SlideShare une entreprise Scribd logo
1  sur  22
Télécharger pour lire hors ligne
1 Q 2009 US GAAP
Financial and
Operating Results




June 18, 2009
Disclaimer

  This presentation contains forward-looking statements concerning the financial condition, results of
  operations and businesses of Gazprom Neft and its consolidated subsidiaries. All statements other than
  statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking
  statements are statements of future expectations that are based on management’s current expectations
  and assumptions and involve known and unknown risks and uncertainties that could cause actual
  results, performance or events to differ materially from those expressed or implied in these statements.
  Forward-looking statements include, among other things, statements concerning the potential exposure
  of Gazprom Neft to market risks and statements expressing management’s expectations, beliefs,
  estimates, forecasts, projections and assumptions. These forward-looking statements are identified by
  their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’,
  ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’,
  ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future
  operations of Gazprom Neft and could cause those results to differ materially from those expressed in
  the forward-looking statements included in this presentation, inclusively (without limitation): (a) price
  fluctuations in crude oil and oil products; (b) changes in demand for the Company’s products; (c)
  currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and
  industry competition; (g) environmental and physical risks; (h) risks associated with the identification of
  suitable potential acquisition properties and targets, and successful negotiation and completion of such
  transactions; (i) economic and financial market conditions in various countries and regions; (j) political
  risks, project delay or advancement, approvals and cost estimates; and (k) changes in trading
  conditions.
  All forward-looking statements contained in this presentation are expressly qualified in their entirety by
  the cautionary statements contained or referred to in this section. Readers should not place undue
  reliance on these forward-looking statements. Each forward-looking statement speaks only as of the
  date of this presentation. Neither Gazprom Neft nor any of its subsidiaries undertake any obligation to
  publicly update or revise any forward-looking statement as a result of new information, future events or
  other information.


                                                                                                                                     2
Management Participants in Today’s Call

                  Vadim Yakovlev
                  Deputy Chairman of the Management Board and CFO




                  Boris Zilbermints
                  Deputy Chairman of the Management Board,
                  Deputy CEO for Exploration and Production



                  Anatoly Cherner
                  Deputy Chairman of the Management Board,
                  Deputy CEO for Logistics, Processing and Sales




                  Yuri Kalner
                  Head of Strategic Planning Department




                                                                    3
1Q 2009 Highlights
           Macro
   • Brent 19% down Q-o-Q to US$ 44/bbl from US$ 55/bbl and Y-o-Y 54% down
     from US$ 97/bbl

       1Q 2009 Headline numbers – recovery in progress
   •       Revenue 16% down Q-o-Q; Y-o-Y 47% down
   •       EBITDA up 362% Q-o-Q to US$ 942 MM; Y-o-Y 53% down
   •       Adjusted EBITDA* up 131% Q-o-Q to US$ 945 MM; Y-o-Y 56% down
   •       Net Income Q-o-Q up to US$ 335 MM; Y-o-Y 76% down
   •       Operating Cash Flow Q-o-Q

           Costs Performance
    • Operating Costs down 12% Q-o-Q;10% down 10% Y-o-Y
    • Export Duties Q-o-Q 52% down; Y-o-Y 62% down
    • Taxes other than Income Tax Q-o-Q 5% up; Y-o-Y 50% down

           Asset Portfolio Expansion
       •   51% stake in NIS (February 2009)
       •   34% stake in Sibir Energy (April-June 2009)
       •   Gazprom Neft Marine Bunker - #2 Bunkering Co in Russia,
       •   Gazprom Neft Avia – presence in 11 airports across Russia
       •   Gazprom Neft Lubricants – Acquisition of Lubricants Plant in Italy (Bari)



 Adjusted EBITDA includes the Company’s share in its equity affiliates (Slavneft and Tomskneft) EBITDA
 Source: Company data                                                                                    4
Key Macroeconomic Factors

      Crude pricing, RUR/USD Rate (eop) relation                                                 Crude Export Profitability ($/bbl)

140
                                                                                    36                   Average freight
                                                                                         $120            Straits demurrage/port dues, insurance, port handling, customs fees, other
                                                                                                         Transneft tariff
                                                                                                         Crude export duty
                                                                                                         MET
                                                                                                         Crude export netback less MET in Western Siberia
100                                                                                       $90            Average crude export netback less MET in Western Siberia since 2001
                                                                                    32

                                                                                                                                   Urals (cif Novorossiysk)
                                                                                          $60

 60
                                                                                    28
                 Brent, $/bbl (lhs)                                                       $30
                 RUR/USD rate (rhs)


                                                                                           $0
 20                                                                                 24      Jan-01       Jan-02      Jan-03      Jan-04       Jan-05          Jan-06           Jan-07           Jan-08            Jan-09

        Jan-08           Apr-08       Jul-08         Oct-08         Jan-09                           Export duties formula amended                 Current taxation regime*
  0                                                                                                                                                * Effective from January 1, 09 MET threshold price raised from 9
                                                                                         ($30)                                                     to $15/bbl




       • Low crude pricing environment was the major driver for revenue decrease in 1Q09. However sharp
         taxes cuts were the main reason for profitability recovery in 1Q09
       • Pricing fall was partially compensated by drastic Russian Ruble devaluation which dragged costs
         down, but also had a negative impact on domestic revenues denominated in rubles



      Source: Platt’s, Federal Statistics Service, Company data, Central Bank of Russia, Argus                                                                                                                             5
Gazprom Neft Financial Results (US$MM)

                                                      (48%)                                                          • Oil prices were the core drivers
                                                                                         (16%)                         for revenue decrease in 1Q 2009

                                                              $10 085
                                                                                                                     • Rouble devaluation stressed
                                             $9 957
     Revenues*             $8 045
                                                                                $4 988                                 domestic revenues in dollar terms
                                                                                                  $4 185


                            1Q08              2Q08              3Q08             4Q08              1Q09



                                                      (54%)                                                          • Significant Tax Cuts determined
                                                                                         +362%
                                                                                                                       Financials recovery in 1Q 2009
                                             $3 093
                                                               $2 642                                                • Costs reduction through Rouble
                           $2 026
       EBITDA                                                                                      $942
                                                                                                                       devaluation
                                                                                 $204

                            1Q08              2Q08              3Q08             4Q08              1Q09



                                                      (76%)                                                          • Recovery in quarterly financials
                                                                                           N/A
                                                                                                                     • Non-cash foreign exchange
                                             $2 196
                           $1 411                              $1 594                                                  loss of $166 MM eroded
    Net Income                                                                                     $335                non-operating income and
                                                                                                                       reduced bottom line profitability in
                                                                                 -$543                                 1Q 2009
                            1Q08              2Q08              3Q08             4Q08              1Q09




