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Investor Day – Gazprom Neft

Gazprom Neft · Feb 5, 2015 · 49 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. Investor Day – Gazprom Neft – slide 1
    GAZPROM INVESTOR DAY GAS BUSINESS FEBRUARY 2015 HONG KONG, SINGAPORE
  2. Investor Day – Gazprom Neft – slide 2
    AGENDA PRESENTATION SPEAKERS Strategy Upstream Dmitry Lyugai Vsevolod Cherepanov Member of Gazprom Management Committee Member of Gazprom Management Committee Head of the Department Head of the Department Export Finance…
  3. Investor Day – Gazprom Neft – slide 3
    5 STRATEGY 19 UPSTREAM 26 EXPORT 37 FINANCE INVESTOR DAY 2015 HONG KONG, SINGAPORE 4
  4. Investor Day – Gazprom Neft – slide 4
    STRATEGY DMITRY LYUGAI MEMBER OF GAZPROM MANAGEMENT COMMITTEE HEAD OF THE DEPARTMENT INVESTOR DAY 2015 HONG KONG, SINGAPORE 5
  5. Investor Day – Gazprom Neft – slide 5
    GAZPROM AT A GLANCE SHORT OVERVIEW Gazprom is a Russian global History energy company 1906 First commercial gas production from Russian gas field Its major business lines are: Dagestanskye Ogni (Derbent city) Geological…
  6. Investor Day – Gazprom Neft – slide 6
    GAZPROM IN FIGURES Gas reserves Oil and gas condensate production 1 WORLD 1 RUSSIA Gazprom gas reserves RUSSIA (A+B+C1) 36 tcm, incl. onshore 29 tcm, Gazprom Group oil and gas 72% 17% offshore 7 tcm condensate production 69 mm…
  7. Investor Day – Gazprom Neft – slide 7
    GAZPROM GROUPS MISSION AND STRATEGIC GOAL RELIABLE, EFFICIENT AND BALANCED SUPPLY OF NATURAL GAS, OTHER ENERGY MISSION RESOURCES AND REFINED PRODUCTS TO CONSUMERS ESTABLISH ITSELF AS A LEADER AMONG GLOBAL ENERGY COMPANIES BY…
  8. Investor Day – Gazprom Neft – slide 8
    WORLD GAS DEMAND Share of natural gas in world total primary Natural gas consumption energy consumption by region 2030 FORECAST 2013 20% 17% 26% 23% 3.6 9% 3% 4% 24% 6% 13% tcm 5% 2013 NORTH AMERICA 14% 19% LATIN…
  9. Investor Day – Gazprom Neft – slide 9
    GAZPROM ON THE RUSSIAN DOMESTIC MARKET Structure of Gazproms gas sales revenue, 20131 Gas deliveries to Russian consumers2 58% EUROPE 500 bcm 15% FSU COUNTRIES RUSSIA 27% 400 360 900 3,394 4 000 2,964 2,725 3 000 300 bcm; RR…
  10. Investor Day – Gazprom Neft – slide 10
    EUROPE: GAZPROMS TRADITIONAL MARKET Forecast gas production vs. consumption in Europe Gazproms pipeline gas deliveries to Europe 700 300 bcm decrease of indigenous gas production in Europe bcm no success in shale gas developments…
  11. Investor Day – Gazprom Neft – slide 11
    GAZPROM: UPSTREAM DEVELOPMENT Field productivity Key Gazprom gas greenfields plateau, bcm/year1 Urengoyskoye (Achimov deposits) 25 Pestsovoye (Neocomian-Jurassic) 2 Yubileynoye (Apt-Albian, Senomanian deposits) 2 Bovanenkovskoye…
  12. Investor Day – Gazprom Neft – slide 12
    KEY CURRENT AND PROSPECTIVE RUSSIAN NATURAL GAS EXPORT DESTINATIONS Sakhalin-Khabarovsk-Vladivostok Power of Siberia Altai project - current Russian natural gas export destinations - prospective and ongoing Russian…
  13. Investor Day – Gazprom Neft – slide 13
    GAZPROM IN LNG MARKET World LNG demand and production forecast World total in 2014: 800 19 LNG exporting countries, 30 LNG importing countries, incl. 3 LNG exporting/importing LNG PLANTS UNDER CONSTRUCTION countries 39 operating LNG…
