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Q3 2016 Results – Rosneft Oil Company

Rosneft Oil Company · Nov 11, 2016 · 32 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. Q3 2016 Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q3 2016 November 11, 2016
  2. Q3 2016 Results – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator Q3 16 Q2 16 % 9M 16 9M 15 % Urals, /bbl 44.0 43.8 0.5% 40.0 54.6 (26.8)% Urals, 000 RUB/bbl 2.85 2.89 (1.4)% 2.74 3.24 (15.5)% Naphtha, 000 RUB/ton 23.9 25.4 (5.7)%…
  3. Q3 2016 Results – Rosneft Oil Company – slide 3
    Acquisition of the controlling stake in Bashneft for RUB 330 bn Assets operating highlights for 2015 Rosneft bought 50.08% stake (60.2% of ordinary stocks) in Bashneft owned by the Russian Government for RUB 330 bn Indicator Value…
  4. Q3 2016 Results – Rosneft Oil Company – slide 4
    Acquisition of 49% in Essar Oil Asset location Rosneft signed the Sale and Purchase Agreement for a 49% stake in Essar Oil Limited (EOL). 100% of EOLs business was Arabian Sea valued at 12.9 bn1 Sea Airport tank farm Reliance…
  5. Q3 2016 Results – Rosneft Oil Company – slide 5
    Key Operating Indicators Indicator Q3 16 Q2 16 % 9M 16 9M 15 % Hydrocarbon production, incl. 5,217 5,216 0.0% 5,213 5,143 1.4% kboepd Oil and liquids production, 4,151 4,111 1.0% 4,117 4,119 (0.0)% kbpd Gas production, 1,066…
  6. Q3 2016 Results – Rosneft Oil Company – slide 6
    Key Financial Indicators (RUB bn) Indicator Q3 16 Q2 16 % 9M 16 9M 15 % Revenue 1,223 1,232 (0.7)% 3,503 3,954 (11.4)% EBITDA 292 348 (16.1)% 913 967 (5.6)% Net profit 26 89 (70.8)% 129 302 (57.3)% Net profit, adjusted for one-off…
  7. Q3 2016 Results – Rosneft Oil Company – slide 7
    Key Financial Indicators ( bn) Indicator Q3 16 Q2 16 % 9M 16 9M 15 % Revenue 19.4 19.2 1.0% 53.1 68.3 (22.3)% EBITDA 4.5 5.3 (15.1)% 13.5 16.5 (18.2)% Net profit 0.4 1.4 (71.4)% 2.0 5.3 (62.3)% Net profit, adjusted for one-off 1.6…
  8. Q3 2016 Results – Rosneft Oil Company – slide 8
    Operating Results
  9. Q3 2016 Results – Rosneft Oil Company – slide 9
    Development Drilling Development drilling footage Key achievements for 9M 2016 000 m Development drilling growth at 42% with sustaining in- house services share above 50% +42% Total number of new wells put into operation increased by…
  10. Q3 2016 Results – Rosneft Oil Company – slide 10
    Hydrocarbon Production kboed +1.4% 72 19 (35) 4 7 (9) (19) 10 13 (6) (5) 8 11 5,213 5,143 9M 2015 Yugansk Orenburg Samotlor Purneftegaz Slavneft Samara Severnaya Neft RN-Shelf DV Uvat Taas-Yuryakh Suzun Other Gas…
  11. Q3 2016 Results – Rosneft Oil Company – slide 11
    Progress in Key Projects: Suzun Indicator Value 3 (PRMS)1 75 mmtoe / 570 mmboe Comprehensive testing start September 2016 Plateau production c. 4.5 mmt of crude Production plateau 2017 to be achieved in As part of phase 1 of the…
  12. Q3 2016 Results – Rosneft Oil Company – slide 12
    Progress in Key Projects: East Messoyakha1 Indicator Value 3 reserves (PRMS)2 212 mmtoe / 1,461 mmboe Commissioning September 2016 Plateau production c. 5.8 mmt of crude Production plateau 2022 to be achieved in As part of the…
  13. Q3 2016 Results – Rosneft Oil Company – slide 13
    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…
  14. Q3 2016 Results – Rosneft Oil Company – slide 14
    Gas Business: organic production growth and efficient monetization Key achievements for 9M 2016 Gas production bcm +3.41 (+7%) 49.33 7% increase in gas production as a result of gas treatment 45.92 facilities launch at Rospan and…
  15. Q3 2016 Results – Rosneft Oil Company – slide 15
    Refining Processing and production of motor fuel Key achievements for 9M 2016 Refining throughput Euro 4/5 gasoline share, % Light products yield increased to 56.7%, refining depth 24 Euro 4/5 diesel share, % 100% - to 73.6% in Q3…
  16. Q3 2016 Results – Rosneft Oil Company – slide 16
    Crude Oil and Petroleum Product Sales Netbacks of the main oil monetization channels Oil monetization structure (Q3 2016) Refining Domestic market Export Refining capacity utilization 90% 43% 400 ,0 100 % 87% 89% 88% 88%…
