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1Q 2014 Financial Results – LUKOIL

LUKOIL · May 31, 2014 · 36 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. 1Q 2014 Financial Results – LUKOIL – slide 1
    1Q 2014 Financial Results (US GAAP) Vice-President Andrey Gaidamaka Moscow, May 2014
  2. 1Q 2014 Financial Results – LUKOIL – slide 2
    1Q 2014 Financial Highlights Dividend per share, RUB 110 (div. yield 6%*) Debt-to-capital 13% Free cash flow, mln 179 Excluding Including write-offs write-offs Net income, mln 2,253 1,733 EBITDA, mln 4,515 3,995…
  3. 1Q 2014 Financial Results – LUKOIL – slide 3
    1Q 2014 Main Events Liquid hydrocarbon production growth +1.8% The largest growth was in Volga, Urals and Timan-Pechora Start of production in Iraq First comercial oil production from West Qurna-2 project 220 Kbpd production…
  4. 1Q 2014 Financial Results – LUKOIL – slide 4
    LUKOIL Presents High Financial Efficiency 1Q 2014 1Q 2014 net income, bln hydrocarbon production, mln boe Company 1 455 Company 1 2.4 LUKOIL 199 LUKOIL 2.3* Company 2 117 Company 2 1.1 Company 3 112 Company 3 0.7 0 100…
  5. 1Q 2014 Financial Results – LUKOIL – slide 5
    LUKOIL Presents High Financial Efficiency 1Q 2014 EBITDA, per boe 1Q 2014 net income, per boe LUKOIL 11* LUKOIL 23* Company 2 16 Company 2 9 Company 1 16 Company 3 6 Company 3 9 Company 1 5 5 10 15 20 25 30 5 7 9 11…
  6. 1Q 2014 Financial Results – LUKOIL – slide 6
    Increasing Dividend Growth Rate Dividend per share, rub. 120 110* CAGR +22% 15%E 90 90 +20% 75 +27% 59 60 52 50 42 +25% 38 50 40 30 0 2006 2007 2008 2009 2010 2011 2012 2013 Interim dividends Level that…
  7. 1Q 2014 Financial Results – LUKOIL – slide 7
    Macroeconomic and Tax Environment 1Q 2014 to 1Q 2013 Positive factors High-octane gasoline (Russia); -2,7% Negative factors R Urals; -3,8% E V Diesel fuel (Europe); -5,1% E Fuel oil (Europe); -6,8% N U Gasoline (Europe); -7,8%…
  8. 1Q 2014 Financial Results – LUKOIL – slide 8
    million 0 500 1 000 1 500 2 000 2 500 3 000 3 500 1Q 2013 Net income 4 000 2,581 OPEX decrease 141 Decrease in income tax expense 122 Increase in exploration expenses and loss on disposals and…
  9. 1Q 2014 Financial Results – LUKOIL – slide 9
    Influence of Write-offs in 1Q 2014 Loss on disposals and impairments of assets in 1Q 2014 In 1Q 2014 LUKOIL recognized loss on expected disposal of its share in Caspian Investment Loss on Caspian Resources Ltd., and loss on Northern…
  10. 1Q 2014 Financial Results – LUKOIL – slide 10
    Main Operating Results 1Q 2014 to 1Q 2013 Positive factors Crude oil exports; -5.1% Negative factors Daily hydrocarbon production; 0,8% Daily refinery throughput; 1,4% Daily liquid hydrocarbon production;…
  11. 1Q 2014 Financial Results – LUKOIL – slide 11
    Daily Liquid Hydrocarbon Production +1.8% 1 910 1,885 1 890 6 Th. boe per day 17 1 870 50 1,852 (29) 1 850 1 830 (11) 1 810 1 790 1 770 1 750 Daily liquid Western Siberia International Volga Urals…
  12. 1Q 2014 Financial Results – LUKOIL – slide 12
    LUKOIL Increases Exploration Activities Bolshekhetskaya Depression 2014 priorities: Denisovskaya Depression Prospecting works on Hazri structure on Caspian Imilorsko-Istochny licence area Detailed exploration and studying of…
  13. 1Q 2014 Financial Results – LUKOIL – slide 13
