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Q4 and 12M 2019 – Rosneft Oil Company

Rosneft Oil Company · Feb 19, 2020 · 32 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. Q4 and 12M 2019 – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q4 and 12M 2019 February 19, 2020
  2. Q4 and 12M 2019 – Rosneft Oil Company – slide 2
    ESG is the Key Company Development Pattern September 2019 - The Russian Federation ratifies the Paris Rub 300 bn of green investments in 2018-2022 Climate Agreement 8 mmt of CO2e prevented GHG emissions (by implementing Energy Saving…
  3. Q4 and 12M 2019 – Rosneft Oil Company – slide 3
    Top Quartile Industry Performance in International ESG Ratings The best Russian oil and gas company in the Global CDP climate change and water security Rosneft included in the FTSE4Good Index rating The FTSE Russell rating…
  4. Q4 and 12M 2019 – Rosneft Oil Company – slide 4
    Financial Results 5
  5. Q4 and 12M 2019 – Rosneft Oil Company – slide 5
    2019 Key Highlights 283 Rub bn Record high dividends 884 Rub bn Strong free cash flow 907 Rub bn Reduction of financial debt and trading liabilities 6
  6. Q4 and 12M 2019 – Rosneft Oil Company – slide 6
    EBITDA and Net Income Dynamics EBITDA 2019 vs 2018 Net Income 2019 vs 2018 Net income attr. 12M 2018 Rub bn to shareholders Rub bn 2,081 549 12M 2018 Exchange rate 83 Minorities 100 Completion of the tax maneuver (29) 12M…
  7. Q4 and 12M 2019 – Rosneft Oil Company – slide 7
    CAPEX CAPEX evolution 2019 CAPEX breakdown Rub trln 91% Upstream Mature assets 7% Key projects and greenfields 0.85 52% International projects 1 Rub trln 8% Refining, Commerce 0.92 0.94 32% and Logistics 0.85 2%…
  8. Q4 and 12M 2019 – Rosneft Oil Company – slide 8
    Free Cash Flow Allocation Free cash flow calculation Net cash Rub bn provided by 1,110 operating activities Reimbursement of Free cash prepayments received 344 flow (historical FX rate) Reimbursement Reimbursement of of other…
  9. Q4 and 12M 2019 – Rosneft Oil Company – slide 9
    Delivering Rosneft-2022 Strategy in 2019 3.1 /boe leadership in lifting costs1 Enhancing yields -13.8% reduction of well costs 2 refining and petrochemicals 2.5% cost reduction3 Key projects 22.5 mmt liquids production at…
  10. Q4 and 12M 2019 – Rosneft Oil Company – slide 10
    Oil Market Volatility Crude oil and high-sulphur fuel oil prices Gross upstream margin1 90 /bbl 0 12 000 Rub/bbl Brent Monthly average Urals FY average HSFO-Brent crack spread 80 -10 9 70 -20 6 60 -30 50 -40 3…
  11. Q4 and 12M 2019 – Rosneft Oil Company – slide 11
    Efficient Cost Control Lifting costs Refining costs in Russia Rub/boe Quarter 12M average % YoY Rub/bbl Quarter 12M average % YoY 199 202 215 213 220 205 203 201 196 191 183 195 23.8% 12.0% 8.9% 5.4% 5.7% 6.1% 3.0% 4.1%…
  12. Q4 and 12M 2019 – Rosneft Oil Company – slide 12
    Financial Summary Record high EBITDA 2,081 2,105 2018 2019 Net income growth by 29% 708 549 2018 2019 Amount of dividends paid increased by more than 1/4 283 225 2018 2019 13
  13. Q4 and 12M 2019 – Rosneft Oil Company – slide 13
    2020+ Growth Drivers 1 2 3 Operational Financial Accounting Change in the structure of Introduction of new tax Impairment of assets in 1Q crude oil production to higher- incentives for the Priobskoye oil 2019 of RUB 90 bln creates…
  14. Q4 and 12M 2019 – Rosneft Oil Company – slide 14
    Operating Results 15
  15. Q4 and 12M 2019 – Rosneft Oil Company – slide 15
    Production Liquids production Rapid development of new large projects with incremental production growth of up to 5.0 mmbpd 200 mmcmd 140.3 mmbbl (+27% vs 2018) liquids 170 Accelerated development of hard-to-recover gas 140 low…
  16. Q4 and 12M 2019 – Rosneft Oil Company – slide 16
    Efficient Application of Advanced Technologies Commissioning of new wells Continuous work on improving new wells design aimed at enhancing field development efficiency: wells total The share of horizontal wells increased to 57% of…
  17. Q4 and 12M 2019 – Rosneft Oil Company – slide 17
