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Investor Presentation – OMV

OMV · Nov 1, 2014 · 55 slides

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Slides

  1. Investor Presentation – OMV – slide 1
    OMV Petrom Investor Presentation November 2014
  2. Investor Presentation – OMV – slide 2
    Contents Page OMV Petrom at a glance 4 Business environment 12 OMV Petrom Strategy 2021 16 Business overview 20 Financial performance: Q3/14 results 34 Management agenda 2014 46 Note: All the figures refer to OMV Petrom…
  3. Investor Presentation – OMV – slide 3
    This page is left blank intentionally 3 Investor presentation
  4. Investor Presentation – OMV – slide 4
    Cover option 1: Insert a cover picture and align grouped text freely on page, OMV Petrom (28pt) at a glance Place, xx. Month 2013 (16pt)
  5. Investor Presentation – OMV – slide 5
    2013 FIGURES OMV Petrom is an operationally integrated oil & gas company Exploration and Refining and Marketing Production Petrobrazi refinery Romania (4.2 mn t/yr capacity) Oil: Supplies 100% 3.6 mn t marketing sales 4 mn toe/yr…
  6. Investor Presentation – OMV – slide 6
    ExxonMobil 6 PetroChina BP Shell * Not listed Chevron Petrobras Supermajors Total Statoil ASA ENI ConocoPhillips Majors Investor presentation Novatek Anadarko Occidental Apache Devon…
  7. Investor Presentation – OMV – slide 7
    2013 FIGURES OMV Petrom is the leading industrial company in Romania Largest private employer Main energy supplier 20,000 direct employees and Accounts for 40% of oil, gas more than 60,000 indirect jobs and fuel supply, and up…
  8. Investor Presentation – OMV – slide 8
    OMV Petrom has transformed from an inefficient state-owned company into a high-performing private company From... To... Impact Professional organization Transparency State company mindset Two-tier management system and…
  9. Investor Presentation – OMV – slide 9
    Financial performance in 2013 Clean CCS EBIT 2013 vs. 2012 Exploration & Production in RON mn First annual increase in hydrocarbon production in Romania since privatization Continued focus on cost reduction 6,015 Unfavorable FX…
  10. Investor Presentation – OMV – slide 10
    Evolution of financial indicators Solid financial basis for growth and sustainable performance Operating cash flows, RON bn ROACE, % 19.0 8.0 17.3 16.5 6.4 7.2 4.6 10.7 2.7 5.2 2009 10 11 12 2013 2009 10 11 12 2013 Operating…
  11. Investor Presentation – OMV – slide 11
    OMV Petrom has benefited from an improved capital market environment OMV Petrom S.A. shareholder structure OMV*: Austrias largest listed industrial company and 18.99% integrated international oil and gas company Fondul Proprietatea:…
  12. Investor Presentation – OMV – slide 12
    Cover option 1: Insert a cover picture and align grouped text freely on page, Business (28pt) environment Place, xx. Month 2013 (16pt)
  13. Investor Presentation – OMV – slide 13
    Macroeconomic environment Romanias resilient economy continues to recover GDP growth rate, % Current Account deficit, % of GDP Country ratings: investment 10 grade Moodys (Baa3), Fitch 7.9 6.3 (BBB-) and S&P (BBB-) 7.3 5 3.5 IMF…
  14. Investor Presentation – OMV – slide 14
    Regulatory environment An investment-friendly environment is required to fully unlock growth in the energy sector Progress made Remaining challenges Oil Oil market is fully liberalized Stable and investment-friendly fiscal &…
  15. Investor Presentation – OMV – slide 15