    Results of Exploration in Caspian Sea LUKOIL performed large complex geological and geophysical study of Russian part of Caspian sea Siesmics: 2D 30 th. km, 3D 3 th. km Geo-electrics (5,182 km), gravity exploration, magnetic…
  14. 1Q 2014 Financial Results – LUKOIL – slide 14
    Exploration Plans Exploration drilling plan Exploration drilling location 2014 2015 1 Rybachya 9 Rakushechnaya 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 End of works 15.06.14 9 Rakushechnaya The well has been drilled 6…
  15. 1Q 2014 Financial Results – LUKOIL – slide 15
    Caspian Exploration Success: Rakushechnoe Field Astrakhan Discoveries due to drilling of 9- Caspian Sea Rakushechnaya well: Neocomian oil stratum Oil fringe on Aptian stratum Rakushechnoye Total estimated discovered C1+C2…
  16. 1Q 2014 Financial Results – LUKOIL – slide 16
    Exploration success in Komi: East Lambeyshorskoye field 785m/day at 35mm 1,000m/day at 1 30 22 631m/day at Discovered in 2011 in Denisovskaya 24mm 23 Depression. Recoverable reserves as of 504m/day at 4 18mm the end of 2013…
  17. 1Q 2014 Financial Results – LUKOIL – slide 17
    Financial Results 1Q 4Q 1Q 1Q , % million , % 2014 2013 2014 2013 35,681 35,892 (1) Sales 35,681 33,770 6 (2,309) (2,606) (11) OPEX (2,309) (2,450) (6) Taxes other than income tax (8,933) (8,815) 1 (8,933) (8,884) 1…
  18. 1Q 2014 Financial Results – LUKOIL – slide 18
    Operating Expenses 1Q 4Q 1Q 1Q , % million , % 2014 2013 2014 2013 1,011 1,145 (12) Hydrocarbon extraction expenses 1,011 1,009 0 480 567 (15) Own refining expenses 480 508 (6) Refining expenses at third parties and 64 107…
  19. 1Q 2014 Financial Results – LUKOIL – slide 19
    High Efficiency In Cost Management Lifting costs per boe, Lifting costs per boe, 6,0 18 5,75 -9% 5,67 16 5,59 5,5 14 5,29 12 5,23 10 5,0 8 6 4,5 4 2 0 4,0 2009 2010 2011 2012 2013 1Q 2014 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q…
  20. 1Q 2014 Financial Results – LUKOIL – slide 20
    SG&A and Transportation Expenses SG&A expenses, million Transportation expenses, million 1 200 2 000 1,032 1,650 972 979 1,562 1,503 1,575 1,553 1 600 900 866 856 1 200 600 800 300 400 0 0 1Q 2013 2Q 2013 3Q 2013 4Q…
  21. 1Q 2014 Financial Results – LUKOIL – slide 21
    Transport Infrastructure in Russia Reduces the Cost Inflation Svetly terminal Murmansk Yuzhnoye Khylchuyu Varandey Vysotsk Vysotsk terminal Svetly Germany Poland Czech Rep. Slovakia Hungary Novorossiysk Tuapse…
  22. 1Q 2014 Financial Results – LUKOIL – slide 22
    Robust Financial Position Total debt and net debt, bln 4 2 LUKOIL net debt remains low. 1.7 2.3 0 LUKOIL increases the share of cheap debt -2 -4 capital. Debt-to-capital amounted to 13% at the -6 9.1 end of 1Q 2014 9.9 -8…
  23. 1Q 2014 Financial Results – LUKOIL – slide 23
    CAPEX Structure 1Q 4Q 1Q 1Q , % million , % 2014 2013 2014 2013 2,725 3,565 (24) Exploration and production 2,725 2,537 7 1,973 2,459 (20) Russia 1,973 1,874 5 752 1,106 (32) International 752 663 13 447 830 (46) Refining and…
  24. 1Q 2014 Financial Results – LUKOIL – slide 24
    CAPEX Capital expenditures in 1Q 2014, mln Exploration and production prospective regions: 902 mln 15% 8% Yamal 30% Caspian Russia 26% 3,232 902 Africa Iraq International 42% projects 70% 9% Uzbekistan Exploration…
  25. 1Q 2014 Financial Results – LUKOIL – slide 25
