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2010 RESULTS AND OUTLOOK – Gazprom Neft

Gazprom Neft · Feb 22, 2011 · 39 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. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 1
    Gazprom Neft 2010 Results and Outlook 22 February 2011
  2. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 2
    Management participating in this call Vadim Yakovlev Deputy Chairman of the Management Board, First Deputy CEO, Chief Financial Officer Boris Zilbermints Deputy Chairman of the Management Board Deputy CEO for Exploration and…
  3. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 3
    Disclaimer This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gazprom Neft and its consolidated subsidiaries. All statements other than statements of…
  4. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 4
    Overview 2010 Results Upstream Downstream Financial Q&A Appendix 44
  5. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 5
    Solid 2010 highlighted by 5% production growth, 21% EBITDA growth Solid financial performance in 2010 EBITDA: US7,226 mln (+21% Y-o-Y) Adjusted Net Income: US3,346 mln (+25% Y-o-Y) ROACE: 16% Cash flow from operating activities:…
  6. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 6
    2010 results laying foundation for 2020 objectives Key Events: 2020 Goals: Upstream Reach 100 MMTonnes oil Acquired share in SeverEnergia to develop Yamal fields equivalent production Established Messoyakhaneftegaz JV with TNK-BP in…
  7. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 7
    Upstream Yamal projects to drive domestic growth while international expansion continues 77
  8. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 8
    Optimizing legacy assets and developing new resources Hydrocarbon production MMtoe 60 +7.6% +5.3% Orenburg* 50 SPD Tomskneft 40 Slavneft Gazprom Neft 30 20 Cenomanian Gas 10 0 2007 2008 2009 2010 2011E…
  9. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 9
    Growing resource base with substantial upside Changes in PRMS (SPE) proved reserves (MMtoe) 110% total reserves replacement 1,018 1,023 53 61 3 110% Reserve replacement ratio Substantial resource upside in new field…
  10. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 10
    Expanding global presence diversifies upstream portfolio Serbia & Bosnia: Increasing share in NIS Yamal: Region slated for major expansion via Sever Energia, Novoport and Messoyakha JV Libya: Signed an agreement on entrance…
  11. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 11
    Future Yamal projects open access to exciting new exploration and development regions Yamal peninsula Gydan Exploration Messoyakha Gazprom assets Novoportovskoye M&A in the area Mobilization synergy Unlicensed federal…
  12. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 12
    Major Messoyakha field development is key to future production Region: Yamal (Gydan peninsula) Field: East & West Messoyakhskoe JV Messoyakhaneftegaz with TNK-BP (50%/50%) Operator: GPN Square: 7,279 km2 Status: Areas for test…
  13. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 13
    Acquisition of Sever Energia facilitates expansion into northern YANAO region SeverEnergy Ownership Structure: Samburgsky license area 51% - Yamal Razvitie (50/50 Gazprom Neft and Novatek JV) 49% : Eni + Enel Messoyakha…
  14. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 14
    Novoportovskoye and Orenburg field transfers from Gazprom add significant domestic potential Novoportovskoye Largest crude and condensate reserves among any Rotterdam - 2923 km field in Yamal peninsula Transfer to 146 exploration…
  15. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 15
    Cenomanian gas to drive new source production in 2011 Novogodneye and Muravlenko fields Cenomanian gas development project covers deposits at Muravlenko and Novogodneye fields ABC1 Reserves of 51.2 MMToe Production start: October…
  16. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 16
    Kuyumba offers potential for further Siberian growth Region: Eastern Siberia Field: Kuyumbinskiy and Tersko-Kamovskiy blocks Joint project with TNK-BP through Slavneft JV Status: 65 exploration wells drilled as of end-2010…
  17. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 17
    Signed PSA contract in Libya for Elephant field 12% 88% KNOC PSA JV agreement 33.3% NOC ENI North Africa 33.3% 50% 50% Management GPN North Committee Africa 33.3% Mellitah Oil & Gas Company Operator Acquired 33%…
  18. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 18
    First step into the Middle East with Badra Region: Iraq Field: Badra Operator: GPN Contract with the government of Iraq for Badra field development Key contract provisions: Start up: 2013 reaching plateau of 170 mb/d in 2017…
  19. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 19
    Diverse offshore exploration projects to add technological capacity Region: Equatorial Guinea Offshore blocks: & U Equatorial Guinea Operator: GPN GEPetrol JV structure Status: 20% Signed PSA with Ministry of Energy of…
