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2 Q 2009 US GAAP
Financial and
Operating Results




September 9, 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 Refining and Marketing




                  Yuri Kalner
                  Head of Strategic Planning Department




                                                                    3
2 Q and 1H 2009 Highlights



   • Increase in Daily Production +2,9% in 2Q 2009

   • Rebranding program launched - 230 new style stations by the end of 2009

   • Consolidation of Sibir Energy

   • Consolidation of Moscow Refinery

   • Acquisition of Chelyabinsk region retail chain (+ 41 gas stations and 2 tank
     farms) – April 2009 (approx. $ 35 MM)




                                                                                    4
Key macroeconomic factors: crude pricing
environment is steadily improving

Crude pricing, RUR/USD Rate (eop)                                                          Crude Export Profitability (per bbl)
160                                                                           40 $160
            Urals, $/bbl (lhs)       RUR/$ rate (rhs)
                                                                                   $140
140                                                                           35
                                                                                                                117,4                                      Urals down 50%
                                                                                   $120

120                                                                           30
                                                                                   $100


                                                                                    $80
100                                                                           25
                                                                                                                                                           Netback less MET                 58,5
                                                                                    $60                                                                       down 42%
 80                                                                           20
                                                                                    $40


 60                                                                           15 $20                             35,9
                                                                                                                                                                                           25,2
                                                                                    $0
 40                                                                           10     Jan-08            Apr-08              Jul-08                Oct-08         Jan-09           Apr-09
                                                                                   ($20)
                                                                                              Crude export netback less MET in Western Siberia       MET    Crude export duty   Urals (cif Novorossiysk)
 20                                                                           5
                                                                                   ($40)
  Jan-08      Apr-08             Jul-08         Oct-08   Jan-09   Apr-09




      • In 2Q09 Brent prices averaged at $59/bbl (-51% y-o-y, +34% q-o-q), Urals prices averaged at $59/bbl (-50% y-o-y,
        +33% q-o-q)
      • In 2Q09 Russian Ruble depreciated vs. US Dollar by 27% y-o-y and appreciated by 5% q-o-q.
      • In 2Q09 Russian CPI inflation stood at 2,0% vs. 3,9% in 2Q08 and 5,4% in 1Q09.
      • Despite 50% average Urals price decline y-o-y in 2Q09 to 59/bbl, crude exports netback adjusted downwards by
        MET reduced only 42% to $25/bbl.



Source: Platt’s, Federal Statistics Service, Company data, Central Bank of Russia, Argus                                                                                                                   5
Key macroeconomic factors: crude exports netback
outperformed refining netbacks in 1H09
            72,5
                        66,7                       Refining netback, $/bbl
     62,1                      63,4                Crude exports netback, $/bbl
                                      60,7         CIS crude exports netback, $/bbl




    41.2%    18.7%               8%             42.3%    21.2%            9%                  35,2
                                                                                                                            33,5
                                                        24,3                                         32,2
                                                 23,8                                                        30,9    29,5
                                                                               22,5
                                                                 21,6   21,7




            ONPZ MNPZ YANOS                             ONPZ     MNPZ YANOS                          ONPZ MNPZ YANOS

                       2Q08                                      1Q09                                       2Q09


   • One of the key trends observed both in 1H09 and 2Q09 was sharp reduction of refining profitability in Russia. In 2Q09
     refining netbacks at all Gazprom Neft’s refineries was lower than that of crude oil export shipments.

   • Going forward given crude prices staying at current level and recovered domestic prices for oil products refining netback
     should again exceed that of crude exports.

