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IFRS Results Q1 2018 – Rosneft Oil Company

Rosneft Oil Company · May 14, 2018 · 36 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. IFRS Results Q1 2018 – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q1 2018 May 14, 2018
  2. IFRS Results Q1 2018 – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic Environment1 Indicator Q1 2018 Q4 2017 % Q1 2018 Q1 2017 % Urals, /bbl 65.2 60.5 7.8% 65.2 52.3 24.8% Urals, 000 Rub/bbl 3.71 3.53 5.0% 3.71 3.07 20.7% Naphtha, 000 Rub/ton 31.79 31.71 0.3%…
  3. IFRS Results Q1 2018 – Rosneft Oil Company – slide 3
    Key Operational Highlights Indicator Q1 2018 Q4 2017 % Q1 2018 Q1 2017 % Hydrocarbon production, incl. 5,785 5,708 5,713 (0.1)% 5,708 (1.3)% kboed Oil and liquids 4,620 4,566 4,551 0.3% 4,566 (1.2)% kbpd Gas 1,142 1,162…
  4. IFRS Results Q1 2018 – Rosneft Oil Company – slide 4
    Key Financial Highlights Indicator Q1 2018 Q4 2017 % Q1 2018 Q1 2017 % EBITDA, Rub bn 385 393 (2.0)% 385 333 15.6% Net Income, Rub bn 81 100 (19.0)% 81 11 100% attributable to Rosneft shareholders Adjusted net income1, Rub bn 123 102…
  5. IFRS Results Q1 2018 – Rosneft Oil Company – slide 5
    Operating Results
  6. IFRS Results Q1 2018 – Rosneft Oil Company – slide 6
    Development Drilling Development drilling footage Key achievements in Q1 2018 km Increase in development drilling footage by 24% YOY to 2.8 mln m mainly at Yugansk and new projects with a share of in-house service c. 60% 22% increase…
  7. IFRS Results Q1 2018 – Rosneft Oil Company – slide 7
    Hydrocarbon Production kboed -1,3% 3 26 (110) 41 (48) 138 (65) (40) (23) 1 +50 kboed (+0.9%) Liquid hydrocarbon production growth in West and East Siberia 5,785 5,708 Q1 2017 Yugansk Samotlor Greenfields in Other…
  8. IFRS Results Q1 2018 – Rosneft Oil Company – slide 8
    Progress in Key Projects Indicator Yurubcheno-Tokhomskoe field Kondinskoe field 3 reserves (PRMS) 282 mmtoe / 2,156 mmboe1 143 mmtoe / 1,036 mmboe Commissioning year 2017 2017 Production in Q1 2018 0.6 mmt 0.2 mmt Production plateau…
  9. IFRS Results Q1 2018 – Rosneft Oil Company – slide 9
    Progress in Key Greenfields: Tagul Field Indicator Value 3 reserves (PRMS) 447 mmtoe / 3,180 mmboe Commissioning year 2018 Plateau production (year) 4.5 mmtpa (2022+) Tax benefits MET tax break As part of the pilot project,…
  10. IFRS Results Q1 2018 – Rosneft Oil Company – slide 10
    Progress in Key Greenfields: Taas-Yuryakh (Srednebotuobinskoye Field, Stage 2) Indicator Value 3 reserves (PRMS) 286 mmtoe / 2,096 mmboe Commissioning year 2018 Plateau production (year) c. 5 mmtpa (2022+) MET1 and export duty tax…
  11. IFRS Results Q1 2018 – Rosneft Oil Company – slide 11
    Progress in Key Greenfields: Russkoe Field Indicator Value 3 reserves (PRMS) 426 mmtoe / 2,874 mmboe Commissioning year 2018 Plateau production (year) 6.5 mmtpa (2022+) Tax benefits MET tax break1 By end of Q1 2018, 142…
  12. IFRS Results Q1 2018 – Rosneft Oil Company – slide 12
    Progress in Key Greenfields: Kuyumba Field1 Indicator 3 reserves (PRMS) 282 mmtoe / 2,154 mmboe Commissioning year2 2018 Plateau production (year)2 c. 3 mmtpa (2021+) MET3 and export duty tax Tax benefits breaks During the…