Source: Company data   * Revenues for 2-3Q08 were adjusted for excise tax that was previously excluded (2Q08 - $0.3B; 3Q08 - $0.8B)
                                                                                                                                                              6
1Q09 Factor Analysis
                                                                                                                             FCF (US$MM)
Revenue Breakdown (%)
                                                                                               397         -643
              Gas Sales Other
                 1%      3%
                                 CrudeNon-
 Products
                                 CIS Export
 Domestic
                                    35%
   28%


                                      Crude CIS
                                        Export
                                         3%
  Products
 CIS Export                          Crude
     4%                             Domestic
                     Products         1%                                            373
                       Non-
                     CISExport
                       24%


                                                                                                                      99         186



                   -38                                                   70

              FCF 4Q08                  Price      Fx        Tax                    Export      Cost    Work. Cap.   Other     FCF 1Q09
                                                        Rate Changes     MET                  Reduction
                                                                                   Duty Lag
                                                                       threshold
                                                                         price
                                                           231




                                                  179
                                        -482




  Source: Company data
                                                                                                                                           7
Financial Performance
Revenues (US$MM)                                       EBITDA (US$MM)                                     Net Income (US$MM)


                                       $8 045                                                  $2 026
                                                                                                                                                 $1 411


     $4 988                     -48%
               -16%   $4 185                                                            -54%                                           -76%
                                                                              $942                                              $335
                                                                     +362%
                                                              $204
                                                                                                              4Q08       N/A    1Q09             1Q08

      4Q08             1Q09             1Q08                  4Q08            1Q09             1Q08          -$543




Adjusted EBITDA* (US$MM)                               Adjusted EBITDA* per barrel ($/bbl)                Adjusted EBITDA* Margin (%)

                                       $2 195                                                   $26                                               27%
                                                                                                                                23%
                                                                                                                                       -4 p.p.


                                -57%                                                   -54%                          +15 p.p.
                      $945                                                     $12
                                                                                                              8%
              +131%                                                  +140%
      $409                                                     $5



      4Q08             1Q09             1Q08                  4Q08            1Q09             1Q08           4Q08              1Q09             1Q08




 *Adjusted EBITDA includes the Company’s share in its equity affiliates (Slavneft and Tomskneft) EBITDA
 Source: Company data                                                                                                                                     8
Operational Performance
Crude output (MM bbl)                                  Crude Oil Export (MM Tonnes)                  Crude Oil Export to CIS (MM Tonnes)

     83.8                              86.6                                                    4,4
                      80.5                                                                                 0,9
      10,3                             10,4                                    4,1
                       9,7
      17,7                             18,0                                                                        -11.1%     0,8
                      17,0                                                                                                            +14.3%
                              0,7                              3,5
                                                                      +17.1%          -6.8%                                                    0,7
              -3.9%            -7.0%
      55,9            53,1             58,2



     4Q08           1Q09            1Q08                       4Q08            1Q09           1Q08        4Q08               1Q09              1Q08
     Own Production           NIS
     Slavneft*                Tomskneft*


                                                                                                     Domestic Oil Products Sales
Refining (MM Tonnes)                                   Oil Products Export (MM Tonnes)               (MM Tonnes)
      7.1              7.5
                       0,8             6.6                                                                 3.5               3.5               3.5
      0,9
                                       0,8                     3.6             3.6             3.6         0,6                0,6              0,6
                       1,7                                                     0,4             0,4
      1,7                                                      0,8
                       0,6             1,6
                                                                                                           1,1                                 1,1
                                                                                                                              1,5
                                                                                                                    0.0%               0.0%
                                                                       0.0%           0.0%
             +5.6%            +13.6%                           2,8             3,2             3,2
      4,5              4,4             4,2
                                                                                                           1,8                                 1,8
                                                                                                                              1,4


     4Q08             1Q09             1Q08                    4Q08            1Q09           1Q08        4Q08              1Q09               1Q08
   Omsk        NIS       Yaroslavl      Moscow                       Export                   CIS      Wholesale from refineries    Wholesale tank farms
                                                                                                       Retail



  * Production figures include 50% of Slavneft and Tomskneft
  Source: Company data                                                                                                                                     9
Consistent Cash Performance
 Cash Sources and Uses (US$MM)                                    Available Net Cash Flow (US$MM)

                                                                                $666       -$480
                   $417                                   $427
                                                                                                       -$826
                                                                   $2 075
                                                          $514                                                     $491         -$268       $1 658


                  $1 551

                                                         $1 060



                   $107                                   $153

                   $559                                             2008     Operating   Capital       Other      Debt Net     Dividends     1Q09
                                                          $480
                                                                             Cash Flow Expenditures (Investing    Change
                                                                                                    Activities)

                Sources                                   Uses
                                                                  Operating Cash Flow (US$MM)
   Operating Activity (excl. Working Capital)   Working Capital
   Capital Expenditures                         Dividends
   Debt Received                                Debt Repaid
   Investment (NIS)                             Other
                                                                                                      2 147
   Cash Increase/Decrease

                                                                                       1 442 +49%

   • Debt used for refinancing and M&A                               1 008                                        -61%
                                                                              +43%                                       847
                                                                                                                                           666
   • Capex financed by operating cash flow                                                                                       -21%

   • $1.7B of cash remained at end 1Q09
                                                                     1Q08              2Q08           3Q08               4Q08              1Q09



   Source: Company data
                                                                                                                                                     10
Debt Profile
 Net Debt/EBITDA, Gearing (%)                                     Maturity Profile (US$MM)

  0,60                                                      30%
                                                                                1 372
  0,50
  0,40                                                      20%
                                                                      939
  0,30
  0,20                                                      10%                               567
  0,10
  0,00                                                      0%                                             221             152
            2006              2007   2008        1Q09                 2010       2011         2012         2013            2014
             Net Debt/EBITDA (lhs)          Gearing (rhs)


 Debt Structure as of March 2009, %                               Credit Ratings

                                                                  BBB/Baa2
                                                                              Investment Grade
                                                   6%             BBB-/Baa3
                                                                   BB+/Ba1
                                                                    BB/Ba2
          54%           46%                                         BB-/Ba3
                                             94%                     B+/B1
                                                                       B/B2
                                                                      B-/B3
                                                                          2003    2004   2005       2006   2007     2008      2009
                                      Foreign Currency (USD,
    Short-term          Long-term     EUR, RSD)                                         S&P                Moodys
                                      RUR

 Net Debt totaled US$ 3,357


 Source: Company data
                                                                                                                                     11
Organic Capex Breakdown
   Capex Dynamics (US$MM)


               $885
                                                                                                     • 1Q09 Capex down 46%
                70
                                                                                                       Q-o-Q from US $885 MM in
                                                                              $782           23        4Q08 to US $480 MM in
                88                                                                           20        1Q09
               265                                                             254
                                -46%                            -39%
                                             $480
                                               43                                                    • Total exploration and
                                               72                                                      production accounted for
                                                                                                       more than 75% of Capex in
                                              181                                                      1Q09
               462                                                             485

