Gazprom Neft · RUS:SIBN
Gazprom Neft — Sibneft — FY2002 Earnings Presentation
17 slides from Gazprom Neft's earnings presentation, 2003
Slide 1: Expectations for Sibneft 2002 Financial Results
Expectations for Sibneft 2002 Financial Results
Slide 2: Sibneft: a Leader in the Oil Industry and on Financial Markets
Sibneft: a Leader in the Oil Industry and on Financial Markets
Slide 3: Industry Leader in 2002
Industry Leader in 2002 ¾ 2002 RTS stock market leader: Sibneft showed a 202% return versus 34.1% for RTSI index and about 55% for RTS Oil sector index.. ¾ 2002 production growth leader: Sibneft moved into 5th place in terms of production and was the absolute leader in terms of production growth – 2
Slide 4: Stock Market Leader in 2002
09 .0 0 100 200 300 400 500 600 700 05 1.95 .0 05 4.9 .0 5 28 7.95 .0 28 9.9 .1 5 02 2.95 .0 02 4.96 .0 26 7.9 .0 6 25 9.96 .1 26 2.9 .0 6 25 3.97 .0 18 6.9 .0 7 19 9.97 .1 25 2.97 .0 26 3.9 .0 8 23 6.98 .0 21 9.9 .1 8 Stock Market Leader in 2002 22 2.98 .0 24 3.99 .0 21 6.9 .0 9 17 9.99 .1 21 2.9 .
Slide 5: Bond Market Leader in 2002
100 101 102 103 104 105 106 107 108 01.10.02 08.10.02 15.10.02 22.10.02 29.10.02 05.11.02 12.11.02 Bond Market Leader in 2002 Sibneft maturity 2009 Sibneft maturity 2007 19.11.02 26.11.02 03.12.02 10.12.02 17.12.02 24.12.02 31.12.02 07.01.03 14.01.03 21.01.03
Slide 6: Sibneft 2002 Operating and Financial Results Guidance
Sibneft 2002 Operating and Financial Results Guidance
Slide 7: Full-Year 2002 Operating Results and 2003 Forecasts
Full-Year 2002 Operating Results and 2003 Forecasts ¾ Production : 26.344 mln. tons (520,000 b.p.d.), up 27.4% y.o.y. 2003 target - 33.0 mln.tons. ¾ Total drilling was about 860 thousand meters, down slightly from the previous year as more attention was focused on 3D seismic (a record 939 sq. km acq
Slide 8: Preliminary 2002 Financial Results and 2003 Expectations
Preliminary 2002 Financial Results and 2003 Expectations (mln.USD) 2001 2002 y.o.y. % Revenues from 3 449 4 835 + 40.1% oil and gas sales EBITDA 1 719 1 775 + 3.2% Net income 1 305 1 050 -19.5% Total Debt 923 2 175 2001 2002 2003 (est.) CapEx 619 880 925 Upstream 534 680 690 Downstream 85 200 235
Slide 9: Preliminary 2002 Revenue Breakdown
Preliminary 2002 Revenue Breakdown (mln. USD) 2001 2002 est. Crude exports 1 191 1 790 Oil product exports 548 710 Crude domestic 19 180 Oil product domestic 1 487 1 620 Siboil resale and 203 535 commission Total revenues from oil 3 449 4 835 and gas sales
Slide 10: Debt Position at Year-End 2002
Debt Position at Year-End 2002 Total debt position 2.175 bln. USD of that … amount rate maturity Eurobond 1 400 mln. USD 11% 2007 Eurobond 2 500 mln. USD 10.75% 2009 Trade finance: Citibank, BNP 360 mln. USD Libor + 3.5% 3.5 years Paribas, WestLB WestLB 90 mln. USD Libor + 3.5% 3,5 years Citibank, B
Slide 11: 2002 Financials Versus Peers (EBITDA in USD/ton)
2002 Financials Versus Peers (EBITDA in USD/ton) ¾ If we take our preliminary 2002 numbers for Sibneft and consensus 2002 EBITDA expectations for other oil companies, Sibneft leads in terms of EBITDA per ton of crude extracted. 80 70 60 50 40 30 20 10 0 Sibneft YUKOS Surgut TNK LUKoil Tatneft
Slide 12: Sibneft's Strategy: Strong Today, Stronger Tomorrow
Sibneft’s Strategy: Strong Today, Stronger Tomorrow
Slide 13: Our Reserves Policy
Our Reserves Policy ¾ Sibneft policy is not to drill as much as we can, but to drill effectively. ¾ Our exploration drilling is decreasing, but we are substantially increasing 3D seismic, which leads to more effective production wells. 35 1,000 900 30 800 25 700 600 20 500 15 400 10 300 200 5 100 0
Slide 14: Well Productivity Up, Costs Under Control
Well Productivity Up, Costs Under Control 100 3,76 4,0 90 3,5 80 3,0 ton per well per day 70 2,61 2,5 USD per barrel 60 1,75 50 1,70 1H 2002 Lifting 2,0 Costs = $1,52/ bbl. 40 1,5 30 0,95 1,0 20 10 0,5 0 0,0 1997 1998 1999 2000 2001 2002 Materials & Supplies Utilities Transport Salaries Workovers Ot
Slide 15: Production Growth in 2002
Production Growth in 2002 ¾ Production rose on large and medium-size oil fields. ¾ New projects like the Meretoyahinskoye oil field in Noyabrsk region and Krapivinskoye field in the Omsk region, plus Sibneft-Yugra, added two million tons to annual production. ¾ In 2003, Sibneft plans to bring the Et
Slide 16: Refining: Omsk + Moscow
Refining: Omsk + Moscow ¾ Stable volumes at Omsk Refinery. Total 2002 throughput was 13.26 mln. tons. Refining depth has reached 83.2%, the highest in Russia. ¾ Sibneft, acquired 37% of the Moscow Refinery in late 2001. In 2002, Sibneft processed an additional 2.4 mln. tons of crude in Moscow. ¾ Mos
Slide 17: Retail Expansion: Moscow and Beyond
Retail Expansion: Moscow and Beyond ¾ By the end of 2002, Sibneft had 20 proprietary petrol stations in Moscow and Moscow region and 26 operating under franchise agreements. ¾ By the end of 2002, our share of the Moscow retail market leapt to 4 - 5%, up from “null” in 2001. TNK 16,5% Other Tatneft 2