  20. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 20
    Leadership position in Junin-6 Russian consortium Region: Venezuela Field: Junin-6 (heavy crude) Operator: PetroMiranda JV between PDVSA and the Russian National Oil Consortium (RNOC) GPN appointed RNOC project leader Established…
  21. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 21
    Downstream Asset modernization and refining expansion add to integration benefits 21 21
  22. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 22
    Capitalizing on growing domestic market and superior margins Oil Product Demand Growth 2005-2010 5.0% US/bbl Netback Dynamics 50 4.0% Switch to demand forecasts for key 3.0% 40 markets GPN is exposed to Russia, Central Asia,…
  23. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 23
    Refining volumes up following Moscow consolidation Refining to crude production ratio Refining throughput MMTonnes 90% 45 80% 37.9 38.4 40 70% 33.4 2.2 35 2.8 28.4 2.4 7.2 7.0 60% 30 26.2 24.3 6.8 50% 25 6.7 10.3 6.4 8.9…
  24. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 24
    Ambitious medium-term investment program to boost refinery complexity and light product yields Omsk Refinery Moscow Refinery Yaroslavl Refinery NIS refineries 2009 - 2010 results*: 2009 - 2010 results*: 2009 - 2010 results*: 2009…
  25. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 25
    Continuing to develop business units in high- margin premium sales channels Retail Lubricants viation Bunker Rebranding campaign well Launch of G-Family Lubricants 1 retail supplier of aviation 1 supplier of bunker fuel in…
  26. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 26
    Financial Results Financials rise on higher crude prices, increased production and acquisitions 26 26
  27. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 27
    Macroeconomic indicators recovering after the crisis Brent, /bbl +27% 79 62 Global crude and product prices increased, driving similar growth in 2009 2009 2010 2010 Russia Ruble appreciated against the dollar, Exchange rate,…
  28. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 28
    Financials rise on higher crude prices, increased production and acquisitions 20% 36% Revenues grew 36% year-on- 8% year, 4Q09driven revenues roseby in part 7%theq-o-q to 8,387 9,063 32,772 US7,568inmln recovery on the crude…
  29. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 29
    21% EBITDA increase driven by volume and price growth EBITDA 12M 2010 vs 12M 2009 (US mln.) -2,590 4,198 488 -531 478 -394 7,226 -342 -789 714 18 949 5,977 Changes in netbacks = 1,564 OPEX = - 144 SG&A = - 313 931…
  30. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 30
    12% increase in OPEX driven by volume and tariff increases as well as ruble appreciation 30 30
  31. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 31
    Ample cash flow to cover capex, M&A and dividends US mln Cash reconciliation: FY2010 vs. FY2009 5,392 3,301 1,624 Free cash flow 419 2,091 728 120 1,146 868 868 Cash at Operating Capex Cash at 1Q10 Acquisitions Net…
  32. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 32
    Continued optimization of high-quality debt portfolio By category By currency 5% Other EUR 2% 1% Other 19% Ruble Average weighted rate reduced by 18% Russian bonds 23% RUB banks 1.15 p.p from 5.11% to 3.96% International 22%…
  33. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 33
    2011 outlook sees 8% production growth from continued organic investments Capex and investments* (USbln) Outlook for key figures* + 7.6% 4.9 5.4 2010 2011E 5 60 0.7 Sibir Energy 0.5 Acquisition 4 New projects 50 52.8 56.8…
  34. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 34
    Proposed 60-66 tax system would benefit Company Changes in 2011 EBITDA due to export duty reforms On December 27, 2010 the Russian US mln government issued act 1155, which enacts a 3-year change in duties for oil products starting…
  35. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 35
    Strong upside potential according to major market indicators 2007-2010 indexed share price of Russian Majors 180% 160% Strong three-year share Gazprom Neft performance, ahead of peer 140% group 120% Valuation multiples at 100%…
  36. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 36
    Questions & Answers 36 36
  37. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 37
    Appendix 37 37
  38. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 38
    EBITDA Reconciliation (4Q10 vs 3Q10) EBITDA 4Q 2010 vs 3Q 2010, mln. OPEX =2 SG&A =1 Transport =2 Taxes =2 -108 -10 2,079 2,011 320 -66 -122 209 7 -37 -125 238 275 OPEX = - 41 SG&A = - 36 Exploration expenses = -…
  39. 2010 RESULTS AND OUTLOOK – Gazprom Neft – slide 39
    OPEX reconciliation (4Q10 vs 3Q10) reconciliation 4Q10 vs 3Q10 (US mln.) -14 -2 55 589 550 3Q 2010 Volume Tariff increase FX gain (loss) 4Q 2010 39 39

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