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Q2 2016 Results – LUKOIL

LUKOIL · Aug 30, 2016 · 26 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. Q2 2016 Results – LUKOIL – slide 1
    2Q and 1H 2016 IFRS Financial Results Moscow August 30, 2016
  2. Q2 2016 Results – LUKOIL – slide 2
    Macroeconomic and Tax Environment Oil price, RUB/ exchange rate and net price Oil price and exchange rate 2q16 2q15 % th.RUB per bbl 6 /bbl Brent, /bbl 45.6 61.9 (26.3) 80 Urals, /bbl 43.8 61.7 (29.0) +25.0% 5 RUB/ 65.9…
  3. Q2 2016 Results – LUKOIL – slide 3
    Summary Results Operational Results 2q16 1q16 % 2q15 % Hydrocarbon production, mln boe 197 214 (8.1) 216 (9.0) of which crude oil and NGL, mln bbl 167 183 (8.5) 187 (10.7) of which West Qurna-2, mln bbl 6 18 (65.0) 16 (61.3)…
  4. Q2 2016 Results – LUKOIL – slide 4
    Updated Dividend Policy Cash distribution priorities 2015 dividend yield M&A 6.9% INVESTMENTS DIVIDENDS LUKOIL Gazprom Rosneft Gazprom Tatneft Novatek FINANCIAL STABILITY neft Target Track record (+15% in 2015) At least…
  5. Q2 2016 Results – LUKOIL – slide 5
    Upstream: Focus on High Margin Barrels Hydrocarbon production, mln boe Liquids production in Russia (mln bbl) and net price* (/bbl) 321 13.7 500 3.2 0.1 0.3 311 450 30 24 West Qurna-2 34 399 -3.1% 37 Yaregskoye Korchagin 400 387…
  6. Q2 2016 Results – LUKOIL – slide 6
    North Caspian: V. Filanovskiy Field Oil production at the plateau - 120 kbpd Successful completion of the first well: - drilling time 55 days - length 3.3 km - testing underway Drilling of the second well started on August, 3…
  7. Q2 2016 Results – LUKOIL – slide 7
    West Siberia: Pyakyakhinskoye Field Estimated production in 2017: - Liquids - 30 kbpd - Gas - 3 bcm 100 wells drilled and completed: - 69 oil wells - 31 gas wells Pressure maintenance system completed Ready to start oil…
  8. Q2 2016 Results – LUKOIL – slide 8
    Upstream: Other Growth Projects Imilorskoye Yaregskoye Denisovskaya Depression oil production, kbpd oil production, kbpd oil production, kbpd 12 15.9 70 64.2 59.0 10 9.5 15 13.4 60 12.5 10.5 50 8 6.9 39.2 10 40 6 30 26.2 4 5…
  9. Q2 2016 Results – LUKOIL – slide 9
    Upstream: CAPEX & OPEX Upstream capital expenditures 150 bln RUB 600 2q16, RUB/boe of production 120 126 123 120 105 103 -14% 500 100 -68% -23% 400 Russian companies**, max 50 -2% 300 Russian companies**, min 0 200 1q15…
  10. Q2 2016 Results – LUKOIL – slide 10
    Downstream: Efficient Oil Allocation Oil allocation price, /bbl Own oil allocation volumes, mln t 70 21.9 20.4 2.5 -40% 1.5 60 Sales in Russia 50 9.0 0% Exports 9.0 40 Refining at own plants in Russia 30 20 10.4 -5%…
  11. Q2 2016 Results – LUKOIL – slide 11
    Downstream: Russian Refining KPIs Throughput volume Refining depth, % Light products yield, % (including crude oil and other hydrocarbons), mln t 88.6% +9.0 pp 11.7 79.7% +6.9 pp 11.2 0.9 10.9 70% 64.7% 10.7 10.7 0.9 % % 0.8…
  12. Q2 2016 Results – LUKOIL – slide 12
    Completion of Russian Refineries Upgrade Program Nizhny Product slate, % Perm Volgograd Novgorod 100% Hydrocracking 80% Catalytic cracking 62% 80% 60% Hydrotreatment reconstruction 40% Alkylation 20% 38% Coking 20% Crude…
