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Q4 2021 Presentation – Rosneft Oil Company

Rosneft Oil Company · Feb 14, 2022 · 37 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 2021 Presentation – Rosneft Oil Company – slide 1
    IFRS RESULTS Q4 AND 12M 2021 February 11, 2022 1
  2. Q4 2021 Presentation – Rosneft Oil Company – slide 2
    KEY FINANCIAL INDICATORS 883 Rub bn Record-high 2021 Net Income 1,044 Rub bn 2021 Free Cash Flow (a 2.5x growth YoY) -5.5 bn Reduction of net financial debt and trading liabilities YTD 3
  3. Q4 2021 Presentation – Rosneft Oil Company – slide 3
    KEY EVENTS Rosneft Board of Directors approved a new strategy Rosneft-2030: Reliable Energy and Global Energy Transition A new unique gas condensate field was discovered in the Taimyr Peninsula with 384 bcm of gas reserves…
  4. Q4 2021 Presentation – Rosneft Oil Company – slide 4
    NEW ROSNEFT-2030 STRATEGY Expected FCF growth by 2030 Carbon Footprint Net Zero Reduction on GHG emissions by 20501 330 mmtoepa of hydrocarbons production Operational by 2030 2 Leadership growth Maintain leadership in unit…
  5. Q4 2021 Presentation – Rosneft Oil Company – slide 5
    CARBON FOOTPRINT REDUCTION TARGETS GHG emissions reduction1 Gas Flaring 25% by 2035 0 by 2030 Scope 1 and 2 emissions Zero routine flaring of APG and by 5% by 2025 at target level set by the World Bank and OGCI Net Zero by 2050…
  6. Q4 2021 Presentation – Rosneft Oil Company – slide 6
    ESG EVENTS Environmental: In 2021, Rosneft released more than 117 mln fringerlings, bred in fish farms, into Russias river systems as part of a program to preserve biodiversity and replenish aquatic bioresources Social: The…
  7. Q4 2021 Presentation – Rosneft Oil Company – slide 7
    COMPANY ACHIEVEMENTS IN ESG Rosneft remains a constituent The global leader ahead The climate change rating The best Russian oil and gas of the international FTSE4Good of the major O&G companies increased to B Company in the…
  8. Q4 2021 Presentation – Rosneft Oil Company – slide 8
    CRUDE OIL DEMAND AND SUPPLY mmbpd 110 Crude oil production Crude oil consumption 100 90 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 9 Source:…
  9. Q4 2021 Presentation – Rosneft Oil Company – slide 9
    BRENT PRICES /bbl 100 Actual Forecast Range 80 60 40 20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 10 Source: Bloomberg data
  10. Q4 2021 Presentation – Rosneft Oil Company – slide 10
    GROSS UPSTREAM MARGIN1 Monthly average 20 000 Rub/t FY average 16 12 8 4 0 Mar May Mar May Mar May Jan Feb Dec Dec Dec Aug Jan Feb Aug Jan Feb Aug…
  11. Q4 2021 Presentation – Rosneft Oil Company – slide 11
    OPERATING RESULTS 12
  12. Q4 2021 Presentation – Rosneft Oil Company – slide 12
    KEY OPERATING INDICATORS Hydrocarbon 1,109 1,121 production, 946 * 1,080 kboepd Liquids 3,847 * 3,905 3,979 3,989 Gas 10.97 11.00 Crude oil processing, mmt 93.01 95.13 In Russia 2.95 2.90 Abroad 24.14 23.43 2020…
  13. Q4 2021 Presentation – Rosneft Oil Company – slide 13
    EFFICIENT RESERVE REPLACEMENT Proven reserves reconciliation1, bn boe 2 fields and 256 new deposits with total AB1C1+B2C2 reserves of about 0.5 bn toe were discovered 0.9 0.6 1.8 1.2 The largest global discovery in 2021: field named…