    Near-term Plans Enhancing returns through continuous efficiency improvement 250 mmt Liquids production growth by 2022 Gas production growth with 100 bcm domestic market increase to by 2022 20% Full development of…
  18. Q4 and 12M 2019 – Rosneft Oil Company – slide 18
    Refining Refining margins Refining economics in Q4 2019 Russia 1 Europe /bbl Q4 2019 refining margin in Russia was negatively impacted by current macro environment: falling HSFO prices ahead of 9.23 IMO implementation.…
  19. Q4 and 12M 2019 – Rosneft Oil Company – slide 19
    Focus on Distribution Channels Development Netbacks for the main crude oil marketing channels Crude oil marketing breakdown Export, Asia Export, Europe mmt Refining in Russia . Domestic market 430 /t 61.1 66.3 67.1 390 350…
  20. Q4 and 12M 2019 – Rosneft Oil Company – slide 20
    Premium Marketing Channels Development Avia Bunker fuel Lubes Bitumen Key achievements Jet supplies to the airports of In 2019 RN-Bunker started Introduction of new motor oil New innovative product sales, the Moscow Air Cluster…
  21. Q4 and 12M 2019 – Rosneft Oil Company – slide 21
    Progress in Development of the Retail Channel Retail By-product sales 6% - increase of motor fuel sales 1 2% - by-product and services revenues growth 1 16% - increase of sales using fuel cards 1 6% - increase of hot beverages…
  22. Q4 and 12M 2019 – Rosneft Oil Company – slide 22
    Appendix 23
  23. Q4 and 12M 2019 – Rosneft Oil Company – slide 23
    Key Operational Highlights Indicator Q4 2019 Q3 2019 % 2019 2018 % Hydrocarbon production, incl. 5,814 5,740 1.3% 5,791 5,795 (0.1)% kboed Liquids 4,674 4,661 0.3% 4,674 4,673 0.0% kbpd Gas 1,140 1,079 5.7% 1,117 1,122…
  24. Q4 and 12M 2019 – Rosneft Oil Company – slide 24
    Key Financial Highlights Indicator Q4 2019 Q3 2019 % 2019 2018 % EBITDA, Rub bn 488 554 (11.9)% 2,105 2,081 1.2% Net Income, Rub bn 158 225 (29.8)% 708 549 29.0% attributable to Rosneft shareholders Adjusted net income1, Rub bn 184…
  25. Q4 and 12M 2019 – Rosneft Oil Company – slide 25
    EBITDA and Net Income Dynamics EBITDA Q4 vs Q3 2019 Net income Q4 vs Q3 2019 Net income Q3 2019 Rub bn attr. to shareholders Rub bn 554 225 Q3 2019 Exchange rate (12) Minorities 25 MET rate (11) Q3 2019 250 Crude oil price…
  26. Q4 and 12M 2019 – Rosneft Oil Company – slide 26
    Key Projects Development Severo-Komsomolskoye Lodochnoye 3 reserves (PRMS) - 269 mmtoe 3 reserves (PRMS) - 85 mmtoe 1st phase of the full Startup preparation is underway field development 2019 production 0.64 mmt (100% vs 2018)…
  27. Q4 and 12M 2019 – Rosneft Oil Company – slide 27
    Progress on Key Projects: Rospan MAJOR DRIVER OF THE COMPANY NEAR-TERM PRODUCTION GROWTH Indicator Value 897 bcm of gas 3 reserves (PRMS) 204 mmt of gas condensate, LPG and oil 6.7 bcm of gas 2019 production 1.38 mmt of liquids…
  28. Q4 and 12M 2019 – Rosneft Oil Company – slide 28
    Gas Greenfields Development: Kharampur THE MOST SIGNIFICANT (AFTER ROSPAN) PROJECT IN TERMS OF GAS PRODUCTION GROWTH1 Indicator Value 3 reserves (PRMS), gas 735 bcm2 Gas production plateau: c. 11 bcmpa3 Phase 1 (Senomanian)…
  29. Q4 and 12M 2019 – Rosneft Oil Company – slide 29
    Calculation of Adjusted OCF Profit and Loss Statement Cash Flow Statement 2019, 2019, Indicator Indicator bn bn 12.4 Net income 1 1 Revenue, incl. 135.8 Adjustments to reconcile net income to 10.9 2 cash flow from operations,…
  30. Q4 and 12M 2019 – Rosneft Oil Company – slide 30
    Finance Expenses, Rub bn Indicator Q4 2019 Q3 2019 % 2019 2018 % 1. Interest accrued1 67 70 (4.3)% 282 282* 2. Interest paid and offset2 72 70 2.9% 283 284 (0.4)% 3. Change in interest payable (1-2) (5) (1) (2) (50.0)% 4. Interest…
  31. Q4 and 12M 2019 – Rosneft Oil Company – slide 31
    Variance Analysis 2019 EBITDA and net income sensitivity to 2019 EBITDA and net income sensitivity to +/- 10% change in Urals price +/- 10% change in Rub/ exchange rate Rub bn . EBITDA EBITDA (283) 283 (344) 344 Net income…
  32. Q4 and 12M 2019 – Rosneft Oil Company – slide 32
    Questions & Answers 33

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