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FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft

Gazprom Neft · Feb 26, 2013 · 32 slides

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Slides

  1. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 1
    FY2012 IFRS FINANCIAL AND OPERATING RESULTS 26 February 2013, St. Petersburg
  2. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 2
    AGENDA Highlights, Alexey Yankevich Macro Member of the Management Board, Environment, CFO Financials Upstream Mihail Zhechkov Head of Economics and Investment Department, Exploration and Production Division Downstream…
  3. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 3
    CONTINUING TO DELIVER STRONG FINANCIAL RESULTS FY2012 Financial performance: Revenue: RUB 1,230 bln (+19% Y-o-Y) EBITDA*: RUB 323 bln (+8% Y-o-Y) Net Income: RUB 176 bln (+10% Y-o-Y) Operational progress 2012 vs. 2011: Production…
  4. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 4
    ADVANCING ON STRATEGIC GOALS First test oil production from Messoyakha First oil from Novoportovskoe production well test Started oil production from Junin-6 Block in Venezuela Began second pilot drilling project at Orenburg field…
  5. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 5
    Macro Environment Stable prices; Higher MET offsets 60-66 reform gains FY2012 IFRS FINANCIAL AND OPERATING RESULTS 6
  6. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 6
    STABLE PRICES, RISING MINERAL EXTRACTION TAX Brent, /bbl Netbacks, /bbl 55.4 53.7 50.2 47.6 111.7 43.6 43.1 25.7 23.0 21.2 111.3 79.5 4Q11 3Q12 4Q12 Ref ining Netback Crude Export Netback Net upstream price** Crude &…
  7. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 7
    EXTERNAL FACTORS HAVE STRONGER IMPACT ON REFINING Upstream net price, /bbl 1.0 -0.6 23.7 -2.0 2.0 -0.1 -0.1 23.8 Upstream Price Export Duty lag 60-66 MET Transport. Upstream net price duty rate tariffs net price 2011 2012…
  8. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 8
    Upstream 4.3% production growth and 221% RRR FY2012 IFRS FINANCIAL AND OPERATING RESULTS 9
  9. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 9
    NEW PROJECTS AUGMENT PIPELINE Iraq Yuzhno-Kinyaminskoe Entered Kurdistan License transferred from Gazprom Reserves: 174 MMTonnes Reserves: 5.1 MMTonnes Startup: 2013 Startup: 2013 Peak: 7.2 MMToe at 2017 Peak: 0.4 MMTonnes at…
  10. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 10
    YUZHNO-KINYAMINSKIY UNDER ACTIVE DEVELOPMENT Key Results for 2012 Received license for field development Tested 4 out of 5 exploratory wells, all of which confirmed the presence of commercial oil Organized winter road, equipped town…
  11. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 11
    RESERVES REPLACEMENT RATE SURGES ON ORGANIC GROWTH Changes in PRMS (SPE) proved reserves*, Revisions, MMToe MMtoe 221% Reserves replacement ratio 42 128 5 2 9 1,200 51 0 1,130 128 58 19 YE2011 Group Revisions…
  12. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 12
    4% Hydrocarbon production growth PRODUCTION GROWTH DRIVEN BY ORENBURG ASSETS, IMPROVED TECHNOLOGIES, SEVERENERGIA Hydrocarbon production MMToe 15.0 14.8 15.4 16.0 14.8 14.8 0.2 0.1 1.1 1.0 1.0 1.0 1.0 14.0 1.5 1.5 1.4 1.4 1.4…
  13. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 13
    INCREASED TOTAL HYDROCARBON PRODUCTION BY 4.3% 1.6 (0.4) (0.8) (0.4) 0.4 59.7 0.7 0.4 (0.6) 0.4 1.2 0.1 15% 0.9 0.1 0.0 85% 1.2 57.2 13% 87% 2011 Priobskoye Orenburg Legacy fields JVs Sever Energia 2012 Crude oil…
  14. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 14
    INCREASINGLY SOPHISTICATED APPLICATION OF NEW TECHNOLOGIES Horizontal wells drilled, units 81 +200% Results of new technology application in 4Q2012 27 Technology Activity Average flow 12M11 12M12 Vyngapurovskoye-12 wells…
  15. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 15
    INDUSTRY-LEADING OPERATIONAL EFFICIENCY OVERALL OPERATING EFFICIENCY GPN used OPEX benchmarking to limit 2012 per-unit costs to 2011 levels, despite a 5.0% increase in the producer price index. GPN is the industry leader in certain…
  16. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 16
    NEW UPSTREAM PROJECTS DEVELOPMENTS UPDATE Orenburg Began pilot drilling at western Orenburg Began reservoir pressure maintenance at Orenburg Badra Began drilling pilot at Novoport Junin-6 Badra Began building oil Tsarichanskoye…