  17. Q3 2016 Results – Rosneft Oil Company – slide 17
    Financial Results
  18. Q3 2016 Results – Rosneft Oil Company – slide 18
    Revenue Q3 2016 vs Q2 2016 RUB bn External factors: Internal factors: RUB -20 bn; -1.6% RUB +11 bn; +0.9% (21) 16 (4) (11) 12 (1) 1 232 1 223 Q2 2016 Exchange rate Crude oil price Exchange rate Share in profits of Changes…
  19. Q3 2016 Results – Rosneft Oil Company – slide 19
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe RUB/bbl 200 Costs 60% 180 Costs 60% Average LTM Average LTM % YoY 161 % YoY 147 150 165 164 164 40% 153 150 151 156 155 40% 120 133 129 24.0% 20.9% 100 20%…
  20. Q3 2016 Results – Rosneft Oil Company – slide 20
    EBITDA and Net Income EBITDA Q3 2016 vs. Q2 2016 RUB bn Internal and seasonal factors: RUB -10 bn; -2.9% 31 (11) (8) (58) (2) (11) 348 1 3 (1) External factors: 292 RUB -46 bn; -13.2% Q2 2016 Exchange rate Crude oil…
  21. Q3 2016 Results – Rosneft Oil Company – slide 21
    CAPEX CAPEX and production1 Increase in upstream CAPEX for 9M 2016 (+34%) yoy, RUB bn kboed 5 600 focusing on meeting the strategic goals in hydrocarbon 900 production growth: intensification in development drilling and oilfield…
  22. Q3 2016 Results – Rosneft Oil Company – slide 22
    Free Cash Flow Free cash flow RUB bn FY Despite market volatility and higher tax burden the 657 Company generates positive free cash flow for 18 9M 596 consecutive quarters 517 With FCF at 2.9 per boe Rosneft (for 9M 2016) 404…
  23. Q3 2016 Results – Rosneft Oil Company – slide 23
    Financial Stability Debt and net debt dynamics 550 bn1 60,0 Credit portfolio management: 450 50,0 Over the last 12 months, ended September 30, 2016, total debt decreased by 2.5%, net debt 350 23,0 22,4 23,6 22,3 20,2 40,0 increased…
  24. Q3 2016 Results – Rosneft Oil Company – slide 24
    Appendix
  25. Q3 2016 Results – Rosneft Oil Company – slide 25
    Revenues 9M 2016 vs 9M 2015 RUB bln External factors: Internal factors: RUB -505 bn; -12.8% RUB +54 bn; +1.4% 400 (877) (36) 8 52 2 3,954 3,503 9M 2015 Exchange rate Crude oil price Exchange rate Share in profits of…
  26. Q3 2016 Results – Rosneft Oil Company – slide 26
    Costs Dynamics 9M 2016 vs 9M 2015 Lifting costs RUB bn Growing electricity costs (increased tariffs and 7 watercut) and higher HC lifting expenses were partially (1) (2) 5 offset by the planned reduction in wellwork costs and 204…
  27. Q3 2016 Results – Rosneft Oil Company – slide 27
    EBITDA and Net Income EBITDA 9M 2016 vs 9M 2015 RUB bn External factors: Internal factors: RUB -39 bn; -4% RUB -15 bn; -2% 223 (250) 8 (82) (37) 123 (24) (10) 12 (20) 3 967 913 9M 2015 Exchange rate Crude oil price Share…
  28. Q3 2016 Results – Rosneft Oil Company – slide 28
    FX Exchange Risk Hedge Q3 2016, RUB bn 9M 2016, RUB bn 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 (516) 103 (413) (590) 118 (472)…
  29. Q3 2016 Results – Rosneft Oil Company – slide 29
    Adjusted Operating Cash Flow Calculation Profit and loss statement Cash flow statement 9M 2016, 9M 2016, Indicator Indicator bn bn 1 Revenue, incl. 53.1 2.1 Net income 1 Adjustments to reconcile net income Prepayment offset…
  30. Q3 2016 Results – Rosneft Oil Company – slide 30
    Export Duty Lag RUB bn (43) 23 (62) (31) (14) 52 (2) 362 351 359 348 319 328 297 309 296 294 278 287 292 273 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Normalized EBITDA Actual EBITDA Note: The effect of the time lag in…
  31. Q3 2016 Results – Rosneft Oil Company – slide 31
    Financial Costs, RUB bn Indicator Q3 16 Q2 16 % 9M 16 9M 15 % 1. Interest accrued1 34 34 104 107 (2.8)% 2. Interest paid 37 29 27.6% 108 106 1.9% 3. Change of interest payable (1-2) (3) 5 (4) 1 4. Capitalized interest2 15 14…
  32. Q3 2016 Results – Rosneft Oil Company – slide 32
    EBITDA and Net Income Sensitivity Q3 2016 Urals price change Q3 2016 Exchange rate change RUB bn -4 /bbl +4 /bbl RUB bn -1.6 RUB/ +1.6 RUB/ EBITDA EBITDA -30 30 -12 12 Net income Net income -24 24 -10 10 Average…

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