000 6M 2012 OPEX 5,500 4,542 Increase in refining expenses at own refineries 8.5% Increase in hydrocarbon extraction expenses 5.2% Operating Expenses ost of processing operations at…
  18. H1 2013 EARNINGS CALL – LUKOIL – slide 18
    Lifting Cost Costs structure in LUKOIL E&P segment in Russia in 1H 2013 Lifting cost per boe, Raw materials 6 5.4 5.3 5.6 5.1 4% Technical maintenance 5.0 8% 4.7 28% 8% Oil recovery improvement 4 11% Salaries and wages 2…
  19. H1 2013 EARNINGS CALL – LUKOIL – slide 19
    SG&A and Transportation Expenses SG&A expenses, million Transportation expenses, million 1,200 2,000 1,090 1,650 932 972 1,497 1,523 1,546 1,562 904 866 1,600 900 1,200 600 800 300 400 0 0 2Q 2012 3Q 2012 4Q 2012 1Q 2013…
  20. H1 2013 EARNINGS CALL – LUKOIL – slide 20
    Robust Financial Position 4 Total debt and net debt, bln 2 2.9 3.1 In August 2013 Fitch increased LUKOIL 0 long term default rating to BBB with -2 3.7 6.2 stable outlook -4 -6 2012 1H 2013 -8 Cash & Cash equivalents Net debt…
  21. H1 2013 EARNINGS CALL – LUKOIL – slide 21
    CAPEX Breakdown 2Q 2Q , % million 1H 2013 1H 2012 , % 2013 2012 2,918 2,322 26 Exploration and production 5,455 4,329 26 2,045 1,899 8 Russia 3,919 3,533 11 873 423 106 International 1,536 796 93 489 381 28 Refining and marketing…
  22. H1 2013 EARNINGS CALL – LUKOIL – slide 22
    Northern Caspian: Korchagin field Oil production at Korchagin field, th. bbl per day 4 +74% 3 2 1 2012 6 2013 Since the beginning of 2013 production wells 105 and 117 have been put on-stream and contributed to…
  23. H1 2013 EARNINGS CALL – LUKOIL – slide 23
    Northern Caspian: Filanovsky field Transportation and installation offshore operations have started for the third and fourth foundation blocks for the living quarters module platform and riser block. Transportation and…
  24. H1 2013 EARNINGS CALL – LUKOIL – slide 24
    International Projects : West Qurna-2 Start of production at the end of Early oil Mishrif November 2013 Oil production of 200 th. tons is 30 km of Pipeline planned in 2013 Completed Planned to put on-stream in 2013: The first…
  25. H1 2013 EARNINGS CALL – LUKOIL – slide 25
    International Projects: Uzbekistan Marketable gas production in Uzbekistan, mcm per 25 day 20 15 10 5 0 2011 2012 1H 2014E 2015E 2013 Gissar LUKOIL started manufacturing of technological equipment, construction…
  26. H1 2013 EARNINGS CALL – LUKOIL – slide 26
    International Projects: Uzbekistan Kandym-Khauzak-Shady 12 wells were drilled in the 1st half of 2013. Construction of gas booster station Khauzak. LUKOIL started vertical leveling, excavation of compressor foundation pits since…
  27. H1 2013 EARNINGS CALL – 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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