  14. Investor Day – Gazprom Neft – slide 14
    GAS INFRASTRUCTURE DEVELOPMENT IN EASTERN SIBERIA AND FAR EAST REGIONS Date when put into operation Transportation site Length, km (not earlier) Trunk pipeline Power of Siberia 2018 4,000 Fields Pipelines: Power of Siberia…
  15. Investor Day – Gazprom Neft – slide 15
    RUSSIAN CHINA GAS DEAL MAIN CHARACTERISTICS CONTRACT VOLUME CONTRACT LIFETIME BCM per YEAR YEARS CHINA GAS CONSUMPTION 10 YEARS AGO PERIOD COMPARABLE WITH TRUNK GAS 10% OF CHINESE GAS MARKET AFTER RAMPING UP PIPELINE LIFE…
  16. Investor Day – Gazprom Neft – slide 16
    RUSSIAN CHINA GAS DEAL BOTTOM OF THE ICEBERG GAS DEAL For Gazprom For CNPC Market diversification Favorable pricing versus LNG Russian pipeline natural gas popularization in the Asia Pacific Pipeline supply sources diversification…
  17. Investor Day – Gazprom Neft – slide 17
    FORECAST OF CAPITAL INVESTMENTS Structure of CAPEX by gas business segment average annual 2015-2030 approx. 24 bln USD* GAZPROMS PROCESSING, LNG 12 % DEVELOPMENT PROGRAM OVER A TEN- YEAR PERIOD TRANSPORT 46 % (incl.…
  18. Investor Day – Gazprom Neft – slide 18
    UPSTREAM VSEVOLOD CHEREPANOV MEMBER OF GAZPROM MANAGEMENT COMMITTEE HEAD OF THE DEPARTMENT INVESTOR DAY 2015 HONG KONG, SINGAPORE 19
  19. Investor Day – Gazprom Neft – slide 19
    2014 GEOLOGICAL EXPLORATION RESULTS Russian gas reserves Gazproms huge hydrocarbon reserves and longest reserve life 4% Independent bboe Unallocated Producers 24% 140 fund 123 (37 yrs) 120 96 89 (17 yrs) Gazprom 100 (12…
  20. Investor Day – Gazprom Neft – slide 20
    SUMMARY GAS RESERVES INFORMATION Natural Gas, tcm Gas Condensate, extracted, mm tons Crude Oil, extracted, mm tons 1(1) 2(2) 1(1) 2(2) 1(1) 2(2) 36.1 10.1 1,444.4 679.6 1,937.2 1,594.4 Discovery of 1 new field and 8 new deposits…
  21. Investor Day – Gazprom Neft – slide 21
    PRODUCTION STRATEGY Gazprom main production regions Yamal Nadym- Sakhalin Pur-Taz Yakutsk gas gas production production center Krasno- center yarsk gas production Irkutsk gas center production center Gazprom…
  22. Investor Day – Gazprom Neft – slide 22
    YAMAL MEGAPROJECT Bovanenkovskoye field (production forecast) bcm 40 Rusanovskoye KARA SEA 20 Leningradskoye Malyginskoye 0 Taslyskoye 2012 2013 2014 Plan 2015F Severo-Tambeyskoye Syadorskoye Zapadno-Tambeyskoye…
  23. Investor Day – Gazprom Neft – slide 23
    EASTERN GAS PROGRAM Kirinskoye field (production forecast) bcm/year 1 0,5 0 2013 2014 Plan 2015F KAMCHATS NORTH OF THE Udachniy KCENTER Petropavlovs Sakhalin gas production center TYUMEN Yakutsk k- REGION Kamchatsky…
  24. Investor Day – Gazprom Neft – slide 24
    GAS CONDENSATE PREMIUM PRODUCT Gas condensate production capacity mn tonnes Yamburg 4.7 5.5 Novy Urengoy Yuzhno-Sakhalinsk Orenburg 0.2 Tomsk Astrakhan 0.1 0.3 3.7 Gas condensate production1 20 mn tonnes 18 16…
  25. Investor Day – Gazprom Neft – slide 25
    EXPORT ALEXANDER MEDVEDEV DEPUTY CHAIRMAN OF GAZPROM MANAGEMENT COMMITTEE INVESTOR DAY 2015 HONG KONG, SINGAPORE 26
  26. Investor Day – Gazprom Neft – slide 26