Source: Company data
                                                                                                                                   6
Gazprom Neft’s Key Financials, $ mln

                                                (48%)                                                 (48%)                  • Oil price fluctuations drove
                                                                        24%
                                                                                            $18 002                            Revenues up Q-o-Q and down Y-
                                                                                                                               o-Y
                                $9 957 $10 085                                                              $9 365
     Revenues*                                       $4 988               $5 180                                             • High Refining share in crude
                                                                $4 185
                                                                                                                               balance constrained quarterly
                                                                                                                               revenue growth
                                 2Q08      3Q08       4Q08       1Q09      2Q09               1H08            1H09



                                                (53%)                                                 (55%)                  • Existing fiscal regime was the
                                                                        57%
                                                                                                                               main contributor to thesurpassing
                                $3 204    $2 765                                                                               quarterly EBITDA growth
                                                                                             $5 413
        EBITDA                                                   $957
                                                                          $1 501
                                                                                                            $2 459           • Rouble appreciation and
                                                      $416                                                                     commitment to Refining played
                                                                                                                               negative role in EBITDA growth
                                 2Q08      3Q08       4Q08       1Q09      2Q09               1H08            1H09


                                                 (45%)
                                                                                                      (57%)
                                                                      258%                                                  • Gain from Sibir Energy acquisition
                                                                                            $3 607
                                                                                                                              and Fx gain were the main
                                $2 196                                                                                        reasons for outstanding Net
                                           $1 594                                                          $1 534
     Net Income                                                           $1 200                                              Income growth
                                                                $335

                                                     -$543                                   1H08           1H09
                                 2Q08      3Q08       4Q08      1Q09       2Q09


Source: Company data           * Revenues for 2007 and 1-3Q08 were adjusted for excise tax that was previously excluded (2007 –$ 0.7B; 1Q08 – $0.2B, 2Q08 - $0.3B; 3Q08 - $0.8B)



EBITDA includes the Company’s share in its equity affiliates (Slavneft , Tomskneft, Moscow refinery and Salym Petroleum Development) EBITDA                                        7
Source: Company data
Operating Results




                    8
Operational Performance
Crude output (MM Tonnes)                                                                   Refining (MM Tonnes)
                        3,6%                                (0,9%)                                            8,0%                         14,1%

          11,0                             11,4                           11,5
                                                    0.3                                                7,5                  8,1                    7,1
                                            1,3                            1,4
            1,3
                                                                           2,4                        0.8                   0,8
            2,2                             2,3                                                                                                    0,6
            0,2                                                                                        1,7                   1,6
                                            0,2                                                                             0,8                     1,6
                                                                                                      0,6
            7,3                             7,4                            7,7
                                                                                                      4,4                   4,9                    4,9


          1Q09                             2Q09                           2Q08
                                                                                                      1Q09                  2Q09                   2Q08
     Ow n Production           NIS     Slavnef t*         Tomsknef t*       Sibir Energy               Omsk           NIS          Yaroslavl        Moscow




  Crude Oil Sales (MM Tonnes)                                                              Oil Products Sales (MM Tonnes)

                                                                                                              17,1%                        15,5%
                 (15,7%)                            (18,9%)
                                                                                               7.0                           8.2                          7.1

                                                              5.3                                                           3,9
          5.1                                                       0,2                         3,5
                  0,2                4.3                                                                                                                  4,2
                                                              0,8                                                           0,4
           0,8                                                4,4                               0,4
                                     0,8                                                                                                                  0,3
           4,1                                                                                  3,2                         3,9
                                     3,5                                                                                                                  2,5

          1Q09                       2Q09                     2Q08                             1Q09                         2Q09                          2Q08
      Crude export         Crude export to CIS            Crude domestic                      Export                    Export CIS                    Domestic




 * Production figures include 50% of Slavneft and Tomskneft
 Source: Company data                                                                                                                                            9
Upstream: core assets daily output is surprising on
the upside

89

                                                                                          August average –
87                                                                                        83 317 tonnes/day

                                         January average –                     June average –
85                                       81 282 tonnes/day                     82 567 tonnes/day


                                                                      March average –
83
                                                                      80 273 tonnes/day


81



79



77



75
 Jan-08                Apr-08   Jul-08   Oct-08              Jan-09             Apr-09             Jul-09




Source: Company data
                                                                                                              10
Oilfield Development
  Production Drilling (Th. Meters)

