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Q1 2011 EARNINGS CALL – Rosneft Oil Company

Rosneft Oil Company · Apr 28, 2011 · 30 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. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 1
    ROSNEFT Q1 2011 US GAAP Financial Results April 28, 2011
  2. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 2
    Q111 Highlights Record Results, Production Ahead of Plan Positives Challenges, Priorities Q111 challenges Strong financial results: Domestic prices lagging export netbacks partially as a EBITDA USD 6.7 bln result of increased…
  3. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 3
    Macroeconomic Environment Prices Up YonY and QonQ, Real Strengthening of the Ruble Q111 Q110 , % Q410 , % Average USD/RUB exchange rate 29.27 29.89 (2.1)% 30.7 (4.7)% Inflation for the period, % 3.8% 3.2% 2.6% Real RUB…
  4. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 4
    Petroleum Product Prices & Refining Margin Export / Domestic Differentials Widened, Margin Squeezed Petroleum product prices, USD per tonne Net Refining margin, USD per barrel 700 6 5.2 5.1 5.0 5 600 4 3.8 500 3 400 2.2…
  5. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 5
    Upstream Margins Record High USD/bbl 140 120 22.9 23.0 23.0 100 21.1 18.9 17.4 80 16.4 14.8 14.6 15.2 13.3 13.5 12.7 12.9 13.3 13.7 12.7 13.0 49.9 57.9 62.0 65.6 60 47.4 41.5 43.4 36.8 36.4 39.7 36.5 34.7 34.0 36.1…
  6. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 6
    Noncontrolled Expenses Transportation Tariffs Up, Export Duty Lags International Price Q111 Q110 , % Q410 , % Export customs duty USD/bbl 46.89 36.06 30.0% 39.23 19.5% Yugansk Novorossiysk tariff RUB/t 1,445 1,279 13.0% 1,363 6.0%…
  7. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 7
    Q111 Results Overview Production Ahead of Plan, Record High Free Cash Flow Q111 Q110 , % Q410 , % Daily crude oil production, th. bpd 2,355 2,288 2.9% 2,352 0.1% Gas production, bcm 3.20 3.27 (2.1)% 3.25 (1.5)% Petroleum…
  8. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 8
    Daily Crude Oil Production Reconciliation 000 bpd 5 2 10 25 2,358 47 2,355 (13) (9) 2,288 +2.9% Q1'10 Timan Southern Vankor Western Other Central Far East Q1'11 April'11 Pechora Russia Siberia Eastern Russia…
  9. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 9
    Daily Crude Oil Production (continued) Daily Crude Oil Production in Russia, Q111 vs. Q110 Surgutneftegaz 3.2% Rosneft 2.9% Crude oil output in Russia, '000 bpd Gazprom Neft* 1.7% 10,200 10,193 54 TNK-BP 1.5% (2) 67…
  10. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 10
    Yugansk 2% Ahead of Plan in Q1 2011 Yuganskneftegaz Daily Crude Oil Production, 000 bpd Yugansk 2% (2.3 mln barrels) ahead of plan in Q1 due to higher than planned flow rates at old wells (a combination of geology, efficient well…
  11. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 11
    Vankor Above Plan in Q1, Expanding Capacities in the 2H 000 bpd 000 bpd 350 350 Current output - 285 th. bpd Extended zero stage, 300 260 th. bpd just within 300 8 months Gradual launch 250 250 of the Central oil Increase in…
  12. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 12
    Revenues Reconciliation, USD mln 406 8 36 345 20,123 844 (266) (2) (35) (5) 1,426 Q111 vs. Q410 Q111 vs. Q410 (18) 17,384 +15.8% Q4'10 Oil exports Oil exports Product Product Product Product Bunker fuel Gas Petroche…
  13. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 13
    Netback Ladder Q111 vs. Q410 1. Urals average price: USD 102.2/bbl Domestic sales: 43.4 Total sales: 206 mln bbl 2. Crude Export Duty: USD 46.9/bbl CIS Transneft export: 52.5 3. Implied crude net export revenue (1-2) = USD…
  14. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 14
    Expenses Dynamics Upstream Operating Expenses, USD/bbl of oil produced Refining Operating Expenses, USD/bbl of oil processed 4 3 2.85 2.99 2.95 2.17 2.16 3 2.74 2.75 2.06 2.09 2 1.68 2 1 1 0 0 Q1'10 Q2'10 Q3'10 Q4'10…
  15. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 15
    Transportation Costs Factor Analysis Q111 vs. Q110 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 1,873 783 1,764 744 Start of pipeline deliveries to China Q1'10 Tariffs Volume Mix FX…
