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Q4 and 12 Months Results – Rosneft Oil Company

Rosneft Oil Company · Feb 1, 2013 · 21 slides

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Slides

  1. Q4 and 12 Months Results – Rosneft Oil Company – slide 1
    ROSNEFT Q4 and 12M 2012 IFRS Results 1 February 2013
  2. Q4 and 12 Months Results – Rosneft Oil Company – slide 2
    Results Overview FY 11 FY 12 Q3 12 Q4 12 Hydrocarbon production production, kboe/d 2 586 2,586 2 702 2,702 4 5% 4.5% 2 729 2,729 2 823 2,823 3 4% 3.4% Crude oil production, kbbl/d 2,380 2,439 2.5% 2,454 2,479 1.0% G…
  3. Q4 and 12 Months Results – Rosneft Oil Company – slide 3
    2012 Highlights Definitive agreements signed with BP and AAR in acquisition of TNK-BP Formed JV with Itera for production and sale of gas 25-year contract with INTER RAO UES envisaging annual supplies of up to 35 bcm of gas…
  4. Q4 and 12 Months Results – Rosneft Oil Company – slide 4
    Upstream SEC oil reserve replacement ratio Hydrocarbons 1P Reserves, bln boe Hydrocarbons production(1), kboed of 131% 2,702 2,729 2,823 Hydrocarbon production reached 23.4 24.2 2,586 its record high of 2.7 mln boed 5.0 5.8…
  5. Q4 and 12 Months Results – Rosneft Oil Company – slide 5
    Key Upstream Assets: Yugansk Daily crude oil production, kbbl/d Initial flow rate of new wells, bbl/d 1,360 2012 2011 2010 1,500 1,200 Stabilization 1,340 900 achieved 600 300 1,320 0 2006 2007 2008 2009 2010 2011 2012…
  6. Q4 and 12 Months Results – Rosneft Oil Company – slide 6
    Key Upstream Assets: Vankor 2012 Highlights Vankor daily crude oil production, kbbl/d Crude C d oil il production d ti 366 kbpd kb d 600 Year-end output 410 kbpd (+22.1% y-o-y) Gradual launch of the 500 Central oil treatment…
  7. Q4 and 12 Months Results – Rosneft Oil Company – slide 7
    Offshore Development Unique Potential Present Worth of Offshore Prospective Resources, USD bln Prospective resources (D&M mean estimate): mean estimate by y DeGolyer y and MacNaughton g 102 bln bbls of oil & gas condensate…
  8. Q4 and 12 Months Results – Rosneft Oil Company – slide 8
    Tight Oil Reserves Development Potential Hard-to-recover reserves at Rosneft Projects with tight oil reserves license areas are estimated at 8.8 bln bbl Yamalo-Nenets Autonomous Annual production potential North Komsomolskoye 15…
  9. Q4 and 12 Months Results – Rosneft Oil Company – slide 9
    Downstream Petroleum product prices, Downstream OPEX, Stable light product prices, RUB th. per t. RUB/bbl of oil processed lower p pricing g for heavyy fuel oil 40 30 287 Higher refining volumes due 20 212 255 225 to the…
  10. Q4 and 12 Months Results – Rosneft Oil Company – slide 10
    Refinery Modernization Program in Russia Key Highlights Program Overview FY 11 11 FY 12 12 Rationale Refinery throughput, kbpd 1,015 1,016 Build and upgrade production units to meet growing demand for high-quality fuels Refining…
  11. Q4 and 12 Months Results – Rosneft Oil Company – slide 11
    Capital Expenditures CAPEX, RUB bln 466 27 391 33 170 118 264 14 66 62 58 51 95 86 63 96 108 74 2010 2011 2012 (1) Upstream: Yugansk Upstream: Vankor Other Upstream Refining&Marketing Other (1) Note: (1)…
  12. Q4 and 12 Months Results – Rosneft Oil Company – slide 12
    Appendix 13
  13. Q4 and 12 Months Results – Rosneft Oil Company – slide 13
    Update on TNK-BP acquisition Key Events Crude and Product Supply Optimization Binding agreement signed to purchase AARs stake in TNK-BP Rosneft ss BoD approved AARs AAR s and BPs stake purchase Final ggovernment approval pp…
  14. Q4 and 12 Months Results – Rosneft Oil Company – slide 14
    Macroeconomic Environment FY 11 FY 12 , % Q3 12 Q4 12 Average USD/RUB exchange rate 29.39 31.09 5.8% 32.01 31.08 (2.9%) Inflation for the period period, % 6 1% 6.1% 6 6% 6.6% 2 0% 2.0% 1 4% 1.4% Urals FOB Primorsk, th.…
  15. Q4 and 12 Months Results – Rosneft Oil Company – slide 15
    Export Duty Lag Effect, RUB bln 42 18 (7) (37) 198 174 176 156 151 144 130 93 Q1' 12 Q2' 12 Q3' 12 Q4' 12 Normalized EBITDA Actual EBITDA 16
  16. Q4 and 12 Months Results – Rosneft Oil Company – slide 16
    EBITDA and Net Income Reconciliation 2011 vs 2012 EBITDA, RUB per bbl 354 (275) 832 746 (80) (24) (32) (18) ((11)) (10.3%) FY' 11 Revenue Taxes Purchases Transport OPEX SG&A Other FY' 12 2011 vs 2012 Net Income, RUB per…
  17. Q4 and 12 Months Results – Rosneft Oil Company – slide 17
    Transportation Costs and G&A Transportation costs, RUB bln G&A, RUB bln 68 241 216 52 20 61 62 15 FY' 11 FY' 12 Q3' 12 Q4' 12 FY' 11 FY' 12 Q3' 12 Q4' 12 Oil Oil products Other 2012 growth in transportation tariffs…
  18. Q4 and 12 Months Results – Rosneft Oil Company – slide 18
    Operating Cash Flow Reconciliation, RUB bln 2011 vs 2012 11 74 (56) 487 516 2011 Increase in WC in 2011 Change in NI, adjusted for Decrease in WC in 2012 2012 non-cash items 3Q12 vs 4Q12 11 (38) 5 (1) 160…
  19. Q4 and 12 Months Results – Rosneft Oil Company – slide 19
    Net Debt Reconciliation, RUB bln 2011 vs 2012 4 71 (30) 75 50 581 432 (516) 495 Net debt, as of Adjusted OCF CAPEX and Acquisitions and Buyback Dividends FX gain Other Net debt, as of 31 Dec 2011 interest disposal of…
  20. Q4 and 12 Months Results – Rosneft Oil Company – slide 20
    Net Debt Reconciliation, RUB bln Q312 vs Q412 38 6 8 7 (13) (137) 130 581 542 Net debt, as of Adjusted OCF Capex and Acquisitions and Buyback Dividends FX gain Other Net debt, as of 30 Sep 2012 interest disposal of 31…
  21. Q4 and 12 Months Results – Rosneft Oil Company – slide 21
    Credit Profile Dec 31, Dec 31, 2011 2012 Repayment profile, RUB bln Total debt, debt RUB bln 748 963 Net Debt, RUB bln 432 581 506 Long-term debt, % 79.7% 86.9% USD denominated debt, % 84.5% 70.2% Gearing 17.3% 20.4% Weighted…

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