  14. Q4 2021 Presentation – Rosneft Oil Company – slide 14
    NAVIGATING OPEC+ ENVIRONMENT Russian crude oil production cuts under Rosneft liquids production the OPEC+ Agreement1 5,000 Low-margin assets production 2020 2021 kbpd May May Nov Nov Aug Aug Mar Dec Dec…
  15. Q4 2021 Presentation – Rosneft Oil Company – slide 15
    VOSTOK OIL In the Zapadno-Irkinskiy LA, 500 sq. km of 3D seismic work were conducted, 3 exploration wells with a 100% success rate were completed at the project, construction of another 8 wells is underway Design and survey works were…
  16. Q4 2021 Presentation – Rosneft Oil Company – slide 16
    GAS BUSINESS Gas production, bcm 64.75 +14% 56.86 27.99 27.11 16.76 16.94 36.76 6.79 7.77 29.75 9.97 9.17 Positive dynamics was due to an increase in natural gas production at Q3 '21 Q4 '21 2020* 2021 the Rospan…
  17. Q4 2021 Presentation – Rosneft Oil Company – slide 17
    GAS BUSINESS At the Rospan project, commissioning work is being completed at the second start-up complex, preparations are underway for its launch, which will ensure a further production increase and reaching the planned production…
  18. Q4 2021 Presentation – Rosneft Oil Company – slide 18
    OIL REFINING Refining margins1, /t Key product prices less cost of Product output, mmt feedstock, Russian refineries1, /t 64.8 400 40 28.0 25.1 25.7 26.3 45.2 24.8 25.7 25.6 300 30 40.1 23.5 29.4 29.9 200 20 14.0 12.4 100 10…
  19. Q4 2021 Presentation – Rosneft Oil Company – slide 19
    FOCUS ON DISTRIBUTION CHANNELS DEVELOPMENT Netbacks of the main crude oil marketing channels, Crude oil marketing breakdown, /t mmt 213.6 212.2 53.9 56.4 Export, Asia Export, Europe Export, West 22% 22% 22% 24% Netback, refining…
  20. Q4 2021 Presentation – Rosneft Oil Company – slide 20
    PREMIUM MARKETING CHANNELS Avia Bunker fuel Lubes Bitumen In 2021, the network of presence at The bunker fuel business is presented in In 2021, LLC RN-Lubricants was an In 2021, the volume of bituminous the airports of Turkey,…
  21. Q4 2021 Presentation – Rosneft Oil Company – slide 21
    DEVELOPMENT OF THE RETAIL CHANNEL +11% retail sales volume 16.9 mln loyalty program participants, incl. +19% non-fuel sales gross revenue 3.1 mln virtual loyalty cards holders Key achievements Implemented activities In 2021, the…
  22. Q4 2021 Presentation – Rosneft Oil Company – slide 22
    FINANCIAL RESULTS 23
  23. Q4 2021 Presentation – Rosneft Oil Company – slide 23
    EBITDA AND NET INCOME DYNAMICS EBITDA Q4 2021 vs. Q3 2021, Rub bn 11 (14) 3 14 24 676 638 Q3 2021 Crude oil price (Rub) Damper effect Other taxes Income from associates and JVs Other Q4 2021 Net Income Q4 2021 vs. Q3…
  24. Q4 2021 Presentation – Rosneft Oil Company – slide 24
    COSTS DYNAMICS Controlled costs, Rub bn Maintaining unit lifting costs at a minimum level of 2.7 per boe (-3.6% YoY) 48 33 43 33 Flat general and administrative costs QoQ 29 33 40 86 17 76 74 60 64 66 Increased Downstream OPEX…
  25. Q4 2021 Presentation – Rosneft Oil Company – slide 25