                                                                                          638
                              575
          524                                        494
                                                                     434




         2Q08               3Q08                  4Q08              1Q09                 2Q09

   Number of New Wells Launched*
                             171                                                           178
         151                                         160
                                                                     122
                                                                                          55,4
         55,7               54,2                  53,4               51,1


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

   Gazprom Neft Production by Field*

                      1Q09                                                   2Q09
                                                                                                           • Quarterly Organic production growth driven by:
                                    Sugmutskoye              Others 30,6%                Sugmutskoye
   Others 31,4%                        13,1%                                                12,1%
                                                                                                               •   Increased drilling
                                                        Krapivinskoye
                                                                                                               •   More new wells launched
                                        Priobskoye
                                                            3,1%                              Priobskoye
Krapivinskoye
                                          24,6%
                                                       Muravlenkovsko                           26,4%          •   Improved average flow rate at new wells
    3,5%                                                  ye 2,3%
   Muravlenkovsk                                         Sutorminskoye                                         •   Production well stock optimization
      oye 2,4%                    Vyngapurovsko                7,7% Sporyshevskoye
       Sutorminskoye Sporyshevskoy ye 11,3%                                          Vyngapurovsko         • Priobskoye (+13 749 bbl a day) and Vyngayakhinskoye (+3 457 bbl a day)
                                                                            5,6%        ye 12,2%
            7,8%        e 5,9%                                                                               are leaders in terms of quarterly organic extraction growth

     Source: Company data
                                                                                                                                                                                      11
     *Gazprom Neft data not including its share in equity affiliates (Slavneft , Tomskneft) and NIS
Refineries complexity
Refining Conversion Ratio, %

 100
                                                                 Omsk              • Omsk refinery tends to be one of the most
  95
                                                                                     technologically advanced in Russia
  90                                                             Moscow
  85                                                             Yanos             • High gasoline and light products yield favors
  80                                                                                 Gazprom Neft in case of equalization of export
                                                                                     duty for heavy and light products
  75
  70                                                                               • Modernization at Moscow refinery is more
     65                                                                              visible in view of Sibir Energy acquisition
     60
     55
     50
      6M08       9М08        2008      3М09            6М09


Oil Products Slate, % (6M08 and 6M09)
                                                         3,624             3,869                                  Fuel Oil
       Diesel                              100%                                            100%                    19%
        35%
 2                                                                                                                                    2
                                            90%                                            90%
                                            80%                   +13%                     80%                                Other
                                                                                                                              20%
 0                                                                                                                                    0
                                            70%                                            70%
                                Gasoline    60%                                            60%      Gasoline
                                  28%
 0     Other
                                            50%
                                            40%                   -29%
                                                                                           50%
                                                                                           40%
                                                                                                      29%
                                                                                                                                      0
 8     15%
                                            30%
                                            20%
                                                                                           30%
                                                                                           20%                                        9
                                            10%                   +16%                     10%                               Diesel
                  Fuel Oil                                                                 0%                                 32%
                                             0%
                   22%
 Source: Company data                 Other Gasoline     Low -octaine gasoline       High-octaine gasoline


                                                                                                                                          12
Oil Products Marketing expansion
Oil Products Sales in Russia (MM Tonnes)                                                                          Sales regions


   4,4               4,4                                                                                          New assets -1H 2009
                                       4,1                         4,0
                                                     3,6


                                                                                                                    Murmansk
  2Q08             3Q08                4Q08          1Q09         2Q09                                           Ust-Luga
                                                                                                                            Archangelsk
 Oil Products Sales Through
 premium channels (MM Tonnes)                                                                   Belorussia

                      1,3
                                                                 1.1
                                       1,1
       1,0                                        0,9
                                                                                                                                                                  Khabarovsk
                      0,5              0,4                       0,4
      0,3                                                                               Italy
                             -15%             -18% 0,3     22%                                  Serbia
               +30% 0,8                0,7
      0,7                                         0,6            0,7