    Romanian energy sector Demand Demand and prices Gas -6%; Power stable; Fuels -2.4% 9m/14* vs. 9m/13 Prices Urals: -2% Gas: liberalization continued Power**: -6% Gas and Power: undergoing significant changes Gas prices…
  16. Investor Presentation – OMV – slide 16
    Cover option 1: Insert a cover picture OMV Petromand align Strategy grouped text 2021 freely on page, (28pt) Place, xx. Month 2013 (16pt)
  17. Investor Presentation – OMV – slide 17
    OMV PETROM STRATEGY AS OF 2012 Strategy 2021: Sustainable performance for growth Maximize portfolio value E&P and position for growth We aim to remain the leading Enhance value of equity regional, integrated oil and G&P gas…
  18. Investor Presentation – OMV – slide 18
    Strong track record of implementing strategic initiatives C Position for long-term growth B Enhance mid-term value A Sustain performance 2012 2014 2016 2021+ Stabilize production through Increase ultimate oil and gas Explore…
  19. Investor Presentation – OMV – slide 19
    OMV Petrom continues investing in profitable upstream assuming an investment-friendly environment and robust market fundamentals Capital investments of EUR 1bn/yr OMV Petrom total assets 2021 funded through operating profits Total…
  20. Investor Presentation – OMV – slide 20
    Cover option 1: Insert a cover picture and align grouped text freely on page, Business overview(28pt) Place, xx. Month 2013 (16pt)
  21. Investor Presentation – OMV – slide 21
    Health Safety Security and Environment (HSSE) Safer operations E&P LTIR1 Romania Significantly improved in 2013 1.6 Fatality rate in Romania reduced by 80% since 1.11 50% 2008 reduction 0.70 OMV Petrom LTIR substantially…
  22. Investor Presentation – OMV – slide 22
    Exploration Exploration and partnerships efforts to rejuvenate production base starting to pay off 3D seismic coverage of 2D and 3D Seismic exploration acreage 73% in 2013 (from 3% in 2005) 3 Near-field and frontier exploration…
  23. Investor Presentation – OMV – slide 23
    Exploration & Production OMV Petrom footprint is concentrated in Romania 2013 FIGURES Exploration and production concessions Key facts Romania Existing blocks/fields: 10 assets with 239 commercial oil and gas fields (45/55% oil/gas…
  24. Investor Presentation – OMV – slide 24
    Exploration & Production First year of increased production in Romania, 2013 FIGURES while containing production costs Group production, kboe/d Kazakhstan Production was stabilized by Romania accelerating workovers and drilling, 4.6…
  25. Investor Presentation – OMV – slide 25
    Mid-term production FRD projects to unlock growth potential FRDs aim at maximizing ultimate recovery 11 FRDs in development phase 2P reserves of 100 mn boe EOR/IOR (water, steam, polymer injection) Peak production: 17 kboe/d…
  26. Investor Presentation – OMV – slide 26
    Exploration and Production Black Sea - Shallow waters Oil Production- Shallow waters (kboe/d) Gas 32.0 31.7 31.3 Istria Perimeter: (100% OMV Petrom) 30.6 30.5 30.6 30.1 5 producing fields Production accounted for 18% of the…
  27. Investor Presentation – OMV – slide 27
    Black Sea exploration and production Strong position in the Black Sea for future growth Romania Neptun Deep OMV Petrom (50%), ExxonMobil (Operator 50%) 3D seismic completed (6,000 km2 ); processing seismic Domino-1 well (930 m):…
  28. Investor Presentation – OMV – slide 28
    Black Sea exploration Drilling campaign continues in Neptun Deep Pelican South-1 exploration well: drilling started in October, testing a new geological structure of the block Domino-2 well: drilling finalized; data from the well…
  29. Investor Presentation – OMV – slide 29