  16. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 16
    Electricity Tariffs Double Digit Growth Rates Electricity expenses of Yuganskneftegaz 50 Negative impact on Q1 opex 80 Electricity consumption, kWh/bbl understated due to Electricity cost, USD/10 bbls compensating positive 71.1…
  17. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 17
    EBITDA and Net Income per bbl Reconciliation Q111 vs. Q410 (6.81) 0.64 0.10 34.17 USD/bbl 15.97 (2.46) 0.46 EBITDA, USD/bbl (0.76) 27.03 EBITDA, +26.4% Q4'10 Revenue Taxes Purchases Transport OPEX Explor. exp.…
  18. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 18
    EBITDA and Net Income per bbl Reconciliation Q111 vs. Q110 (9.94) 25.39 34.17 (3.06) (0.30) USD/bbl EBITDA, USD/bbl (1.20) (0.15) (0.04) 23.47 EBITDA, +45.6% Q1'10 Revenue Taxes Purchases Transport OPEX Explor.…
  19. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 19
    Operating Cash Flow Reconciliation, USD mln 239 695 1,109 (724) 833 Operating Cash Flow Reconciliation Q111 vs. Q410 708 Q111 vs. Q410 (515) 6,067 +63.0% 3,722 Q4'10 Increase in net Difference in Difference in…
  20. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 20
    Capital Expenditures 11,000* USD mln USD mln 8,931 8,732 7,252 6,780 2,768 2,318 2,091 2,761 2010 2007 2008 2009 2010 2011 1,754 2011 Upstream Yugansk Upstream Vankor Other Upstream Refining Marketing…
  21. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 21
    Net debt reconciliation USD mln 319 292 (6,067) 2,891 13,662 11,097 Decreased by USD 2.6 bln Adjusted net debt as of Adjusted operating cash CAPEX, licenses, Sochi2014 Net acquisition of available Other Adjusted net…
  22. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 22
    Excess Cash Management Rosnefts total cash position including cash and equivalents and shortterm investments related to excess cash management was USD 11.7 bln as of March 31, 2011 Excess cash management is based on analysis of…
  23. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 23
    Credit Profile Strengthened Further Mar. 31, Dec. 31, Repayment profile*, USD bln 2011 2010 Total debt, USD bln 22.8 23.6 Net debt, USD bln 11.10 13.66 Longterm debt, % 76.5% 76.7% 2.17 2.09 USD denominated debt, % 87.2% 88.4%…
  24. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 24
    Q111 US GAAP Financial Results Appendix 25
  25. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 25
    Crude Oil Sales Crude Oil and Condensate Sales Volumes, mln bbl Average Prices, USD/bbl 140 56.8% 56.4% 60% 140 55.5% 120 120 117.2 115.9 108.9 50% 100 80 100 40% 60 80 40 30% 20 60 0 20% Q1'10 Q4'10 Q1'11 40 Europe and…
  26. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 26
    Gas Production and Sales Gas Sales vs. Production, bcm Gas Sales Prices, USD per 1,000 cubic meters 5.0 Production by subsidiaries 90 4.5 Sales 80 4.0 70 3.5 3.27 3.25 3.20 60 3.0 48.8 50 43.9 42.8 2.5 40 2.0 30 1.5…
  27. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 27
    Netback Ladder Q111 vs. Q110 1. Urals average price: USD 102.2/bbl Domestic sales: 43.4 Total sales: 206 mln bbl 2. Crude Export Duty: USD 46.9/bbl CIS Transneft export: 52.5 3. Implied crude net export revenue (1-2) = USD…
  28. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 28
    Transportation Costs, Factor Analysis: Q111 vs. Q410 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 1,873 796 1,763 783 Start of pipeline deliveries to China Q4'10 Tariffs Volume Mix…
  29. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 29
    Interest Expense Q111 Q4'10 Q110 USD mln 1. Interest accrued according to loan agreements 187 174 172 2. Interest paid (cash) 271 44 235 3. Change in interest payables (12) (84) 130 (63) 4. Interest capitalized* 94 100 73 5.…
  30. Q1 2011 EARNINGS CALL – Rosneft Oil Company – slide 30
    Sources and Uses of Cash Q12011 Q12010 Increase in cash and short and mid term investments 2,371 Net repayment Operations of debt Decrease in cash and 6,067 810 short and mid term Net repayment investments of debt…

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