    EUROPEAN NATURAL GAS MARKET DYNAMICS Balance of European Gas Consumption, bcm1 700 593.1 587.4 585.9 599.8 602.0 564.2 577.3 565.2 557.3 600 546.8 538.2 478.4 500 228.5 231.6 260.7 262.6 274.0 274.6 290.3 258.2 266.7 254.2 400…
  27. Investor Day – Gazprom Neft – slide 27
    RELIABLE GAS DELIVERIES TO EUROPE Near 50 years of impeccable operating track record1 180 bcm 160 140 120 100 80 60 40 20 0 1976 1999 2006 2014E 1967 1968 1969 1970 1971 1972 1973 1974…
  28. Investor Day – Gazprom Neft – slide 28
    GAZPROM SALES TO EUROPEAN AND CIS MARKET Gazprom Gas Deliveries to Europe1 Gazprom Gas Deliveries to CIS and Baltics bcm 161.5 bcm 160 150.0 146.6 80 140.6 138.8 71.1 138.6 68.0 64.4 120 60 54.6 56.1 44.9 402 80 385 40 383…
  29. Investor Day – Gazprom Neft – slide 29
    MID-TERM PROVISIONS Short-term forecasts of European gas consumption by leading consulting companies Actual forecasts of the (2008 consumption = 100%) leading consulting 102% companies are 100% 100% significantly below previous…
  30. Investor Day – Gazprom Neft – slide 30
    HYBRID PRICING CORNERSTONE OF THE EUROPEAN MARKET Natural Gas Prices in Europe Gazprom is a Major Provider of Supply Move in Common Trend Flexibility to Europe 600 600 Mcm/Day /Mcm 550 500 Seasonal swing in Russian gas daily 500…
  31. Investor Day – Gazprom Neft – slide 31
    OBJECTIVE OF DECOUPLING OIL AND GAS PRICES NOT ACHIEVABLE IN A FORESEEABLE FUTURE Oil-indexed Prices Still Dominant in Forward Prices Put Henry Hub-based Cost-Plus European Gas Imports1 Pricing in Europe Under Question2 360 2,7% 2,4%…
  32. Investor Day – Gazprom Neft – slide 32
    GAS DEMAND WILL EVENTUALLY RETURN TO EUROPE Bright Spots: New Applications Natural Gas in Power Generation for Gas in Europe Rebound In 2035: + 60 bcm + 50 bcm 207 139 234 bcm bcm bcm + 30 bcm 2010 2014E 2035F SOURCES: IHS,…
  33. Investor Day – Gazprom Neft – slide 33
    ENTERING NEW GAS MARKETS Gazprom in Asia-Pacific WESTERN ROUTE PROJECT EASTERN ROUTE PROJECT Gazprom is set to build a diversified gas sales portfolio in Asia November, 2014 May, 2014 comprising both pipeline gas and LNG: Framework…
  34. Investor Day – Gazprom Neft – slide 34
    GAZPROM LNG BUSINESS Existing supply sources New Gazprom LNG Projects Third-party supply sources Sakhalin-2 Vladivostok LNG Baltic LNG Sakhalin-2 T3 Colombia FLNG Yamal LNG 10 mmt/year 10 mmt/year 10 mmt/year 5 mmt/year 0.5…
  35. Investor Day – Gazprom Neft – slide 35
    GAZPROM ACTIVITIES IN THE GLOBAL NGV MARKET Bunkering On-road transport LNG consumption as bunker fuel in Baltic Gazprom Group companies G4T assets and Northern seas in 2015-2025 GERMANY Gazprom Germania GmbH (100% owned by Gazprom…
  36. Investor Day – Gazprom Neft – slide 36
    FINANCE ANDREY KRUGLOV DEPUTY CHAIRMAN OF GAZPROM MANAGEMENT COMMITTEE HEAD OF THE DEPARTMENT INVESTOR DAY 2015 HONG KONG, SINGAPORE 37
  37. Investor Day – Gazprom Neft – slide 37
    GAZPROM POSITION IN GLOBAL ENERGY STRONG FINANCIAL POSITIONS AMONG OIL & GAS MAJORS Comparative revenues, EBITDA Top-5 oil and gas majors and net income CAGR1 by EBITDA, 9M2014 LTM 25 60 USD bln % 19.5% 19.4% 50 20 19.2% 40…
  38. Investor Day – Gazprom Neft – slide 38