    CAPEX 2021 CAPEX was attributed to the recovery of investment activity amid a favorable macroeconomic environment and Rub bn was aimed at ensuring the implementation of the production program of the Company, including Vostok Oil,…
  26. Q4 2021 Presentation – Rosneft Oil Company – slide 26
    EFFICIENT DEBT MANAGEMENT Liquidity position Financial debt breakdown Low share of the short-term as of December 31, 2021, bn as of December 31, 2021 financial debt 32.8 44% 30% Rubles Foreign currencies 78% 79% 83% 81% 47%…
  27. Q4 2021 Presentation – Rosneft Oil Company – slide 27
    APPENDIX 28
  28. Q4 2021 Presentation – Rosneft Oil Company – slide 28
    KEY OPERATIONAL HIGHLIGHTS INDICATOR, RUB BN Q4 21 Q3 21 % 12 21 12 20 % Hydrocarbon production, incl. 5,110 5,088 0.4% 4,985 5,186 (3.9)% kboed Liquids 3,989 3,979 0.3% 3,905 4,141 (5.7)% kbpd Gas 1,121 1,109 1.0% 1,080 1,045…
  29. Q4 2021 Presentation – Rosneft Oil Company – slide 29
    KEY FINANCIAL HIGHLIGHTS INDICATOR, RUB BN Q4 21 Q3 21 % 12 21 12 20 % EBITDA, Rub bn 676 638 6.0% 2,330 1,209 92.7% Net Income, Rub bn 187 314 (40.4)% 883 1321 100% attributable to Rosneft shareholders Adjusted net income1, Rub…
  30. Q4 2021 Presentation – Rosneft Oil Company – slide 30
    EBITDA AND NET INCOME DYNAMICS EBITDA 12M 2021 vs. 12M 2020, Rub bn (32) (8) (18) 330 (256) 107 36 1 961 2,330 1,209 12M 2020 Crude oil price (Rub) Tax maneuver New tax initiatives Profits of associates Damper effect Other…
  31. Q4 2021 Presentation – Rosneft Oil Company – slide 31
    EXPORT DUTY LAG 12M 2021, Rub bn Q4 2021, Rub bn +74 +10 2,256 2,330 666 676 EBITDA (norm.) EBITDA (act.) EBITDA (norm.) EBITDA (act.) 32
  32. Q4 2021 Presentation – Rosneft Oil Company – slide 32
    OPERATING CASH FLOW CALCULATION Profit and Loss Statement Cash Flow Statement 12 21, 12 21, INDICATOR INDICATOR BN BN 13.7 Net income 1 1 Revenue, incl. 121.1 Adjustments to reconcile net income to cash flow from 7.3 2…
  33. Q4 2021 Presentation – Rosneft Oil Company – slide 33
    OPERATING CASH FLOW CALCULATION Rub bn (50) (88) (238) (5) 144 2,330 2,093 EBITDA Working capital Share in (profits)/losses of Income tax payments Interest and dividends Other Adj. operating cash flow 2021 associates…
  34. Q4 2021 Presentation – Rosneft Oil Company – slide 34
    FREE CASH FLOW CALCULATION Rub bn (12) 182 45 42 153 143 1,049 374 2,093 1,166 1,044 Net cash provided by Reimbursement of Reimbursement of FX rate Interest on Net change in Prepayments for Reimbursement of Adj.…
  35. Q4 2021 Presentation – Rosneft Oil Company – slide 35
    FINANCE EXPENSES INDICATOR, RUB BN Q4 21 Q3 21 % 12M 21 12M 20 % 1. Interest accrued1 79 74 6.8% 283 264 7.2% 2. Interest paid and offset2 74 67 10.4% 265 259 2.3% 3. Change in interest payable (1-2) 5 7 (28.6)% 18 5 100% 4.…
  36. Q4 2021 Presentation – Rosneft Oil Company – slide 36
    VARIANCE ANALYSIS 2021 EBITDA and net income sensitivity to +/-10% change in Urals price, Rub bn to +/-10% change in Rub/ exchange rate, Rub bn EBITDA EBITDA -248 248 -315 315 Net Income Net Income -199 199 -271 271…
  37. Q4 2021 Presentation – Rosneft Oil Company – slide 37
    THANK YOU FOR YOUR TIME 38

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