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4Q and Full Year Results – Rosneft Oil Company

Rosneft Oil Company · Mar 19, 2018 · 44 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. 4Q and Full Year Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q4 and 12M 2017 March 19, 2018
  2. 4Q and Full Year Results – Rosneft Oil Company – slide 2
    Macroeconomic Environment Indicator 2017 2016 % Q4 17 Q3 17 % Urals, /bbl 53.1 42.1 26.2% 60.5 50.8 19.0% Urals, 000 RUB/bbl 3.10 2.82 9.9% 3.53 3.00 17.8% Naphtha, 000 RUB/ton 27.56 24.95 10.4% 31.71 26.65 19.0% Gasoil 0.1%,…
  3. 4Q and Full Year Results – Rosneft Oil Company – slide 3
    Overview of Key Operational Developments Seismic activity increase by more than 30% 86% success rate in on-shore exploration drilling Exploration 162 new deposits and 31 new fields were discovered with 11+B22 reserves of about 233…
  4. 4Q and Full Year Results – Rosneft Oil Company – slide 4
    Overview of Key Developments Oil refining throughput amounted to 112.8 mmt (total) and 100.6 mmt (Russia) Euro-5 motor fuels production increase by 23% to 38.2 mmt at Refining Russia refineries Light product yield improvement by…
  5. 4Q and Full Year Results – Rosneft Oil Company – slide 5
    Major International Projects Germany India Share of global oil…
  6. 4Q and Full Year Results – Rosneft Oil Company – slide 6
    Completion of a 49% Stake Acquisition in Essar Location Arabian Sea Rosneft closed the deal to acquire a 49% stake in Essar Oil Limited (EOL) INDIA 100% of EOL business is estimated at 12.9 bn Payment for the stake in several…
  7. 4Q and Full Year Results – Rosneft Oil Company – slide 7
    Completion of a 30% Stake Acquisition in Zohr Project Location Rosneft closed a deal to acquire a 30% share in the License areas with Enis participation concession agreement for the development of the Zohr field from the Italian…
  8. 4Q and Full Year Results – Rosneft Oil Company – slide 8
    Cooperation with Venezuela Assets location Prepayments made in 2014 RUB bn Offshore gas Patao, Mejillones Balance sheet item based on accounting method PetroPerij as of 2017 end Boquern Orinoco oil belt Balance sheet item based…
  9. 4Q and Full Year Results – Rosneft Oil Company – slide 9
    Key Operational Highlights Indicator 2017 2016 % Comment SEC proven hydrocarbon Sustainable reserve replacement, reserves replacement ratio reserves 39,907 37,772 +5.7% at 184%1 mmboe Hydrocarbon production, incl. 5,718 5,369 +6.5%…
  10. 4Q and Full Year Results – Rosneft Oil Company – slide 10
    Key Financial Highlights Indicator 2017 2016 % Q4 17 Q3 17 % EBITDA, RUB bn 1,403 1,278 9.8% 393 371 5.9% Net Income, RUB bn 222 174 27.6% 100 47 100% attributable to Rosneft shareholders Adjusted net income1, RUB bn 383 418 (8.4)%…
  11. 4Q and Full Year Results – Rosneft Oil Company – slide 11
    Operating Results
  12. 4Q and Full Year Results – Rosneft Oil Company – slide 12
    Exploration and Reserves Reserves1 Key achievements in 2017 mmboe 2D and 3D seismic works increased by 30% vs. 2016 86% - onshore exploration drilling success rate 2,199 31 fields and 162 new deposits were discovered with 11+22…
  13. 4Q and Full Year Results – Rosneft Oil Company – slide 13
    Development Drilling Development drilling footage Key achievements in 2017 th. m 12.1 mln m a new record in the development drilling +29.5% (+29.5%) with 60% in-house service share Commissioning of new wells up by 28% to 3.4 th. wells…
  14. 4Q and Full Year Results – Rosneft Oil Company – slide 14
    Hydrocarbon Production kboepd +6.5% 308 62 (9) (17) (18) 24 (36) 10 25 5,718 +41 kboed (+0.8%) 5,369 12M 2016 YuganskNG SamotlorNG OrenburgNG Offshore projects Other Intl. projects MessoyakhaNG Gas production Bashneft…
  15. 4Q and Full Year Results – Rosneft Oil Company – slide 15
    Progress in Key Projects Indicator Yurubcheno-Tokhomskoye field Kondinskoye field 3 reserves (PRMS) 282 mmtoe / 2,156 mmboe1 143 mmtoe / 1,036 mmboe Commissioning year 2017 2017 Production in 2017 0.7 mmt 0.2 mmt Oil production…