                                              184
                                                                                                     • Nearly 90% of Capex is
              4Q08                           1Q09                            1Q08                      RUR denominated
    Production - Brown Fields    Production - Green Fields     Refining   Marketing & Distribution



                                                     4Q08                                 1Q09                     1Q08
   Upstream                                         $10.5/bbl                            $6.9/bbl                $10.4/bbl
   Brown Fields                                     $8.3/bbl                             $4.6/bbl                 $8.3/bbl
   Green Fields                                     $20.0/bbl                           $13.5/bbl                $19.4/bbl



  Source: Company data
                                                                                                                                   12
Operating Results




                    13
Upstream
Oil Production (MM Bbl)
         86.6                85.3                   85.3               83.8                80.5
         10,4                10,3                   10,2               10,3                9,7
         18,0                17,8                   17,7               17,7                17,0
                                                                                                    0,7

         58,2                57,2                   57,4               55,9                53,1


        1Q08      2Q08                           3Q08               4Q08               1Q09
            Gazprom Neft                        NIS            Slavneft             Tomskneft
  Source: Company data
  Note: Including our share in equity investees
 Number of New Wells Launched*
                                                                        203
                             162
        132                                         123                                      122
      74,6                65,7                                                               40
                                                51,6                 44,3


       1Q08                2Q08                 3Q08                   4Q08                1Q09
              Average flow at new wells, Tonnes per day

 Gazprom Neft Production by Field*

                     4Q08                                                     1Q09                           • NIS – 1% in overall production in 1Q09
                                  Sugmutskoye                                            Sugmutskoye         • Organic production decline driven by accelerating rate of depletion at the
    Others 31,6%                     13,1%                   Others 30,8%                   13,9%              Sugmutskoye and Sporyshevskoye fields in Western Siberia and their transition to
                                                                                                               the 3rd level of the production cycle
                                       Priobskoye                                               Priobskoye   • Priobskoye (+3 580 bbl a day) and Vyngayakhinskoye (+2 565 bbl a day) are
                                          24,6%                                                   23,8%
Krapivinskoye                                             Krapivinskoye                                        leaders in terms of extraction growth
    3,5%                                                      3,8%
   Muravlenkovsk
                                 Vyngapurovsko
                                                          Muravlenkovsko                                     • 126* new wells drilled
      oye 2,4%                                               ye 2,4%                      Vyngapurovsko
       Sutorminskoye Sporyshevskoy ye 11,1%                   Sutorminskoye Sporyshevskoye ye 11,1%          • Drilling program cut was due to overall cost cutting programme
            7,8%        e 5,9%                                     8,1%                                        (434* M Meters drilled – 60* M Meters – down from the level of 4Q08)
                                                                                 6,0%

      Source: Company data
                                                                                                                                                                                                  14
      *Gazprom Neft data not including its share in equity affiliates (Slavneft , Tomskneft) and NIS
Maximizing Netbacks & Enhancing Operational
Efficiency through Oil Flows Distribution
1Q2008 Netback (US$ per bbl)                                1Q2009 Netback (US$ per bbl)
                                                                                                                     • Refining Netbacks
%, volume                                                   %, volume
                                                                                                                       Decreased In 1Q 2009 unlike
  $57,4                                                                                                                the same period of 2008
             $50,6
                       $45,7       $44,4       $43,8                                                                 • Refining Cover remained on
                                                                                                                       the same level
                                                              $24,3                $23,8      $23,0       $22,5
                                                                         $21,7
                                                                                                                     • Sales in Russia and export to
                                                                                                                       CIS had insignificant
                                                                                                                       changes
  36.3%      21.4%      8.9%       10.5%       22.9%          37.0%      20.8%    8.7%         7.9%        25.7%

   Omsk      MNPZ &   Russia &     Export      Export          Omsk      MNPZ &   Russia &     Export      Export    • Export Sales were limited by
  refinery   YANOS    CIS Sales   Pipelines   Seaports        refinery   YANOS    CIS Sales   Pipelines   Seaports
                                                                                                                       Transneft export schedule
Crude Balance (%)
                                                                                                                     • Netbacks of Export through
                                                                                                                       Seaports do not exceed
                                                                                                                       Refining Netbacks
      46%
                                     59%                            58%                           58%
                                                                                                                     • Rouble devaluation had a
                                                                                                                       negative impact on Refining
      54%
                                                                    42%                           42%
                                                                                                                       and Marketing Netbacks
                                     41%

       1Q06                          1Q07                           1Q08                          1Q09
    Crude Sales (Export & Domestic)                    Refining & Products Sales (Domestic & Export)




 Source: Company data
                                                                                                                                                       15
Downstream
Refining Throughput (MM Tonnes)                                            Oil Products Slate, % (1Q09)                    Capacity Utilization (1Q09)

                     7.1           7.6            7.1        7.5
   6.6                                                                                 Other                   Diesel
                     1,6           1,9                       1,7                                                                 ONPZ
                                                  1,7                                   9%                      33%                                             91%
    1,6                                                                        Lubes
                     0,6           0,9                     0,8
                                                  0,9      0,6                  1%
    0,8                                               +12%
                                          +3%                                                                                   YANOS                     88%
                     4,9 +42% 4,8                                              Fuel Oil
    4,2    +5%
                                                  4,5        4,4
                                                                                22%

                                                                                                                Gasoline
                                                                                    Jet Fuel                      28%            MNPZ             82%
   1Q08            2Q08           3Q08           4Q08       1Q09
                                                                                      7%
           Omsk            NIS       Moscow         Yaroslavl

Source: Company data                                                           Source: Company data                        Source: Company data


Refining Conversion Ratio, % (1Q09)
 88,3%     86,1%
                                                                                                                                        Oil Refining
                      82,7%       80,9%             78,5%
                                          79,5%             76,1%    72,5%       70,3%    66,5%     65,5%     63,4%        • NIS acquisition leads to growth of
                                                                                                                             refining volumes

                                                                                                                           • Depth of refining is one of the highest
                                                                                                                             at Omsk Refinery

  Nov o-    Omsk      Volgograd   Perm     Ufa      Ukhta   Angara   Saratov     MNPZ     Ry azan   Kirishi   Yanos        • Maximizing netbacks through high
 Ufimskiy Refinery                                                                                                           value added oil products
  NPZ


Source: INFOTEK


                                                                                                                                                                       16
Oil Products Marketing in Russia
Oil Products Sales in Russia (MM Tonnes)


                 4,2           4,5 -22%
    3,5                 +7%                  3,5          3,5
                                                    0%
          +20%


   1Q08          2Q08          3Q08          4Q08         1Q09


Oil Products Distribution Through
retail network (MM Tonnes)


                 0,7           0,8 -13%
    0,6                                      0,6    0%    0,6
                        +14%
          +17%
                                                                                    Refineries
                                                                                    Distribution sites
   1Q08          2Q08          3Q08       4Q08            1Q09
                                                                                Central Asia
                               Retail