    2013 FIGURES Gas & Power Lower contribution due to challenging gas and power markets Gas sales, bcm Other* Total gas consumption in OMV Petrom gas sales Romania down by 8% in 2013 15 13.8 14.2 13.6 13.1 12.5 OMV Petrom…
  30. Investor Presentation – OMV – slide 30
    Gas market liberalization Gas prices in Romania (EUR/MWh)1 Regulated non-households: H2/14 40 price set at Q2/14 level; deadline for price deregulation: December 31, 2014 29 29 28 28 28 Regulated households: Q4/14 price 27 24 24…
  31. Investor Presentation – OMV – slide 31
    2013 FIGURES Refining & Marketing Good operational performance with high refinery utilization rate Refining & Marketing positively contributes to OMV Petrom results Clean CCS EBIT, RON mn 500 374 250 152 Strong operating profit…
  32. Investor Presentation – OMV – slide 32
    Petrobrazi refinery: addresses market demand better and more efficiently Romanian indicator refining margin increased by USD 5/bbl1 Streamlined refining Yield, in % nameplate capacity to Substantial value Middle distillates*…
  33. Investor Presentation – OMV – slide 33
    Marketing Respond to the market challenge through a focused strategy to face high competition and challenging demand Main Main streams actions Secure and improve existing portfolio of customers and Fuel strategy sales Generate…
  34. Investor Presentation – OMV – slide 34
    Cover option 1: Insert a cover picture and align grouped text freely on performance: Financial page, (28pt) Q3/14 results Place, xx. Month 2013 (16pt)
  35. Investor Presentation – OMV – slide 35
    OMV Petrom highlights Q3/14 E&P Hydrocarbon production in Romania was broadly flat Increased exploration activity in the shallow and deep Black Sea Exploration license for nine blocks was renewed G&P Gas: depressed market demand…
  36. Investor Presentation – OMV – slide 36
    Q3/14 overview Clean CCS EBIT, RON mn -4% Production at 178 kboe/d 1,619 1,552 RON slightly stronger vs. USD and EUR Average Urals crude prices of USD 101/bbl Gas sales volumes of 8.68 TWh 1,433 Indicator refining margin…
  37. Investor Presentation – OMV – slide 37
    Economic environment Oil price (USD/bbl) and FX (USD/RON) Indicator refining margin (USD/bbl) 5.11 120 3.6 6 111 3.33 3 3.35 0 (4.31) 101 90 3.0 -6 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Avg Urals price…
  38. Investor Presentation – OMV – slide 38
    Clean CCS net income Clean CCS net income attribu- in RON mn Q3/14 Q3/13 table to stockholders (RON mn) EBIT 1,352 1,585 (15)% Financial result (76) (56) 36% -9% 1,301 Taxes (256) (257) 0% 1,189 Effective tax rate 20% 17% 20%…
  39. Investor Presentation – OMV – slide 39
    Cash flow 9m/14 (RON mn) in RON mn 9m/14 9m/13 Profit before taxation 3,187 4,396 (28)% Depreciation and amortization 2,945 2,438 21% (572) Net interest paid (35) (39) (10)% 2,945 (653) Tax on profit paid (653) (663) (2)% Other…
  40. Investor Presentation – OMV – slide 40
    CAPEX and EBITD 9m/14 (RON mn) Key investment projects 6,395 E&P: Drilling, workover activities & sub- surface operations and surface facilities, E&P R&M field redevelopment initiatives, as well 4,480 G&P as investments related…
  41. Investor Presentation – OMV – slide 41
    Special items and CCS effect Q3/14 (RON mn) in RON mn Q3/14 Q3/13 Clean CCS EBIT 1,552 1,619 1,552 CCS gains/ (losses) (125) (5) 1,352 (125) 0 Clean EBIT 1,427 1,614 (75) (4) 3 Personnel related costs (75) (4) Other impairments…
  42. Investor Presentation – OMV – slide 42
