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2011 FINANCIAL RESULTS – LUKOIL

LUKOIL · Mar 1, 2012 · 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. 2011 FINANCIAL RESULTS – LUKOIL – slide 1
    2011 Financial Results (US GAAP) March 2012
  2. 2011 FINANCIAL RESULTS – LUKOIL – slide 2
    2011 Financial Highlights Record high Free Cash Flow 7,240 million (+4,5% y-o-y) Record high Net Income 10,357 million (+15.0% y-o-y) Record high Earnings per Share 13.3 (+21.4% y-o-y) Recurring EBITDA 19,489 million…
  3. 2011 FINANCIAL RESULTS – LUKOIL – slide 3
    The 2008 World Financial Crisis Has Been Overcome Urals /bbl Total and adjusted net income*, billion Revenue, billion 109 2011 133.7 10.4 11.3 78 2010 105.0 +27% 9.0 +25% 61 2009 81.1 7.0 95 2008 107.7 9.1 50 70 90 110 130…
  4. 2011 FINANCIAL RESULTS – LUKOIL – slide 4
    2011 Highlights Oil production in Western Siberia has been stabilized Resource base has been increased Acquisition of 25.1% stake in the exploration and development of Titov and Trebs strategic oilfields project Early gas…
  5. 2011 FINANCIAL RESULTS – LUKOIL – slide 5
    Macroeconomic and Tax Environment 2011 to 2010 Urals, 39% Positive factors R Negative factors Diesel fuel (Europe), 39% E V E Fuel oil (europe), 38% N U Diesel fuel (Russia), 37% E Gasoline (Russia), 20% Freight rates…
  6. 2011 FINANCIAL RESULTS – LUKOIL – slide 6
    Main Operating Results 2011 to 2010 Positive factors Oil production; -5.2%; 1 840 th. barrels per day Negative factors Marketable gas production; +0.3%; 300 th. boe per day Hydrocarbon production; -4.4%; 2 140 th. boe per…
  7. 2011 FINANCIAL RESULTS – LUKOIL – slide 7
    Stabilization of Production in Western Siberia LUKOIL oil production in Russia, th. barrels per day 1 730 1 720 Western Siberia production, th. barrels per day 1 710 1,090 1 700 1 690 1,070 1 680 1 670 1,050 1 660 Apr…
  8. 2011 FINANCIAL RESULTS – LUKOIL – slide 8
    Usage of Multi-Zone Hydrofracturing (MZHF) Initial well flow in 2011, barrels per day MZHF in horizontal wells: Tevlinsko- Drilling efficiency improvement Russkinskoye Increase in reserves recovery rate Uryevskoye In…
  9. 2011 FINANCIAL RESULTS – LUKOIL – slide 9
    Acquisition of a Stake in Trebs and Titov Total reserves 1+2 of oil: more than 1 bln barrels First oil production is projected in 2013. Currently exploration works are carried out Valuable synergy: Oil transportation through…
  10. 2011 FINANCIAL RESULTS – LUKOIL – slide 10
    Company successfully replaced extracted reserves in 2011 East-Lambeyshorskoe field: LUKOIL increased its oil 3P reserves in 2011 3 oil reserves were triple to 167 mln barrels LUKOIL oil 3P reserves, bln bbl 24.0 +4,6%…
  11. 2011 FINANCIAL RESULTS – LUKOIL – slide 11
    Company successfully replaced extracted reserves in 2011 Sarmatskoye field: Gas reserves (C1+C2) increased by 46% to almost 1 billion barrels Gas condensate reserves increased by 44% to 107 million barrels Cote dIvoire is…
  12. 2011 FINANCIAL RESULTS – LUKOIL – slide 12
    Early Gas Production Launched at Gissar Net income in 2011, per boe 20 18 18 16 14 11 12 10 8 6 Western Siberia, oil Uzbekistan, gas LUKOIL proved gas reserves in Uzbekistan, % Hydrocarbon production, mln boe…
  13. 2011 FINANCIAL RESULTS – LUKOIL – slide 13
    LUKOIL Increases Production of High-Octane Gasoline Refinery throughputs reconciliation, Refining margin of a Russian refinery with th. barrels per day catalytic cracking, per barrel 1,350 30 0.7 2.8 2010 1,340 6.9 1.3 2.9 29.0…
  14. 2011 FINANCIAL RESULTS – LUKOIL – slide 14
    Financial Results 4Q 4Q ,% million 2011 2010 ,% 2011 2010 34,549 28,684 +20.4 Sales 133,650 104,956 +27.3 (2,197) (2,133) +3.0 OPEX (9,055) (8,298) +9.1 Taxes other than income tax (including excise and export (8,805) (7,262)…