  13. IFRS Results Q1 2018 – Rosneft Oil Company – slide 13
    Gas Business: Organic Production Growth and Efficient Monetization Key achievements in Q1 2018 Gas production 2% gas production decline, which is mainly due to a bcm -0.34 (-2%) reduction in the production of associated petroleum gas…
  14. IFRS Results Q1 2018 – Rosneft Oil Company – slide 14
    Progress in Key Projects: Rospan The project provides the major contribution to the Company production growth by 2020 Indicator Value 0.9 tcm of gas, 191 mmt of gas 6.22 6.45 3 reserves (PRMS) condensate, LPG and oil 4.24…
  15. IFRS Results Q1 2018 – Rosneft Oil Company – slide 15
    Brownfields and Greenfields Development: Sibneftegaz Companys largest gas producing asset. In Q1 2018 gas production amounted to 3.04 bcm Indicator Value 3 PRMS reserves (gas) 514 bcm 2007 (Beregovoy LA) Commissioning year 2009…
  16. IFRS Results Q1 2018 – Rosneft Oil Company – slide 16
    Refining: Efficiency Improvement via Operations Optimization and Further Modernization Key refining highlights in Russia Key achievements in Q1 2018 Gasoline production, mmt Diesel production, mmt Light product yield and refining…
  17. IFRS Results Q1 2018 – Rosneft Oil Company – slide 17
    Profit Maximization from Crude Oil Marketing Netbacks for the main crude oil marketing channels Oil marketing breakdown Refinery capacity utilization Export netback mmt Refining netback Domestic market netback 54.6 58.3 55.4 Export…
  18. IFRS Results Q1 2018 – Rosneft Oil Company – slide 18
    Financial Results
  19. IFRS Results Q1 2018 – Rosneft Oil Company – slide 19
    Revenue Q1 2018 vs Q4 2017 Rub bn 108 15 (11) (37) (47) (15) 1,709 1,722 Q4 2017 Exchange rate Prices Exchange rate effect Share in profits of Number of days in Volumes Q1 2018 from prepayments associates and JVs the…
  20. IFRS Results Q1 2018 – Rosneft Oil Company – slide 20
    Operating Costs Dynamic Lifting costs1 Refining costs in Russia1 Rub/boe Quarter 12M average % YOY Rub/boe Quarter 12M average % YOY 190 199 189 189 212 185 185 195 168 180 33.3% 167 168 33.3% 9.1% 11.2% 10.1% 5.2% 7.9%…
  21. IFRS Results Q1 2018 – Rosneft Oil Company – slide 21
    EBITDA and Net Income EBITDA Q1 2018 vs Q4 2017 Rub bn (11) (25) (16) (4) (6) 16 42 (5) (5) (2) (30) 27 7 4 393 External factors: Company controlled and seasonal factors: 385 Rub -30 bn; -7.6% Rub +22 bn; +5.6% Q4 2017…
  22. IFRS Results Q1 2018 – Rosneft Oil Company – slide 22
    CAPEX CAPEX and production Rub bn kboed Q1 2018 capital expenditures were in line with 1,500 6,000 Company Strategy: development drilling at the mature assets to 1,200 4,500 maintain the production levels, taking into account 922…
  23. IFRS Results Q1 2018 – Rosneft Oil Company – slide 23
    Free Cash Flow and Reimbursement of Prepayments Free cash flow Rub bn Free cash flow more than trippled vs Q4 2017 to Rub 142 bn (2.5 bn) on the back of macro environment FY 3M improvement, working capital normalization and 439…
  24. IFRS Results Q1 2018 – Rosneft Oil Company – slide 24
