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3Q 2021 Earnings Presentation – Rosneft Oil Company

Rosneft Oil Company · Nov 30, 2021 · 32 slides

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Slides

  1. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 1
    IFRS RESULTS Q3 2021 November 12, 2021 1
  2. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 2
    KEY FINANCIAL INDICATORS 314 Rub bn Q3 2021 Net Income 375 Rub bn Q3 2021 Free Cash Flow -8.4 bn Reduction of net financial debt and trading liabilities YTD 3
  3. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 3
    KEY EVENTS The Company has started design work and a complex of engineering surveys at key energy facilities of the Vostok Oil project, construction of wharfs at the Yenisei river started Rosneft closed a deal for the sale of a 5%…
  4. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 4
    ESG EVENTS In order to protect against COVID-19, Rosneft conducted a large-scale vaccination campaign covering 95% of employees of the headquarters and more than 80% of employees of its subsidiaries. Currently, the Company is…
  5. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 5
    COMPANY ACHIEVEMENTS IN ESG CSA1 Rosneft remains a constituent Rosneft is the best among The global leader ahead of the international FTSE4Good The rating increased to 44 the majority of global peers and of the major O&G…
  6. 3Q 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. 3Q 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 Q23 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 8 Source: Bloomberg data
  8. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 8
    GROSS UPSTREAM MARGIN1 Monthly average 20 000 Rub/t FY average 16 12 8 4 0 Mar May Mar May Mar May Jan Dec Jan Dec Jan Feb Aug Aug Sep Nov Feb Aug Sep…
  9. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 9
    OPERATING RESULTS 10
  10. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 10
    KEY OPERATING INDICATORS Hydrocarbon 1,109 production, 939 * 1,067 1,075 kboepd Liquids 3,890 * 3,876 3,898 3,979 Gas * Figures were calculated in the like-for-like perimeter 8.22 8.10 Crude oil processing, mmt 69.96…
  11. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 11
    NAVIGATING OPEC+ ENVIRONMENT Rosneft liquids production Russian crude oil production cuts under OPEC+ Agreement1 Low-margin assets production 2020 2021 5,000 kbpd May May Nov Nov Aug Aug Mar Dec Dec…
  12. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 12
    VOSTOK OIL At the Zapadno-Irkinsky license area, 500 sq. km of 3D seismic work has been completed, 8 exploration wells are under construction and preparations for the 2021-2022 winter season are underway A program of pilot work was…
  13. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 13
    Gas production, bcm GAS BUSINESS 47.81 42.25 20.22 20.09 16.07 16.76 +25% 27.59 6.56 6.79 22.16 +5% 9.51 9.97 9M '20* 9M '21 Q2 '21 Q3 '21 The rise in natural gas production is primarily attributed to a gradual…
  14. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 14
    GAS BUSINESS Rospans production is increasing in accordance with a plan in 9M 2021 the subsidiary became the largest one among the Company in terms of gas production At the Kharampurskoye field, work is being carried out in…
  15. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 15
    OIL REFINING Refining margins1, /t Key product prices less cost of Product output, mmt feedstock, Russian refineries1, /t 45.2 400 40 28.0 40.1 25.7 26.3 25.1 25.7 300 30 24.8 29.4 23.5 200 20 14.0 12.4 5.5 6.5 100 10 0.5…
  16. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 16
    FOCUS ON DISTRIBUTION CHANNELS DEVELOPMENT Netbacks of the main crude oil marketing channels, Crude oil marketing breakdown, /t mmt 163.2 155.8 52.7 53.9 Export, Asia Export, Europe Export, West 23% 21% 24% 22% Netback,…
