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Rosneft Q3 2020 Results – Rosneft Oil Company

Rosneft Oil Company · Nov 13, 2020 · 29 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. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q3 2020 November 13, 2020
  2. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 2
    Facing the COVID-19 Challenge: Priority to People's Health and Well-being Care for employees Care for operations Care for customers Transition to remote work Priority Action Plan approved by the Production of two sanitizer Board of…
  3. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 3
    The Company's Progress in Sustainable Development is Reflected in Designated International ESG Ratings One of the global leaders, The best Russian oil and gas Rosneft was included in ahead of most O&G company in the Global CDP the…
  4. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 4
    COVID-19 Impact on Crude Oil and Petroleum Products Demand Oil demand in Europe, mmbd Main petroleum products demand in Europe, mmt 2019 15 30 Gasoline 22 Jet fuel 100 Diesel 14 Fuel oil 2019 -8% +2% +0.4% -8% +2% -2% -1% +7%…
  5. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 5
    Record Low Oil Prices Followed by Partial Recovery Oil prices and differentials1, /bbl Gross Upstream margin2, 000 Rub/t 80 Brent Monthly average 16 Urals FY average ESPO 60 12 40 8 20 10 4 Urals-Brent ESPO-Brent 5…
  6. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 6
    Key Events New tax initiatives for the Russian oil and gas 1 sector were approved1 Tightened cost control. 2 Unit lifting costs reduced to 2.8 per bbl Despite continued pressure from external factors, 3 Q3 EBITDA exceeded…
  7. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 7
    Impact of New Tax Initiatives CONTENT SUBJECT Cancellation of tax Cancellation of MET relief benefits for depleted . 57 mmt of crude produced at depleted fields in 2019 Option to switch to EPT provided (Group 3) fields with an…
  8. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 8
    Operating Results 9
  9. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 9
    Key Operating Indicators Liquids production, 4,674 kbd 4,036 3,908 4,193 Q2'20 / Q3'20 9M'19 / 9M'20 Gas production, mmcmd 182.2 166.6 162.6 170.6 Q2'20 / Q3'20 9M'19 / 9M'20 7.31 8.22 Refining throughput, 74.59 69.96…
  10. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 10
    Navigating OPEC+ Environment Crude oil production in Russia (2020), mmbd The Company has started oil production cuts under 6 11 the new OPEC+ agreement since May 2020 Production cuts on a pro rata basis Stage 2 Stage 1 extended till…
  11. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 11
    Development of Key Oil Projects Severo-Komsomolskoye field Lodochnoye field 3 (PRMS) reserves 269 mmtoe1 3 (PRMS) reserves 85 mmtoe The implementation of the 1st stage of full-scale field development (PK-1 Pilot development programs are…
  12. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 12
    Gas Business Gas production in Russia, bcm (OPEC+ impact is limited by the amount of associated gas) The Companys 9M 2020 gas production declined by -8.1% 5.2% (YoY) compared to 8.1% total reduction in Decrease of Russia1 -5.2%…
  13. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 13
    Refining Refining margins1, /tonne Key product prices less cost of feedstock, Russian refineries1, /tonne 68.3 63.3 300 30 46.7 38.7 30.4 100 10 19.4 14.0 -100 -10 -24.8 -20.8 -11.7 -300 -30 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20…
  14. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 14
    Focus on Distribution Channels Development Netbacks of the main crude oil marketing channels, /tonne Crude oil marketing breakdown, mmt Export, Asia Export, Europe Refining in Russia Domestic market 420 66.3 50.6 49.2 340 Export,…
  15. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 15
    Financial Results 16
  16. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 16
    Key Financial Indicators Q3 2020 EBITDA 366 Rub bn +18% vs. pre-crisis Q1 352 Rub bn 9M 2020 free cash flow -5.7 bn Reduction of debt and trading liabilities YTD 17
  17. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 17
    EBITDA and Net Income Dynamics EBITDA Q3 2020 vs. Q2 2020, Rub bn Net Income Q3 2020 vs. Q2 2020, Rub bn Net income Q2 2020 170 attr. to shareholders 43 Q2 2020 Exchange rate 26 Minorities 2 Crude oil price 157 Q2 2020 45 Share…
  18. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 18
    Costs Dynamics Lifting costs, Rub/boe Refining costs in Russia, Rub/bbl Quarter LTM average % YoY Quarter LTM average % YoY 200 209 220 226 208 205 207 201 191 196 184 181 22.8% 4.1% 2.5% 2.3% 2.0% 2.2% -1.1% 0.0% -2.1%…
  19. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 19
    Strong Free Cash Flow Free cash flow calculation, Rub bn Crude oil price and free cash flow dynamics, LTM Net cash provided by operating activities 625 Reimbursement of prepayments received 217 4.25 (historical FX rate) 4.11…
  20. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 20
    Debt Optimization Liquidity position as of September 30, 2020, bn Financial debt breakdown as of September 30, 2020 19.3 Available credit lines 10.5 31% Rubles Liquid financial assets Foreign currencies 48% Floating rates 52%…
  21. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 21
    CAPEX CAPEX evolution, Rub trln Following negative macro environment and 0.85 production cuts the CAPEX program was optimized by 20% 0.63 0.57 The program still allows for fast project development recovery and production…
  22. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 22
    Appendix 23
  23. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 23
    Key Operational Highlights Indicator Q3 2020 Q2 2020 % 9M 2020 9M 2019 % Hydrocarbon production, incl. 4,898 5,051 (3.0)% 5,232 5,783 (9.5)% kboed Liquids 3,908 4,036 (3.2)% 4,193 4,674 (10.3)% kbpd Gas 990 1,015 1,039 1,109…
  24. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 24
    Key Financial Highlights Indicator Q3 2020 Q2 2020 % 9M 2020 9M 2019 % EBITDA, Rub bn 366 170 100% 845 1 617 (47.7)% Net Income, Rub bn (64) 43 100% (177) 550 100% attributable to Rosneft shareholders Adjusted net income1, Rub bn…
  25. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 25
    EBITDA and Net Income Dynamics EBITDA 9M 2020 vs. 9M 2019, Rub bn Net Income 9M 2020 vs. 9M 2019, Rub bn Net income 9M 2019 1,617 attr. to shareholders 550 9M 2019 Exchange rate 103 Minorities 76 Tax maneuver completion (36) 9M…
  26. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 26
    Calculation of Adjusted OCF Profit and Loss Statement Cash Flow Statement 9M 2020, 9M 2020, Indicator Indicator bn bn (1.7) Net income 1 1 Revenue, incl. 62.6 Adjustments to reconcile net income to cash 7.0 2 flow from…
  27. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 27
    Finance Expenses, Rub bn Indicator Q3 2020 Q2 2020 % 9M 2020 9M 2019 % 1. Interest accrued1 66 63 4.8% 194 215 (9.8)% 2. Interest paid and offset2 64 60 6.7% 190 211 (10.0)% 3. Change in interest payable (1-2) 2 3 (33.3)% 4 4 4.…
  28. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 28
    Variance Analysis 9M 2020 EBITDA and net income sensitivity to +/- 9M 2020 EBITDA and net income sensitivity to +/- 10% change in Urals price, Rub bn 10% change in Rub/ exchange rate, Rub bn EBITDA EBITDA (113) 113 (149) 149…
  29. Rosneft Q3 2020 Results – Rosneft Oil Company – slide 29
    Questions & Answers 30

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