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IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft

Gazprom Neft · May 16, 2013 · 29 slides

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Slides

  1. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 1
    IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 16 May 2013, St. Petersburg
  2. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 2
    AGENDA Highlights, Alexey Yankevich Macro Member of the Management Board, Environment, CFO Financials Upstream Vadim Yakovlev Deputy Chairman of the Management Board, First Deputy CEO Downstream Vladimir Konstantinov Head of…
  3. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 3
    HIGHLIGHTS 1Q 2013 Financial performance: Revenue: RUB 292 bln (4.8% Y-o-Y) Higher oil product prices, increased hydrocarbon production and refining throughput resulted in 4.8% higher revenue EBITDA*: RUB 77 bln (-3.2% Y-o-Y) Higher…
  4. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 4
    Macro Environment Higher taxes and tariffs of natural monopolies in lower crude price environment IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 5
  5. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 5
    LOWER CRUDE PRICES, HIGHER TAXES, STABLE RUBLE Crude oil price vs. export duty Excise tax on petroleum products, RUB/tonne US/bbl RUB/US Brent Duty FX / Netbacks, /bbl Decrease in global crude prices Y-o-Y while…
  6. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 6
    Upstream New projects on track, continuing resource base extension, efficient development of legacy fields IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 7
  7. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 7
    LEGACY FIELDS: EXPLORING NEW OPPORTUNITIES 1Q 2013 Key events: Exploration: tight oil reserves Began testing Bazhenov formation at Palyanovskaya acreage of Krasnoleninskoye field Planned drilling of Palaeozoic carbonates at…
  8. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 8
    INDUSTRY-LEADING GROWTH IN HYDROCARBON PRODUCTION FOR 1Q13 Group average daily hydrocarbon Peer comparison: hydrocarbon production, ktoepd production in Russia increase 180 1Q13 vs. 1Q12 175 Gazprom Neft 4.7% 170 Rosneft 2% 165…
  9. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 9
    INCREASINGLY SOPHISTICATED APPLICATION OF NEW TECHNOLOGIES Total horizontal wells drilled, units 30 +329% Results of new technology application in 1Q2013 7 1Q12 1Q13 Technology Activity Average flow including: Vyngapurovskoye…
  10. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 10
    DELIVERING 20% HYDROCARBON PRODUCTION GROWTH WITH STABLE CAPEX* Upstream CAPEX, /boe Hydrocarbon production, MMtoe +6% -12% +13% +1% -11% +20% 40.3 9.8 37.9 33.6 8.6 8.7 2010 2011 2012 2010 2011 2012 *Excluding JV…
  11. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 11
    PRODUCTION GROWTH VS. CAPEX GROWTH 2010-2012 Gazprom Neft Production growth, % Rosneft Bashneft Russneft Surgutneftegas Tatneft Lukoil Capex growth, % Circle square production volume Source: Financial Statements…
  12. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 12
    INCREASED ASSOCIATED GAS UTILIZATION: 1Q13 VS. Y2012 Associated gas production/utilization, bcm Associated gas production/utilization +1.1 bcm of utilised associated gas 1Q13 vs. 1Q12, bcm Utilization 77%* Flaring 6.7 66%* 6.4 1.6…
  13. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 13
    UPSTREAM PROJECT DEVELOPMENT UPDATE 1Q 2013 Key events: 2013 Major goals: Messoyakha: Frame development and infrastructure Russian projects concept. FEED and equipment contracting for initial oil and Messoyakha: Acquired 400 km2 of…
  14. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 14
    UPSTREAM PROJECT DEVELOPMENT UPDATE 1Q 2013 Key events: 2013 Major goals: International Projects Iraq (Badra): Drilled second well (Bd5). Tested first of five Iraq (Badra): Test three wells. Start drilling formations at exploration…
