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2Q 2016 Results Presentation – Rosneft Oil Company

Rosneft Oil Company · Aug 17, 2016 · 33 slides

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Slides

  1. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q2 2016 August 17, 2016
  2. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator Q2 16 Q1 16 % H1 16 H1 15 % Urals, /bbl 43.8 32.2 36.2% 38.0 57.3 (33.7)% Urals, th. RUB/bbl 2.89 2.40 20.2% 2.67 3.29 (18.9)% Naphta, th. RUB/ton 25.4 22.8 11.1% 24.3…
  3. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 3
    Key Operating Indicators Indicator Q2 2016 Q1 2016 % H1 2016 H1 2015 % Hydrocarbon production, incl. 5,216 5,208 0.2% 5,212 5,175 0.7% kboed Crude oil and liquids production, 4,111 4,089 0.5% 4,100 4,129 (0.7)% kbpd Gas…
  4. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 4
    Key Financial Indicators (RUB bln) Indicator Q2 2016 Q1 2016 % H1 2016 H1 2015 % Revenue 1,232 1,048 17.6% 2,280 2,658 (14.2)% EBITDA 348 273 27.5% 621 670 (7.3)% Net profit 89 14 100% 103 190 (45.8)% Net profit adjusted for…
  5. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 5
    Key Financial Indicators ( bln) Indicator Q2 2016 Q1 2016 % H1 2016 H1 2015 % Revenue 19.2 14.5 32.4% 33.7 47.2 (28.6)% EBITDA 5.3 3.7 43.2% 9.0 11.8 (23.7)% Net profit 1.4 0.2 100% 1.6 3.5 (54.3)% Net profit adjusted for…
  6. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 6
    Operating Results
  7. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 7
    Development Drilling Drilling footage Key achievements for H1 2016 th. m Increased footage in development drilling by 48% vs. H1 2015 with the share of in-house services in the total scope of work 50% All-time record for…
  8. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 8
    Hydrocarbon Production kboed +0.7% 2 66 (36) 16 4 (13) (19) (6) 11 12 (5) (5) 10 5,175 5,212 H1 2015 Yugansk Orenburg Samotlor Purneftegaz Nyagan Slavneft Samara Severnaya Neft RN-Shelf Far Uvat Taas-Yuryakh Other Gas…
  9. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 9
    Yugansk Planned Oil Production Growth up to 68 mmt in the Mid-Term Average daily production in 2015-2019 ktd YNG provides for 31% of oil and gas condensate 190 production of the Company Current recoverable reserves of oil and gas…
  10. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 10
    Progress of Projects in Nenets Autonomous Area Labagan Naul Commercial development started in Q3 2015 Commercial development is to start in Q4 2016 In June 2016 the average daily production reached Construction in progress of 2 pads,…
  11. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 11
    Progress in Key Projects in YaNAO and North of Krasnoyarsk Region Suzun East-Messoyakha1 Field commissioning is scheduled for September 2016 Field commissioning is scheduled for September 2016 Plateau is expected at 4.5 mmt of oil in…
  12. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 12
    Upstream Portfolio Optimization Vankor VCNG Taas-Yuryakh Attracting partners in the current projects: Partner: ONGC (15%, to Partners: Beijing Partners: BP (20%), 26%), pool of Indian Enterprises (20%) consortium of Indian Vankorneft…
  13. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 13
    Gas Business: organic production growth and efficient monetization Key achievements in H1 2016 Gas production 7% increase in gas production, mainly as a result of bcm +2,14 gas treatment facilities launch at Rospan at the end of…
  14. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 14
    Refining Processing and production of motor fuel Key achievements in Q2 2016 Refining throughput in Russia Euro 4/5 gasoline share,% Euro 4/5 diesel share,% Light products yield in Q2 2016 increased to 56.2%, 24 100% refining depth…
  15. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 15
    Crude Oil and Petroleum Product Sales Netbacks of the main oil monetization channels Oil monetization structure (Q2 2016) Refining Domestic market Export Refining capacity utilization rate 87% 89% 88% 88% 87% 90% 38% 85% 84% 78%…
  16. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 16
    Financial Results
  17. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 17
    Revenue Q2 2016 vs Q1 2016 RUB bln External factors: Internal factors: RUB +176 bln; +16.8% RUB +8 bln; +0.7% 7 9 8 301 (141) 1,232 1,048 Q1 2016 Exchange rate Crude oil price Exchange rate effects on Share in profits…
