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3Q and 9 Months 2017 – Rosneft Oil Company

Rosneft Oil Company · Nov 14, 2017 · 34 slides

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Slides

  1. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q3 and 9M 2017 November 14, 2017
  2. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator Q3 2017 Q2 2017 % 9M 2017 9M 2016 % Urals, /bbl 50.8 48.8 4.1% 50.6 40.0 26.5% Urals, 000 RUB/bbl 3.00 2.79 7.5% 2.95 2.74 8.0% Naphtha, 000 RUB/ton 26.6 24.1 10.4%…
  3. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 3
    Key Operating Highlights Indicator Q3 2017 Q2 2017 % 9M 2017 9M 2016 % Hydrocarbon production, incl. 5,674 5,703 (0.5)% 5,720 5,213 9.7% kboed Crude oil and NGL, 4,571 4,566 0.1% 4,585 4,117 11.4% kboed Gas, 1,103 1,137 (3.0)%…
  4. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 4
    Key Financial Highlights Indicator Q3 2017 Q2 2017 % 9M 2017 9M 2016 % EBITDA, RUB bn 371 306 21.2% 1,010 913 10.6% Net income, RUB bn 47 64 (26.6)% 122 127 (3.9)% Attributable to Rosneft shareholders Adjusted net income1, RUB bn 132…
  5. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 5
    Completion of a 49% Stake in Essar Acquisition Asset location Arabian Sea Rosneft successfully completed acquisition of a 49% stake in Essar Oil Limited (EOL). 100% of EOLs business was valued at 12.9 bn Deal rationale: INDIA…
  6. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 6
    Completion of a 30% Stake in Zohr Project Acquisition Asset location License areas Rosneft closed the deal to acquire a 30% stake in the with Enis participation concession for the development of the Zohr gas field from Zohr Italian…
  7. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 7
    Strategic Cooperation with CEFC China In September, 2017 Rosneft and CEFC China signed The largest private Chinese company a Strategic cooperation agreement and a long term in the energy sector crude oil supply contract at the 9th…
  8. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 8
    Tax Incentives for the Samotlor Field Development In October investment incentives for the Samotlor field and their estimated effect were successfully confirmed The approval of formal procedures for annual tax breaks in the amount at…
  9. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 9
    Operating Results
  10. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 10
    Development Drilling Development drilling footage Key achievements for 9M 2017 th. m 26% growth in development drilling footage y-o-y with in- house service share at c. 60% +26% Commissioning of new wells rose by 19%, including a 34%…
  11. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 11
    Hydrocarbon Production kboed +9.7% 440 46 (16) (14) 21 27 (15) (28) 17 29 5,720 5,213 +67 kboed (+1.3%) 9M 2016 Yugansk Orenburg Samotlor Offshore projects Other International projects Messoyakha Vankor projects Gas…
  12. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 12
    Progress in Key Projects: Yurubcheno-Tokhomskoe field Indicator Value 3 reserves (PRMS)1 272 mmtoe / 2,078 mmboe Commissioning year 2017 Production plateau c. 5 mmtpa Target plateau year 2019 Comprehensive testing of oil…
  13. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 13
    Progress in Key Projects: Kondinskoe field Indicator Value Central production facility construction (CPF) 3 reserves (PRMS) 135 mmtoe / 977 mmboe Commissioning year 2017 Production plateau under review Target plateau year 2019 As…
  14. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 14
    Progress in Key Projects: Tagul Indicator Value 3 reserves (PRMS) 435 mmtoe / 3,102 mmboe Commissioning year 2018 Production plateau 4.5 mmtpa Target plateau year 2022+ As a part of a pilot the first startup complex of the oil…
  15. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 15
    Gas Business: Organic Production Growth and Efficient Monetization Key achievements for 9M 2017 Gas production bcm +1.53 3.1% production growth on the back of: (+3.1%) 50.86 Bashneft acquisition in Q4 2016 49.33 commissioning of…
  16. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 16
    Refining: Efficiency Improvement via Further Operating Optimization and Modernization Key refining highlights (Russia) Key achievements in Q3 2017 Gasoline production, mmt Diesel production, mmt Q3 2017 light product yield reached…
  17. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 17