                                                                                                                                Kazakhstan
     2Q08            3Q08              4Q08       1Q09           2Q09                                                           Kirgizia
                                                                                                             Novorossiysk                    Chelyabinsk region
               Retail network            other premium sales*                Sibir                                                           +40 gas stations
                                                                                                             Caucasus
                                                                                                             Harbor
Number of Active Gas Stations                                          133
                                                                                                                   Bunkering
                                                     NIS
                                                                       435
                                                                                                                     Airports
                                                      865              896
                     777                782
   673
            +15%                 +1%          +11%
                                                             +4%                                  Retail – Most Efficient Downstream Segment
                                                                                     • Oil products sales through premium channels grew by 22% in 2Q09

31 Dec, 2005      31 Dec, 2006     31 Dec, 2007   31 Dec, 2008    30 Jun, 2009       • Own retail network (including NIS and Sibir) totaled 1 514 gas stations
Source: Company data
                                                                                                                                                                         13
* Other premium sales includes sales of new business units – bunkering, aero fuelling and lubricants business
Rebranding campaign




                                  Retail – Most Efficient Downstream Segment
• 45 filling stations are operating under new style; rebranding activity is on the way on 43 stations


• In 2009 a new brand is to be introduced at 230 fuelling facilities operating currently under different brands


• By the end of 2011 there will be 1003 gas stations under GazpromNeft brand


                                                                                                                  14
Financial Results




                    15
Sales breakdown
                      Revenue Breakdown 1Q09                                    Revenue Breakdown 2Q09

                                        4%           Crude Export
                                                                                                  3%
                  32%
                                                     Crude CIS                35%

                                                     Crude domestic

                                                     Products export
             1%                                                                                             29%
                                               29%                       0%
                                                     Products CIS
             3%
                                                     Products domestic   4%

                                                     Gas
                                                                                                       0%
                                         1%
                                       0%            Other                                        2%
                        30%                                                         27%


                                                             1Q09                     2Q09              Change, %
      Total revenues                                         4 185                        5 180                     24%
      Crude export                                           1 231                        1 410                     15%
      Crude CIS                                                137                          209                     53%
      Crude domestic                                            33                            9                   (73%)
      Products export                                        1 310                        1753                    (34%)
      Products CIS                                             148                          172                     16%
      Products domestic                                      1 183                        1485                      26%
      Gas sales                                                 32                           19                   (41%)
      Other                                                    111                          123                     11%




Source:Company data                                                                                                       16
Taxes: Gazprom Neft benefited from lagging export
duties and reduced MET

 Duty lagging effect gaining ground in 2Q08 & 2Q09, $/t                     Actual MET vs. “OLD” MET, per bbl
                                                                          $30
700
                +/-    Actual duty   Theoretical duty
600                                                                       $25



500                                                                       $20


400
                                                                          $15

300
                                                                          $10
200

                                                                           $5
100
                                                                                     +/-       MET   Old MET


 0                                                                         $0
 Jan-08       Apr-08       Jul-08      Oct-08           Jan-09   Apr-09     Jan-08         Apr-08     Jul-08   Oct-08   Jan-09   Apr-09




      • In 2Q09 Gazprom Neft’s export duty payables grew only modestly by 6,9% q-o-q to $623 mln despite strong
        Urals price growth by 16,6% to $58/bbl as a result of duties calculation lagging effect. Thus in 2Q09 Gazprom Neft
        was benefiting from limited duties increase.

      • Following MET formula calculation amendment incorporating increased crude threshold price from $9/bbl to
        $15/bbl effective from January 1, 2009 Gazprom Neft had net benefit of $1,3/bbl for all crude volumes produced
        domestically both in 2Q09 and 1H09.




