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2017 First Quarter Financial Results – Rosneft Oil Company

Rosneft Oil Company · May 10, 2017 · 33 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. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q1 2017 May 10, 2017
  2. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator Q1 2017 Q4 2016 % Q1 2017 Q1 2016 % Urals, /bbl 52.3 48.3 8.2% 52.3 32.2 62.4% Urals, 000 RUB/bbl 3.07 3.05 0.9% 3.07 2.40 28.1% Naphtha, 000 RUB/ton 27.8 26.9 3.1%…
  3. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 3
    Key Operating Highlights Indicator Q1 2017 Q4 2016 % Q1 2017 Q1 2016 % Hydrocarbon production, incl. 5,785 5,831 (0.8)% 5,785 5,208 11.1% kboed Crude oil and NGL, 4,620 4,655 (0.8)% 4,620 4,089 13.0% kboed Gas, 1,165 1,176…
  4. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 4
    Key Financial Highlights Indicator Q1 2017 Q4 2016 % Q1 2017 Q1 2016 % EBITDA, RUB bn 333 365 (8.8)% 333 273 22.0% Net income, RUB bn 13 52 (75.0)% 13 12 8.3% Attributable to Rosneft shareholders Adjusted net income1, RUB bn 112 113…
  5. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 5
    Acquisition of a 100% stake in Kondaneft On April 17 a 100% stake was acquired in the Kondaneft project, which is developing the Kondinsky, Zapadno- Erginsky, Chaprovsky and Novo-Endyrsky license areas in the Khanty-Mansiysk…
  6. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 6
    Operating Results
  7. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 7
    Development Drilling Development drilling footage Key achievements in Q1 2017 th. m 9% growth in development drilling footage In-house service share c. 60% of total works Commissioning of new wells increased by 23%, including a 40%…
  8. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 8
    Hydrocarbon Production kboed +11.1% 456 44 34 9 8 (20) (11) 28 35 (5) (5) 4 5,785 5,208 +121 kboed (+2.3%) Q1 2016 Yugansk Samara Samotlor Orenburg Purneftegaz Slavneft Other Messoyakha International Vankor cluster Gas…
  9. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 9
    Greenfields Development Status: Suzun and E. Messoyakha Suzunskoye field East Messoyakhskoe field1 In September 2016 the Company started the On September 21, 2016 the northernmost onshore comprehensive testing of the oil production,…
  10. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 10
    Progress in Key Projects: Yurubcheno-Tokhomskoe field Indicator Value 3 reserves (PRMS) 272 mmtoe / 2,078 mmboe Commissioning year 2017 Production plateau c. 5 mmtpa Plateau to be achieved in 2019 Current status and near-term…
  11. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 11
    Progress in Key Projects: Rospan The project provides the major contribution to the Company production growth by 2020 Indicator Value 1.1 tcm of gas +47% 3 reserves (PRMS) 160 mmt of oil and 6,22 condensate 4,24 in perspective:…
  12. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 12
    Gas Business: organic production growth and efficient monetization Key achievements in Q1 2017 Gas production 2.9% production growth following: bcm +0.49 (+2.9%) Commissioning of 2 new wells at the Northern tip of 16.72 17.21 the…
  13. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 13
    Refining: enhancement of efficiency through operating optimization and further modernization Refining and production of high-quality motor fuels Key achievements in Q1 2017 Refining throughput in Russia, mmt Q1 2017 light product…
  14. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 14
    Crude Oil and Petroleum Product Sales Netbacks of the main oil marketing channels Oil marketing structure (Q1 2017) Refining throughput Domestic market Exports Capacity utilization Export netback via marginal channel…
  15. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 15
    Financial Results
  16. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 16
    Revenue Q1 2017 vs Q4 2016 RUB bn External factors: Internal factors: RUB -21 bn; -1.4% RUB -54 bn; -3.6% ( 11) 17 ( 1) ( 29) ( 94) 97 ( 52) ( 2) 1,485 1,410 Q4 2016 Exchange rate Crude oil price FX effect from Tax…
  17. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 17
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe Bashneft effect Costs (Rosneft) RUB/boe Bashneft effect Costs (Rosneft) LTM average (Rosneft) % y-o-y (Rosneft) LTM average (Rosneft) % y-o-y (Rosneft) 172 167…