    Profit Maximization from Crude Oil Marketing Netbacks of the main crude oil marketing channels Oil marketing structure Refining capacity utilization Export netback mmt Refining netback Domestic market netback Export netback…
  18. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 18
    Premium Marketing Channels Lubes Bitumen Company market share reached 38% Growth of lubes sales for +38% 9M 2017 y-o-y 9M 2017 bitumen +26% sales growth y-o-y Avia Bunker fuel 9M jet fuel sales growth 9M bunker fuel…
  19. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 19
    Financial Results
  20. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 20
    Revenue Q3 2017 vs. Q2 2017 RUB bn External factors: Company controlled factors: RUB +116 bn; +8.3% RUB -19 bn; -1.4% (4) 2 16 (21) 2 56 46 1,496 1,399 Q2 2017 Exchange rate Crude oil price Exchange rate effect from…
  21. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 21
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe Bashneft effect Rosneft RUB/bbl Bashneft effect Rosneft Average LTM % y-o-y Average LTM % y-o-y 185 189 180 195 180 168 172 172 167 177 179 170 148 172 164…
  22. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 22
    EBITDA and Net Income EBITDA Q3 2017 vs. Q2 2017 RUB bn 10 (3) 1 1 3 (1) 24 8 2 20 Company controlled and seasonal factors: RUB +7 bn; +2.3% 371 306 External factors: RUB +58 bn; +18.9% Q2 2017 Exchange rate Crude oil…
  23. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 23
    CAPEX CAPEX and production 9M 2017 CAPEX increase at 33% y-o-y consistent with RUB bn kboed the strategic goals: 1,200 6,000 development of the major long-term oil and gas production projects 900 709 4,000 extension of the…
  24. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 24
    Appendix
  25. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 25
    Revenues 9M 2017 vs. 9M 2016 RUB bn External factors: RUB +336 bn; +9.6% 466 74 (50) 21 (14) 895 (590) 4,305 3,503 9M 2016 Exchange rate Crude oil prices Tax maneuver Exchange rate effect Share in profits of Larger…
  26. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 26
    Operating costs 2017 vs. 2016 Lifting costs RUB bn 9 6 2 32 Lifting costs increase for 9M 2017 was mainly driven by the acquisition of Bashneft assets in October 2016, 262 growth in electricity costs (increase in tariffs and 213…
  27. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 27
    EBITDA and Net Income EBITDA 9M 2017 vs. 9M 2016 RUB bn 21 (24) (53) 21 (24) (15) (13) 90 (5) 267 (224) (20) (30) 106 Company controlled and seasonal factors: RUB +29 bn; +3.2% 913 1,010 External factors: RUB +68 bn; +7.4%…
  28. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 28
    FX Risk Hedge Q3 2017, RUB bn 9M 2017, RUB bn Net of income Net of income Before tax Income tax Before tax Income tax tax tax Recognized within other funds and (364) 73 (291) (435) 87 (348) reserves as of the start of the period…
  29. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 29
    Calculation of Adjusted Operating Cash Flow Profit and loss statement Cash flow statement 9M 2017, 9M 2017, Indicator Indicator bn bn 2.5 Net income 1 1 Revenue, incl. 76.3 Adjustments to reconcile net income to 11.4 2…
  30. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 30
    Operating Cash Flow Adjustment Reimbursement of crude oil supplies prepayments (average FX rate) RUB 402 bn RUB bn 156 61 145 (630) 815 257 196 185 Net cash provided Prepayments for FX rate change Interest on…
  31. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 31
    Export Duty Lag RUB bn (14) 52 (2) 24 6 (7) 15 365 356 371 348 341 333 327 313 296 294 292 306 287 273 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Normalized EBITDA Actual EBITDA Note: The effect of the time lag in export…
  32. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 32
    Financial Expenses, RUB bn Indicator Q3 17 Q2 17 % 9M 17 9M 16 % 1. Interest accrued1 56 54 3.7% 162 104 55.8% 2. Interest paid2 57 53 7.5% 154 108 42.6% 3. Change in interest payable (1-2) (1) 1 8 (4) 4. Interest capitalized3…
  33. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 33
    EBITDA and Net Income Sensitivity Urals price change RUB/ exchange rate change RUB bn -6 /bbl +6 /bbl RUB bn -2 RUB/ +2 RUB/ EBITDA EBITDA (41) 41 (19) 19 Net income Net income (33) 33 (15) 15 Average Urals price in Q3…
  34. 3Q and 9 Months 2017 – Rosneft Oil Company – slide 34
    Questions and Answers

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