Number of Active Gas Stations
                                                                         Retail – Most Efficient Downstream Segment
                                             865          876    • Domestic retail market is still underpenetrated
                 777           782
    673                                             +1%
                        +1%           +11%                       • Retail sales through owned gas stations – most efficient downstream
          +15%                                                     segment
   2005          2006          2007          2008         1Q09   • Rebranding of petrol stations is under way
                                                                 • New retail segments – bunkering, aero fueling and lubricant business


 Source: Company data
                                                                                                                                          17
Outlook




          18
2009 Perspectives – Three aspects to deal with

              Revenues            Opex $ Capex              Financial Situation


                            • Lower tax burden           •Strong    cash    flow
 •Upstream impacted by                                   generation levels allow
 oil prices                 • $230 M saving plan         to continue with our
                              - natural monopoly         investment commitments
                            tariffs optimization
 •Ruble devaluation is a      - reducing prices of
 constraint for domestic    materials and services
 revenues                     - cutting administrative
                            and headcount expenses       •Goal to maintain a
                                                         comfortable financial
                            •Contracts renegotiation     position
 •Refining margins are to   (decrease in contractor
 improve                    prices by 10-30%)

                            • Prioritizing    Capital
                            expenditures




 * Source: Company data                                                            19
Recent transactions




                      20
Acquisition of Naftna Industrija Srbije AD,
Novi Sad, Serbia (“NIS” AD)

                                                 Achieved Results




      • On February 3, 2009 Gazprom Neft completed the acquisition of 51% of shares in Serbia’s NIS
      • Acquisition properties:
          • Purchase price of NIS A.D. - Euro 400 million
          • Financing an investment program (reconstruction and modernization) - Euro 547 million


                        • NIS A.D. is a vertically integrated oil company specializing in exploration and production of
                          crude oil and natural gas as well as processing and marketing of crude oil and oil products
                        • Increased refining capacity
                            – Capacity of NIS A.D. Refineries (Pancevo and Novi Sad) is 7.2 MM Tonnes per annum
                        • Increased resource base
                            – NIS oil reserves (ABC1) amount to 142.2 MM Tonnes, 52.2 MM Tonnes of which
                              are recoverable
                            – In 2008, oil production equalled to 0.6 MM Tonnes
                        • A leading supplier of oil products in the Serbian market, the company produces about
                          85% of domestically consumed oil products
                           – NIS has its own distribution chain of 485 gas stations and oil tank farms


 Source: Company data
                                                                                                                          21
Sibir Energy Overview


Upstream business
Reserves
  - 120 MM Tonnes (C1 reserves)
  Production
   - 4.8 MM Tonnes in 2009E


Downstream business
  Moscow Refinery
  (joint venture with Gazprom Neft )
  - 10 MM Tonnes of refining throughput
  (capacity 12 MM Tonnes )
  - 133 filling stations
  - One of the leading position in Moscow and
    Moscow region market of oil products




  Source: Company data,
  Public sources                                22

Contenu connexe

Tendances

newmont mining Q4Presentation_update
newmont mining Q4Presentation_updatenewmont mining Q4Presentation_update
newmont mining Q4Presentation_updatefinance37
 
Conco Phillips- Presentations & Conference Calls Credit Suisse Energy Summit
Conco Phillips- Presentations & Conference Calls Credit Suisse Energy SummitConco Phillips- Presentations & Conference Calls Credit Suisse Energy Summit
Conco Phillips- Presentations & Conference Calls Credit Suisse Energy SummitManya Mohan
 
Q1 2009 Earning Report of Occidental Petroleum Corporation
Q1 2009 Earning Report of Occidental Petroleum CorporationQ1 2009 Earning Report of Occidental Petroleum Corporation
Q1 2009 Earning Report of Occidental Petroleum Corporationearningreport earningreport
 
Credit Suisse Group Global Airline Conference Presentation
	Credit Suisse Group Global Airline Conference Presentation	Credit Suisse Group Global Airline Conference Presentation
Credit Suisse Group Global Airline Conference Presentationfinance11
 
"10th Annual Latin American Conference"
"10th Annual Latin American Conference""10th Annual Latin American Conference"
"10th Annual Latin American Conference"Petrobras
 
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...Petrobras
 
marathon oil 3rd Quarter 2005
marathon oil   	  3rd Quarter 2005marathon oil   	  3rd Quarter 2005
marathon oil 3rd Quarter 2005finance4
 

Tendances (9)

newmont mining Q4Presentation_update
newmont mining Q4Presentation_updatenewmont mining Q4Presentation_update
newmont mining Q4Presentation_update
 
Conco Phillips- Presentations & Conference Calls Credit Suisse Energy Summit
Conco Phillips- Presentations & Conference Calls Credit Suisse Energy SummitConco Phillips- Presentations & Conference Calls Credit Suisse Energy Summit
Conco Phillips- Presentations & Conference Calls Credit Suisse Energy Summit
 
Q1 2009 Earning Report of Occidental Petroleum Corporation
Q1 2009 Earning Report of Occidental Petroleum CorporationQ1 2009 Earning Report of Occidental Petroleum Corporation
Q1 2009 Earning Report of Occidental Petroleum Corporation
 
Credit Suisse Group Global Airline Conference Presentation
	Credit Suisse Group Global Airline Conference Presentation	Credit Suisse Group Global Airline Conference Presentation
Credit Suisse Group Global Airline Conference Presentation
 
"10th Annual Latin American Conference"
"10th Annual Latin American Conference""10th Annual Latin American Conference"
"10th Annual Latin American Conference"
 
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...
22 08-2008 Maria Isabe M. Gomes Ramo e Eduardo Alessandro Molinari - Petrobra...
 
GPI2003AR
GPI2003ARGPI2003AR
GPI2003AR
 
marathon oil 3rd Quarter 2005
marathon oil   	  3rd Quarter 2005marathon oil   	  3rd Quarter 2005
marathon oil 3rd Quarter 2005
 
2010 04-05 aem-presentation
2010 04-05 aem-presentation2010 04-05 aem-presentation
2010 04-05 aem-presentation
 

En vedette

Open.up.your.applications.with.MEF
Open.up.your.applications.with.MEFOpen.up.your.applications.with.MEF
Open.up.your.applications.with.MEFguestcb74eee
 
LOS BARRIOS
LOS BARRIOSLOS BARRIOS
LOS BARRIOSCET
 
Standards presentation
Standards presentationStandards presentation
Standards presentationSarah Schacht
 
Michel,foucault1
Michel,foucault1Michel,foucault1
Michel,foucault1piliadri
 
Small and medium-sized enterprises between sub-contractor and launch a compan...
Small and medium-sized enterprises between sub-contractor and launch a compan...Small and medium-sized enterprises between sub-contractor and launch a compan...
Small and medium-sized enterprises between sub-contractor and launch a compan...antonio napolitano
 