  18. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 18
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe RUB/bbl 200 Costs 60% 180 Costs 60% Average LTM Average LTM % YoY 160 % YoY 147 150 165 164 40% 153 150 151 158 156 155 40% 120 134 133 24.0% 20.9% 100 20%…
  19. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 19
    EBITDA and Net Income EBITDA in Q2 2016 vs Q1 2016 RUB bln 17 (5) (2) (10) 3 65 9 (54) 52 Internal and seasonal factors: 348 RUB +13 bln; +4.8% 273 External factors: RUB +62 bln; +22.7% Q1 2016 Exchange rate Crude oil…
  20. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 20
    EBITDA and Net Income Compared to Global Peers EBITDA in USD terms Q2 2016 vs Q1 2016 H1 2016 vs H1 2015 Brent 45.2% 82.0% 43.2% -23.7% Rosneft 26.1% -36.0% Global peers 13.8% -36.5% Brent -8.3% -37.4% Rosneft -79.1%…
  21. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 21
    CAPEX Capex and production RUB bln kboepd Increase in Upstream H1 2016 CAPEX (+33%) YoY, 5 600 focusing on meeting the strategic goals in hydrocarbon 900 production growth: 4 200 Intensification in development drilling 600 533 595…
  22. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 22
    Free Cash Flow Free Cash Flow RUB bln Full year As a result of complicated marco environment, 657 increased fiscal burden and growing investments the H1 596 free cash flow reduced by 59% to RUB 141 bln in H1 2016 Rosneft…
  23. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 23
    Financial Stability Debt and net debt dynamics bln1 80 1.7 1,8 Credit portfolio management: 70 1,6 Over the last 12 months, total debt decreased by 60 1.2 1.2 1.3 1,4 15.8%, net debt by 41% 1.1 1,2 50 14.4 1,0 In 2Q 2016, total…
  24. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 24
    Appendix
  25. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 25
    Revenues H1 2016 vs 1H 2015 RUB bln External factors: Internal factors: RUB -429 bln; -16% RUB +51 bln; +2% 356 (766) (27) 8 50 1 2,658 2,280 H1 2015 Exchange rate Crude oil price Exchange rate effects Share in profits of…
  26. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 26
    Costs Dynamics H1 2016 vs H1 2015 Lifting costs RUB bln 5 Growing electricity costs (increased tariffs and watercut) (1) (2) 2 and higher HC lifting expenses were partially offset by the 137 141 planned reduction in wellwork costs…
  27. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 27
    EBITDA and Net Income EBITDA 1H 2016 vs. 1H 2015 RUB bln External factors: Internal factors: RUB -64 bln; -9% RUB +15 bln; +2% 169 (220) 64 (52) (17) (4) 8 (16) 14 7 (2) 670 621 H1 2015 Exchange rate Crude oil price Share…
  28. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 28
    FX Exchange Risk Hedge Q2 2016, RUB bln H1 2016, RUB bln Net of income Net of income Before tax Profit tax Before tax Profit tax tax tax Recognized within other funds and reserves as of the start of the (553) 111 (442) (590) 118…
  29. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 29
    Adjusted Operating Cash Flow Calculation Profit and loss statement Cash flow statement H1 2016, H1 2016, Indicator Indicator bln bln 1 Revenue, incl. 33.7 1.6 Net income 1 Adjustments to reconcile net income 6.5 2 to cash…
  30. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 30
    Export Duty Lag RUB bln (43) 23 (62) (31) (14) 52 362 351 359 348 319 328 297 309 296 278 287 273 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Normalized EBITDA Actual EBITDA Note: The effect of the time lag in the establishment…
  31. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 31
    Financial Costs, RUB bln Indicator Q2 16 Q1 16 % H1 16 H1 15 % 1. Interest accrued1 34 36 (5.6)% 70 72 (2.8)% 2. Paid interest 29 42 (31.0)% 71 67 6.0% 3. Change of interest payable (1-2) 5 (6) (1) 5 4. Capitalized interest2 14…
  32. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 32
    EBITDA and Net Income Sensitivity Urals price Exchange rate RUB bln -9.1 /bbl +9.1 /bbl RUB bln -8.8 RUB/ +8.8 RUB/ EBITDA EBITDA (80) 80 (59) 59 Net income Net income (64) 64 (47) 47 Average Urals price in Q2 2016…
  33. 2Q 2016 Results Presentation – Rosneft Oil Company – slide 33
    Questions and Answers

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