                                                                                                                                          17
Costs under control
Unit costs dynamics, $/bbl                                    Absolute costs dynamics, $ mln

7,0                  6,83
6,5   6,00
                     5,80                                                           1Q09 2Q09 2Q09A* QoQ QoQA*
6,0                             5,33                  5,91
5,5                                         5,24              Operating:             387      427                10%        -1%
      4,80                                            5,13                                             385
5,0                            5,15        4,56
4,5                                                   4,67       Upstream            258      291      262       13%         2%
      4,74                      4,84
                     4,49                                        Downstream          129      136                 5%        -5%
4,0                                        4,27                                                        123
3,5                  3,18
3,0
                                2,94                          Transportation         382      428      386       12%         1%
                                            2,55
2,5   2,86
                                                      2,24    SG&A                   282      330      298       17%         6%
2,0
       2Q08         3Q08        4Q08       1Q09     2Q09
              Upstream                 Downstream                A* - adjusted for real Ruble appreciation vs. USD of 10.9% in 2Q09
              Transportation           SG&A



  • In 2Q09 most of cost lines declined y-o-y following Ruble devaluation in the beginning of 2009. Upstream
    operating costs were down by 20% y-o-y to $291 mln. Downstream operating costs were down 10% y-o-y to $136 mln.
    Transportation cost in 2Q09 reduced only marginally by 1% y-o-y to $428 mln as devaluation effect was diminished by
    transportation tariffs hikes in the beginning of 2009. SG&A costs were up 20% y-o-y neglecting devaluation effect due
    to NIS and marketing units consolidation starting from 2009.
  • Q-o-Q costs analysis shows Gazprom Neft’s modest cost increase if adjusted for real Ruble appreciation vs. US
    Dollar of 10.9% in 2Q09.




                                                                                                                                      18
EBITDA is on strong recovery track

 Adjusted EBITDA per barrel ($/bbl)                              Adjusted EBITDA Margin
40                                                               37%
                                                                         32,2%
35                   32,5
        37,6                                                     31%                                               29,0%
                                                                                    27,4%
30
                                                                 25%                                       22,9%
25

20                                                               19%
                                                        17,9
15
                                                                 12%
                               5,0                                                             8,3%
10                                         11,5
                                                                  6%
5

0                                                                 0%
        2Q08       3Q08       4Q08       1Q09       2Q09                 2Q08       3Q08       4Q08        1Q09    2Q09




     • In 2Q09 Gazprom Neft’s adjusted EBITDA reduced by 53% y-o-y and increased by 57% q-o-q to $1 501 mln.

     • Adjusted EBITDA per barrel of production in 2Q09 is down 52% y-o-y and up 52% q-o-q to $17,9/bbl.

     • In 2Q09 adjusted EBITDA margin of 29% almost restored its pre-crisis record values.




                                                                                                                           19
Consistent Cash Performance
 Cash Sources and Uses (US$MM), 6m 2009                             Available Net Cash Flow (US$MM)
                                                            $219                 $1 665     -$1 197
                     $577



                                                           $2 000
                                                                     $2 075                             -$2 219
                    $2 564                                                                                           $1 676                   $1 498
                                                                                                                                  -$502

                                                            $888


                                                            $502

                    $1 717
                                                           $1 197
                                                                    31.12.2008 Operating   Capital       Other       Debt Net    Dividends   30.06.2009
                                                                               Cash Flow Expenditures (Investing     Change
                                                             $52                                      Activities)

                  Sources                                   Uses
                                                                    Operating Cash Flow (US$MM)
     Operating Activity (excl. Working Capital)   Working Capital
     Capital Expenditures                         Dividends                              2 147
     Debt Received                                Debt Repaid
                                                                                                    -61%
     Investment                                   Other
                                                                                 +49%
     Cash Increase/Decrease                                             1 442
                                                                                        1 264
                                                                                                                                   +50%
                                                                         636                               847      -21%                     999
    • Debt used for refinancing and M&A                                                                    17              666               282
                                                                                                                           191
    • Capex financed by operating cash flow                              806              883              830                                717
                                                                                                                           475
    • $1.5B of cash remained at end 2Q09
                                                                         2Q08             3Q08             4Q08            1Q09              2Q09
                                                                              Capex        Free cash Flow


