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Q1 2013 FINANCIAL RESULTS – LUKOIL

LUKOIL · May 23, 2013 · 26 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 2013 FINANCIAL RESULTS – LUKOIL – slide 1
    1Q 2013 Financial Results (US GAAP) Vice-President Leonid Fedun Moscow, May 2013
  2. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 2
    1Q 2013 Financial Highlights Net income 2,581 million Basic earnings per share 3.4 Net income per boe of production 13.1 EBITDA 4,775 million Net Debt 3,935 million 3
  3. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 3
    LUKOIL Presents High Financial Efficiency Among Russian Peers 1Q 2013 Hydrocarbon production, mln boe 1Q 2013 Net income, bln Rosneft 278 Rosneft 1.7* 3.3 LUKOIL 198 LUKOIL 2.6 Novatek 114 Gazprom Neft 1.3 Gazprom Neft…
  4. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 4
    LUKOIL Presents High Financial Efficiency Among Russian Peers 1Q 2013 EBITDA per boe, 1Q 2013 Net income per boe, LUKOIL 13 LUKOIL 24 Gazprom Neft 20 Rosneft 6.3* 12 15.3* Rosneft 18 Gazprom Neft 12 Novatek 10 Novatek…
  5. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 5
    Robust Competitive Position in the Industry Globally Lifting costs per boe, 45 ROACE*, % 20 40 18 35 16 30 14 25 12 10 20 8 15 6 10 4 5 2 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q 2006 2007 2008 2009 2010 2011…
  6. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 6
    Macroeconomic and Tax Environment 1Q 2013 to 1Q 2012 Positive factors Fuel oil (Russia), 18.4% Negative factors Diesel fuel (Russia), 8.4% R E High-octane gasoline (Russia), 6.3% V Gasoline (Europe), -2.0% E N Diesel fuel…
  7. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 7
    million 2,000 2,500 3,000 3,500 4,000 1Q 2012 Net income 3,789* Decrease in taxes other than income taxes (including 171 excise and export tariffs) Increase in income tax expense (422) DD&A growth…
  8. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 8
    Main Operating Results 1Q 2013 to 1Q 2012 Crude oil export; Positive factors -13.4% Negative factors Petroleum product export; -5.5% Average daily liquid hydrocarbon production; -0.3% Average daily hydrocarbon…
  9. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 9
    Hydrocarbon Production Hydrocarbon production, mln boe per day 2.20 +2.5% 2.18 2.16 2.14 2.12 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 After stabilization in 2012 LUKOIL hydrocarbon production continues to show a…
  10. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 10
    Increasing drilling efficiency Average commercial rate of drilling for one Drilling th. m Mln m (exploration & production drilling) drilling unit per month 12 (exploration & production drilling) 5 17% 17% 10 16% 4 32% 8 9%…
  11. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 11
    LUKOIL Increases Production of High-Octane Gasoline In Russia Production of high-octane gasoline in Russia, mln tons 1.8 +7.3% 1.7 1.7 1.6 1.6 1.5 1Q 2012 1Q 2013 Production of high-octane gasoline in Russia, mln…
  12. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 12
    Gasoline quality in Russia Transition to European quality standards in Russia Excise tax savings, /tons EURO-5 - EURO-2 EURO-5 - EURO-3 EURO-5 - EURO-4 180 EURO-5 160 140 120 Diesel 100 EURO-4 80 60 Gasoline Regulations 40…
  13. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 13
    Financial Results 1Q 4Q 1Q 1Q , % million , % 2013 2012 2013 2012 33,770 36,019 (6) Sales 33,770 35,261 (4) (2,450) (2,468) (1) OPEX (2,450) (2,215) 11 Taxes other than income tax (8,884) (8,996) (1) (including excise and…
  14. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 14
    Operating Expenses 1Q 4Q 1Q 1Q , % million , % 2013 2012 2013 2012 1,009 1,040 (3) Hydrocarbon extraction expenses 1,009 906 11 508 561 (9) Own refining expenses 508 315 61 Refining expenses at third parties and 121 126 (4)…
  15. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 15
    million 2,050 2,100 2,150 2,200 2,250 2,300 2,350 2,400 2,450 2,500 1Q 2012 OPEX 2,215 Increase in hydrocarbon +4.7% extraction expenses Increase in expenses for crude Operating Expenses oil…
  16. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 16
    SG&A and Transportation Expenses SG&A expenses, million Transportation expenses, million 1,200 1,090 2,000 1,605 1,650 932 1,497 1,523 1,546 904 1,600 900 829 866 1,200 600 800 300 400 0 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012…
  17. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 17
    Robust Financial Position 4 Total debt and net debt, bln 3 The Company net debt remains low. 2 1 2.9 2.7 In 2Q 2013 LUKOIL successfully issued 0 3 bln of eurobonds . The offering consists -1 of 5-year 1.5 bln of 3.4% notes and…
  18. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 18
    CAPEX Breakdown 1Q 4Q 1Q 1Q , % million , % 2013 2012 2013 2012 2,537 2,606 (3) Exploration and production 2,537 2,007 26 1,874 1,957 (4) Russia 1,874 1,634 15 663 649 2 International 663 373 78 630 788 (20) Refining and marketing…
  19. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 19
    Oil pipeline Kharyaga Yuzhnoye Khylchuyu has been Launched Barents Sea Length: 158 km Throughput capacity 4 mln tons per year 0.9 mln tons were pumped in 1Q 2013 Expected growth of EBITDA is about 500 mln per year Capital…
  20. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 20
    Acquisition of Samara-Nafta Reserves C1+C2 : 600 mln bbl Acquisition cost : 2.05 bln (3.4 per bbl) Exploration and development licenses for more than 60 fields within 23 license blocks LUKOIL refining, petrochemical and…
  21. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 21
    Kama-Oil In April 2013 LUKOIL acquired 49.99% of Kama-oil increasing ownership to full control Kama-Oil was created in 2007 as an oil exploration and production operator in Perm region Owns 6 licenses Reserves C1+C2: 175 mln bbl…
  22. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 22
    Northern Caspian Oil production in Northern Caspian, th. bbl per day 90 Korchagin Filanovsky 60 30 0 2011 2012 1Q 2013E 2014E 2015E 2013 Caspian Sea V. Filanovsky field Supporting blocks are designated for the…
  23. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 23
    International projects: Iraq West Qurna-2 Mishrif Early Oil Currently: 30 km of Pipeline Completed 15 wells were drilled, drilling is being completed by 5 oil rigs Construction of oil preparation unit and oil gathering system,…
  24. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 24
    International projects: Uzbekistan Marketable gas production in Uzbekistan, mcm per day 25 20 15 10 5 0 2011 2012 1Q 2013 2014E 2015E Net income per boe in 1Q 2013, 20 Gissar 18 Wells 45, 55 and 56 at Gambulak…
  25. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 25
    Increasing Dividend Growth Rate CAGR Dividend per share, rub. 2012-2021: 15%E 100 20% +27% 90 80 +13% 75 +4% 60 59 50 52 First-ever interim 40 dividends 42 38 33 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012…
  26. Q1 2013 FINANCIAL RESULTS – LUKOIL – slide 26
    Conclusion - Value creation and accelerating growth of dividends - Increasing efficiency of operating activities - ost control, and OPEX optimization - Maintaining conservative financial policy - Maintaining strong financial…

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