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Q3 2015 IFRS Results – Rosneft Oil Company

Rosneft Oil Company · Nov 25, 2015 · 28 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. Q3 2015 IFRS Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q3 2015 November 25, 2015
  2. Q3 2015 IFRS Results – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator Q3 15 Q2 15 % 9M 15 9M 14 % Urals, /bbl 49.4 61.8 (20.1)% 54.6 105.1 (48.0)% Urals, th. RUB/bbl 3.11 3.25 (4.4)% 3.24 3.72 (12.9)% Naphtha, th. RUB/t 25.78 27.16…
  3. Q3 2015 IFRS Results – Rosneft Oil Company – slide 3
    Key Operating Indicators Indicator Q3 15 Q2 15 % 9M 15 9M 14 % Hydrocarbon production, incl. 5,081 5,149 (1,3)% 5,143 5,074 1.4% kboed Crude oil and NGL production, 4,099 4,126 (0,7)% 4,119 4,162 (1.0)% kboed Gas…
  4. Q3 2015 IFRS Results – Rosneft Oil Company – slide 4
    Key Financial Indicators (RUB bln) Indicator Q3 15 Q2 15 % 9M 15 9M 14 % Revenues, 1,266 1,312 (3.5)% 3,866 4,192 (7.8)% RUB bln EBITDA, 244 311 (21.5)% 820 869 (5.6)% RUB bln Adjusted EBITDA1, 267 326 (18.1)% 879 870 1.0% RUB…
  5. Q3 2015 IFRS Results – Rosneft Oil Company – slide 5
    Key Financial Indicators ( bln) Indicator Q3 15 Q2 15 % 9M 15 9M 14 % Revenues, 20.6 25.2 (18.3)% 66.8 118.5 (43.6)% bln EBITDA, 4.2 6.3 (33.3)% 15.0 24.7 (39.3)% bln Net profit, 1.8 2.5 (28.0)% 5.3 7.3 (27.4)% bln Operating…
  6. Q3 2015 IFRS Results – Rosneft Oil Company – slide 6
    Operating Results
  7. Q3 2015 IFRS Results – Rosneft Oil Company – slide 7
    Development Drilling Development drilling Key achievements for 9M 2015 th. m Development drilling up 33% +33% Record new oil wells completion number (1,302). Share of horizontal wells rose by 25% in 9M 2015 Optimization of well…
  8. Q3 2015 IFRS Results – Rosneft Oil Company – slide 8
    Hydrocarbon Production kboed +1.4% 112 (47) (30) 21 12 (20) (8) (9) 36 (10) 12 5,143 5,074 Brownfields: Greenfields: -112 kbd; -2.2% +69 kbd; +1.4% 9M 2014 Yugansk Orenburg Samotlor VaryoganNG Purneftegas Samara Other…
  9. Q3 2015 IFRS Results – Rosneft Oil Company – slide 9
    Progress in Key Projects Development Labagan Suzun Commercial production started in 3Q 2015 Field development in 2 stages: The first start-up complex launched at Labaganskoye Stage 1 - delivery of the key oil treatment and field in…
  10. Q3 2015 IFRS Results – Rosneft Oil Company – slide 10
    Upstream Portfolio Optimization Russkoe Vankor Bringing partners to the existing projects Partner: Sinopec (up to Partner: ONGC (15%) 49%) Sale of a 15% stake in Vankor to ONGC. Closing the Deal depends on the state authorities…
  11. Q3 2015 IFRS Results – Rosneft Oil Company – slide 11
    Gas Business: organic production growth and efficient monetization Key achievements for 9M 2015 Gas production bcm 12% organic production growth, including 5.3% in natural gas and 19.6% APG 45.92 40.87 +12% APG utilization increase…
  12. Q3 2015 IFRS Results – Rosneft Oil Company – slide 12
    Refining: targeting full conversion to Euro-5 Processing and production of motor fuels in Russia Key achievements for 9Q 2015 40.0 Oil refining in Russia, mmt 100% Euro-4/5 motor fuels production up 51% YoY Euro 4/5 gasoline share,%…
  13. Q3 2015 IFRS Results – Rosneft Oil Company – slide 13
    Crude Oil and Petroleum Products Sales Netbacks of main oil monetization channels Oil monetization structure (3Q 2015) Oil refining at refineries Domestic market Export Refining utilization rate 380.0 100% 89% 88% 88% 90%…
  14. Q3 2015 IFRS Results – Rosneft Oil Company – slide 14
    Financial Results
  15. Q3 2015 IFRS Results – Rosneft Oil Company – slide 15