  16. 4Q and Full Year Results – Rosneft Oil Company – slide 16
    Progress in Key Projects: Tagul Field Indicator Value Krasnoyarsk Krai Yamalo-Nenets Krasnoyarsk Autonomous Region Krai 3 reserves (PRMS) 447 mmtoe / 3,180 mmboe Tagul Field Commissioning year 2018 Oil production plateau 4.5 mmtpa…
  17. 4Q and Full Year Results – Rosneft Oil Company – slide 17
    Progress in Key Projects: Taas-Yuryakh (Srednebotuobinskoye field, Stage 2) Indicator Value Mirny Sakha Republic (Yakutia) 3 reserves (PRMS) 286 mmtoe / 2,096 mmboe Commissioning year 2018 Srednebotuobinskoye Irkutsk field…
  18. 4Q and Full Year Results – Rosneft Oil Company – slide 18
    Progress in Key Projects: Russkoe Field Indicator Value YaNAO 3 reserves (PRMS) 426 mmtoe / 2,874 mmboe Krasnoyarsk Commissioning year 2018 Krai Oil production plateau 6.5 mmtpa Yamalo-Nenets Autonomous Region Russkoe Field…
  19. 4Q and Full Year Results – Rosneft Oil Company – slide 19
    Progress in Key Projects: Kuyumba field1 Indicator Value Krasnoyarsk Krai 3 reserves (PRMS) 282 mmtoe / 2,154 mmboe Krasnoyarsk Krai Commissioning year2 2018 Kuyumba field Oil production plateau2 3 mmtpa Target plateau year2…
  20. 4Q and Full Year Results – Rosneft Oil Company – slide 20
    Gas Business: Organic Production Growth and Efficient Monetization Key achievements in 2017 Gas production 2% gas production growth on the back of: bcm +1.31 (+2%) Bashneft acquisition in Q4 2016 67.10 68.41 Commissioning of new…
  21. 4Q and Full Year Results – Rosneft Oil Company – slide 21
    Progress in Key Projects: Rospan The project accounts for the largest production growth in the Company till 2020. Indicator Value 0.9 tcm of gas 3 reserves (PRMS) 191 mmt of gas condensate, LPG 6,22 6,45 and oil 4,24 Potential:…
  22. 4Q and Full Year Results – Rosneft Oil Company – slide 22
    Brownfields and Greenfields development: Sibneftegaz Company's largest asset in terms of gas production in 2017: 12.58 bcm Indicator Value 3 reserves (PRMS), gas 514 bcm 2007 (Beregovoy LA) Commissioning 2009 (Pyreyny LA) 2014…
  23. 4Q and Full Year Results – Rosneft Oil Company – slide 23
    Refining: Efficiency Improvement via Operations Optimization and Further Modernization Key refining highlights in Russia Key achievements in 2017 Gasoline production, mmt Diesel production, mmt Improvmenet in light product yield…
  24. 4Q and Full Year Results – Rosneft Oil Company – slide 24
    Profit Maximization from Crude Oil Marketing Netbacks of the main crude oil marketing channels Oil marketing structure Refinery capacity utilization Export netback mmt Refining netback Domestic market netback 53.3 57.9 58.3 Export…
  25. 4Q and Full Year Results – Rosneft Oil Company – slide 25
    Premium Marketing Channels Aviation Bunker fuel Lubes Bitumen Sales volume and growth in 2017 Jet fuel +10% Bunker fuel +46% Lubes +36% Bitumen +23% 3.3 mmt YoY 2.9 mmt YoY 1.1 mmt YoY 2.6 mmt YoY Key achievements in 2017…
  26. 4Q and Full Year Results – Rosneft Oil Company – slide 26
    Premium Marketing Channels: Retail Retail development Development of the associated business at filling station Revenue growth from related products and Growth in motor fuel sales services by 4% YoY via filling stations by 7% YoY…
  27. 4Q and Full Year Results – Rosneft Oil Company – slide 27
    Financial Results
  28. 4Q and Full Year Results – Rosneft Oil Company – slide 28
    Revenue 2017 vs 2016 RUB bn 1 470 110 (59) 34 (15) 1,208 (723) 6,014 4,988 2016 Exchange rate Pricing Tax maneuver Exchange rate Share in profits of Days in the period Volumes Other 2017 effect from associates and…
  29. 4Q and Full Year Results – Rosneft Oil Company – slide 29
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB / boe Bashneft effect Rosneft costs RUB / bbl Bashneft effect Rosneft costs Rosneft average, LTM % YoY, Rosneft Rosneft average, LTM % YoY, Rosneft 199 180 212 180…
