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1Q 2021 Earnings Presentation – Rosneft Oil Company

Rosneft Oil Company · May 31, 2021 · 30 slides

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Slides

  1. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 1
    IFRS RESULTS Q1 2021 May 14, 2021 1
  2. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 2
    KEY FINANCIAL INDICATORS 149 Rub bn Q1 2021 Net Income 190 Rub bn Q1 2021 Free Cash Flow -4.6 bn Reduction of financial debt and trading liabilities YTD 3
  3. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 3
    KEY EVENTS An investment agreement to incentivize production at the Priobskoye field was signed Active development of the Vostok Oil project started Agreements signed with the Ministry of Energy incentivizing construction of new…
  4. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 4
    ESG EVENTS The mass vaccination of employees against COVID-19 was conducted providing the reach of herd immunity Rosneft and bp signed a Strategic Collaboration Agreement focused on supporting carbon management and sustainability…
  5. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 5
    COMPANY ACHIEVEMENTS IN ESG CSA1 Rosneft remains a constituent The global leader ahead The rating increased to 44 Rosneft is the best among Russian of the international FTSE4Good of the major O&G companies (53 percentile) O&G…
  6. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 6
    CRUDE OIL DEMAND AND SUPPLY mmbpd 110 Crude oil production Crude oil consumption 100 90 80 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 7 Source: Bloomberg data, EIA outlook
  7. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 7
    BRENT PRICES /bbl 100 Actual Forecast Range 80 60 40 20 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 8 Source: Bloomberg data
  8. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 8
    GROSS UPSTREAM MARGIN1 Monthly average 20 000 Rub/t FY average 16 12 8 4 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2019 2020 2021 9 Note:…
  9. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 9
    OPERATING RESULTS 10
  10. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 10
    KEY OPERATING INDICATORS Hydrocarbon 1,113 1,064 production, 1,014 kboepd Liquids 4,640 3,984 3,749 Gas 2.77 Crude oil 2.27 2.75 processing, mmt In Russia 25.95 24.08 23.05 Abroad Q1'20 Q4'20 Q1'21 11
  11. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 11
    NAVIGATING OPEC+ ENVIRONMENT Russian crude oil production cuts under Rosneft liquids production OPEC+ Agreement1 5,000 kbpd Low-margin assets production 2020 2021 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0…
  12. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 12
    VOSTOK OIL Geological exploration is being conducted to prepare discovered reserves for development The Company elaborated a program of pilot operations that will start to be implemented in 2022 Locations for the placement of…
  13. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 13
    GAS BUSINESS Gas production, bcm 16.63 16.08 14.98 8.88 8.34 6.87 7.75 7.74 +4.8% 8.11 Q1'20 Q4'20 Q1'21 The main factors behind APG production drop were OPEC+ limitations as well as the disposal of a number of…
  14. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 14
    REFINING Refining margins1, /t Key product prices less cost of Product output, mmt feedstock, Russian refineries1, /t 28.0 40.1 200 30.0 25.7 24.8 25.1 23.5 100 14.0 10.0 5.5 6.5 0.5 0 -10.0 -17.6 -10.0 -20.8 -24.8…
  15. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 15
    FOCUS ON DISTRIBUTION CHANNELS DEVELOPMENT Netbacks of the main crude oil marketing channels, Crude oil marketing breakdown, /t mmt Export, Asia Export, Europe 63.4 50.5 49.2 Netback, refining . Netback, domestic market…
  16. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 16
    FINANCIAL RESULTS 17
  17. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 17
    EBITDA AND NET INCOME DYNAMICS EBITDA Q1 2021 vs. Q4 2020, Rub bn ( 11) ( 4) ( 3) 13 11 26 ( 29) 55 19 4 445 364 Q4 2020 Crude oil price (Rub) Export duty lag Tax maneuver New tax initiatives Damper effect Other taxes…
  18. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 18
    COSTS DYNAMICS Controlled costs, Rub bn Reduction of unit lifting costs to the minimal level of 2.6 per boe 48 29 33 Reduced Downstream OPEX amid seasonal maintenance 40 17 76 works in Q4 2020 60 64 56 62 Reduction of general…
  19. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 19
    CAPEX Q1 2021 CAPEX growth YoY was attributed to the start of Rub bn the integrated Vostok Oil project implementation 90% of investment program accounts for Upstream projects: Maintaining stable production at mature fields…
  20. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 20
    EFFICIENT DEBT MANAGEMENT Liquidity position Financial debt breakdown Reducing the short-term as of March 31, 2021, bn as of March 31, 2021 financial debt 28.6 44% 32% Rubles 78% 79% 83% Foreign currencies 86% 45% Floating…
  21. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 21
    APPENDIX 22
  22. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 22
    KEY OPERATIONAL HIGHLIGHTS INDICATOR Q121 Q420 % Q121 Q120 % Hydrocarbon production, incl. 4,763 (5.6)% 4,763 5,753 (17.2)% 5,048 kboed Liquids 3,749 (5.9)% 3,749 4,640 (19.2)% 3,984 kbpd Gas 1,064 1,014 (4.8)% 1,014 1,113…
  23. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 23
    KEY FINANCIAL HIGHLIGHTS INDICATOR Q121 Q420 % Q121 Q120 % EBITDA, Rub bn 445 364 22.3% 445 309 44.0% Net Income, Rub bn 149 324 (54.0)% 149 (156) - attributable to Rosneft shareholders Adjusted net income1, Rub bn 179 85 100%…
  24. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 24
    EBITDA AND NET INCOME DYNAMICS EBITDA Q1 2021 vs Q1 2020, Rub bn (33) 6 55 (8) (5) (23) 87 (30) (12) 99 445 309 Q1 2020 Crude oil price (Rub) Export duty lag Tax maneuver New tax initiatives Effect of export Damper effect…
  25. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 25
    OPERATING CASH FLOW CALCULATION Profit and Loss Statement Cash Flow Statement 3M 21, 3M 21, INDICATOR INDICATOR BN BN 2.3 Net income 1 1 Revenue, incl. 23.9 Adjustments to reconcile net income to cash flow from 1.0 2…
  26. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 26
    OPERATING CASH FLOW CALCULATION 2 (14) Rub bn 25 (59) 16 445 415 EBITDA Working capital Provision for Share in (profits)/losses Income tax payments Interest received Adj. operating cash flow doubtful debt of associates…
  27. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 27
    FREE CASH FLOW CALCULATION Rub bn 24 (2) 53 13 45 (225) 39 83 415 190 160 Net cash provided Reimbursement of Reimbursement of FX rate Interest on Net change in Prepayments for Reimbursement of Adj. operating cash CAPEX…
  28. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 28
    FINANCE EXPENSES INDICATOR, RUB BN Q121 Q420 % Q121 Q120 % 1. Interest accrued1 64 65 (1.5)% 64 65 (1.5)% 2. Interest paid and offset2 61 69 (11.6)% 61 66 (7.6)% 3. Change in interest payable (1-2) 2 (4) 2 (1) 4. Interest…
  29. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 29
    VARIANCE ANALYSIS Q1 2021 EBITDA and net income sensitivity to +/-10% change in Urals price, Rub bn to +/-10% change in Rub/ exchange rate, Rubbn EBITDA EBITDA -61 61 -66 66 Net Income Net Income -49 49 -46 46 59.4…
  30. 1Q 2021 Earnings Presentation – Rosneft Oil Company – slide 30
    THANK YOU FOR YOUR TIME 31

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