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1Q 2015 Financial Results – LUKOIL

LUKOIL · Jun 30, 2015 · 34 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. 1Q 2015 Financial Results – LUKOIL – slide 1
    1Q 2015 Financial Results (US GAAP) Member of the Board of Directors, Vice-President for Strategic Development Leonid Fedun Moscow, June 2015
  2. 1Q 2015 Financial Results – LUKOIL – slide 2
    Main Events in 1Q 2015 Liquid hydrocarbon production growth + 7.8% Russia production stabilization Executing plans for the project West Qurna-2 The amount of compensation in 1Q15 was 0.6 billion 154 RUB per share recommended…
  3. 1Q 2015 Financial Results – LUKOIL – slide 3
    1Q 2014 Financial Highlights mln Net income 690 EBITDA 2,816 Free cash flow 728 4
  4. 1Q 2015 Financial Results – LUKOIL – slide 4
    The Planned Dividend Payment Dividend per share (for the year), RUB Under oil prices turbulence LUKOIL plans to increase significantly the dividend payments in rubles for 2014 in order to keep dividend payments in US dollars at…
  5. 1Q 2015 Financial Results – LUKOIL – slide 5
    Oil Prices are Located in Positive Trend World oil production, mln barrels/day USA oil Rigs, units oct feb aug apr jun sep nov jan mar may july dec Brent price forecast, /bbl In the end…
  6. 1Q 2015 Financial Results – LUKOIL – slide 6
    LUKOIL CAPEX Cutting in Dollars Does Not Reduce Investments in Rubles into the Russian Assets Major oil company CAPEX cutting LUKOIL Russian assets CAPEX (1Q15/1Q14), %* In 1Q15 oil and gas majors significantly reduced CAPEX…
  7. 1Q 2015 Financial Results – LUKOIL – slide 7
    Macroeconomic and Tax Environment 1Q 2015/1Q 2014 -60.1% Fuel oil (Russia) -51.6% Fuel oil (Europe) -50.3% Urals Revenue -43.5% Diesel fuel (Russia) (prices) -43.2% High-octane gasoline (Russia) -42.8% Gasoline (Europe)…
  8. 1Q 2015 Financial Results – LUKOIL – slide 8
    Main Operating Results 1Q 2015/1Q 2014 Daily liquid hydrocarbon production abroad 144.9% Exports of crude oil 26.4% Daily liquid hydrocarbon production 7.8% Daily hydrocarbon production* 7.0% Domestic refined product…
  9. 1Q 2015 Financial Results – LUKOIL – slide 9
    Liquid Hydrocarbon Production in 1Q 2015 2 050 5 2 2,033 22 155 2 000 1 950 Kbpd 1 900 1,885 36 +7.8% 1 850 1 800 Liquid hydrocarbon Western Siberia International Timan-Pechora Volga Urals Liquid hydrocarbon…
  10. 1Q 2015 Financial Results – LUKOIL – slide 10
    LUKOIL Oil Production Oil production, million barrels International Russia 2014 2015 Actual Expectation In current macro conditions LUKOIL has a unique opportunity to keep oil production in 2015 at 2014 level and…
  11. 1Q 2015 Financial Results – LUKOIL – slide 11
    Agreement with Sinopec Sinopec On April 15, 2014, a Group company entered into a contract with a Sinopec group company, to sell the Groups 50% interest in Caspian Investment Resources Ltd., an exploration and production company…
  12. 1Q 2015 Financial Results – LUKOIL – slide 12
    Operating Expenses 1Q 2015 y-o-y mln Total operating expenses 1,808 -22% Hydrocarbon extraction 881 -13% Own refining 332 -31% Refining at third parties and affiliated refineries 50 -22% Crude oil transportation to…
  13. 1Q 2015 Financial Results – LUKOIL – slide 13
    Effective Cost Control Lifting costs per boe, Lifting costs per boe, 8 20 18 6.13 6.12 5.67 5.42 16 6 5.29 5.59 5.75 5.23 14 5.71* 5.59* 4.24 12 4 10 4.46* 8 2 6 3.30* 4 2 0 1q 2q 3q 4q 1q 2q 3q 4q 1q 0 2013 2013…
  14. 1Q 2015 Financial Results – LUKOIL – slide 14
    SG&A and Transportation Expenses Transportation expenses, mln SG&A expenses, mln 1 700 1 200 1 600 1,553 1,557 1,015 994 993 1,510 1 000 1 500 856 1 400 800 1,303 665 1 300 1,274 600 1 200 1q 2q 3q 4q 1q 1q 2q 3q 4q 1q 2014…
  15. 1Q 2015 Financial Results – LUKOIL – slide 15
    CAPEX Structure mln 1Q 2015 y-o-y Total capital expenditures 2,430 -25% Exploration and production 1,976 -27% Russia 1,171 -41% International 805 7% Refining and marketing 401 -10% Russia 292 29% International 109…
  16. 1Q 2015 Financial Results – LUKOIL – slide 16
    Capital Expenditures Exploration and production, mln Refining, marketing and distribution, mln 4 000 1 000 3,445 892 3,000 744 2,725 800 3 000 2,712 708 -27% -43% 56% 600 1,976 2 000 64% 447 401 55% 60% 400 67% 1 000 44%…
  17. 1Q 2015 Financial Results – LUKOIL – slide 17
    Financial Results 1Q 2015 y-o-y mln Sales 23,190 -35% OPEX 1,808 -22% Taxes other than income tax, excise, export tariffs 5,172 -42% Income from operating activities 1,023 -61% Income before income tax 916 -62%…