  17. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 17
    FINANCIAL RESULTS 18
  18. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 18
    EBITDA AND NET INCOME DYNAMICS EBITDA Q3 2021 vs. Q2 2021, Rub bn (1) (1) 5 21 7 36 638 571 Q2 2021 Crude oil price Number of days Damper effect Other taxes Change in volumes Other Q3 2021 (Rub) Net Income Q3 2021 vs. Q2…
  19. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 19
    COSTS DYNAMICS Controlled costs, Rub bn Maintaining unit lifting costs at a minimum level of 2.7 per boe (Rub 195 per boe) with a 3.5% production 48 growth 43 33 29 33 40 17 76 74 A 23% reduction in general and administration…
  20. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 20
    CAPEX 9M 2021 CAPEX growth YoY was attributed to the planned Rub bn implementation of the integrated Vostok Oil project and building-up in production program at Yuganskneftegaz 90% of investment program accounts for Upstream…
  21. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 21
    EFFICIENT DEBT MANAGEMENT Liquidity position Financial debt breakdown Reducing the short-term as of September 30, 2021, bn as of September 30, 2021 financial debt 37.2 44% Rubles 32% 78% 79% Foreign currencies 83% 85% 45%…
  22. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 22
    APPENDIX 23
  23. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 23
    KEY OPERATIONAL HIGHLIGHTS INDICATOR, RUB BN Q3 21 Q2 21 % 9 21 9 20 % Hydrocarbon production, incl. 5,088 4,973 2.3% 4,943 5,232 (5.5)% kboed Liquids 3,979 3,898 2.1% 3,876 4,193 (7.6)% kbpd Gas 1,109 1,075 3.2% 1,067 1,039…
  24. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 24
    KEY FINANCIAL HIGHLIGHTS INDICATOR, RUB BN Q3 21 Q2 21 % 9 21 9 20 % EBITDA, Rub bn 638 571 11.7% 1,654 845 95.7% Net Income, Rub bn 314 233 34.8% 696 (177) attributable to Rosneft shareholders Adjusted net income1, Rub bn 334…
  25. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 25
    EBITDA AND NET INCOME DYNAMICS EBITDA 9M 2021 vs. 9M 2020, Rub bn 228 (22) (7) (13) 21 (193) 5 58 (29) (5) 766 1,654 845 9M 2020 Crude oil price Tax maneuver New tax initiatives Profits of associates Damper effect Other taxes…
  26. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 26
    EXPORT DUTY LAG 9M 2021, Rub bn Q3 2021, Rub bn +64 1,654 +1 1,590 637 638 EBITDA (norm.) EBITDA (act.) EBITDA (norm.) EBITDA (act.) 27
  27. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 27
    OPERATING CASH FLOW CALCULATION Profit and Loss Statement Cash Flow Statement 9M 21, 9M 21, INDICATOR INDICATOR BN BN 10.5 Net income 1 1 Revenue, incl. 85.9 Adjustments to reconcile net income to cash flow from 4.1 2…
  28. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 28
    OPERATING CASH FLOW CALCULATION Rub bn 38 (56) (169) 6 96 1,654 1,569 EBITDA Working capital Share in (profits)/losses of Income tax payments Interest and dividends Other Adj. operating cash flow associates and JVs…
  29. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 29
    FREE CASH FLOW CALCULATION Rub bn (8) 108 35 18 126 112 (689) 248 1,569 930 880 Net cash provided by Reimbursement of Reimbursement of FX rate Interest on Net change in Prepayments for Reimbursement of Adj. operating…
  30. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 30
    FINANCE EXPENSES INDICATOR, RUB BN Q3 21 Q2 21 % 9 21 9 20 % 1. Interest accrued1 74 66 12.1% 204 199 2.5% 2. Interest paid and offset2 67 63 6.3% 191 190 0.5% 3. Change in interest payable (1-2) 7 3 100% 13 9 44.4% 4. Interest…
  31. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 31
    VARIANCE ANALYSIS 9M 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 -185 185 -241 241 Net Income Net Income -148 148 -207 207…
  32. 3Q 2021 Earnings Presentation – Rosneft Oil Company – slide 32
    THANK YOU FOR YOUR TIME 33

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