US GAAP Financial and Operating Results for First Quarter 2011 12 May 2011
Management participating in this call Alexey Yankevich Head of Economics and corporate planning directorate Alexander Dybal Member of the Management Board, Deputy CEO for Corporate Communications Victor Saveliev Head of…
Continued income growth and execution on strategy to 2020 Delivered strong financial performance Revenue: US 9,865 mln (+9% Q-o-Q; +35% Y-o-Y) EBITDA: US 2,467 mln (+19% Q-o-Q; +56% Y-o-Y) Net Income: US 1,437 mln (+47% Q-o-Q; +91%…
Macro Environment Strengthening crude price and ruble 66
Higher crude prices contribute to strengthening ruble and inflation pressure Brent, /bbl Average exchange rate Inflation (PPI), % Russian retail demand, MMtonnes Higher global crude and product prices Gasoline demand Diesel demand…
Upstream New projects on track, hydrocarbon production rises 88
New projects driving domestic growth while international expansion continues 1Q11 Key Events: 2011 Major Goals: New Source Cenomanian gas full scale Produce 3.2 MMtoe Cenomanian gas production Messoyakha: complete development plan,…
MMtoe kboepd Steady production growth continues, driven by Cenomanian gas Group hydrocarbon production +8% +1% 4th consecutive quarter hydrocarbon Seasonal production decrease at Salym production growth Petroleum due to…
500 160 120 wells units tonnes/day Higher average well flows, expanded activity at 100% owned fields New wells and average new well flow Other E&P activities Improved flow rates from new wells Recovery Q-o-Q in primary…
Sales Cenomanian gas will drive full year 2011 growth Sales volumes, bcm Muravlenko and Novogodneye Cenomanian gas fields started up 4Q2010 Cumulative production of 500,000 mcm through 31.12.10 2011 estimated production of 3.4…
Phase 2 of South Priobsky gas turbine power station will reduce opex South Priobsky GTPS key data Located 70 km south of Khanty-Mansiysk Phase 1 startup December 2009 48 MW Phase 2 startup December 2010 48 MW Capex: US 160 mln (4.8…
Downstream Stronger margins; modernization program on schedule 14 14
Refinery modernizations raise fuel quality, drive continued premium sales growth 1Q11 Key Events: 2011 Major Goals: Refining Begin construction of isomerization units at Moscow and Yaroslavl Refining volumes up 5% Y-o-Y refineries…
Upgraded fuel quality adds value to increased refining runs Gazprom Neft refining throughput Gazprom Neft gasoline & diesel yields, % (labels in MMTonnes) MMTonnes 12 -6.1% Gasoline yield Diesel yield +5.3% 10,05 10 9,43 8,96…
70 20 Seasonal drop in crude and product sales MMTonnes Gazprom Neft sales mix Gazprom Neft average netbacks 16 +5.6% -5.0% 14,53 13,81 14 0,73 13,08 -6.8% 0,68 -4.2% 0,71 12 3,89 3,47 -11.0% -10.8% 3,90 10 8 -0.4%…
Continuing focus on high-margin premium channels Y-o-Y 1Q premium* National retail sales increase market share Introduced G-drive branded premium motor fuel Completing reconstruction and rebranding campaigns Retail Launched Winter…
US 87 mln losses following domestic price cuts Petroleum product retail prices Netback, March 2011, Downstream losses Omsk, Rub/liter Omsk, /tonne following price cap, US mln Regular Diesel Fuel 25 March/ Winter January gasoline…
Financial Results Strong performance on expanded production and higher crude prices 20 20
Expanded volumes and pricing strength leverage 93.1% net income expansion Y-o-Y Revenue increases driven by hydrocarbon production volumes and prices Revenues Average Urals price increased US mln 20.4% Q-o-Q and 36.2% Y-o-Y…
Y-o-Y EBITDA growth driven by price and volume increases, tempered by higher taxes and costs EBITDA 1Q 2011 vs 1Q 2010(US mln) 2,467 1,586 Change in netbacks = 1 132 OPEX = - 47 SG&A = - 35 Exploration expenses =2 22…
Volume increases leading to larger Opex Y-o-Y Opex reconciliation: 1Q10 vs. 1Q11 578 23 23
Borrowings used for Sibir, NIS acquisitions Cash reconciliation: 4Q10 vs. 1Q11 US mln 24 24
Continued commitment to capital discipline and debt optimization Gearing ratio and maturity mix By category By currency Other Russian 5% banks EURO OTHER 14% 1% 1% Ruble RUR bonds 35% 31% International DCM USD 31% 63%…
Capex program ensures future growth Capex Dynamics (US mln) Capex up 1% Y-o-Y, down 35% Q-o-Q Q-o-Q upstream capex decline due to seasonal factors Marketing capex decline amid ramp down of rebranding campaign Drop in refining…
Board has recommended dividend equivalent to 22% of Net Income, subject to AGM confirmation The AGM will take place at 11:00 on 9 June 2011 at the offices of Gazprom (16 Nametkina St, Moscow) Eligibility to participate in the AGM and…
Questions & Answers 28 28
Units bbl barrel boe barrel of oil equivalent tonne metric ton toe tonnes of oil equivalent MMTonnes million tonnes MMbbl million barrels MMboe million barrels of oil equivalent Mmtoe million tonnes of oil equivalent bcm billion…
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