IFRS FINANCIAL AND OPERATING RESULTS FOR SECOND QUARTER 2014 12 August 2014, Saint-Petersburg
Agenda Highlights, Alexey Yankevich Financials Member of the Management Board, CFO Upstream Mikhail Zhechkov Head of Economics and Investment Department, Exploration and Production Division Downstream Vladimir Konstantinov…
Disclaimer Gazprom neft 3
Highlights 1H 2014 Financial performance: Revenue: RUB 688 bln (+16.5% Y-o-Y) EBITDA*: RUB 178 bln (+18.5% Y-o-Y) Net Income: RUB 88 bln (+12.9% Y-o-Y) 2Q 2014 Key events Began industrial oil production at Badra oil field Began…
Upstream Production growing as project portfolio expands Gazprom neft 5
New project portfolio continues to expand in 2014 SeverEnergia Prirazlomnoye Nortgaz Iraq (Badra) Reached agreement on 50/50 ownership with Acquired an effective stake of 9.1% in Gazprom Neft acquired Gazprom Neft Shelf, NOVATEK,…
Major upstream achievements SeverEnergia: Agreed on a 50/50 ownership plan with NOVATEK; executed first financial restructuring step to achieve 45.1% effective Gazprom Neft share from 31 March 2014 Nortgaz: purchased 9.1185% share…
Hydrocarbon production growth driven by Priobskoye and Orenburg fields and increased share in SeverEnergia Average daily hydrocarbon production Total hydrocarbon production, MMtoe 000 toe/day 195 3.7% 0.5% 190 15.5 16.1 15.9…
Oil and gas both continue to contribute to production growth Hydrocarbon production 2Q 2014 vs. 2Q 2013, MMtoe +3.7% Crude +0.28 MMTonnes Gas +0.28 MMtoe * JVs refer to proportionately consolidated entities and equity…
New field development Chona Pilot production from well 96 at the Kuyumba Completed 3D seismic at Tympuchikanskiy block Podporozhny block (300 km2) and Completed 2013-2014 3D seismic Tersko-Kamovskiy block (400 km2) program Began…
New field development (continued) Nortgaz Gazprom Neft became manager of 50% of SeverEnergia Temporary operation of gas the shares of Nortgaz controlled by processing plant at Urengoiskoye Gazprom group field following the fire…
Downstream Increasing throughputs as premium channel sales rise Gazprom neft 12
Refinery modernization on track as premium sales volumes rise 1H 2014 Key results: 2014 Major goals: Refining Refining throughput grew 3.8% in Omsk: complete FEED and launch of EPC 1H14 vs. 1H13 for the following projects: Deep…
Netbacks improve while prices remain largely steady in 2Q 2014 Crude oil prices, /bbl Average netbacks, /bbl 110.3 109.2 108.2 109.7 102.4 0.7 2.0 65 1.0 1.7 Urals diff. 0.3 23.4 22.9 23.7 23.9 21.4 MET 55 52.3 54.5 52.2…
Domestic refining up on strong netbacks and seasonality Crude mix, MMTonnes Refining cover in Russia 80.7% 79.4% 76.2% 80.7% 81.6% y-o-y 14.5 growth 14.1 14.3 14.2 13.7 +3.8% -0.9% Crude export and 2.0 2.1 1.9 2.0 +2.1% +3.1%…
Refining investments result in high-value product yield Gasoline yield 2Q14 Total yield, MMTonnes 65% 89% Other Gasoline 29% 17% 20% 6% 10% 2Q13 2Q14 Diesel yield HFO 17% 10.77 Diesel 63% Bunker 29% Fuel 95% 9%…
Premium channels continue domestic and global expansion in 2Q14 Premium sales volume growth 1H 2013 vs. 1H 2014 Increased average daily throughput per site in Russia to 19.0 tpd in 2Q14 vs. 18.4 in 2Q13, an increase of 3% 7%…
Financials Production growth and increase in sales pushed 18.5% growth in EBITDA Gazprom neft 18
Increasing Y-o-Y EBITDA driven by growth in hydrocarbon production and premium channels Revenue grew 16.5% Y-o-Y on higher hydrocarbon production volumes, increased petroleum Revenues products sales, higher crude oil and RUB bln…
EBITDA reconciliation 1H 2014 vs. 1H 2013 EBITDA 1H 2014 vs 1H 2013, RUB bln 9.8 1.3 178.4 17.8 3.3 1.1 1.5 (0.2) 20.0 150.6 (6.7) 13.0 158.4 137.5 1H13 Price Increase in Decrease in Reduction of Crude oil Volumes…
EBITDA reconciliation 2Q14 vs. 1Q14 EBITDA 2Q14 vs 1Q14, RUB bln 2.5 1.3 94.4 6.1 0.2 0.2 11.4 84.0 8.6 82.9 75.4 1Q14 Price Decrease in Crude oil Volumes Increase 2Q14 export duty & & in share in rate* gas volumes…
Strong free cash flow generation Cash Flow reconciliation 1H 2014, RUB mln (96,185) 145,559 (11,400) (5,851) 14,977 (13,194) 37,974 39,192 (52,683) 57,969 Operating CAPEX Change in Free cash New M&A Net Other Bank Net…
Investments support strategic goals and greenfield development 13% Y-o-Y growth in brownfield capex due Investments, RUB mln to increase in use of new technologies in legacy fields 154,719 Active development of offshore projects,…
Diversified debt portfolio Debt maturity profile at the end of 2Q14 and Debt structure at the end of 2Q14, RUB mln comparison of profiles structures 2Q14 vs. Y2013 From 34% 369,541 152,937 to 29% 17,566 Other borrowings 61,576…
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