  15. 2011 FINANCIAL RESULTS – LUKOIL – slide 15
    Yuzhnoye Khylchuyu Oilfield Write-offs Oil production dynamics on the oilfield, million barrels 60 Reserves volume was revised from 0.5 billion 50 barrels in 2008 to 0.14 billion barrels in 2011 40 Oil production has decreased…
  16. 2011 FINANCIAL RESULTS – LUKOIL – slide 16
    CAPEX Breakdown 4Q 4Q ,% million 2011 2010 , % 2011 2010 2,141 1,450 +47.7 Exploration and production 6,629 4,908 +35.1 1,504 1,215 +23.8 Russia 5,084 3,911 +30.0 637 235 +171.1 International 1,545 997 +55.0 502 477 +5.2…
  17. 2011 FINANCIAL RESULTS – LUKOIL – slide 17
    Operating Expenses 4Q 4Q , % million 2011 2010 , % 2011 2010 874 853 +2.5 Hydrocarbon lifting costs 3,540 3,241 +9.2 375 320 +17.2 Own refining expenses 1,444 1,121 +28.8 Refining expenses at third-party 242 190 +27.4 897 724…
  18. 2011 FINANCIAL RESULTS – LUKOIL – slide 18
    Operating Expenses Lifting costs, per boe 4q 4.6 2011 In 2011, our operating expenses increased by 9.1%, mainly as a result 3q 4.8 2011 of ruble appreciation, increased 2q power supply and repair costs and 2011 4.9…
  19. 2011 FINANCIAL RESULTS – LUKOIL – slide 19
    SG&A and Transportation Expenses SG&A expenses, million Transportation expenses, million 1,100 1,700 1,653 1,043 1,604 977 1,600 1,000 977 1,500 900 1,444 1,420 825 1,400 800 1,300 700 1q 2011 2q 2011 3q 2011 4q 2011…
  20. 2011 FINANCIAL RESULTS – LUKOIL – slide 20
    20 million * 2,000 6,000 10,000 14,000 18,000 22,000 Net income in 2010 9,006 Net increase in revenue* 12,250 Increase of equity share in income of affiliates, increase of interest and 273 dividend…
  21. 2011 FINANCIAL RESULTS – LUKOIL – slide 21
    21 million 3,000 6,000 9,000 12,000 15,000 18,000 21,000 0 Cash at the beginning of 2011 2,368 Net cash provided by operating activities 15,514 Other inflow 373 Capital expenditures and acquisition of…
  22. 2011 FINANCIAL RESULTS – LUKOIL – slide 22
    LUKOIL Continues to Increase Free Cash Flow Free cash flow, million 8,000 7,240 7,000 6,930 6,000 5,000 3,775 4,000 3,000 2,360 2,115 2,000 1,555 1,213 55 1,000 324 0 2003 2004 2005 2006 2007 2008 2009 2010…
  23. 2011 FINANCIAL RESULTS – LUKOIL – slide 23
    Sources and Uses of Cash 18 16 Other inflows Other 14 Other inflows outflows Other outflows Decrease in 12 net debt Decrease in net debt Other inflows billion 10 Increase in Other net debt outflows Cash flow…
  24. 2011 FINANCIAL RESULTS – LUKOIL – slide 24
    LUKOIL increases shareholder value Dividend per one common share, rub. Dividend yield, % 5% +13% 4% +4% 3.5% 3.5% 3.6% 59 50 52 2.9% 3% 42 38 2.0% 33 2% 1.7% 28 24 20 15 1% 8 0% 2000 2001 2002 2003 2004 2005 2006…
  25. 2011 FINANCIAL RESULTS – LUKOIL – slide 25
    Robust Competitive Position in the Industry Net income per boe, 15 Lifting costs per boe, 40 35 12 30 25 9 20 6 15 10 3 5 0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Majors LUKOIL Majors LUKOIL…
  26. 2011 FINANCIAL RESULTS – LUKOIL – slide 26
    Robust Financial Position Total debt and net debt, bln 4 2 2.8 2.4 0 LUKOIL net debt decreased by 2,5 bln -2 6.3 in 2011 -4 8.8 -6 -8 -10 2010 2011 Cash and cash equivalents Net debt Debt-to-capital ratio, % Net debt…
  27. 2011 FINANCIAL RESULTS – LUKOIL – slide 27
    March 14 New Strategy Presentation Economic environment President Challenges of the today Vagit Alekperov Introduction of Strategy 2012-2021 Goals of Strategy 2012-2021 Vice-President Strategic landmarks Leonid Fedun Key…
  28. 2011 FINANCIAL RESULTS – LUKOIL – slide 28
    Conclusion - Investment policy focuses on the development of E&P segment - Continuing modernization of Russian refineries under new tax regime - Increasing efficiency of operating activities, cost control, and OPEX…

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