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Q4 and12M 2009 Results – Rosneft Oil Company

Rosneft Oil Company · Feb 1, 2010 · 31 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. Q4 and12M 2009 Results – Rosneft Oil Company – slide 1
    ROSNEFT Q4 and 12M 2009 US GAAP Results February 01, 2010
  2. Q4 and12M 2009 Results – Rosneft Oil Company – slide 2
    Q4 and 12M 2009 Highlights Positives Challenges, Priorities Strong financial results: 2009 EBITDA USD 4.0 bln in Q409 and USD 13.6 bln in 12M09 Unstable domestic demand and low prices Net income USD 1.7 bln in Q409 and Growing…
  3. Q4 and12M 2009 Results – Rosneft Oil Company – slide 3
    Macroeconomic Environment Q409 Q309 , % 12M09 12M08 , % Average USD/RUB exchange rate 29.47 31.33 (5.9)% 31.72 24.86 27.6% Inflation for the period, % 0.7% 0.6% 8.8% 13.3% Real RUB appreciation/(depreciation) 0.2% 4.6% 5.7% (5.3)%…
  4. Q4 and12M 2009 Results – Rosneft Oil Company – slide 4
    Q4 and 12M 2009 Results Overview Q409 Q309 , % 12M09 12M08 , % Daily crude oil production, th. bpd 2,275 2,214 2.8% 2,182 2,121 2.9% Gas production, bcm 3.44 2.96 16.2% 12.68 12.38 2.4% Petroleum product output, mln t 11.80…
  5. Q4 and12M 2009 Results – Rosneft Oil Company – slide 5
    Daily Crude Oil Production mln bbl Daily Crude Oil Production Reconciliation 000 bpd 2 (4) (1) 77 1 (9) (5) 2,275 2,214 +2.8% 2,110 Q1'09 Q3'09 Yugansk Other Central Vankor Other Timan Far East Q4'09 Western…
  6. Q4 and12M 2009 Results – Rosneft Oil Company – slide 6
    Daily Crude Oil Production (continued) th. bpd 2,300 Extremely low Launch of temperatures in production at Western Siberia Vankor +7.5% 2,200 2,100 2,000 1,900 2009 2008 1,800 Jan Feb Mar Apr May Jun Jul Aug Sep…
  7. Q4 and12M 2009 Results – Rosneft Oil Company – slide 7
    Daily Crude Oil Production (continued) Daily Crude Oil Production in Russia, December 2009 vs January 2009 Rosneft 7.3% TNK-BP 3.9% Gazprom Neft * 0.5% Crude output in Russia, th. bpd 10,100 10,031 Russias average 10,000…
  8. Q4 and12M 2009 Results – Rosneft Oil Company – slide 8
    Vankor Production Profile in 20092010 th. bpd Extended zero stage, over 210 th. bpd by Estimated average daily December 31, 2009 production in 2010 250 August 21 official launch, 40 producing wells, full 200 capacity of zero…
  9. Q4 and12M 2009 Results – Rosneft Oil Company – slide 9
    Revenues Reconciliation, USD mln 180 454 84 40 14,567 25 38 556 (231) (214) (40) Q409 vs. Q309 Q409 vs. Q309 627 +11.6% 13,048 Q3'09 Oil exports Oil exports Product Product Product Product Bunker fuel Gas Petroche Oil…
  10. Q4 and12M 2009 Results – Rosneft Oil Company – slide 10
    Petroleum Product Revenues Petroleum Products: Average Prices and Volume Breakdown USD/t 995 1,000 961 971 963 961 912 895 905 861 800 811 800 37% 662 675 6% 619 608 600 36% 573 573 583 7% 485 11% 515 523 11% 471 4% 9%…
  11. Q4 and12M 2009 Results – Rosneft Oil Company – slide 11
    Netback Ladder Total sales: 197 mln bbl 1. Urals average price: USD 74.3/bbl CIS Transneft 2. Crude Export Duty: USD 33.9/bbl export 3. Implied crude net export revenue (1-2) = USD 40.4/bbl 4. Weighted average netback: USD 36.1/bbl…
  12. Q4 and12M 2009 Results – Rosneft Oil Company – slide 12
    Netback Ladder Total sales: 760 mln bbl 1. Urals average price: USD 61.0/bbl 2. Crude Export Duty: USD 24.5/bbl Domestic 3. Implied crude net export revenue (1-2) = USD 36.5/bbl sales 4. Weighted average netback: USD 31.5/bbl 5.…
  13. Q4 and12M 2009 Results – Rosneft Oil Company – slide 13
    Net Refining Margin USD/bbl Domestic prices 40 considerably lag falling export 35 netbacks Situation 30.5 normalised 29.2 30 Normal situation Domestic prices and demand 25 22.4 collapsed 19.4 20 17.4 16.9 15.0 15 13.5…
  14. Q4 and12M 2009 Results – Rosneft Oil Company – slide 14
    Expenses Reduced Upstream Operating Expenses, USD/bbl of oil produced Refining Operating Expenses, USD/bbl of oil processed FY Q4 FY Q4 4 3.77 3 3.63 2.55 3.48 3.41 2.48 3.23 2.26 2.34 3 2.83 2 1.88 1.81 2.75 2.57 1.58 1.47…
  15. Q4 and12M 2009 Results – Rosneft Oil Company – slide 15
    EBITDA and Net Income per bbl Reconciliation: Q409 vs. Q309 5.8 0.1 (2.8) (0.2) USD/bbl EBITDA, USD/bbl (1.0) (0.4) (0.2) EBITDA, 19.6 +6.6% 20.9 Q3'09 Revenue Taxes Purchases Transport OPEX Exploration exp. SG&A…