Michel foucault
Michel foucaultMichel foucault
Michel foucaultpiliadri
 
Powering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 TalkPowering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 TalkSarah Schacht
 
Extreme Makeover: Government Edition
Extreme Makeover: Government EditionExtreme Makeover: Government Edition
Extreme Makeover: Government EditionSarah Schacht
 
Powering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 TalkPowering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 TalkSarah Schacht
 
Presentation 2Q09 - English audio (presentation only)
Presentation 2Q09 - English audio (presentation only)Presentation 2Q09 - English audio (presentation only)
Presentation 2Q09 - English audio (presentation only)Gazprom Neft
 
MENTORING-FA-20MAY-LOWRES-SPREADS
MENTORING-FA-20MAY-LOWRES-SPREADSMENTORING-FA-20MAY-LOWRES-SPREADS
MENTORING-FA-20MAY-LOWRES-SPREADSSarah Schacht
 
Presentation 2Q09 - Russian audio
Presentation 2Q09 - Russian audioPresentation 2Q09 - Russian audio
Presentation 2Q09 - Russian audioGazprom Neft
 
Prezentare In Powerpoint
Prezentare In PowerpointPrezentare In Powerpoint
Prezentare In Powerpointfl0ryn
 

En vedette (20)

Open.up.your.applications.with.MEF
Open.up.your.applications.with.MEFOpen.up.your.applications.with.MEF
Open.up.your.applications.with.MEF
 
LOS BARRIOS
LOS BARRIOSLOS BARRIOS
LOS BARRIOS
 
Standards presentation
Standards presentationStandards presentation
Standards presentation
 
Michel,foucault1
Michel,foucault1Michel,foucault1
Michel,foucault1
 
Small and medium-sized enterprises between sub-contractor and launch a compan...
Small and medium-sized enterprises between sub-contractor and launch a compan...Small and medium-sized enterprises between sub-contractor and launch a compan...
Small and medium-sized enterprises between sub-contractor and launch a compan...
 
Michel foucault
Michel foucaultMichel foucault
Michel foucault
 
Powering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 TalkPowering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 Talk
 
Presentation 3Q09
Presentation 3Q09Presentation 3Q09
Presentation 3Q09
 
I serafini
I serafiniI serafini
I serafini
 
Extreme Makeover: Government Edition
Extreme Makeover: Government EditionExtreme Makeover: Government Edition
Extreme Makeover: Government Edition
 
Powering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 TalkPowering Government: Standards, a Socrata Customer Summit 2015 Talk
Powering Government: Standards, a Socrata Customer Summit 2015 Talk
 
Presentation 2Q09 - English audio (presentation only)
Presentation 2Q09 - English audio (presentation only)Presentation 2Q09 - English audio (presentation only)
Presentation 2Q09 - English audio (presentation only)
 
MENTORING-FA-20MAY-LOWRES-SPREADS
MENTORING-FA-20MAY-LOWRES-SPREADSMENTORING-FA-20MAY-LOWRES-SPREADS
MENTORING-FA-20MAY-LOWRES-SPREADS
 
Presentation 2Q09 - Russian audio
Presentation 2Q09 - Russian audioPresentation 2Q09 - Russian audio
Presentation 2Q09 - Russian audio
 
Modelli Di Marketing
Modelli Di MarketingModelli Di Marketing
Modelli Di Marketing
 
Museos
MuseosMuseos
Museos
 
Prezentare In Powerpoint
Prezentare In PowerpointPrezentare In Powerpoint
Prezentare In Powerpoint
 
ppt
pptppt
ppt
 
Elementos uxiliares
Elementos uxiliaresElementos uxiliares
Elementos uxiliares
 
LOS PLASTICOS 3 ESO
LOS PLASTICOS 3 ESOLOS PLASTICOS 3 ESO
LOS PLASTICOS 3 ESO
 

Similaire à Presentation 1Q09

Orvana Corporate Presentation
Orvana Corporate PresentationOrvana Corporate Presentation
Orvana Corporate PresentationCompany Spotlight
 
Q4 2008 Mktg Presentation Feb2009
Q4 2008 Mktg Presentation Feb2009Q4 2008 Mktg Presentation Feb2009
Q4 2008 Mktg Presentation Feb2009aemdemo
 
Aem march presentation_updated28march2011
Aem march presentation_updated28march2011Aem march presentation_updated28march2011
Aem march presentation_updated28march2011Agnico Eagle Mines
 
презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010
презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010
презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010evraz_company
 
2005:Exchange Rates and Devaluation
2005:Exchange Rates and Devaluation2005:Exchange Rates and Devaluation
2005:Exchange Rates and Devaluationeconsultbw
 
John Deere Conference Call Information Slides
 John Deere Conference Call Information Slides John Deere Conference Call Information Slides
John Deere Conference Call Information Slidesfinance11
 
Honeywell Guidance Announcement Presentation
Honeywell 	 Guidance Announcement PresentationHoneywell 	 Guidance Announcement Presentation
Honeywell Guidance Announcement Presentationfinance8
 
newmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_finalnewmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_finalfinance37
 
Agnico-Eagle Mines Limited Q4 2009 Results
Agnico-Eagle Mines Limited Q4 2009 ResultsAgnico-Eagle Mines Limited Q4 2009 Results
Agnico-Eagle Mines Limited Q4 2009 ResultsAgnico Eagle Mines
 
2011 10-26 q3-2011 presentation
2011 10-26 q3-2011 presentation2011 10-26 q3-2011 presentation
2011 10-26 q3-2011 presentationAgnico Eagle Mines
 
Conference call presentation 2 q09 results
Conference call presentation   2 q09 resultsConference call presentation   2 q09 results
Conference call presentation 2 q09 resultsBraskem_RI
 
newmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_finalnewmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_finalfinance37
 
Impact Silver Corporate Presentation
Impact Silver Corporate PresentationImpact Silver Corporate Presentation
Impact Silver Corporate PresentationAdnet Communications
 
Impact Silver Corporate Presentation
Impact Silver Corporate PresentationImpact Silver Corporate Presentation
Impact Silver Corporate PresentationAdnet Communications
 
PMorgan Basics & Industrials Conference
PMorgan Basics & Industrials ConferencePMorgan Basics & Industrials Conference
PMorgan Basics & Industrials Conferencefinance10
 
Non deal roadshow — europe & usa
Non deal roadshow — europe & usaNon deal roadshow — europe & usa
Non deal roadshow — europe & usaevraz_company
 

Similaire à Presentation 1Q09 (20)

Orvana Corporate Presentation
Orvana Corporate PresentationOrvana Corporate Presentation
Orvana Corporate Presentation
 
Q4 2008 Mktg Presentation Feb2009
Q4 2008 Mktg Presentation Feb2009Q4 2008 Mktg Presentation Feb2009
Q4 2008 Mktg Presentation Feb2009
 
Q1 2009 Earning Report of Union Pacific Corp.
Q1 2009 Earning Report of Union Pacific Corp.Q1 2009 Earning Report of Union Pacific Corp.
Q1 2009 Earning Report of Union Pacific Corp.
 