    SUSTAINABLE FREE CASH FLOW GENERATION Gazprom FCF generation1 60 USD bln 51.9 51.2 50.8 50 8,3 7,5 12,9 40 34.7 30 7,7 21.7 3,0 43,6 43,7 20 37,9 7.9 27,0 10 18,7 8,2 -1 -0,3 2004-2005 2006-2007 2008-2009 2010-2011…
  39. Investor Day – Gazprom Neft – slide 39
    BALANCED CAPEX 60 USD bln 55 2015 Priorities Gas Upstream 50 Bovanenkovo field 50 GAS UPSTREAM 46 Development of fields related to the Eastern Gas GAS DOWNSTREAM OIL Program and export to China Gas brownfields development…
  40. Investor Day – Gazprom Neft – slide 40
    CAPEX EFFICIENCY CAPEX: CAPEX/hydrocarbon production: Gazprom vs Russian oil majors1 Gazprom vs Russian oil majors1 80 16 USD bln USD/boe 14,4 70 14 12,9 13,2 12,2 12,5 60 12 11,5 10,4 49,2 47,8 50 10 43,6 43,7 8,8 8,2 37,1…
  41. Investor Day – Gazprom Neft – slide 41
    TOP RUSSIAN BORROWER One of the lowest levels of leverage, 9M2014 Debt maturity profile ** 140 120 21% 26% 33% 31% 100 * Debt, USD bln 80 38% 33% 36% 39% 60 40 17% 19% 13% 14% ** 20 24% 22% 18% 16% 0 0.0 0.5…
  42. Investor Day – Gazprom Neft – slide 42
    DIVIDEND PAYOUT Dividend 12M dividend yields per share of major oil & gas companies1 12 RUB / Share % 30 10% 25.0 25,5 25.0 24,1 10 25 8% 7,7% 8,97 8 7.20 20 17,5 17,5 17,5 17,5 5,8% 5,8% 5,8% 6% 5,3% 5,99 4,8% 6 15 4,8%…
  43. Investor Day – Gazprom Neft – slide 43
    NATURAL HEDGING AGAINST ROUBLE VOLATILITY Hard currency denominated revenues Hard currency denominated cash OPEX Gas sales, Europe 31% Purchased gas and oil 20% 1% Crude oil, gas condensate and refined products export 16% Taxes other…
  44. Investor Day – Gazprom Neft – slide 44
    SUBSTANTIAL RESILIENCE TO WORSENED ENVIRONMENT HIGHER STABILITY OF GAS PRICES, RUBLE DEVALUATION AND CONSERVATIVE FINANCIAL POLICY ENSURE STRONG FOOTHOLD IN DIFFICULT TIMES Oil and gas prices in 2008-2010 crisis RUB/USD rates during…
  45. Investor Day – Gazprom Neft – slide 45
    DIVERSIFICATION OF CAPITAL MARKETS INCREASE OF GAZPROM GDR HOLDERS IN ASIA-PACIFIC Potential listing on Hong Kong Asia- Other or other Asian stock exchanges Asia- Other Pasific 0% Pacific 1% 4% 10% Northern America Gazprom…
  46. Investor Day – Gazprom Neft – slide 46
    CORPORATE GOVERNANCE Information disclosure Gazprom shareholding structure 2006 (AS OF 31.12) 2014 (AS OF 30.06) Transparency of Gazprom's activities is ensured through 36,80% 38,37% 23,54% 38,37% 26,23% 10,97% 13,20% 10,74%…
  47. Investor Day – Gazprom Neft – slide 47
    VALUATION COMPARISONS VS PEERS EV/2013 proved reserves* EV/EBITDA 9M2014 LTM 25 8 7 7 7 7 19 19 20 16 17 6 5 5 5 14 5 5 4 15 13 USD / boe 4 4 3 10 8 3 2 2 2 5 3 4 3 2 1 1 0 0 Gazprom Total…
  48. Investor Day – Gazprom Neft – slide 48
    VALUE DRIVERS Unparalleled Sound Strategy & 1 Fundamentals 2 Strong Market Position 17% of global gas reserves Natural gas is future of the world energy 72% of Russian gas reserves Gazprom is a global energy major 14% of global…
  49. Investor Day – Gazprom Neft – slide 49
    CONTACTS FOR INVESTORS ANDREY BARANOV Deputy Head of Directorate E-mail: irgazprom.ru IVAN KHROMUSHIN Head of Division Phone: (007) (495) 719-3143 E-mail: I.Khromushinadm.gazprom.ru INVESTOR DAY 2015 HONG KONG, SINGAPORE…

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