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Q2 2015 Results – Rosneft Oil Company

Rosneft Oil Company · Sep 1, 2015 · 29 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. Q2 2015 Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q2 2015 1 September 2015
  2. Q2 2015 Results – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator 2Q 15 1Q 15 % 1H 15 1H 14 % Urals, /bbl 61.8 52.8 17.0% 57.3 107.1 (46.5)% Urals, th. RUB/bbl 3.25 3.28 (1.0)% 3.29 3.75 (12.2)% Naphtha, th. RUB/t 26.71 27.21…
  3. Q2 2015 Results – Rosneft Oil Company – slide 3
    Key Performance Indicators Indicator 2Q 15 1Q 15 % 1H 15 1H 14 % Hydrocarbon production 5,149 5,200 (1.0)% 5,175 5,075 2.0% kboepd Crude oil and NGL production 4,126 4,131 (0.1)% 4,129 4,176 (1.1)% kbpd Gas production,…
  4. Q2 2015 Results – Rosneft Oil Company – slide 4
    Key Financial Results Indicator 2Q 15 1Q 15 % 1H 15 1H 14 % Revenues, 1,312 1,288 1.9% 2,600 2,810 (7.5)% RUB bln EBITDA, 311 265 17.4% 576 593 (2.9)% RUB bln Adjusted EBITDA1, 326 286 14.0% 612 593 3.2% RUB bln Adjusted net…
  5. Q2 2015 Results – Rosneft Oil Company – slide 5
    Operating Results
  6. Q2 2015 Results – Rosneft Oil Company – slide 6
    Drilling Development drilling Key achievements in 1H 2015 th. m SamaraNG: optimization of the development drilling program improved flow rates from new wells to 67 67.5 5 t/d in 1H 2015. Launching 41 new wells ensured cumulative…
  7. Q2 2015 Results – Rosneft Oil Company – slide 7
    Production kboepd +2% 147 (45) (30) 19 13 (21) (10) 39 (10) 10 (12) 5,175 5,075 Brownfields: Greenfields: -118 118 kbpd; kb d -2.3% 2 3% +71 kbpd; kb d +1.4% +1 4% 1H 2014 Yugansk Orenburg Samotlor VaryeganNG…
  8. Q2 2015 Results – Rosneft Oil Company – slide 8
    Progress in Key Projects Development Labaganskoye Field Severo-Komsomolskoye Field Development drilling started in 2Q15. The first well was The field is characterized by complex geological commissioned in July 2015 structure with the…
  9. Q2 2015 Results – Rosneft Oil Company – slide 9
    Partnership with BP in Taas-Yuryakh Asset description The key field is Srednebotuobinskoye Start of commercial production Oct 2013; current production rate 20 kbpd; production plateau 100 kbpd A 169 km long pipeline has been…
  10. Q2 2015 Results – Rosneft Oil Company – slide 10
    Gas Business: organic growth and efficient monetization Key achievements over 6M 2015 Gas production bcm Gas production organic growth by 16% in 1H15 y/y (incl. 31 1 31.1 natural gas - by 10.4%, APG - by 22.6%) 26.7 +16%…
  11. Q2 2015 Results – Rosneft Oil Company – slide 11
    Refining Refining throughput and light product yield in Russia Key achievements in 2Q15 40.0 Oil refining in Russia, mmt 100% Full transition to production of Premium-95 gasoline E Euro 4/5 gasoline li share,% h % 95% 95% Euro-5…
  12. Q2 2015 Results – Rosneft Oil Company – slide 12
    Crude and Product Sales Netbacks of main oil monetization channels Oil monetization structure (2Q 2015) Oil refining at refineries Domestic market Export Capacity utilization rate 80 95% 89% 88% 30 87% 88% 87% 90% 85%…
  13. Q2 2015 Results – Rosneft Oil Company – slide 13
    Financial Results
  14. Q2 2015 Results – Rosneft Oil Company – slide 14
    Revenues 2Q 2015 vs. 1Q 2015 RUB bln External factors: Company controlled factors: RUB +11 bln;; +1% RUB +13 bln;; +1% 3 11 (1) 6 8 (217) 214 1,288 1,312 1Q 2015 Exchange rate Crude price changes Exchange rate effect…
  15. Q2 2015 Results – Rosneft Oil Company – slide 15
    Net Crude Oil Export Revenue th. RUB/t Export duty Yugansk-Primorsk tariff 13.65 13.39 MET 13.77 8.06 6.87 14.84 Net export revenue1 1.70 1.70 1.61 1.61 1.61 69% 6.87 7.07 6 08 6.08 6 14 6.14 1.61 6 5.84 5.27 5.95…