  30. 4Q and Full Year Results – Rosneft Oil Company – slide 30
    EBITDA and Net Income EBITDA 2017 vs. 2016 RUB bn 34 (19) 82 36 (28) (67) (21) (13) (15) 313 (273) 158 (25) (37) Internal and seasonal factors: 1,403 1,278 +8 bln RUB (+0.6%) External factors: +117 bln RUB (+9.2%) 2016…
  31. 4Q and Full Year Results – Rosneft Oil Company – slide 31
    CAPEX CapEx and Production RUB bn kboed 30% CapEx increase YoY 1, 200 6,000 The growth is in line with the Company's strategic goals 922 and is mainly related to: 900 709 4, 000 Development drilling expansion for meeting the…
  32. 4Q and Full Year Results – Rosneft Oil Company – slide 32
    Dividend Policy Dividend payments and oil prices State-controlled companies dividend payout ratios3 DPS, RUB as a % of IFRS net income 20 111.3 108.7 120,00 119,50 119,00 118,50 118,00 117,50 Brent, /bbl 117,00 116,50 116,00…
  33. 4Q and Full Year Results – Rosneft Oil Company – slide 33
    Main Goals for 2018 Reserves replacement above 100% Upstream Hydrocarbon production growth Commissioning of the key projects on schedule Efficiency and profitability improvement Downstream Expansion and diversification of…
  34. 4Q and Full Year Results – Rosneft Oil Company – slide 34
    Appendix
  35. 4Q and Full Year Results – Rosneft Oil Company – slide 35
    Revenue Q4 2017 vs. Q3 2017 RUB bn External factors: Internal factors: +194 bn RUB (+13.0%) +19 bn RUB (+1.2%) 17 2 8 202 (16) 1,709 1,496 Q3 2017 Exchange rate Pricing Share in profits of Volumes Other Q4 2017…
  36. 4Q and Full Year Results – Rosneft Oil Company – slide 36
    Costs in 2017 vs. 2016 Lifting costs RUB bn 4 32 12 8 2017 lifting costs organic growth was mainly driven by higher electricity, transport, infrastructure facilities 359 maintenance and equipment costs 303 The increase in refining…
  37. 4Q and Full Year Results – Rosneft Oil Company – slide 37
    EBITDA and Net Income EBITDA Q4 vs. Q3 2017 RUB bn External factors: +39 RUB bn (+10.5%) 7 (9) 4 (1) (2) 12 (16) 8 28 (9) 393 371 Internal and seasonal factors: -17 RUB bn (-4.6%) Q3 2017 Exchange rate Pricing Share in…
  38. 4Q and Full Year Results – Rosneft Oil Company – slide 38
    FX Risk Hedge 2017, RUB bn 2016, RUB bn Net of income Net of income Before tax Income tax Before tax Income tax tax tax Recognized within other funds and (435) 87 (348) (590) 118 (472) reserves as of the start of the period Foreign…
  39. 4Q and Full Year Results – Rosneft Oil Company – slide 39
    Calculation of Adjusted Operating Cash Flow Profit and Loss Statement Cash Flow Statement 2017 2017 Indicator Indicator bn bn 5.1 Net profit 1 1 Revenue, incl. 106.4 Adjustments to reconcile net income to 12.2 2 cash flow…
  40. 4Q and Full Year Results – Rosneft Oil Company – slide 40
    Operating Cash Flow Adjustment RUB bn Reimbursement of crude oil supplies prepayments (average FX rate) RUB 542 bn 207 81 193 (922) 94 1,167 255 337 245 Net cash provided Prepayments for Other financial FX rate…
  41. 4Q and Full Year Results – Rosneft Oil Company – slide 41
    Export Duty Lag RUB bn (14) 52 (2) 24 6 (7) 15 26 393 348 341 365 356 371 367 327 333 313 306 287 273 296 294 292 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Normalized EBITDA Actual EBITDA Note: The effect…
  42. 4Q and Full Year Results – Rosneft Oil Company – slide 42
    Financial Expenses, RUB bn Indicator 2017 2016 % Q4 17 Q3 17 % 1. Interest accrued1 230 144 59.7% 68 56 21.4% 2. Interest paid2 219 143 53.1% 65 57 14.0% 3. Change in interest payable (1-2) 11 1 100% 3 (1) 4. Interest…
  43. 4Q and Full Year Results – Rosneft Oil Company – slide 43
    EBITDA and Net Income Sensitivity Urals price change RUB/ FX rate change RUB bn -5.3 /bbl +5.3 /bbl RUB bn -5.8 RUB/ +5.8 RUB/ EBITDA EBITDA (126) 126 (190) 190 Net Income Net Income (101) 101 (152) 152 Average Urals…
  44. 4Q and Full Year Results – Rosneft Oil Company – slide 44
    Questions and Answers

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