  18. 1Q 2015 Financial Results – LUKOIL – slide 18
    mln 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 0 1Q 2014 Net income 1,733 Decrease in taxes, excise and export duties 4,209 OPEX decrease 501 Decrease in loss on disposals and 332…
  19. 1Q 2015 Financial Results – LUKOIL – slide 19
    mln 3 000 6 000 0 Cash at the beginning of 1Q 2015 3,004 Net cash provided by operating activities 3,289 Capital expenditures and acquisition of licenses (2,561) 1Q 2015 Cash Flow Reconciliation…
  20. 1Q 2015 Financial Results – LUKOIL – slide 20
    Robust Financial Position Debt-to-capital Net debt to EBITDA 30% 1.2 1.0 20% 0.8 0.6 10% 0.4 0.2 0% 0.0 2011 2012 2013 2014 1q 2015 2011 2012 2013 2014 1q 2015 LUKOIL Average LUKOIL Average Total debt and net debt, bln…
  21. 1Q 2015 Financial Results – LUKOIL – slide 21
    Commercial Discoveries in the Baltic Federal law N 121-FZ On the amendments to Article 12 of the Federal Exploration drilling was carried out on structures D29, Law On the amendments to individual legislative acts of the Russian…
  22. 1Q 2015 Financial Results – LUKOIL – slide 22
    High Prospects in Baltic Net income structure, /boe Projected level of total production in base variant is more than 3 times higher than current level of the Company production in region Net income (per boe) in Baltic projects…
  23. 1Q 2015 Financial Results – LUKOIL – slide 23
    Production on the Greenfield LUKOIL Assets in Russia: Vostochno-Lambeyshorskoe Field Production, Kbpd 2012 2013 2014 1Q 2014 1Q2015 Vostochno-Lambeyshorskoe LUKOIL field in Russia demonstrates positive dynamics of…
  24. 1Q 2015 Financial Results – LUKOIL – slide 24
    Production on the Greenfield LUKOIL Assets in Russia: Vinogradov Field Production, Kbpd 2012 2013 2014 1Q 2014 1Q2015 LUKOIL Vinogradov field in Russia demonstrates positive dynamics of production 25
  25. 1Q 2015 Financial Results – LUKOIL – slide 25
    Production on the Greenfield LUKOIL Assets in Russia: Korchagin Field Production, Kbpd 2012 2013 2014 1Q 2014 1Q2015 LUKOIL Korchagin field in Russia demonstrates positive dynamics of production 26
  26. 1Q 2015 Financial Results – LUKOIL – slide 26
    Production on Newly Acquired LUKOIL assets in Russia: Samara-Nafta Production, Kbpd 2012 2013 2014 1Q 2014 1Q2015 Newly acquired Russian asset Samara-Nafta demonstrates positive dynamics of production 27
  27. 1Q 2015 Financial Results – LUKOIL – slide 27
    Production on Newly Acquired LUKOIL Assets in Russia: Imilor Field Production, Kbpd 2012 2013 2014 Q 2014 Q2015 Newly acquired Russian asset Imilor Field demonstrates positive dynamics of production 28
  28. 1Q 2015 Financial Results – LUKOIL – slide 28
    Production on Newly Acquired LUKOIL Assets in Russia: Kama-Oil Production, Kbpd 2012 2013 2014 1Q 2014 1Q 2015 Newly acquired Russian asset Kama-Oil demonstrates positive dynamics of production 29
  29. 1Q 2015 Financial Results – LUKOIL – slide 29
    In 2015 LUKOIL Will Complete Most of the Oil Refining Projects Perm Nizhny Novgorod Coker Capacity: 2.1 mln t/year Catalytic cracking - 2 Launch: 4Q 2015 Capacity: 2.0 mln t/year Volgograd Launch: 2Q 2015 Vacuum gas oil…
  30. 1Q 2015 Financial Results – LUKOIL – slide 30
    Foreground Project - Residue Hydrocracking in Burgas The complex consists of: Residue hydrocracker with capacity 2.5 mln t per year, auxiliary facilities Effects: decline in output of fuel oil increased production of gasoline and…
  31. 1Q 2015 Financial Results – LUKOIL – slide 31
    Margin Of LUKOIL Russian Refineries in 2015 will Remain at a Competitive Level LUKOIL Russian refineries margin, RUB per barrel Tax maneuver and domestic market stagnation will reduce the refinery new ..projects effects margin…
  32. 1Q 2015 Financial Results – LUKOIL – slide 32
    West Qurna-2 Development Added value 20% 20% 60% In 1Q 2015 we shipped 11 tankers with 16.3 mln barrels of oil Compensation volume was 0.6 bln Production at 1Q 2015: 300 Kbpd. By the end of this year the Company…
  33. 1Q 2015 Financial Results – LUKOIL – slide 33
    Environmental Safety is LUKOIL Priority In April 2015 LUKOIL and World Wide Fund for Nature (WWF) signed a cooperation agreement The agreement provides for bilateral consultations, working meetings, exchange of information and…
  34. 1Q 2015 Financial Results – LUKOIL – slide 34
    Conclusions Keeping a high level of dividend payments Optimization of operating and capital expenditures The high efficiency of new fields Realization of incurred cost compensation plan on West Qurna-2 project Running…

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