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9M 2012 FINANCIAL RESULTS – LUKOIL

LUKOIL · Nov 27, 2012 · 34 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. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 1
    9M 2012 Financial Results (US GAAP) Deputy Vice-president, Strategic development Andrey Gaidamaka November 2012
  2. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 2
    LUKOIL Going Global Full Energy Cycle Vertical Integration LUKOIL operates in 38 countries 3
  3. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 3
    LUKOIL Overview Proved reserves of hydrocarbons, bln boe LUKOIL in the world: Gas Oil 2.2% of oil production 1.8% of oil refining 3.9 13.4 1.6% of oil trade 6.9 10.4 1.0% of proved oil reserves 12.7 7.1 4.8 6.5 LUKOIL in the…
  4. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 4
    Robust Competitive Position in the Industry Globally Lifting costs per boe, E&P Capital expenditures in 2007-2011, per boe 15 20 12 15 9 10 6 5 3 0 0 Total Exxon Shell BP Chevron Petrobras 2012-2021…
  5. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 5
    Production of Hydrocarbons Will Grow Due to New Projects and Stabilization of the Old Ones Production of hydrocarbons, bln boe 1.2 CAGR 2011-2021: 1.0 Hydrocarbons 3.5% 0.8 Liquid HC 2.3% 0.6 Gas 10% 0.4 0.2 0.0 In 2021 new…
  6. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 6
    Traditional Regions in Russia Hydrocarbons production in Western Siberia, mln boe 700 -3.0% 600 +0.7% 500 Timan- Pechora 400 Western siberia 300 Urals 200 100 Stabilization of production 0 2007 2008 2009 2010 2011 2012…
  7. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 7
    CAPEX Program in 2012-2021 CAPEX in 2002-2011, Planned investments in 2012-2021, bln bln 16 24 29 45 105 E&P R&M Self-financing investments in Iraq More than 29 bln (20%) of E&P CAPEX in 2012-2021 will be…
  8. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 8
    LUKOIL is Dedicated to the Cash Flows Growth EBITDA New strategy is dedicated to increase in: 7 High financial effectiveness of all projects (IRR 15%) 5 Significant production growth (CAGR 2011-2021 3.5%) Company financial…
  9. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 9
    Increasing Dividend Growth Rate CAGR Dividend per one common share, rub. 2012-2021: 15%E 90 15%+ 80 +27% 70 75 +13% 60 +4% 59 50 50 52 Interim 40 42 dividends 38 for 1H 2012 30 33 20 40 10 0 2005 2006 2007 2008 2009 2010…
  10. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 10
    9M 2012 Financial Highlights Net income 8,316 million Basic earnings per share 10.9 Free cash flow 4,761 million EBITDA 14,249 million Net Debt 4,054 million 11
  11. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 11
    LUKOIL Presents High Financial Efficiency Among Russian Peers 9M 2012 Hydrocarbon production, mln boe 9M 2012 Net income, bln Rosneft 729 LUKOIL 8.3 LUKOIL 594 Rosneft* 7.1 TNK-BP 555 TNK-BP 5.7 Gazprom Gazprom 326 4.3…
  12. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 12
    LUKOIL Presents High Financial Efficiency Among Russian Peers 9M 2012 EBITDA*, per boe 9M 2012 Net income, per boe LUKOIL 14 LUKOIL 24 Gazprom Gazprom 13 21 neft neft Rosneft** 20 TNK-BP 10 TNK-BP 17 Rosneft** 10…
  13. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 13
    Macroeconomic and Tax Environment 9M 2012 to 9M 2011 Positive factors Diesel fuel (Europe); 2.5% Negative factors R Diesel fuel (Russia); 5.1% E Urals; 1.6% V E Fuel oil (Russia); -8.7% N U Gasoline (Europe); 5.0% E Fuel oil…
  14. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 14
    Main Operating Results 9M 2012 to 9M 2011, % Positive factors Hydrocarbons production, 0.3% Negative factors Oil and NGL production, -1.3% Marketable gas production, 10.9% Refined products production, -0.1%…
  15. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 15
    Main Operating Results 3Q 2012 to 2Q 2012, % Positive factors Hydrocarbons production, 2.0% Negative factors Oil production, 1.9% Marketable gas production, 2.7% Refined products production, 3.5% High-octane…
  16. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 16
    Financial Results 3Q 2Q 9M 9M ,% million ,% 2012 2012 2012 2011 35,494 32,397 10 Sales 103,152 99,101 4 (2,349) (2,327) 1 OPEX (6,891) (6,858) 0 Taxes other than income tax (8,900) (9,551) (7) (including excise and export…
  17. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 17
    LUKOIL Increases Production of High-Octane Gasoline In Russia Refinery throughputs reconciliation, Kbpd Refining margin, per barrel 1,350 30 1,340 5.4 25 0.9 3.8 1,330 25.3 20 1,320 15 1,309 1,310 1,302 10 32.8 1,300 5…
  18. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 18