    Dividend Policy Payout ratios Dividend payments and oil prices of the largest state controlled companies3 Dividend per, . share, Rub as % of IFRS net income 20 111.3 108.7 120.00 119.50 119.00 118.50 118.00 Brent,./. Brent,…
  25. IFRS Results Q1 2018 – Rosneft Oil Company – slide 25
    Measures Enhancing Shareholder Returns The capital expenditures target cut by 20% to Rub 800 bn A Rub 200 bn working capital reduction by the 500 Rub bn The minimum target for the end of 2018 decrease of total financial and…
  26. IFRS Results Q1 2018 – Rosneft Oil Company – slide 26
    Appendix
  27. IFRS Results Q1 2018 – Rosneft Oil Company – slide 27
    Revenue Q1 2018 vs Q1 2017 Rub bn 51 2 296 17 3 (57) 1,722 1,410 Q1 2017 Exchange rate Prices Effect from Share in profits of Volumes Others Q1 2018 prepayments associates and JVs Positive market environment…
  28. IFRS Results Q1 2018 – Rosneft Oil Company – slide 28
    Costs in 2018 vs. 2017 Lifting costs Rub bn 1.4 3.5 2.3 Q1 2018 lifting costs growth was mainly driven by higher electricity tariffs, higher production costs driven 81.1 88.3 by maintaining growing well stock, infrastructure…
  29. IFRS Results Q1 2018 – Rosneft Oil Company – slide 29
    EBITDA and Net Income EBITDA Q1 2018 vs Q1 2017 Rub bn 3 (5) (5) (4) 12 (14) 1 2 (1) (26) 92 (3) Internal and seasonal factors: External factors: Rub 0 bn 385 333 +52 Rub bn; +15.6% Q1 2017 Exchange rate Excise tax Prices…
  30. IFRS Results Q1 2018 – Rosneft Oil Company – slide 30
    FX Risk Hedge Q1 2018, Rub bn Before tax Income tax Net of income tax Recognized within other funds and reserves as of the start of (290) 58 (232) the period Foreign exchange effects recognized 1 - 1 during the period Foreign…
  31. IFRS Results Q1 2018 – Rosneft Oil Company – slide 31
    Calculation of Adjusted Operating Cash Flow Profit and Loss Statement Cash Flow Statement Q1 2018, Q1 2018, Indicator Indicator Rub bn Rub bn 1.7 Net income 1 1 Revenue, incl. 30.9 Adjustments to reconcile net income to 5.0 2…
  32. IFRS Results Q1 2018 – Rosneft Oil Company – slide 32
    Operating Cash Flow Adjustment, Q1 2018 Rub bn 20 (45) 33 34 52 (223) 365 271 Reimbursement of crude oil supplies prepayments (average FX rate) 142 Rub 119 bn Net cash provided Reimbursement of Reimbursement of…
  33. IFRS Results Q1 2018 – Rosneft Oil Company – slide 33
    Export Duty Lag Rub bn 6 (7) 15 26 1 393 384 385 356 371 367 327 333 313 306 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Normalized EBITDA Actual EBITDA Note: The effect of the time lag in export duties on the Company's…
  34. IFRS Results Q1 2018 – Rosneft Oil Company – slide 34
    Financial Expenses, Rub bn Indicator Q1 2018 Q4 2017 % Q1 2018 Q1 2017 % 1. Interest accrued1 65 68 (4.4)% 65 52 25.0% 2. Interest paid2 61 65 (6.2)% 61 44 38.6% 3. Change in interest payable (1-2) 4 3 33.3% 4 8 (50.0)% 4.…
  35. IFRS Results Q1 2018 – Rosneft Oil Company – slide 35
    EBITDA and Net Income Sensitivity Urals price change in Q1 2018 Rub/ exchange rate change in Q1 2018 Rub bn Rub bn Rub -6.5 per bbl Rub +6.5 per bbl -5.7 Rub/ +5.7 Rub/ EBITDA EBITDA -48 48 -57 57 Net Income Net…
  36. IFRS Results Q1 2018 – Rosneft Oil Company – slide 36
    Questions and Answers

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