Gazprom Neft · RUS:SIBN
Gazprom Neft — Sibneft — H1 2005 Earnings Presentation
13 slides from Gazprom Neft's earnings presentation, 2005
Slide 1: 1H 2005 Sibneft Operating and Financial Results
1H 2005 Sibneft Operating and Financial Results
Slide 2: Sibneft 1H 2005 Overview
Sibneft 1H 2005 Overview
Slide 3: 1H 2005 Operating Highlights
1H 2005 Operating Highlights ¾ Sibneft crude oil production was 16.62 mln. tons, the same level as 1H 2004. ¾ Omsk Refinery throughput was 7.30 mln. tons vs. 7.20 mln. tons in 1H 2004. × 1.5% YoY ¾ Refining throughput at Moscow was 1.44 mln. tons vs. 1.53 mln. tons in 1H 2004. Ø 5.8% YoY ¾ Crude oil
Slide 4: Latest Acquisitions
Latest Acquisitions Date of Oilfield (block) Oil Resources, Gas Resources, auction mln bbl bln m3 March 25 Salymskiy 2 187.172 (D) - March 25 Salymskiy 3 170.966 (D) - April 7 Salymskiy 5 149.650 (D) - May 5 Zimniy 113.880 - (C1+C2+C3+D) May 5 Srednetaymurinskiy 243.820 (D) 429.7 (D) May 13 Tympuchi
Slide 5: Sibneft 1H 2005 Financials
Sibneft 1H 2005 Financials
Slide 6: Financial Overview
Financial Overview (mln. USD) 1H 2003 1H 2004 1H 2005 Oil, Gas & Product Sales 3 351.1 3 949.6 5 642.8 Total Revenues 3 438.3 4 013.5 5 728.2 EBITDA 1 094.9 1 504.2 1 943.7 Net Income 1 379.7 988.1 1 421.6 Net Cash at Period-End 350.9 80.7 1 483.0
Slide 7: Segmental Revenue Breakdown
Segmental Revenue Breakdown (mln. USD) 1H 2003 1H 2004 1H 2005 Crude exports 1 198 1 456 2 268 Oil product exports 686 753 1 120 Crude sales (domestic and CIS) 248 303 279 Oil product sales (domestic) 817* 1 040 1 369 Trade re-sale and commission 374 364 541 Other oil & gas sales 34 33 65 Total reve
Slide 8: Lifting Costs & Direct Refining Cost
Lifting Costs & Direct Refining Cost 3,0 2.41 2.44 2,5 2,0 1.71 1.79 USD/bbl. 1.70 1.63 1.41 1,5 1.35 1.15 0.99 1,0 0,5 0,0 2001 2002 2003 2004 1H 2005 Lifting Costs Direct Refining Costs ¾ Figures for Noyabrskneftegas and Omsk Refinery ¾ Key lifting cost drivers: Key refining cost drivers: × Ruble
Slide 9: Cost Structure
Cost Structure (mln. USD) 1H 2003 1H 2004 1H 2005 Total Revenue 3 438.3 4 013.5 5 728.2 Operating Expenses 893.9 934.9 1 220.3 Taxes other than Income Taxes 568.8 945.5 1 802.0 SG&A 816.5 586.8 716.6 DD&A 238.6 282.2 331.8 Cost of Other Sales 62.9 42.2 45.7 Operating Expenses 2 582.0 2 791.5 4 116.4
Slide 10: Factors Influencing Costs in 1H 2005
Factors Influencing Costs in 1H 2005 ¾ Operating costs 9 Higher prices and volumes of crude purchase operations 9 Utility costs ¾ SG&A 9 Transportation and other expenses for distribution and export ¾ Taxes 9 Export duties (due to introduction of the new export tax formula in August 2004) 9 Mineral
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights (mln. USD) 2003 2004 1H 2005 Cash and equivalents 104.6 1 140.3 1 483.0 Accounts receivable 1 321.4 1 751.6 2 131.4 Net oil and gas properties + PP&E 4 269.9 4 618.4 4 748.5 Total assets 8 150.0 10 262.8 11 616.3 Short-term debt & current portion 368.3 380.0 378.2 of long-te
Slide 12: Sibneft Debt Position 1H 2005
Sibneft Debt Position 1H 2005 Total Gross Debt Position (mln. USD) 31 Dec. 2004 30 Jun. 2005 Maturity Total 1 384 1 434 including … Eurobond 1 400 400 2007 Eurobond 2 500 500 2009 Trade Finance: 484 534 2005-2008
Slide 13: Any statement made or opinion expressed in the presentation by Sibneft, including any slides
Any statement made or opinion expressed in the presentation by Sibneft, including any slides shown, are those of Sibneft only. No slide in this presentation should be interpreted as proposition to buy or sell Sibneft securities.