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1Q 2007 FINANCIAL RESULTS – LUKOIL

LUKOIL · Jun 11, 2007 · 25 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 2007 FINANCIAL RESULTS – LUKOIL – slide 1
    1Q 2007 Financial Results (US GAAP) June 2007
  2. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 2
    Highlights Net income 1,299 mln (+24.7% q-o-q) Production of marketable hydrocarbons 2,239 th. boe per day (+7.3 %): Oil production 2,005 th. bpd (+6.5%) Gas production 234 th. boe per day (+14.1%) Refinery throughputs…
  3. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 3
    Economic Environment Realized oil (domestic market), Realized petroleum products /barrel (domestic market), /ton 35 500 30 22.3 26.3 426.9 450 25 359.8 400 20 +18.0% +18.6% 15 350 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2006 2007…
  4. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 4
    Marketable Hydrocarbon Production: Maintaining High Growth Rates 2.4 Production of marketable hydrocarbons by 2.2 +7.3% 0.06 LUKOIL Group rose by 7.3% y-o-y, to 2.239 mln boe per day in 1Q 2007 mln boe per day +10.7% 0.08 2.0…
  5. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 5
    Marketable Hydrocarbon Output Reconciliation (y-o-y) 2,300 13 1 2,239 18 +0.1% 23 +0.6% 2,200 25 +0.9% 72 +1.1% +1.2% th. boe per day 2,100 2,087 +3.4% +7.3% +152 th. boe per day 2,000 Organic growth accounts for…
  6. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 6
    Financial Results 1Q 4Q 1Q 1Q 2007 2006 ,% mln 2007 2006 ,% 15,736 16,306 -3.5 Total revenue 15,736 15,041 +4.6 (1,443) (1,314) +9.8 Operating expenses (1,443) (925) +56.0 Taxes other than income taxes (5,097) (5,803)…
  7. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 7
    Sales Reconciliation 16.0 0.20 15.65 15.5 0.08 0.41 bln 15.0 14.94 0.02 +4.7% 14.5 14.0 Total sales in Change in sales Change in Change in prices Increase in other Total sales in 7 1Q 2006 mix volumes sold sales…
  8. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 8
    Sales Breakdown 18,000 International sales of crude oil 16,000 15,652 (exculding FSU) 14,943 14,000 Sales of crude oil in FSU 3,819 26% 3,566 12,000 190 Sales of crude oil in Russia 237 82 49 10,000 International sales of…
  9. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 9
    SG&A and Transportation Expenses Transportation Expenses Tranportation expenses reconciliation (1Q 2007 to 1Q 2006) 30% 1,100 25% 22% 987 1,000 20% 15% 900 12% mln 10% 779 800 4% 0% 700 -3% 600 -10% 500…
  10. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 10
    Operating Expenses 1Q 4Q 1Q 1Q , % mln , % 2007 2006 2007 2006 651 630 +3.3 Hydrocarbon lifting costs 651 508 +28.1 192 202 -5.0 Own refining expenses 192 176 +9.1 Refining expenses at third-party 66 98 -32.7 66 40 +65.0…
  11. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 11
    Operating Expenses Reconciliation 1,600 64 1,443 74 19 143 +6.9% +2.0% 218 +8.0% 1,200 +15.5% +56.0% 925 +23.6% mln 800 400 0 OPEX in 1Q 2006 Increase in Increase in lifting Increase in refining Increase in own…
  12. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 12
    Dynamics of Hydrocarbon Lifting Costs Markeable hydrocarbon lifting costs Marketable hydrocarbon lifting costs per reconciliation* boe* 700 3.6 651 3.31 3.34 650 3.3 3.21 2.98 3.0 600 2.82 2.75 2.68 2.68 per boe 2.7…
  13. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 13
    LUKOILs Lifting Costs Per Barrel are Considerably Lower than Those of International Oil & Gas Majors Average lifting costs, per boe 9 International oil & gas companies 8 LUKOIL 7 6 5 4 3 2 2002 2003 2004 2005 2006…
  14. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 14
    Tax Burden Mineral extraction tax and export tariffs comparison, /ton 240 220 180 180 167 550 +8% 200 120 78 72 180 60 -8% 470 Crude oil price, /ton 160 0 1Q 2006 1Q 2007 140 Mineral extraction tax Crude oil export…
  15. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 15
    15 mln 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Net income in 1Q 2006 1,689 Net increase in revenue* 1,003 Decrease in income tax 136 * Increase in revenue less purchases of oil and petroleum products.…
  16. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 16
    Quarterly dynamics of LITASCO derivatives (not accounting physical contracts) Dynamics of Oil Prices (/bbl) and results of LITASCO operations with derivatives 2006-2007 300 Quarterly Analysis of operations 140 +251 Derivatives…
  17. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 17
    17 0 1,000 2,000 3,000 4,000 Cash at the beginning of 1Q 2007 752 Operating activities 2,020 Net movements of long- 152 term debt Proceeds from sale of Companys stock under 129 compensation plan…
  18. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 18
    CAPEX Breakdown 1Q 4Q 1Q 1Q , % mln , % 2007 2006 2007 2006 1,716 1,738 -1.3 Exploration and production 1,716 839 +104.5 1,565 1,447 +8.2 Russia 1,565 728 +115.0 151 291 -48.1 International 151 111 +36.0 277 514 -46.1 Refining…
  19. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 19
    E&P Capex 1Q 1Q 4Q 1Q , % mln 200 , % 2007 2006 2007 6 970 885 +9.6 Traditional regions 970 436 +122.5 746 853 -12.5 New regions 746 403 +85.1 8 32 -75.0 Yamal 8 58 -86.2 547 478 +14.4 North of Timan-Pechora 547 219 +149.8 52…
  20. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 20
    Oil Refining in Russia and Retail Sales of Petroleum Products Throughputs at LUKOIL refineries in Russian refining margin, /barrel Russia, th. tons/day 15 150 2005 Damage from the fire at 2006 140 10 Volgograd Refinery was 2007…
  21. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 21
    High Attractiveness of Russian Market Diesel price at Volgograd Refinery Diesel price at Nizhny Novgorod Fuel oil price at Nizhny Novgorod gates, /ton Refinery gates, /ton Refinery gates, /ton 500 500 200 450 450 150 400 400…
  22. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 22
    Partnership with Gazprom neft Comfortable Access to Untapped and Undistributed Reserves Base in Russia Number of fields Potential 1,200 5% acquisition Arctic shelf reserves targets…
  23. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 23
    Debut Unsecured Eurobond Issue: Best Results Among Russian Companies Raising of 1 bln on the international market on a long-term basis Record maturity for a debut unsecured Eurobond issue among Russian companies Record low coupon…
  24. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 24
    Credit Rating Raised to Investment Grade Credit rating of LUKOIL BBB+/Baa1 Standard&Poor's BBB/Baa2 Moody's BBB-/Baa3 Fitch BB+/Ba1 Investment grade BB/Ba2 BB-/Ba3 B+/B1 B/B2 2002 2003 2004 2005 2006 2007 0 12 24 36 48…
  25. 1Q 2007 FINANCIAL RESULTS – LUKOIL – slide 25
    Companys Strategy Increase revenues increase oil output increase refinery throughputs increase exports of crude oil and petroleum products increase natural and petroleum gas output increase output of products with high value…

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