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1Q 2009 RESULTS – LUKOIL

LUKOIL · Jun 10, 2009 · 21 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. 1Q 2009 RESULTS – LUKOIL – slide 1
    1Q 2009 Financial Results (US GAAP) Leonid Fedun, Vice-President of LUKOIL June 2009
  2. 1Q 2009 RESULTS – LUKOIL – slide 2
    1Q 2009 Highlights Sales 14,745 million EBITDA 2,414 million Net income 905 million Basic EPS 1.07 per share Free cash flow 229 million Oil production 1,976 th. barrels per day (+3.2% y-o-y) 2
  3. 1Q 2009 RESULTS – LUKOIL – slide 3
    Macroeconomic and Tax Environment Positive factors 1Q 2009 to 1Q 2008 Negative factors Urals -53.1% R Diesel fuel (Europe) -51.3% E V Fuel oil (Europe) -48.4% E N Diesel fuel (Russia) -40.6% U E Gasoline (Russia)…
  4. 1Q 2009 RESULTS – LUKOIL – slide 4
    LUKOIL Continues Effective Cost Reduction Lifting costs, per boe Refining expenses, per barrel 4.5 3.0 2.8 4.0 2.6 3.5 -28% 2.4 -26% 3.0 2.2 2.5 2.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2007 2007…
  5. 1Q 2009 RESULTS – LUKOIL – slide 5
    Tax Burden is Decreasing Taxes paid* per barrel of production, per barrel 64 Taxes per barrel of production (including 48 excise and export tariffs, income and other taxes) decreased in 4Q 2008 and 32 -66% the reduction continued…
  6. 1Q 2009 RESULTS – LUKOIL – slide 6
    Main Operating Results 1Q 2009 to 1Q 2008 (1Q 2009 actual level) +3.2% Oil production (1,976 th. barrels per day) -10.4% Marketable gas production (249 th. boe per day) Marketable hydrocarbon +1.5% production (2,225 th.…
  7. 1Q 2009 RESULTS – LUKOIL – slide 7
    LUKOIL Refinery Throughputs Are Steadily Growing Refinery throughputs reconciliation (y-o-y), Refining margin of Russian cracking refinery, th. barrels per day per barrel 40 1,220 11 -45 2007 35 38 1,163 2008 1,170 30 2009…
  8. 1Q 2009 RESULTS – LUKOIL – slide 8
    Financial Results 1Q 4Q 1Q 1Q , % million , % 2009 2008 2009 2008 14,745 18,415 -19.9 Sales 14,745 24,955 -40.9 (1,232) (2,244) -45.1 Operating expenses (1,232) (1,908) -35.4 Taxes other than income tax (3,717) (7,338) -49.3…
  9. 1Q 2009 RESULTS – LUKOIL – slide 9
    Sales Breakdown, million 30,000 Domestic market Other sales International market 24,955 Sales of gas and gas products* 18% -40% Sales of petrochemicals in Russia 20,000 Sales of crude oil in Russia 14,745 18% -41%…
  10. 1Q 2009 RESULTS – LUKOIL – slide 10
    Operating Expenses 1Q 4Q 1Q 1Q , % million , % 2009 2008 2009 2008 602 787 -23.5 Hydrocarbon lifting costs 602 748 -19.5 202 266 -24.1 Own refining expenses 202 268 -24.6 Refining expenses at third-party refineries 159 142…
  11. 1Q 2009 RESULTS – LUKOIL – slide 11
    LUKOIL Successfully Controls Operating Expenses Lifting costs, /boe LUKOIL managed to decrease hydrocarbon lifting 4.5 costs by 23% (in 1Q 09 to 4Q 08) to 3.10/boe 4.3 4.3 1Q 09 to 4Q 08: thanks to : -23% 4.0 4.0 - Rouble…
  12. 1Q 2009 RESULTS – LUKOIL – slide 12
    SG&A and Transportation Expenses Transportation expenses SG&A expenses (1Q 2009 to 1Q 2008) 20% 1,100 16% 1,042 1,028 994 948 10% 900 800 796 796 1% 0% 729 mln -3% -3% 700 663 -5% -10% -15% 500 -20% 300 1Q…
  13. 1Q 2009 RESULTS – LUKOIL – slide 13
    13 mln 0 3,000 6,000 9,000 Net income in 1Q 2008 3,163 Decrease in taxes other than income tax (including excise and export tariffs) 3,997 Decrease in OPEX 676 Decrease in income tax 581 * Change in…
  14. 1Q 2009 RESULTS – LUKOIL – slide 14
    14 mln 2,000 2,800 3,600 4,400 5,200 6,000 6,800 Cash at the beginning of 1Q 2009 2,239 Operating activities 1,663 Net movements of long- term debt 1,388 Net movements of short- term borrowings…
  15. 1Q 2009 RESULTS – LUKOIL – slide 15
    CAPEX Breakdown 1Q 4Q 1Q 1Q , % million , % 2009 2008 2009 2008 1,118 1,738 -35.7 Exploration and production 1,118 1,981 -43.6 960 1,374 -30.1 Russia 960 1,779 -46.0 158 364 -56.6 International 158 202 -21.8 303 711 -57.4…
  16. 1Q 2009 RESULTS – LUKOIL – slide 16
    Northern Caspian: Start of Commercial Development in 2009 LUKOIL has been operating in the region since 1995 During this time LUKOIL discovered eight major fields: Khvalynskoye (2000), Yu.Korchagin (2000), 170 km (2001),…
  17. 1Q 2009 RESULTS – LUKOIL – slide 17
    Development of the Northern Caspian Fields: Key Event of 20092010 Estimated oil production in the Northern Caspian, th. barrels per day 300 250 200 150 100 50 0 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Yu.…
  18. 1Q 2009 RESULTS – LUKOIL – slide 18
    The Company is Preparing for the Production Launch at the Yu. Korchagin field - The Company plans to launch Living quarters for the Yu. Korchagin field the Yu. Korchagin field in December 2009 - 3P reserves at the field are…
  19. 1Q 2009 RESULTS – LUKOIL – slide 19
    LUKOIL is the Only Russian Company to Develop Offshore Fields on Its Own LUKOIL: production Status: PSA Kravtsovskoye field Operator: (development since 2004) Exxon Neftegaz Ltd. (Sakhalin-1), Shell, Gazprom (Sakhalin-2)…
  20. 1Q 2009 RESULTS – LUKOIL – slide 20
    Positive Effects from the Global Financial Crisis Optimization of the investment program Positive effect from the rouble devaluation Cost optimization Considerable decrease in tax burden 20
  21. 1Q 2009 RESULTS – LUKOIL – slide 21
    Conclusions The Company plans to develop dynamically thanks to: - Start of significant domestic tax burden decrease in 2009 - Optimizing and significantly reducing 2009 CAPEX and OPEX - Hydrocarbon production growth -…

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