    Exploration and Production Clean EBIT Q3/14 vs. Q2/14 (RON mn) Q3/14 vs. Q3/13 (RON mn) 1,544 1,433 1,433 1,330 (14) (160) 57 7 (94) 178 (43) 62 Q2/14 Realization Volume Exploration Other Q3/14 Q3/13 Realization Volume…
  43. Investor Presentation – OMV – slide 43
    Exploration and Production KPIs Hydrocarbon production (kboe/d) OPEX (USD/boe) Oil and NGL Gas 182 181 182 180 178 88 87 87 84 84 18.7 17.5 17.0 16.4 14.9 94 94 95 95 95 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q3/13 Q4/13 Q1/14 Q2/14…
  44. Investor Presentation – OMV – slide 44
    Gas and Power Clean EBIT Q3/14 vs Q3/13 (RON mn) Gas: sales volumes decreased by 23% as lower demand from large wholesalers and reduced Brazi power plant utilization could not be compensated by (2) higher sales to fertilizer industry…
  45. Investor Presentation – OMV – slide 45
    Refining and Marketing Clean CCS EBIT Q3/14 vs. Q3/13 (RON mn) Refining and Marketing 303 46 1.2 150 1.03 117 0.94 0.93 141 90% 92% 0.83 103% 90% 0.72 59% 0.6 50 Q3/13 Refining Marketing Q3/14 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14…
  46. Investor Presentation – OMV – slide 46
    Cover option 1: Insert a cover picture and align grouped text freely on page, Management (28pt) agenda 2014 Place, xx. Month 2013 (16pt)
  47. Investor Presentation – OMV – slide 47
    Management agenda 2014 Maintain production stabilization in Romania Further pursue exploration activity onshore and offshore Focus on gas and power market challenges Optimization of the downstream business Dialogue with…
  48. Investor Presentation – OMV – slide 48
    Cover option 1: Insert a cover picture and align grouped text freely on page, (28pt) Appendix Place, xx. Month 2013 (16pt)
  49. Investor Presentation – OMV – slide 49
    Key financial indicators (consolidated, IFRS) in RON mn 2008 2009 2010 2011 2012 2013 9m/14 Sales 20,127 16,090 18,616 22,614 26,258 24,185 16,195 EBIT 1,205 1,620 2,986 4,936 5,662 5,958 3,449 EBITD 3,875 4,109 5,797 7,766 8,514…
  50. Investor Presentation – OMV – slide 50
    OMV Petroms heritage: 150 years of Romanian oil history 1857 First officially reported oil production in Romania: 275 t 1975 First exploration drilling in the Black Sea 1861 First well manually drilled by means of wooden rods and gimlet…
  51. Investor Presentation – OMV – slide 51
    Romanian oil market overview Supply IMPORTS: various 57% 43% PRODUCTION TRANSPORTATION: Conpet Refineries (combined nameplate capacity 12 mn tpa) 74% 26% Refineries processed crude oil 9.4* mn tpa (of which 5.3 mn t…
  52. Investor Presentation – OMV – slide 52
    Romanian gas market overview Regula- tory Regulatory Body Romanian Energy Regulatory Authority (ANRE) IMPORTS: various 15% 85% PRODUCTION: , Romgaz, Supply STORAGE: TRANSPORTATION: Transgaz Romgaz, Depomures, Amgaz…
  53. Investor Presentation – OMV – slide 53
    Electricity market(s) overview Regulatory Regulatory Body Romanian Energy Regulatory Authority (ANRE) 99% 1% Producers Supply Traders (Imports) Thermal Wind Hydro Nuclear 46% 8% 26% 20% Market(s) Ancillary…
  54. Investor Presentation – OMV – slide 54
    OMV Petrom Group fuels retail sales (mn l) 163 159 135 136 117 86 2009 10 11 12 2013 2,728 2,581 2,445 2,405 2,405 Republic of Romania Moldova Serbia 2009 10 11 12 2013 153 392 305 263 240 219 195 412 Bulgaria…
  55. Investor Presentation – OMV – slide 55
    Contact Investor Relations OMV Petrom Investor Relations 2015 Financial Calendar Feb 19: Q4 2014 results Apr 28: 2014 Annual Report Contact Corporate Communications May 18: Q1 2015 results Tel.: +40 372 088406OMV Petrom S.A.…

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