  16. Q2 2015 Results – Rosneft Oil Company – slide 16
    Operational Costs Dynamics Lifting costs dynamics Refining costs in Russia dynamics RUB/boe RUB/bbl 180 Costs 60% 180 60% Costs % vs. pr. year 162 % vs. pr. year 157 158 144 150 40% 40% 120 120 132 134 121 19.8% 116 110 18.6%…
  17. Q2 2015 Results – Rosneft Oil Company – slide 17
    EBITDA and Net Profit EBITDA in 2Q 2015 vs. 1Q 2015 RUB bln External factors: Company controlled factors: EBITDA growth by 17% RUB +47 bln; +18% RUB -1 bln; -0.3% in 2Q15 vs. 1Q15 4 (3) 8 3 (5) Positive effect of the time lag in 64…
  18. Q2 2015 Results – Rosneft Oil Company – slide 18
    Capex Capex and production RUB bln kboepd 23.04.2015 The Board of Directors of the Company 800 5,600 approved a revised 2015-2016 2015 2016 business plan developed in the conservative environment and 600 560 4,200 ensuring delivery…
  19. Q2 2015 Results – Rosneft Oil Company – slide 19
    Free Cash Flow Free Cash Flow RUB bln 596 Free Cash Flow increase by 46% y/y to RUB 340 bln Y Year in 1H15 6M Despite worsening global market conditions, Rosneft keeps generating free cash flow at 7/boe level 340 demonstrating the…
  20. Q2 2015 Results – Rosneft Oil Company – slide 20
    Sources and Uses of Cash 2Q 2015 1H 2015 RUB bln RUB bln Proceeds from asset sale 69 Operational cash flow 269 Cash available for debt management 31 67 Interest 187 569 39 Purchase of subsidiaries, 331 23…
  21. Q2 2015 Results – Rosneft Oil Company – slide 21
    Financial Stability Debt and net debt dynamics bln(1) For 6M 2015 - consolidated debt load was reduced by 10 2% or by 6 10.2%, 6.2 2 bln1 to 54 54.3 3 bln1 (RUB 3 3,013 013 bln) Net debt Cash, cash equivalents and ST…
  22. Q2 2015 Results – Rosneft Oil Company – slide 22
    Appendix
  23. Q2 2015 Results – Rosneft Oil Company – slide 23
    EBITDA and Net Profit EBITDA 1H 2015 vs. 1H 2014 RUB bln External factors: Company controlled factors: RUB -38 38 bln.; -6% 6% RUB +21 21 bln; +3% 3% 373 (301) 1 ((37)) 9 (25) (58) (21) 39 3 593 576 1H 2014 Change in…
  24. Q2 2015 Results – Rosneft Oil Company – slide 24
    Changes in Expenses in 1H 15 vs. 1H 14 Lifting costs RUB bln Lifting costs growth due to increased workovers, 5 6 4 natural watercut growth at brownfields, and power 4 tariff increase 137 117 From April 1, 2015, wages of…
  25. Q2 2015 Results – Rosneft Oil Company – slide 25
    Hedging of Exchange Risk Indicator Effect before tax Tax Effect after tax Recognized as a part of other comprehensive income/(loss), (498) 100 (398) as of 31.12.2014 Exchange rate differences in 1Q 2015 (70) 14 (56) Recognized in 1Q…
  26. Q2 2015 Results – Rosneft Oil Company – slide 26
    Time Lag for Export Duty RUB bln (11) 3 (35) (129) (43) 23 304 311 317 308 311 300 289 301 288 276 265 188 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Normalized EBITDA Actual EBITDA 27
  27. Q2 2015 Results – Rosneft Oil Company – slide 27
    Financial costs, RUB bln Indicator 2Q 15 1Q 15 % 1H 15 1H 14 % 1 1. Accrued interest1 31 41 (24 4)% (24.4)% 72 44 63 6% 63.6% 2. Paid interest 23 44 (47.7)% 67 41 63.4% 3. Change in interest payable (1-2) 8 (3) 5 3 66.7%…
  28. Q2 2015 Results – Rosneft Oil Company – slide 28
    EBITDA and Net Income Sensitivity Urals price change Exchange rate change RUB bln RUB bln -11 /bbl +11 /bbl -9 RUB/ +9 RUB/ EBITDA EBITDA (40) 40 (70) 70 Net Income Net Income (32) 32 (56) 56 Average Urals price in 2Q…
  29. Q2 2015 Results – Rosneft Oil Company – slide 29
    Questions and Answers

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