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Q2 2010 EARNINGS CALL – Rosneft Oil Company

Rosneft Oil Company · Aug 2, 2010 · 28 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. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 1
    ROSNEFT Q2 and 1H 2010 US GAAP Financial Results August 02, 2010
  2. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 2
    Q210 and 1H10 Highlights Positives Challenges, Priorities Strong financial results: Q210 challenges EBITDA USD 4.7 bln in Q2 and Distribution of extra barrels of crude due to refineries USD 9.2 bln in 1H turnaround Net income USD…
  3. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 3
    Macroeconomic Environment Q210 Q110 , % 1H10 1H09 , % Average USD/RUB exchange rate 30.24 29.89 1.2% 30.07 33.07 (9.1)% Inflation for the period, % 1.2% 3.2% 4.4% 7.4% Real RUB appreciation/(depreciation) (4.7)% 6.3% 1.2% (16.1)%…
  4. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 4
    Q210 and 1H10 Results Overview Q210 Q110 , % 1H10 1H09 , % Daily crude oil production, th. bpd 2,315 2,288 1.2% 2,301 2,118 8.6% Gas production, bcm 2.96 3.27 (9.5)% 6.23 6.28 (0.8)% Petroleum product output, mln t 11.16 12.06…
  5. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 5
    Daily Crude Oil Production mln bbl Daily Crude Oil Production Reconciliation, 1H10 vs. 1H09 000 bpd +8.6% 8 6 244 2,336 2,301 (41) 2,118 (16) (15) (3) 1H'09 Western Timan Southern Far East Vankor Other Central…
  6. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 6
    Daily Crude Oil Production (continued) Daily Crude Oil Production in Russia, 1H10 vs 1H09 Rosneft 8.6% TNK-BP 3.4% Gazprom Neft * 0.5% Crude oil output in Russia, th. bpd 77 10,088 10,100 Russias average 21 Tat…
  7. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 7
    Vankor: Ahead of Plan 000 bpd Extended zero stage, over 210 th. bpd by December 31, 2009 Plan 250 August 21 official launch, 40 producing wells, full 200 capacity of zero stage 2010: capex of USD 2.6 bln August 12 first 2nd…
  8. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 8
    Yugansk: Ahead of Plan Yuganskneftegaz Daily Crude Oil Production, 000 bpd Plan-fact Analysis, 000 bpd 1,310 1,350 2.3 1.2 1,305 6.4 1,300 1,309 1,300 1,295 1,299 1,290 2009 2010 1H Plan Higher flow Additional Higher…
  9. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 9
    Revenues Reconciliation, USD mln 63 14 50 15,431 85 268 243 (15) (31) 254 (87) Q210 vs. Q110 Q210 vs. Q110 14,761 (174) +4.5% Q1'10 Oil exports Oil exports Product Product Product Product Bunker fuel Gas Petroche Oil…
  10. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 10
    Petroleum Product Revenues Petroleum Products: Average Prices and Volume Breakdown USD/t 1,000 800 779 769 750 707 667 698 688 583 650 641 600 485 614 584 573 561 580 471 556 551 499 12% 467 503 478 12% 490 6% 11% 11%…
  11. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 11
    Netback Ladder 1. Urals average price: USD 76.9/bbl Total sales: 203 mln bbl Domestic sales: 29.6 2. Crude Export Duty: USD 38.5/bbl 3. Implied crude net export revenue (1-2) = USD 38.4/bbl 4. Weighted average netback: USD…
  12. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 12
    Expenses Dynamics Upstream Operating Expenses, USD/bbl of oil produced Refining Operating Expenses, USD/bbl of oil processed 4 3.77 3 2.77 3.31 3.35 3.19 2.37 2.75 2.79 2.15 2.09 2.17 3 2.62 2.69 1.94 2.37 2.51 1.81 2 1.68 1.67…
  13. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 13
    EBITDA and Net Income per bbl Reconciliation: Q210 vs. Q110 (0.1) 0.3 0.1 USD/bbl 1.7 EBITDA, USD/bbl (0.7) (0.2) (0.1) EBITDA, +4.3% 24.5 23.5 Q1'10 Revenue Taxes Purchases Transport OPEX Exploration exp. SG&A…