Aem march presentation_updated28march2011
Aem march presentation_updated28march2011Aem march presentation_updated28march2011
Aem march presentation_updated28march2011
 
Q1 2009 Earning Report of Owens-Illinois, Inc.
Q1 2009 Earning Report of Owens-Illinois, Inc. Q1 2009 Earning Report of Owens-Illinois, Inc.
Q1 2009 Earning Report of Owens-Illinois, Inc.
 
2010 02 25 Aem Presentation
2010 02 25 Aem Presentation2010 02 25 Aem Presentation
2010 02 25 Aem Presentation
 
презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010
презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010
презентация для инвесторов, Non deal roadshow, европа и сша, 5-9 апреля 2010
 
2005:Exchange Rates and Devaluation
2005:Exchange Rates and Devaluation2005:Exchange Rates and Devaluation
2005:Exchange Rates and Devaluation
 
John Deere Conference Call Information Slides
 John Deere Conference Call Information Slides John Deere Conference Call Information Slides
John Deere Conference Call Information Slides
 
Honeywell Guidance Announcement Presentation
Honeywell 	 Guidance Announcement PresentationHoneywell 	 Guidance Announcement Presentation
Honeywell Guidance Announcement Presentation
 
newmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_finalnewmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_final
 
Agnico-Eagle Mines Limited Q4 2009 Results
Agnico-Eagle Mines Limited Q4 2009 ResultsAgnico-Eagle Mines Limited Q4 2009 Results
Agnico-Eagle Mines Limited Q4 2009 Results
 
2011 10-26 q3-2011 presentation
2011 10-26 q3-2011 presentation2011 10-26 q3-2011 presentation
2011 10-26 q3-2011 presentation
 
Conference call presentation 2 q09 results
Conference call presentation   2 q09 resultsConference call presentation   2 q09 results
Conference call presentation 2 q09 results
 
Q1 2009 Earning Report of Alliance Data Systems
Q1 2009 Earning Report of Alliance Data SystemsQ1 2009 Earning Report of Alliance Data Systems
Q1 2009 Earning Report of Alliance Data Systems
 
newmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_finalnewmont mining may_ML_Global_Metals_Mining_Steel_final
newmont mining may_ML_Global_Metals_Mining_Steel_final
 
Impact Silver Corporate Presentation
Impact Silver Corporate PresentationImpact Silver Corporate Presentation
Impact Silver Corporate Presentation
 
Impact Silver Corporate Presentation
Impact Silver Corporate PresentationImpact Silver Corporate Presentation
Impact Silver Corporate Presentation
 
PMorgan Basics & Industrials Conference
PMorgan Basics & Industrials ConferencePMorgan Basics & Industrials Conference
PMorgan Basics & Industrials Conference
 
Non deal roadshow — europe & usa
Non deal roadshow — europe & usaNon deal roadshow — europe & usa
Non deal roadshow — europe & usa
 

Dernier

Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop AG
 
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFWWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFMichael Claudio
 
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper PotentialAdvancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper Potentialnicola_mining
 
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd
 
Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024nicola_mining
 
Terna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna SpA
 
Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop AG
 

Dernier (7)

Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023
 
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDFWWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
WWW.SOFTSOP.COM PITCH DECK PRESENTATION.PDF
 
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper PotentialAdvancing Discovery New Craigmont Project’s High-grade Copper Potential
Advancing Discovery New Craigmont Project’s High-grade Copper Potential
 
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
Osisko Gold Royalties Ltd - Corporate Presentation, March 2024
 
Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024Nicola Mining Inc. Corporate Presentation March 2024
Nicola Mining Inc. Corporate Presentation March 2024
 
Terna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 PresentationTerna Capital Markets Day 2024 Presentation
Terna Capital Markets Day 2024 Presentation
 
Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24
 

Presentation 1Q09

  • 1. 1 Q 2009 US GAAP Financial and Operating Results June 18, 2009
  • 2. Disclaimer This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gazprom Neft and its consolidated subsidiaries. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Gazprom Neft to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Gazprom Neft and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, inclusively (without limitation): (a) price fluctuations in crude oil and oil products; (b) changes in demand for the Company’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) economic and financial market conditions in various countries and regions; (j) political risks, project delay or advancement, approvals and cost estimates; and (k) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on these forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither Gazprom Neft nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. 2
  • 3. Management Participants in Today’s Call Vadim Yakovlev Deputy Chairman of the Management Board and CFO Boris Zilbermints Deputy Chairman of the Management Board, Deputy CEO for Exploration and Production Anatoly Cherner Deputy Chairman of the Management Board, Deputy CEO for Logistics, Processing and Sales Yuri Kalner Head of Strategic Planning Department 3
  • 4. 1Q 2009 Highlights Macro • Brent 19% down Q-o-Q to US$ 44/bbl from US$ 55/bbl and Y-o-Y 54% down from US$ 97/bbl 1Q 2009 Headline numbers – recovery in progress • Revenue 16% down Q-o-Q; Y-o-Y 47% down • EBITDA up 362% Q-o-Q to US$ 942 MM; Y-o-Y 53% down • Adjusted EBITDA* up 131% Q-o-Q to US$ 945 MM; Y-o-Y 56% down • Net Income Q-o-Q up to US$ 335 MM; Y-o-Y 76% down • Operating Cash Flow Q-o-Q Costs Performance • Operating Costs down 12% Q-o-Q;10% down 10% Y-o-Y • Export Duties Q-o-Q 52% down; Y-o-Y 62% down • Taxes other than Income Tax Q-o-Q 5% up; Y-o-Y 50% down Asset Portfolio Expansion • 51% stake in NIS (February 2009) • 34% stake in Sibir Energy (April-June 2009) • Gazprom Neft Marine Bunker - #2 Bunkering Co in Russia, • Gazprom Neft Avia – presence in 11 airports across Russia • Gazprom Neft Lubricants – Acquisition of Lubricants Plant in Italy (Bari) Adjusted EBITDA includes the Company’s share in its equity affiliates (Slavneft and Tomskneft) EBITDA Source: Company data 4
  • 5. Key Macroeconomic Factors Crude pricing, RUR/USD Rate (eop) relation Crude Export Profitability ($/bbl) 140 36 Average freight $120 Straits demurrage/port dues, insurance, port handling, customs fees, other Transneft tariff Crude export duty MET Crude export netback less MET in Western Siberia 100 $90 Average crude export netback less MET in Western Siberia since 2001 32 Urals (cif Novorossiysk) $60 60 28 Brent, $/bbl (lhs) $30 RUR/USD rate (rhs) $0 20 24 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Export duties formula amended Current taxation regime* 0 * Effective from January 1, 09 MET threshold price raised from 9 ($30) to $15/bbl • Low crude pricing environment was the major driver for revenue decrease in 1Q09. However sharp taxes cuts were the main reason for profitability recovery in 1Q09 • Pricing fall was partially compensated by drastic Russian Ruble devaluation which dragged costs down, but also had a negative impact on domestic revenues denominated in rubles Source: Platt’s, Federal Statistics Service, Company data, Central Bank of Russia, Argus 5
  • 6. Gazprom Neft Financial Results (US$MM) (48%) • Oil prices were the core drivers (16%) for revenue decrease in 1Q 2009 $10 085 • Rouble devaluation stressed $9 957 Revenues* $8 045 $4 988 domestic revenues in dollar terms $4 185 1Q08 2Q08 3Q08 4Q08 1Q09 (54%) • Significant Tax Cuts determined +362% Financials recovery in 1Q 2009 $3 093 $2 642 • Costs reduction through Rouble $2 026 EBITDA $942 devaluation $204 1Q08 2Q08 3Q08 4Q08 1Q09 (76%) • Recovery in quarterly financials N/A • Non-cash foreign exchange $2 196 $1 411 $1 594 loss of $166 MM eroded Net Income $335 non-operating income and reduced bottom line profitability in -$543 1Q 2009 1Q08 2Q08 3Q08 4Q08 1Q09 Source: Company data * Revenues for 2-3Q08 were adjusted for excise tax that was previously excluded (2Q08 - $0.3B; 3Q08 - $0.8B) 6
  • 7. 1Q09 Factor Analysis FCF (US$MM) Revenue Breakdown (%) 397 -643 Gas Sales Other 1% 3% CrudeNon- Products CIS Export Domestic 35% 28% Crude CIS Export 3% Products CIS Export Crude 4% Domestic Products 1% 373 Non- CISExport 24% 99 186 -38 70 FCF 4Q08 Price Fx Tax Export Cost Work. Cap. Other FCF 1Q09 Rate Changes MET Reduction Duty Lag threshold price 231 179 -482 Source: Company data 7
  • 8. Financial Performance Revenues (US$MM) EBITDA (US$MM) Net Income (US$MM) $8 045 $2 026 $1 411 $4 988 -48% -16% $4 185 -54% -76% $942 $335 +362% $204 4Q08 N/A 1Q09 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 -$543 Adjusted EBITDA* (US$MM) Adjusted EBITDA* per barrel ($/bbl) Adjusted EBITDA* Margin (%) $2 195 $26 27% 23% -4 p.p. -57% -54% +15 p.p. $945 $12 8% +131% +140% $409 $5 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 *Adjusted EBITDA includes the Company’s share in its equity affiliates (Slavneft and Tomskneft) EBITDA Source: Company data 8
  • 9. Operational Performance Crude output (MM bbl) Crude Oil Export (MM Tonnes) Crude Oil Export to CIS (MM Tonnes) 83.8 86.6 4,4 80.5 0,9 10,3 10,4 4,1 9,7 17,7 18,0 -11.1% 0,8 17,0 +14.3% 0,7 3,5 +17.1% -6.8% 0,7 -3.9% -7.0% 55,9 53,1 58,2 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 Own Production NIS Slavneft* Tomskneft* Domestic Oil Products Sales Refining (MM Tonnes) Oil Products Export (MM Tonnes) (MM Tonnes) 7.1 7.5 0,8 6.6 3.5 3.5 3.5 0,9 0,8 3.6 3.6 3.6 0,6 0,6 0,6 1,7 0,4 0,4 1,7 0,8 0,6 1,6 1,1 1,1 1,5 0.0% 0.0% 0.0% 0.0% +5.6% +13.6% 2,8 3,2 3,2 4,5 4,4 4,2 1,8 1,8 1,4 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 1Q08 Omsk NIS Yaroslavl Moscow Export CIS Wholesale from refineries Wholesale tank farms Retail * Production figures include 50% of Slavneft and Tomskneft Source: Company data 9
  • 10. Consistent Cash Performance Cash Sources and Uses (US$MM) Available Net Cash Flow (US$MM) $666 -$480 $417 $427 -$826 $2 075 $514 $491 -$268 $1 658 $1 551 $1 060 $107 $153 $559 2008 Operating Capital Other Debt Net Dividends 1Q09 $480 Cash Flow Expenditures (Investing Change Activities) Sources Uses Operating Cash Flow (US$MM) Operating Activity (excl. Working Capital) Working Capital Capital Expenditures Dividends Debt Received Debt Repaid Investment (NIS) Other 2 147 Cash Increase/Decrease 1 442 +49% • Debt used for refinancing and M&A 1 008 -61% +43% 847 666 • Capex financed by operating cash flow -21% • $1.7B of cash remained at end 1Q09 1Q08 2Q08 3Q08 4Q08 1Q09 Source: Company data 10