    Operating Expenses 3Q 2Q 9M 9M , % million , % 2012 2012 2012 2011 971 944 3 Hydrocarbon extraction expenses 2,821 2,842 (1) 446 363 23 Own refining expenses 1,124 1,048 7 Refining expenses at third parties and 194 263 (26) 720…
  19. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 19
    million 6,700 6,750 6,800 6,850 6,900 6,950 7,000 7,050 7,100 7,150 OPEX in 9m 2011 6,858 Increase in by 1.4% to 4.92 expenses for crude oil transportation to +1,6% refineries Increase in refining…
  20. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 20
    SG&A and Transportation expenses SG&A expenses, million Transportation expenses, million 1,100 1,700 1,043 1,604 1,605 1,000 977 1,600 932 1,523 904 1,497 900 1,500 1,444 829 1,400 800 1,300 700 3Q 2011 4Q 2011 1Q 2012…
  21. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 21
    million 10,000 11,000 8,000 9,000 7,000 9M 2011 Net Income 9,012 Decrease in total 455 income tax Other gains 368 Increase in gain on disposals and 308 impairments of assets Decrease…
  22. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 22
    million 10,000 12,000 14,000 16,000 0 2,000 4,000 6,000 8,000 Cash at the beginning of 2012 2,753 Net cash provided by operating activities 12,830 Capital expenditures and acquisition of licenses…
  23. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 23
    Robust Financial Position Total debt and net debt, bln 4 2 2.8 2.4 LUKOIL net debt decreased 0 -2 4.1 by 2.3 bln (-36%) -4 6.3 -6 for 9M 2012 -8 2011 9M 2012 Cash and cash equivalents Net debt Debt-to-capital ratio, % Net debt…
  24. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 24
    CAPEX Breakdown 3Q 2Q 9M 9M ,% million ,% 2012 2012 2012 2011 2,024 2,313 (12) Exploration and production 6,339 4,489 41 1,581 1,890 (16) Russia 5,100 3,581 42 443 423 5 International 1,239 908 36 506 390 30 Refining and…
  25. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 25
    Optimization of investment portfolio: West Qurna-2 Oil production, investments and free cash flow (contractor share) 8 80 Quazi-PSA Quazi-Service contract 6 60 4 40 Mln barrels bln 2 20 0 0 2012 2013 2014 2015…
  26. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 26
    Consolidating Position in Caspian Khvalynskoye Tsentralnoye field JV: LUKOIL (25%), Gazprom (25%) Kazmunaigaz (50%) Recoverable reserves: - Condensate: 18 mln bbl - Oil: 667 mln bbl - Gas: 245 mln boe Tsentralnoye…
  27. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 27
    Caspian: Exploration Success Astrakhan Korchagin field Company expects significant increase in recoverable crude reserves due to Caspian Sea recent exploration operations up to around 360 mln bbl (50% up) Rakushechnoye…
  28. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 28
    Value Growth Driver: Caspian Oil production in Caspian, Kbpd 80 71.8 60 CAGR 66% 40 38.2 30.8 20 14.1 15.7 6.3 0 9M 2011 9M 2012 2012E 2013E 2014E 2015E Expected growth of EBITDA due to Caspian tax breaks from the 2012…
  29. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 29
    Value Growth Driver: Logistics Optimization Oil pipeline Kharyaga Yuzhnoye Khylchuyu has been launched Capital expenditures were about 230 mln Due to difference in tariffs annual EBITDA should increase by 200 mln After…
  30. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 30
    Value Growth Driver: High Viscosity Oil Production Yaregskoye oilfeild oil production forecast, Kbpd Yaregskoye oilfeild 18 16 14 N 12 10 2012 2013 2014 S Expected growth of EBITDA on Yaregskoye oilfield due to tax breaks…
  31. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 31
    Value Growth Driver: Uzbekistan Natural gas production in Uzbekistan, bcm 8 +98% 8.2 6 5.2 4 +70% 4.1 4.4 3.2 2 1.9 0 9M 2011 9M 2012 2012E 2013E 2014E 2015E Natural gas production increased by 73% y-o-y in 3Q 2012…
  32. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 32
    Value Growth Driver: Refineries Upgrade 2013: Ukhta - Diesel fuel hydrodewaxing (unit upgrade) - Vacuum block at the atmospheric-vacuum distillation unit (technical re-equipment) 2015 - Coking complex - Modernization of low-…
  33. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 33
    2013 Growth of Financial Efficiency Non-market factors of EBITDA growth, bln bln 23 0.1 0.4 20 22 0.4 0.6 6% 21 +20% 1.0 19 20 1.1 19 18 18 2012A Oil pipeline Caspian High viscosity oil Optimization of Upgrade of…
  34. 9M 2012 FINANCIAL RESULTS – LUKOIL – slide 34
    Conclusion - The third quarter results confirm LUKOIL commitment to improvement of financial efficiency, value creation and accelerating dividend growth - Increasing efficiency of operating activities, cost control, and OPEX…

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