  18. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 18
    EBITDA and Net Income EBITDA Q1 2017 vs Q4 2016 RUB bn Internal and seasonal factors: RUB +10 bn; +2.7% (35) (5) 1 26 (17) (6) (6) 2 1 (9) 10 (1) 7 365 External factors: 333 RUB -42 bn; -11.5% Q4 2016 Exchange rate Delay…
  19. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 19
    CAPEX CAPEX and production Q1 2017 CAPEX increase at 25% y-o-y was consistent RUB bn kboed with the strategic goals and mainly was driven by: 1,200 6,000 ongoing development of long-term major oil and gas production projects 900…
  20. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 20
    Sources and Uses of Cash Q1 2017 RUB bn Funds available for debt management (decrease) 68 Assets disposal 146 67 Operating cash flow 9 44 Prepayments under crude oil and petroleum product supply contracts Assets…
  21. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 21
    Free Cash Flow Free cash flow RUB bn Free cash flow grew q-o-q by 3,5 times on the back of lower impact from working capital changes due to FY 3M crude oil prices stabilization and seasonally lower CAPEX 302 Sustainably positive…
  22. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 22
    Financial Stability Debt and net debt dynamics Debt profile by currency bn1 1.8 1.9 1.8 1.6 1.6 1.5 1.5 Foreign currency 1.4 1.3 Rubles 1.1 1.0 72.9 0.7 0.7 38% Total debt 15.5 60.5 59.1 59.6 Cash, cash equivalents and…
  23. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 23
    Appendix
  24. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 24
    Revenue Q1 2017 vs. Q1 2016 RUB bn External factors: RUB +268 bn; +25.6% 93 1 3 14 (15) 6 (13) 578 (305) 1,410 1,048 Q1 2016 Exchange rate Crude oil price Export duty lag Tax maneuver Exchange rate Share in profits…
  25. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 25
    Operating costs 2017 vs. 2016 Lifting costs RUB bn 10 Lifting costs increase in Q1 2017 was mainly driven 2 1 by the acquisition of Bashneft assets in October 2016 81 68 Growth in the refining costs due to the natural monopolies…
  26. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 26
    EBITDA and Net Income EBITDA Q1 2017 vs. Q1 2016 RUB bn External factors: Company controlled and seasonal factors: RUB +69 bn; +25.3% RUB -9 bn; -3.3% (5) (3) 18 (6) (12) 6 15 (3) (6) 162 (106) 333 273 24 (14) (10) Q1 2016…
  27. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 27
    FX Risk Hedge Q1 2017, RUB bn Before tax Profit tax Net of income tax Recognized within other funds and reserves as of the start of (435) 87 (348) the period Foreign exchange risk management instruments gains/(losses) 1 - 1 for the…
  28. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 28
    Calculation of Adjusted Operating Cash Flow Profit and loss statement Cash flow statement Q1 2017, Q1 2017, Indicator Indicator bn bn 1 Revenue, incl. 24.8 0.3 Net income 1 Adjustments to reconcile net income to Prepayments…
  29. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 29
    Adjusted Operating Cash Flow Reimbursement of crude oil supplies prepayments (average FX rate) RUB 118 bn 50 68 (192) 281 163 89 Net cash provided by Prepayments for crude FX rate change effect Adjusted operating…
  30. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 30
    Export Duty Lag RUB bn (14) 52 (2) 24 6 365 348 341 333 327 287 296 294 292 273 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Normalized EBITDA Actual EBITDA Note: The effect of the time lag in the establishment of import duties on the…
  31. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 31
    Finance Expenses, RUB bn Indicator Q1 2017 Q4 2016 % Q1 2017 Q1 2016 % 1. Interest accrued1 52 40 30.0% 52 36 44.4% 2. Interest paid 44 35 25.7% 44 42 4.8% 3. Change in interest payable (1-2) 8 5 60.0% 8 (6) 4. Interest…
  32. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 32
    EBITDA and Net Income Sensitivity Urals price change Exchange rate change RUB bn -3.3 /bbl +3.3 /bbl RUB bn -1.8 RUB/ +1.8 RUB/ EBITDA EBITDA (22) 22 (15) 15 Net income Net income (17) 17 (12) 12 In Q1 2017 average…
  33. 2017 First Quarter Financial Results – Rosneft Oil Company – slide 33
    Questions and Answers

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