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2Q 2019 Earnings Presentation – Rosneft Oil Company

Rosneft Oil Company · Aug 21, 2019 · 24 slides

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Slides

  1. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q2 2019 August 21, 2019
  2. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 2
    Improving Rosnefts Investment Case through Effective ESG Communications On December 20, 2018 the Board of Directors approved Rosneft strategy related to commitment to the 17 Sustainable Development Goals of the United Nations1 Rosneft…
  3. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 3
    Responsible Business is the Companys Core Value Rosneft-2022 Strategy: enter the The Energy Saving Innovative Rosneft-2022 The social sphere UN Global Compact first quartile of Program in force Development Strategy: investments…
  4. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 4
    Navigating OPEC+ Environment Crude oil and condensate production in Russia Brent price 5.0 90 6 total Russia (RHS) mmbpd 11.6 /bbl 000 Rub/bbl Rub Rosneft (LHS) entry level for the production cut production losses (constraints…
  5. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 5
    Production Dynamics Hydrocarbon production H1 2019 vs H1 2018 kboed 49 (37) 41 Robust development of major greenfields 47 (Kondinskoe, Srednebotuobinskoe, Yurubcheno-Tokhomskoe) Production ramp up at other brownfields…
  6. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 6
    Refining Refining margins Refining economics in Q2 2019 Russia Europe /bbl Minor increase of margins in Russia due to dampfer growth QoQ 7.5 7.6 7.8 Declining margins in Germany in H1 2019 following low gasoline crack spreads in…
  7. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 7
    Focus on Distribution Channels Development Netbacks for the main crude oil marketing channels Crude oil marketing breakdown Export, Asia mmt 430 Export, Europe and other Refining in Russia Domestic market 56.8 60.0 61.7 390…
  8. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 8
    Efficient Control over the Costs Lifting costs Refining costs in Russia Rub/boe Quarter LTM average % YoY Rub/bbl Quarter LTM average % YoY 199 198 215 213 205 203 192 195 180 183 193 172 23.8% 12.0% 8.9% 5.4% 5.7% 3.8% 2.1%…
  9. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 9
    Earnings Growth EBITDA Q2 vs Q1 2019 Rub bn 2 30 (40) 27 (31) (18) 4 4 (7) (2) (2) 548 515 External factors: Internal and seasonal factors: Rub +9 bn; +1.6% Rub -42 bn; -7.7% Q1 2019 Exchange rate Excess profit tax Crude…
  10. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 10
    Focused on Value and Growth CAPEX CAPEX Rub bn H1 2019 CAPEX was Rub 436 bn down 3.5% YoY following drilling program optimization aimed at horizontal wells share increase to improve brownfields efficiency 922 936 CAPEX program…
  11. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 11
    Sustainable Free Cash Flow Generation Free cash flow (LTM) Rub bn 1,133 1,188 1,102 916 422 286 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Free cash flow calculation (H1 2019) Rub bn 44 (87) 40 63 66 180 (436) 768…
  12. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 12
    Financial Stability Debt evolution Reimbursement of prepayments received bn Cash, cash equivalents and liquid financial assets bn Reclassification Net debt IFRS 16 effect Principal amount Net debt/EBITDA 2.1 1.7 1.5 +2.0 1.4 1.2…
  13. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 13
    Appendix
  14. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 14
    Key Operational Highlights Indicator Q2 19 Q1 19 % H1 19 H1 18 % Hydrocarbon production, incl. 5,710 5,902 (3.3)% 5,806 5,706 1.8% kboed Liquids 4,618 4,744 (2.7)% 4,681 4,585 2.1% kbpd Gas 1,092 1,158 1,125 1,121 (5.7)%…
  15. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 15
    Key Financial Highlights Indicator Q2 19 Q1 19 % H1 19 H1 18 % EBITDA, Rub bn 515 548 (6.0)% 1,063 950 11.9% Net Income, Rub bn 194 131 48.1% 325 298 9.1% attributable to Rosneft shareholders Adjusted net income1, Rub bn 230 242…
  16. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 16
    Projects Launched in 20162017 Indicator Suzun E. Messoyakha2 Location Krasnoyarsk Territory Yamal-Nenets Autonomous District 3 PRMS reserves1 82 mmtoe / 623 mmboe 248 mmtoe / 1,707 mmboe Commissioning year 2016 2016 Production in 2018 /…
  17. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 17
    Projects Launched in 2018 Indicator Tagul field Taas-Yuryakh (Srednebotuobinskoye field, Phase 2) Location Krasnoyarsk Territory The Sakha Yakutia Republic 3 PRMS reserves1 456 mmtoe / 3,251 mmboe 281 mmtoe / 2,053 mmboe Commissioning…
  18. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 18
    New project launched in 2019: Zapadno-Erginskoye field Indicator Value 3 reserves (PRMS) 33 mmtoe / 242 mmboe Commissioning year Q2 2019 Production plateau c. 0.7 mmtpa (2022+) Tax breaks MET break (HTR) Second Erginsky cluster…
  19. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 19
    Progress on a Key Project: Rospan MAJOR DRIVER OF THE COMPANY NEAR-TERM PRODUCTION GROWTH Indicator Value 891 bcm of gas, 207 mmt of gas condensate, 3 reserves (PRMS) LPG and oil 3.3 bcm of gas H1 2019 production 0.7 mmt of…
  20. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 20
    Gas Greenfield Development: Kharampur THE MOST SIGNIFICANT (AFTER ROSPAN) PROJECT IN TERMS OF GAS PRODUCTION GROWTH1 Indicator Value 3 reserves (PRMS), gas 650 bcm2 Gas production plateau: c. 11 bcmpa3 Phase 1 (Senomanian)…
  21. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 21
    Calculation of Adjusted OCF Profit and Loss Statement Cash Flow Statement H1 2019, H1 2019, Indicator Indicator bn bn 5.7 Net income 1 1 Revenue, incl. 65.5 Adjustments to reconcile net income to 6.1 2 Reimbursement of…
  22. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 22
    Finance Expenses, Rub bn Indicator Q2 19 Q1 19 % H1 19 H1 18 % 1. Interest accrued1 71 74 (4.1)% 145 135 7.4% 2. Interest paid2 68 73 (6.8)% 141 124 13.7% 3. Change in interest payable (1-2) 3 1 100% 4 11 (63.6)% 4. Interest…
  23. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 23
    Sensitivity Analysis H1 2019 EBITDA and net income sensitivity to H1 2019 EBITDA and net income sensitivity to +/- 10% change in Urals price +/- 10% change in Rub/ exchange rate Rub bn Rub bn EBITDA EBITDA (158) 158 (183)…
  24. 2Q 2019 Earnings Presentation – Rosneft Oil Company – slide 24
    Q&A

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