  13. Q2 2016 Results – LUKOIL – slide 13
    Downstream: International Refining KPIs Throughput volume Refining depth, % Light products yield, % (including crude oil and other hydrocarbons), mln t +1.5 pp 83.5% 85.1% + 1.1 pp 6.5 71.8% 6.2 6.1 70.7% 0.7 5.8 0.7 0.6 100…
  14. Q2 2016 Results – LUKOIL – slide 14
    Marketing: High-Priority Channels Filling stations: stable sales volumes on stagnating Jet: stable share on declining domestic market domestic market EKTO fuels sales: Into-plane jet fuel sales: +32% in Russia +19% in Moscow air…
  15. Q2 2016 Results – LUKOIL – slide 15
    Q&A 16
  16. Q2 2016 Results – LUKOIL – slide 16
    APPENDIX 17
  17. Q2 2016 Results – LUKOIL – slide 17
    Financial Results -9% bln RUB 1,477 1,464 1,368 1,339 y-o-y 1,178 Revenue -8% 207 213 186 192 190 y-o-y EBITDA -15% 121 y-o-y Profit 87 79 86 excluding FX effect (106) 2q15 3q15 4q15 1q16 2q16 18
  18. Q2 2016 Results – LUKOIL – slide 18
    Revenue Reconciliation bln RUB 1,477 1 1 (33) (31) (4) 6 1,339 (78) Revenue Oil Oil products Oil products Other Revenue 2q15 (Russia) (International) 2q16 Volume factor Price and structure factor 19
  19. Q2 2016 Results – LUKOIL – slide 19
    EBITDA Reconciliation bln RUB 207 190 36 7 11 8 32 9 5 138 100 183 171 West Qurna-2 EBITDA Revenue Cost of OPEX Transport SG&A Taxes other Exploration EBITDA 2q15 purchased than income expenses 2q16 crude…
  20. Q2 2016 Results – LUKOIL – slide 20
    Operating Expenses, mln RUB 2q16 2q15 % 1H16 1H15 % 113,709 105,828 7.4 Operating expenses, total 226,953 211,509 7.3 45,187 40,771 10.8 hydrocarbon extraction expenses 89,061 80,042 11.3 8,407 11,373 (26.1) extraction…
  21. Q2 2016 Results – LUKOIL – slide 21
    Profit Reconciliation bln RUB 87 86 23 23 1 17 15 64 63 FX effect Profit EBITDA DD&A Finance Profit 2q15 income/costs 2q16 and other 22
  22. Q2 2016 Results – LUKOIL – slide 22
    Cash Flow Reconciliation bln RUB 123 180 16 4 12 347 314 Cash Operating CF CAPEX and Financing CF Other FX Cash at begininng of acquisition of investing CF at end of 2q16 2q16 licenses 23
  23. Q2 2016 Results – LUKOIL – slide 23
    Capital Expenditures, mln RUB 2q16 2q15 % 1H16 1H15 % 118,886 150,773 (21.1) Capital expenditures, total 241,447 304,844 (20.8) 103,258 120,055 (14.0) Exploration and production 208,144 242,607 (14.2) 68,372 70,072 (2.4) Russia…
  24. Q2 2016 Results – LUKOIL – slide 24
    Robust Financial Position Cash and total debt, bln RUB Long-term debt maturity profile, bln RUB 283 860 865 756 210 130 347 98 257 65 169 14 2014 2015 1H 2016 2016 2017 2018 2019 2020 2021-2027 Cash and cash…
  25. Q2 2016 Results – LUKOIL – slide 25
    Summary Results Operating Results 1H16 1H15 % Hydrocarbon production, mln boe 411 430 (4.3) of which crude oil and NGL, mln bbl 350 370 (5.5) of which West Qurna-2, mln bbl 24 30 (20.4) Hydrocarbon production ex. West Qurna-2,…
  26. Q2 2016 Results – LUKOIL – slide 26
    Consolidated Statement of Profit or Loss (in mln USD, at the average exchange rate for the period) 2q16 2q15 1H16 1H15 Revenue 20,318 28,026 Sales (including excise and export tariffs) 35,798 50,824 Costs and other deductions…

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