    International Projects: West Qurna-2 (Iraq) Daily oil production from West Qurna-2 field in 2014, Kbpd 250 200 150 120 Kbpd 100 Production level, necessary for historical costs 50 compensation start 0 11 may 14…
  26. 1Q 2014 Financial Results – LUKOIL – slide 26
    International Projects: Uzbekistan Gas production in Uzbekistan, mcm per day 30 25 +150% 20 15 10 5 0 2011 2012 2013 2014E 2015E 2016E Plans for 2014-2015: Gissar Completion of 41 wells, launch of gas treatment units…
  27. 1Q 2014 Financial Results – LUKOIL – slide 27
    LUKOIL and TOTAL Partnership in Development of Hard-to-Recover Reserves of Bazhen Formation LUKOIL Assets to be transfered TOTAL East-Kovensky area Galyanovskoye field Tashinsky area Lyamisky area RITEKs field with current…
  28. 1Q 2014 Financial Results – LUKOIL – slide 28
    Cooperation with Rosneft regarding Gas Transportation According to contract with ZAO On April 21, 2011 LUKOIL and Rosneft signed an Agreement on Vankor, LUKOIL-Western long-term cooperation between companies. Siberia delivers…
  29. 1Q 2014 Financial Results – LUKOIL – slide 29
    Agreement with Gazrpom Implementation of Common E&P Projects Hydrocarbon reserves, mln tonnes of. , , reference . ... fuel ... Agreement implies implementation of , . ... Liquid Gas hydrocarbons common projects…
  30. 1Q 2014 Financial Results – LUKOIL – slide 30
    Consolidation of Positions in the Caspian Sea Centralnoye field JV: LUKOIL (25%), Gazprom (25%), Kazmunaigas (50%) Khvalynskoye Recoverable reserves: - Condensate: 18 mln bbl - Oil: 667 mln bbl - Gas: 245 mln boe…
  31. 1Q 2014 Financial Results – LUKOIL – slide 31
    Agreement with Gazprom Gas deliveries from LUKOIL Fields From the Caspian fields From the Bolshekhetskaya depression fields LUKOIL fields Vareiskiy Gas pipelines Nakhodkinskiy Stavrolen Gazprom gas transmission Stavropol…
  32. 1Q 2014 Financial Results – LUKOIL – slide 32
    LUKOIL-Komi (Timan-Pechora) Timan-Pechora proved oil reserves 2.2 bln bbl, out of which 46% are from 4 fields: LUKOIL-Komi Yaregskoe and Usinskoe LUKOILs major super and high viscosity oil fields subject to tax benefits…
  33. 1Q 2014 Financial Results – LUKOIL – slide 33
    Northern Caspian: Filanovsky field IRP-1 IRP-1 LQP-1 CPP LQP-1 CPP RB RB Works in 1Q 2013: Plans for 2014: Preparation works on mobilization Finishing construction of IRP-1, of resources and organization of LQP-1, CPP, RB,…
  34. 1Q 2014 Financial Results – LUKOIL – slide 34
    Titov and Trebs Fields Trebs Titov On May 23, 2014 the license for Titov and Trebs fields development was transferred from Bashneft to Bashneft-Polyus. This fact allowe to include the production from the fields to…
  35. 1Q 2014 Financial Results – LUKOIL – slide 35
    Refining Facilities Modernization Nizhny Novgorod Perm Catalytic cracking Coking unit Capacity: 2.0 mln t/year Capacity: 2.1 mln t/year Economic effect in 2015-2016: Economic effect in 2015-2016: 0.4 bln 1 bln Volgograd…
  36. 1Q 2014 Financial Results – LUKOIL – slide 36
    Conclusion - Value creation and accelerating growth of dividends - Increasing efficiency of operating activities - ost control, and OPEX optimization - Maintaining conservative financial policy - Maintaining strong financial…

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