  17. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 17
    2013 PLANS FOR MAJOR UPSTREAM DEVELOPMENTS Chonskiy Kuyumba Zagros Dolginskoye July 2013 August 2013 September 2013 October 2013 Exploration program Complete drilling program: Phase 1: Debriefing - 3 exploratory wells Begin…
  18. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 18
    Downstream Modernization drives quality increase; international expansion of premium channels continues FY2012 IFRS FINANCIAL AND OPERATING RESULTS 19
  19. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 19
    REFINERY MODERNIZATION AND PREMIUM CHANNEL EXPANSION CONTINUE 2012 Key events: 2013 Major goals: Refining Launch FCC gasoline hydrotreating and Increased refining volumes by 7.0% Y-o-Y isomerization units at Moscow Completed…
  20. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 20
    HIGHER VALUE PRODUCT MIX AND EXPANDED REFINING THROUGHPUT Refining throughput (MMTonnes) NIS Slavneft Moscow 7.6 7.4 Omsk 1.9 0 -1% 10.8 10.7 Gasoline and diesel yields (MMTonnes) 21.0 19.9 Gasoline Diesel 12%…
  21. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 21
    STRONG YEAR-ON-YEAR GROWTH AS MARGINS STAY HIGH Gazprom Neft crude mix Gazprom Neft average netbacks (MMTonnes) /bbl Introduction of 60-66 Crude to CIS & Russia Crude Exports Refining Despite significant crude price…
  22. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 22
    REBRANDING PUSHES CONTINUED RETAIL SALES GROWTH Rebranding* 1 Loyalty program 3 Accompanying goods and services 2 Retail metrics 4 1 Rebranding* 2 Non oil sales, 3 Loyalty program, mln 4 Retail metrics 1,000 RUB/cu.m.…
  23. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 23
    DOMESTIC AND INTERNATIONAL PREMIUM CHANNELS DELIVER CONTINUED GROWTH Acquired refueling complex Premium sales volume growth Market share at Krasnoyarsk 2012 vs. 2011 2011 vs. 2012 17.7% 18.6% 26% Aviation 9.0% 16.0% 25%…
  24. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 24
    PANCEVO REFINERY MODERNIZATION INCREASE OIL PRODUCT QUALITY AND CONVERSION RATE Gazprom Neft has completed its first major international project: 500 mln EUR modernization and ecological improvement project at Pancevo Project…
  25. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 25
    Financials 8% EBITDA increase 2012 vs. 2011 FY2012 IFRS FINANCIAL AND OPERATING RESULTS 26
  26. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 26
    VOLUME, QUALITY AND EFFICIENCY IMPROVEMENTS DRIVE POSITIVE FINANCIAL RESULTS +16.9% +19.5% Increased revenue 19.5% Y-o-Y on -4.6% 333 318 1,230 higher crude oil and petroleum 272 278 301 Revenues 1,030 products prices and expanded…
  27. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 27
    EBITDA RECONCILIATION FY2012 VS.FY2011 EBITDA 12M 2012 vs. 12M 2011, RUB mln. 21,844 (542) 323,106 (14,341) 23,245 (3,999) (25,838) 300,077 8,387 9,078 5,196 61,011 35,662 Changes in net price= (12,546) 264,415 262,095…
  28. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 28
    EBITDA RECONCILIATION 4Q12 VS.3Q12 EBITDA 4Q 2012 vs. 3Q 2012, RUB mln. 95,597 (2,781) (4,488) (5,415) 2,143 1,728 (7,367) 20,435 (1,241) 36 78,212 13,579 Including duty lag = (6,229) Changes in net price = (11,782) 75,162…
  29. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 29
    US 2.3* BILLION FREE CASH FLOW GENERATED IN Y2012 RUB million Cash flow reconciliation Y2012 (158,102) 231,073 25,418 (35,195) Bank deposits (15,500) (1,118) 4,239 72,971 46,576 Operating cash CAPEX Free cash…
  30. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 30
    HIGHER INVESTMENTS SUPPORT STRATEGIC GOALS Investments (RUB bln) Active development of new Orenburg and Novoport assets, in addition to acreage in Kurdistan, drove a 55% Y-o-Y increase in +9.0% 183.07 greenfield capex 168.03 12%…
  31. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 31
    CONTINUED IMPROVEMENTS IN BALANCE SHEET AND DEBT PORTFOLIO* 6.9 bln 7.7 bln 6% 4% 2.0 5.60 20% 4.90 33% 1.5 4.20 35% 3.50 22% 1.0 2.80 16% 2.10 0.5 1.40 40% 25% 0.70 0.0 0.00 2011 2012 2010 2011 2012 Bank loans PXF…
  32. FY 2012 IFRS FINANCIAL AND OPERATING RESULTS – Gazprom Neft – slide 32
    Questions & Answers FY2012 IFRS FINANCIAL AND OPERATING RESULTS 33

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