  16. Q4 and12M 2009 Results – Rosneft Oil Company – slide 16
    EBITDA and Net Income per bbl Reconciliation: 2009 vs. 2008 (23.1)% 0.6 0.9 0.4 EBITDA, USD/bbl 1.6 EBITDA, USD/bbl 24.2 (0.2) (33.2) 24.3 18.6 12M'08 Revenue Taxes Purchases Transport OPEX Exploration exp. SG&A…
  17. Q4 and12M 2009 Results – Rosneft Oil Company – slide 17
    Interest Expense 12M09 Q409 Q309 Q209 Q109 1. Interest accrued 818 198 160 220 240 2. Interest paid (cash) (690) (74) (134) (320) (162) 3. Change in interest payables (12) 128 124 26 (100) 78 4. Interest capitalized (354) (79) (85)…
  18. Q4 and12M 2009 Results – Rosneft Oil Company – slide 18
    Income Tax 2009 Q409 Q309 Q209 Q109 USD mln USD mln USD mln USD mln USD mln Income before income tax 8,519 2,457 1,861 1,989 2,212 Statutory income tax rate 20% 20% 20% 20% 20% Theoretical income tax 1,704 492 372 398 442…
  19. Q4 and12M 2009 Results – Rosneft Oil Company – slide 19
    Operating Cash Flow Reconciliation, USD mln 1,303 69 21 (591) Operating Cash Flow Reconciliation Q409 vs. Q309 198 (1) Q409 vs. Q309 (117) 3,313 2,431 36.3% Q3'09 Increase in net Difference in Difference in…
  20. Q4 and12M 2009 Results – Rosneft Oil Company – slide 20
    Capital Expenditures USD mln USD mln 2,307 9,000 10,000 8,732 2,096 7,252 6,780 2,179 1,769 3,462 2,498 2,155 2008 2006 2007 2008 2009 2010 1,748 1,232 2009 Upstream Yugansk Upstream Vankor Other Upstream…
  21. Q4 and12M 2009 Results – Rosneft Oil Company – slide 21
    Sources and Uses of Cash 2009 Q409 Increase in cash and short and mid term Net repayment investments of debt, rights for 2,462 Net drawing of Increase in cash Sochi2014 debt and short and trademarks, share 981 mid…
  22. Q4 and12M 2009 Results – Rosneft Oil Company – slide 22
    Net Debt Reconciliation USD mln (86) (10,791) 8,083 21,283 18,489 Reduced by USD 2.8 bln Net debt as of December Operating cash flow CAPEX, licenses, Sochi Other Adjusted net debt as of 31, 2008 2014 trademark,…
  23. Q4 and12M 2009 Results – Rosneft Oil Company – slide 23
    New Repayment Profile Repayments of the next 4 years are 100% covered by the Chinese loan 5.90 (USD 10.0 bln received by December 31, 2009, USD 5 bln are available in 2010) and cash on hand no other refinancing sources needed.…
  24. Q4 and12M 2009 Results – Rosneft Oil Company – slide 24
    Excess Cash Management The Company is implementing a free cash management program which includes: Early repayment of existing loans Lowrisk short and medium term investments Free cash management is based on analysis of different…
  25. Q4 and12M 2009 Results – Rosneft Oil Company – slide 25
    Q4 and 12M09 US GAAP Financial Results Appendix 26
  26. Q4 and12M 2009 Results – Rosneft Oil Company – slide 26
    Crude Oil Sales Crude Oil and Condensate Sales Volumes, mln bbl Average Prices, USD/bbl 140 58.0% 60% 140 55.6% 53.4% 120 120 114.1 105.0 50% 100 103.1 80 100 40% 60 80 40 30% 20 60 0 20% Q4'08 Q3'09 Q4'09 40 Europe and…
  27. Q4 and12M 2009 Results – Rosneft Oil Company – slide 27
    Net Revenue of an Oil Exporter USD/bbl 80 70 13.4 13.3 12.5 12.6 12.8 13.3 11.7 60 11.5 10.9 9.2 50 9.1 20.9 31.6 7.4 30.3 32.9 36.5 6.6 37.0 40 6.0 6.0 29.1 32.6 18.8 6.5 15.0 30 50.9 13.8 15.8 30.5 16.3 27.1 25.6 39.3…
  28. Q4 and12M 2009 Results – Rosneft Oil Company – slide 28
    Gas Production and Sales Gas Sales vs. Production, bcm Gas Sales Prices, USD per 1,000 cubic meters 4.5 Production by subsidiaries 80 4.0 Sales 70 3.44 3.5 3.32 60 2.96 3.0 50 2.5 40 37.8 33.6 33.3 2.0 30 1.5 20 1.0…
  29. Q4 and12M 2009 Results – Rosneft Oil Company – slide 29
    Petroleum Product Prices in 20082009 (Rosneft Refineries)* USD/t 1,000 800 600 400 200 0 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- June- Jul- Aug- Sep- Oct- Nov-…
  30. Q4 and12M 2009 Results – Rosneft Oil Company – slide 30
    Transportation Costs, Factor Analysis: Q409 vs. Q309 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 1,581 693 1,300 586 Q3'09 Volume Mix FX Q4'09 Q3'09 Tariffs Volume Mix FX Q4'09…
  31. Q4 and12M 2009 Results – Rosneft Oil Company – slide 31
    Transportation Costs, Factor Analysis: 2009 vs. 2008 Total Transportation Costs, USD mln Transportation Costs for Crude Exports, USD mln 5,673 2,421 5,414 2,316 12M'08 Tariffs Volume Mix FX 12M'09 12M'08 Tariffs Volume Mix FX…

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