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1H 2009 RESULTS – LUKOIL

LUKOIL · Aug 10, 2009 · 18 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. 1H 2009 RESULTS – LUKOIL – slide 1
    1H 2009 Financial Results (US GAAP) Leonid Fedun, Vice-President of LUKOIL August 2009
  2. 1H 2009 RESULTS – LUKOIL – slide 2
    2Q 2009 Financial Highlights Urals price 58.47 per barrel (+33.8% q-o-q) Sales 20,116 million (+36.4%) EBITDA 4,120 million (+70.7%) Net income 2,324 million (+156.8%) Net margin 11.6% (+6.1% in 1Q 2009) 2Q 2009 growth…
  3. 1H 2009 RESULTS – LUKOIL – slide 3
    Macroeconomic and Tax Environment 2Q 2009 to 1Q 2009 Positive factors Negative factors Urals 34% Diesel fuel 16% (Europe) Fuel oil 41% (Europe) Diesel fuel (Russia) -2% Gasoline (Russia) 34% Pipeline trans-…
  4. 1H 2009 RESULTS – LUKOIL – slide 4
    Macroeconomic and Tax Environment Positive factors 1H 2009 to 1H 2008 Negative factors -52% Urals R -55% Diesel fuel (Europe) E V -44% Fuel oil (Europe) E N U -46% Diesel fuel (Russia) E -43% Gasoline (Russia)…
  5. 1H 2009 RESULTS – LUKOIL – slide 5
    Main Operating Results 1H 2009 to 1H 2008 (1H 2009 actual level) +4.0% Oil production (1,981 th. barrels per day) -11.8% Marketable gas production (239 th. boe per day) Marketable hydrocarbon +2.0% production (2,220 th.…
  6. 1H 2009 RESULTS – LUKOIL – slide 6
    Delivering Steady Production Growth LUKOIL marketable hydrocarbon production, mln boe per day 2.3 Average annual growth of marketable hydrocarbon production (2004-1H 2009), % +32% 5% 4% 2.1 3% 2% 1% 0% LUKOIL World…
  7. 1H 2009 RESULTS – LUKOIL – slide 7
    E&P Key Growth Projects Year of launch Field Country Peak production 2007 Khauzak Uzbekistan 3 bcm 2008 Yuzhnaya Khylchuya Russia 7.5 mln tons Priority projects which will (Timan-Pechora) secure hydrocarbon 2010 Yu. Korchagin…
  8. 1H 2009 RESULTS – LUKOIL – slide 8
    LUKOIL Refinery Throughputs Are Steadily Growing Refinery throughputs reconciliation (y-o-y), Refining margin of a Russian th. barrels per day cracking refinery, per barrel 40 1,250 17 2007 -26 1,214 35 20 1,200 2008 30 2009…
  9. 1H 2009 RESULTS – LUKOIL – slide 9
    Financial Results 2Q 1Q 1H 1H ,% million ,% 2009 2009 2009 2008 20,116 14,745 +36.4 Sales 34,861 56,890 -38.7 (1,876) (1,232) +52.3 Operating expenses (3,108) (3,678) -15.5 Taxes other than income tax (4,283) (3,717) +15.2…
  10. 1H 2009 RESULTS – LUKOIL – slide 10
    Sales Breakdown, million 60,000 56,890 Domestic market Other sales International market 17% Sales of gas and gas products* -41% Sales of petrochemicals in Russia 40,000 34,861 -38% Sales of crude oil in Russia 16% Sales…
  11. 1H 2009 RESULTS – LUKOIL – slide 11
    Operating Expenses 2Q 1Q 1H 1H ,% million ,% 2009 2009 2009 2008 665 602 +10.5 Hydrocarbon lifting costs 1,267 1,571 -19.4 233 202 +15.3 Own refining expenses 435 555 -21.6 Refining expenses at third-party refineries 169 159…
  12. 1H 2009 RESULTS – LUKOIL – slide 12
    LUKOIL Successfully Controls Operating Expenses LUKOIL managed to decrease hydrocarbon Lifting costs, /boe 4.5 lifting costs by 21% (in 1H 2009 to 1H 2008) 2Q 09 lifting costs are 4.3 4.3 almost at the same level to 3.25/boe thanks…
  13. 1H 2009 RESULTS – LUKOIL – slide 13
    SG&A and Transportation Expenses Transportation expenses (1H 2009 to 1H 2008) SG&A expenses 30% 1,100 1,042 1,028 994 20% 948 21% 10% 900 800 796 796 791 1% 0% 729 mln -3% -2% 700 663 -10% -20% -15% -29% 500…
  14. 1H 2009 RESULTS – LUKOIL – slide 14
    14 mln 4,000 8,000 12,000 16,000 20,000 0 Net income in 1H 2008 7,293 Decrease in taxes other than income tax (including excise and export tariffs) 8,528 Decrease in income tax 1,296 Decrease in OPEX…
  15. 1H 2009 RESULTS – LUKOIL – slide 15
    15 mln 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Cash at the beginning of 1H 2009 2,239 Operating activities 3,140 Net movements of long- term debt 1,208 Net movements of investments 113…
  16. 1H 2009 RESULTS – LUKOIL – slide 16
    CAPEX Breakdown 2Q 1Q 1H 1H ,% million ,% 2009 2009 2009 2008 1,123 1,118 +0.4 Exploration and production 2,241 4,093 -45.2 939 960 -2.2 Russia 1,899 3,679 -48.4 184 158 +16.5 International 342 414 -17.4 304 303 +0.3 Refining…
  17. 1H 2009 RESULTS – LUKOIL – slide 17
    JV in the Netherlands Expands LUKOILs European Refining Operational since 1973 Located in the largest refining Total and trading region of Raffinaderij Rotterdam in the Nederland Northwestern Europe (ARA) Total Raffinaderij…
  18. 1H 2009 RESULTS – LUKOIL – slide 18
    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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