  14. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 14
    EBITDA and Net Income per bbl Reconciliation: 1H10 vs. 1H09 (13.8) USD/bbl EBITDA, USD/bbl 23.9 0.2 (0.7) (2.0) (0.4) (0.1) EBITDA, +42.0% 24.0 16.9 1H'09 Revenue Taxes Purchases Transport OPEX Exploration exp.…
  15. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 15
    Capital Expenditures USD mln USD mln 9,000 10,000 8,732 7,252 2,096 6,780 1,769 3,462 2,091 2,155 2009 2006 2007 2008 2009 2010 1,754 1,232 2010 Upstream Yugansk Upstream Vankor Other Upstream Refining…
  16. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 16
    Operating Cash Flow Reconciliation, USD mln 511 246 121 (594) Operating Cash Flow Reconciliation (434) vs. Q110 Q210 vs. Q110 3,577* 5,010 179.6% (209) Q210 1,792 Q1'10 Decrease in net Difference in Difference…
  17. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 17
    Sources and Uses of Cash 12010 Q22010 Increase in cash and Net drawing of Dividends, rights for Sochi short and mid term investments debt 2014 trademarks 1,810 67 5 Net repayment of debt, rights for Sochi2014 Increase in…
  18. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 18
    Net debt reconciliation USD mln (6,802) 261* 3,862 18,489 15,810 Decreased by USD 2.7 bln Adjusted net debt as of Adjusted operating cash flow CAPEX, licenses, Sochi2014 Other Adjusted net debt as of June 30,…
  19. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 19
    Q210 and 1H10 US GAAP Financial Results Appendix 20
  20. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 20
    Crude Oil Sales Crude Oil and Condensate Sales Volumes, mln bbl Average Prices, USD/bbl 140 57.1% 60% 140 55.5% 53.4% 120 120 116.0 108.9 50% 100 101.6 80 100 40% 60 80 40 30% 20 60 0 20% Q2'09 Q1'10 Q2'10 40 Europe and…
  21. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 21
    Net Revenue of an Oil Exporter USD/bbl 90 80 14.8 70 13.4 13.3 13.5 12.8 12.7 12.7 12.9 12.8 13.0 13.0 12.5 12.6 11.7 11.5 60 10.9 9.2 50 36.8 20.9 31.6 34.7 7.4 30.3 32.9 36.5 34.0 6.6 37.0 37.0 38.8 39.9 36.1 35.8 40…
  22. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 22
    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 3.27 3.5 70 2.93 2.96 3.0 60 2.5 50 42.8 41.4 2.0 40 33.5 1.5 30 1.0…
  23. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 23
    Gas Sales Prices USD RUB 55 1,400 1,279 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 37.8…
  24. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 24
    Petroleum Product Prices in 20092010 (Rosneft Refineries)* USD/t 600 400 200 0 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Diesel…
  25. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 25
    Net Refining Margin USD/bbl 25 20 17.3 16.1 15.0 15 13.5 10 7.7 8.4 7.5 7.3 6.1 5.4 5 0.1 0 Q1 1.4 Q2 Q3 Q4 Q1 Q2 5 2009 2010 Actual net refining margin (difference between netbacks of crude deliveries to…
  26. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 26
    Transportation Costs, Factor Analysis: 1H10 vs. 1H09 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 3,516 1,512 2,503 1,037 1H'09 Tariffs Volume Mix FX 1H'10 1H'09 Tarriffs Volume Mix FX…
  27. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 27
    Transportation Costs, Factor Analysis: Q210 vs. Q110 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 1,764 1,752 768 744 Q1'10 Tariffs Volume Mix FX Q2'10 Q1'10 Tariffs Volume Mix FX Q2'10…
  28. Q2 2010 EARNINGS CALL – Rosneft Oil Company – slide 28
    Interest Expense Q210 Q110 Q409 Q309 Q209 Q109 1. Interest accrued according to loan agreements 172 172 198 160 220 240 2. Interest paid (cash) 42 235 74 134 320 162 3. Change in interest payables (12) 130 (63) 124 26 (100) 78 4.…

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