    Revenue 3Q 2015 vs 2Q 2015 RUB bln External factors: Company controlled factors: RUB -64 bln; -5% RUB +18 bln; +1% 184 (235) (8) (5) (4) 22 1,312 1,266 2Q 2015 Exchange rate Crude oil price Exchange rate effects on…
  16. Q3 2015 IFRS Results – Rosneft Oil Company – slide 16
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe RUB/bbl 200 60% 180 60% Costs Costs % YoY % YoY 150 162 158 40% 40% 157 156 150 120 132 134 133 121 20.9% 19.8% 110 18.6% 100 20% 15.5% 20% 8.7% 9.7% 6.0%…
  17. Q3 2015 IFRS Results – Rosneft Oil Company – slide 17
    EBITDA and Net Profit EBITDA 3Q 2015 vs 2Q 2015 RUB bln External factors: Company controlled factors: RUB -91 bln; -29% RUB +24 bln; +8% Substantial negative effect on EBITDA from export duty lag 75 (66) Negative impact on EBITDA…
  18. Q3 2015 IFRS Results – Rosneft Oil Company – slide 18
    CAPEX CAPEX and production RUB bln th. boed Target 2015 CAPEX stays at RUB 650 bln 800 5,600 Key investment program targets: 600 560 4,200 Sustaining the level of hydrocarbon production at 533 least at the level of 2014 with focus on…
  19. Q3 2015 IFRS Results – Rosneft Oil Company – slide 19
    Free Cash Flow Free cash flow 9M 20151 Free cash flow: benchmarking (majors) RUB bln 596 /boe 7.4 9M 517 FY 7.0 404 6.9 5.1 204 3.3 152 -0.2 -2.1 -10.4 2013 2014 2015 Despite worsening macro Rosneft continues…
  20. Q3 2015 IFRS Results – Rosneft Oil Company – slide 20
    Sources and Uses of Cash 3Q 2015 9M 2015 RUB bln RUB bln Asset disposal 72 Prepayments Operating cash flow 1,027 1 1,320 Funds available for debt management Asset acquisition 1,027 1,042 Interest 48 106 Dividends…
  21. Q3 2015 IFRS Results – Rosneft Oil Company – slide 21
    Financial Stability Debt and net debt dynamics bln1 Net debt For 9M 2015 consolidated gross debt was reduced by 13.0 bln1 (by 21,5%) to 47.5 bln1 (RUB 3,148 bln), Cash & cash equivalents and ST financial assets 70 8.0 net debt was…
  22. Q3 2015 IFRS Results – Rosneft Oil Company – slide 22
    Appendix
  23. Q3 2015 IFRS Results – Rosneft Oil Company – slide 23
    EBITDA and Net Profit EBITDA 9M 2015 vs 9M 2014 RUB bln External factors: Company controlled factors: RUB -86 bln; -10% RUB +37 bln; +4% 550 (459) (3) (64) 17 (39) (88) 60 (30) 7 869 820 9M 2014 Exchange rate Crude oil…
  24. Q3 2015 IFRS Results – Rosneft Oil Company – slide 24
    Changes in Expenses 9M 2015 vs 9M 2014 Lifting costs RUB bln 5 Lifting costs growth due to increased workovers, 6 4 7 natural watercut growth at brownfields, and power tariff increase 182 204 From April 1, 2015, wages of…
  25. Q3 2015 IFRS Results – Rosneft Oil Company – slide 25
    FX Exchange Risk Hedge, RUB bln For 3M ended Sep 30, 2015 For 9M ended Sep 30, 2015 Indicator Net of income Net of income Before tax Profit tax Before tax Profit tax tax tax Recognized as a part of other comprehensive income/(loss)…
  26. Q3 2015 IFRS Results – Rosneft Oil Company – slide 26
    Export Duty Lag RUB bln (11) 3 (35) (129) (43) 23 (62) 304 311 317 308 311 306 300 289 301 288 276 265 244 188 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 Normalized EBITDA Actual EBITDA Note: Export duty…
  27. Q3 2015 IFRS Results – Rosneft Oil Company – slide 27
    Financial Costs, RUB bln Indicator Q3 15 Q2 15 % 9M 15 9M 14 % 1. Interest accrued1 35 31 12.9% 107 67 59.7% 2. Interest paid 39 23 69.6% 106 66 60.6% 3. Change in interest payable (1-2) (4) 8 1 1 4. Capitalized interest2 13 11…
  28. Q3 2015 IFRS Results – Rosneft Oil Company – slide 28
    EBITDA and Net Profit Sensitivity Urals price change Exchange rate change RUB bln -4,4 /bbl +4,4 /bbl RUB bln -4 RUB/ +4 RUB/ EBITDA EBITDA (20) 20 (27) 27 Net profit Net profit (16) 16 (21) 21 Average Urals price in…

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