  15. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 15
    PROSPECTS FOR BAZHENOV DEVELOPMENT Production start-up 2015 Outlook for JV Cumulative oil production: 87.5 MMTonnes Plateau production 1.7 MMTonnes Duration of plateau production 13 years (2024 - 2036) Signed partnership…
  16. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 16
    Downstream Increasing product quality and sustained growth in premium channels IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 17
  17. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 17
    REFINERY MODERNIZATION DRIVES PREMIUM CHANNEL EXPANSION 1Q 2013 Key events: 2013 Major goals: Refining Increased refining volumes by 1.8% Y-o-Y Launch FCC gasoline hydrotreating and Launched diesel hydrotreater at isomerization…
  18. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 18
    PRODUCT MIX CONTINUES SHIFT TOWARDS HIGHER VALUE Russian refining throughput Russian gasoline and diesel (MMTonnes) yields Gasoline Diesel +0.9% 9.49 +0.3% 9.40 9.46 1% Yaroslavl 1.84 +1.2% 1.87 -6.6% 2.00 20% 24% 34% Class 5…
  19. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 19
    STRONG MARGINS DIRECT CRUDE TO DOMESTIC REFINING Gazprom Neft crude mix Gazprom Neft average netbacks (MMTonnes) /bbl Introduction of 15.64 60-66 14.25 0.95 13.96 +34.7% Crude to CIS & 1.07 +19.6% 1.28 Russia 4.02 -22.9%…
  20. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 20
    DOMESTIC AND INTERNATIONAL PREMIUM CHANNELS SEE CONTINUED GROWTH Premium sales volume growth Market share 1Q 2012 vs. 1Q 2013 1Q 2013 Increased average daily throughput per site in Russia to 17.6 tpd in 1Q 10.3% 2013 12%* Increased…
  21. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 21
    Financials 4.8% revenue increase Y-o-Y IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 22
  22. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 22
    PROFIT ERODED BY TAXES AND TARIFFS OF NATURAL MONOPOLIES +4.8% Revenue increased 4.8% Y-o-Y on -8.4% higher petroleum products prices and 319 Revenues 278 292 expanded petroleum product sales RUB bln volumes Revenue declined 8.4%…
  23. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 23
    EBITDA RECONCILIATION 1Q13 VS. 1Q12 EBITDA 1Q13 vs 1Q12, RUB mln IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 24
  24. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 24
    EBITDA RECONCILIATION 1Q13 VS. 4Q12 EBITDA 1Q13 vs 4Q12, RUB mln IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 25
  25. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 25
    FREE CASH AFFECTED BY HIGHER CAPEX AND WORKING CAPITAL CHANGE RUB million Cash flow reconciliation 1Q13 (36,857) 43,928 Free cash flow 7,071 7,071 Net cash flow (16,038) (8,257) (2,508) 3,218 Operating cash CAPEX…
  26. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 26
    INVESTMENTS SUPPORT STRATEGIC GOALS 40% Y-o-Y growth in brownfield capex due Investments (RUB mln) to more intensive use of more expensive new technologies in legacy fields +33% Development of Orenburg, Novoport and Kurdistan…
  27. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 27
    CONTINUED IMPROVEMENTS IN BALANCE SHEET AND DEBT PORTFOLIO 2.0 80% 0.7% 1.4% 1.5 60% 1.0 40% USD 43.4% RUB Euro Other 54.5% 0.5 20% 0.0 0% 2011 2012 1Q13 Net debt/EBITDA (lhs) Debt to EBITDA target (lhs) Short term…
  28. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 28
    25% PAYOUT RATIO IS EXPECTED IN 2013 Shareholders register closed 23 April 2013 Dividend of RUB 9.3 per share recommended by the Board Dividend planned for 2012 is 25% of IFRS net income (RUB 44.09 bln) Dividends will be paid within…
  29. IFRS FINANCIAL AND OPERATING RESULTS FOR Q1 2013 – Gazprom Neft – slide 29
    Questions & Answers IFRS FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2013 30

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