  • 11. Debt Profile Net Debt/EBITDA, Gearing (%) Maturity Profile (US$MM) 0,60 30% 1 372 0,50 0,40 20% 939 0,30 0,20 10% 567 0,10 0,00 0% 221 152 2006 2007 2008 1Q09 2010 2011 2012 2013 2014 Net Debt/EBITDA (lhs) Gearing (rhs) Debt Structure as of March 2009, % Credit Ratings BBB/Baa2 Investment Grade 6% BBB-/Baa3 BB+/Ba1 BB/Ba2 54% 46% BB-/Ba3 94% B+/B1 B/B2 B-/B3 2003 2004 2005 2006 2007 2008 2009 Foreign Currency (USD, Short-term Long-term EUR, RSD) S&P Moodys RUR Net Debt totaled US$ 3,357 Source: Company data 11
  • 12. Organic Capex Breakdown Capex Dynamics (US$MM) $885 • 1Q09 Capex down 46% 70 Q-o-Q from US $885 MM in $782 23 4Q08 to US $480 MM in 88 20 1Q09 265 254 -46% -39% $480 43 • Total exploration and 72 production accounted for more than 75% of Capex in 181 1Q09 462 485 184 • Nearly 90% of Capex is 4Q08 1Q09 1Q08 RUR denominated Production - Brown Fields Production - Green Fields Refining Marketing & Distribution 4Q08 1Q09 1Q08 Upstream $10.5/bbl $6.9/bbl $10.4/bbl Brown Fields $8.3/bbl $4.6/bbl $8.3/bbl Green Fields $20.0/bbl $13.5/bbl $19.4/bbl Source: Company data 12
  • 14. Upstream Oil Production (MM Bbl) 86.6 85.3 85.3 83.8 80.5 10,4 10,3 10,2 10,3 9,7 18,0 17,8 17,7 17,7 17,0 0,7 58,2 57,2 57,4 55,9 53,1 1Q08 2Q08 3Q08 4Q08 1Q09 Gazprom Neft NIS Slavneft Tomskneft Source: Company data Note: Including our share in equity investees Number of New Wells Launched* 203 162 132 123 122 74,6 65,7 40 51,6 44,3 1Q08 2Q08 3Q08 4Q08 1Q09 Average flow at new wells, Tonnes per day Gazprom Neft Production by Field* 4Q08 1Q09 • NIS – 1% in overall production in 1Q09 Sugmutskoye Sugmutskoye • Organic production decline driven by accelerating rate of depletion at the Others 31,6% 13,1% Others 30,8% 13,9% Sugmutskoye and Sporyshevskoye fields in Western Siberia and their transition to the 3rd level of the production cycle Priobskoye Priobskoye • Priobskoye (+3 580 bbl a day) and Vyngayakhinskoye (+2 565 bbl a day) are 24,6% 23,8% Krapivinskoye Krapivinskoye leaders in terms of extraction growth 3,5% 3,8% Muravlenkovsk Vyngapurovsko Muravlenkovsko • 126* new wells drilled oye 2,4% ye 2,4% Vyngapurovsko Sutorminskoye Sporyshevskoy ye 11,1% Sutorminskoye Sporyshevskoye ye 11,1% • Drilling program cut was due to overall cost cutting programme 7,8% e 5,9% 8,1% (434* M Meters drilled – 60* M Meters – down from the level of 4Q08) 6,0% Source: Company data 14 *Gazprom Neft data not including its share in equity affiliates (Slavneft , Tomskneft) and NIS
  • 15. Maximizing Netbacks & Enhancing Operational Efficiency through Oil Flows Distribution 1Q2008 Netback (US$ per bbl) 1Q2009 Netback (US$ per bbl) • Refining Netbacks %, volume %, volume Decreased In 1Q 2009 unlike $57,4 the same period of 2008 $50,6 $45,7 $44,4 $43,8 • Refining Cover remained on the same level $24,3 $23,8 $23,0 $22,5 $21,7 • Sales in Russia and export to CIS had insignificant changes 36.3% 21.4% 8.9% 10.5% 22.9% 37.0% 20.8% 8.7% 7.9% 25.7% Omsk MNPZ & Russia & Export Export Omsk MNPZ & Russia & Export Export • Export Sales were limited by refinery YANOS CIS Sales Pipelines Seaports refinery YANOS CIS Sales Pipelines Seaports Transneft export schedule Crude Balance (%) • Netbacks of Export through Seaports do not exceed Refining Netbacks 46% 59% 58% 58% • Rouble devaluation had a negative impact on Refining 54% 42% 42% and Marketing Netbacks 41% 1Q06 1Q07 1Q08 1Q09 Crude Sales (Export & Domestic) Refining & Products Sales (Domestic & Export) Source: Company data 15
  • 16. Downstream Refining Throughput (MM Tonnes) Oil Products Slate, % (1Q09) Capacity Utilization (1Q09) 7.1 7.6 7.1 7.5 6.6 Other Diesel 1,6 1,9 1,7 ONPZ 1,7 9% 33% 91% 1,6 Lubes 0,6 0,9 0,8 0,9 0,6 1% 0,8 +12% +3% YANOS 88% 4,9 +42% 4,8 Fuel Oil 4,2 +5% 4,5 4,4 22% Gasoline Jet Fuel 28% MNPZ 82% 1Q08 2Q08 3Q08 4Q08 1Q09 7% Omsk NIS Moscow Yaroslavl Source: Company data Source: Company data Source: Company data Refining Conversion Ratio, % (1Q09) 88,3% 86,1% Oil Refining 82,7% 80,9% 78,5% 79,5% 76,1% 72,5% 70,3% 66,5% 65,5% 63,4% • NIS acquisition leads to growth of refining volumes • Depth of refining is one of the highest at Omsk Refinery Nov o- Omsk Volgograd Perm Ufa Ukhta Angara Saratov MNPZ Ry azan Kirishi Yanos • Maximizing netbacks through high Ufimskiy Refinery value added oil products NPZ Source: INFOTEK 16
  • 17. Oil Products Marketing in Russia Oil Products Sales in Russia (MM Tonnes) 4,2 4,5 -22% 3,5 +7% 3,5 3,5 0% +20% 1Q08 2Q08 3Q08 4Q08 1Q09 Oil Products Distribution Through retail network (MM Tonnes) 0,7 0,8 -13% 0,6 0,6 0% 0,6 +14% +17% Refineries Distribution sites 1Q08 2Q08 3Q08 4Q08 1Q09 Central Asia Retail Number of Active Gas Stations Retail – Most Efficient Downstream Segment 865 876 • Domestic retail market is still underpenetrated 777 782 673 +1% +1% +11% • Retail sales through owned gas stations – most efficient downstream +15% segment 2005 2006 2007 2008 1Q09 • Rebranding of petrol stations is under way • New retail segments – bunkering, aero fueling and lubricant business Source: Company data 17
  • 18. Outlook 18
  • 19. 2009 Perspectives – Three aspects to deal with Revenues Opex $ Capex Financial Situation • Lower tax burden •Strong cash flow •Upstream impacted by generation levels allow oil prices • $230 M saving plan to continue with our - natural monopoly investment commitments tariffs optimization •Ruble devaluation is a - reducing prices of constraint for domestic materials and services revenues - cutting administrative and headcount expenses •Goal to maintain a comfortable financial •Contracts renegotiation position •Refining margins are to (decrease in contractor improve prices by 10-30%) • Prioritizing Capital expenditures * Source: Company data 19
  • 21. Acquisition of Naftna Industrija Srbije AD, Novi Sad, Serbia (“NIS” AD) Achieved Results • On February 3, 2009 Gazprom Neft completed the acquisition of 51% of shares in Serbia’s NIS • Acquisition properties: • Purchase price of NIS A.D. - Euro 400 million • Financing an investment program (reconstruction and modernization) - Euro 547 million • NIS A.D. is a vertically integrated oil company specializing in exploration and production of crude oil and natural gas as well as processing and marketing of crude oil and oil products • Increased refining capacity – Capacity of NIS A.D. Refineries (Pancevo and Novi Sad) is 7.2 MM Tonnes per annum • Increased resource base – NIS oil reserves (ABC1) amount to 142.2 MM Tonnes, 52.2 MM Tonnes of which are recoverable – In 2008, oil production equalled to 0.6 MM Tonnes • A leading supplier of oil products in the Serbian market, the company produces about 85% of domestically consumed oil products – NIS has its own distribution chain of 485 gas stations and oil tank farms Source: Company data 21
  • 22. Sibir Energy Overview Upstream business Reserves - 120 MM Tonnes (C1 reserves) Production - 4.8 MM Tonnes in 2009E Downstream business Moscow Refinery (joint venture with Gazprom Neft ) - 10 MM Tonnes of refining throughput (capacity 12 MM Tonnes ) - 133 filling stations - One of the leading position in Moscow and Moscow region market of oil products Source: Company data, Public sources 22