Source: Company data
                                                                                                                                                          20
Organic Capex Breakdown
Capex Dynamics, $ mln

                                                                        $806                     • 2Q09 CAPEX is 11% below that in
                                           $717
                                                           -11%            42                      2Q08 due to Ruble devaluation
                                                                           42                      effect and CAPEX efficiency
                                             114                                                   increase.
                             +49%
                                                                         323
             $480                            204
                                                                                                 • In 2Q09 upstream CAPEX grew only
              43                                                                                   modestly by 9% q-o-q to $399 mln
              72
                                                                                                 • In 2Q09 refining CAPEX almost
              181                            224                                                   tripled vs. 1Q09 level to $204 mln.
                                                                         398                       due to the acceleration of upgrade
                                                                                                   programs at the Company’s
              184                            175                                                   processing facilities

                                                                                                 • In 2Q09 Marketing and Distribution
             1Q09                           2Q09                        2Q08                       CAPEX more than doubled vs. 1Q09
                                                                                                   to $114 mln due to the launch of the
   Upstream - Brown Fields      Upstream - Green Fields   Refining   Marketing & Distribution      wide-spread rebranding program by
                                                                                                   the Company’s marketing units.

                                                    1Q09                               2Q09                            2Q08
 Upstream                                          $6.9/bbl                           $7.3/bbl                       $12.6/bbl
 Brown Fields                                      $4.6/bbl                           $4.4/bbl                       $9.1/bbl
 Green Fields                                      $13.5/bbl                         $15.2/bbl                       $24.1/bbl



Source: Company data
                                                                                                                                          21
Debt Profile
   Net Debt/EBITDA, Gearing (%)                                           Maturity Profile (US$MM)

   0,90                                                            30%       1 278      1 256


   0,60                                                            20%



   0,30                                                            10%                                581


                                                                                                                   219
   0,00                                                            0%                                                              119
              2006          2007          2008          2Q09                  2010       2011         2012         2013            2014
                Net Debt/EBITDA (lhs)              Gearing (rhs)


   Debt Structure as of March 2009, %                                     Credit Ratings

                                                                          BBB/Baa2
                                                                                      Investment Grade
                                                          9%              BBB-/Baa3
                                                                           BB+/Ba1
               43%
                                                                            BB/Ba2
                                   41%                                      BB-/Ba3
                                                       91%                   B+/B1
                16%*                                                           B/B2
                                                                              B-/B3
                                                                                  2003    2004   2005       2006   2007     2008      2009
                                                 Foreign Currency (USD,
          Sberbank*      Short-term              EUR, RSD)                                      S&P                Moodys
          Long-term                              RUR

 Net Debt totaled US$ 3,369
*Bridge agreement, that would be refinanced under the long term basis


  Source: Company data
                                                                                                                                             22
Recent transactions




                      23
Sibir Energy: Overview
Gazprom Neft share in Sibir Energy, % (as of)
                                                           Upstream business
                                               54,71%
                                                           Reserves
                                  33,72%                     - 120 MM Tonnes (C1 reserves)
                        27,54%
    16,94%                                                   Production
                                                              - 4.8 MM Tonnes in 2009E

  23.04.2009       22.05.2009    17.06.2009   23.06.2009   Downstream business
                                                             Moscow Refinery

Shares acquisition                                           (joint venture with Gazprom Neft )
                                                             - 10 MM Tonnes of refining throughput
  In a series of public transactions Gazprom Neft
                                                              (capacity 12 MM Tonnes )
consolidated 54.71% of Sibir Energy
                                                             - 133 filling stations
                                                             - One of the leading position in Moscow and Moscow region market
                                                               of oil products




Source: Company data,
Public sources                                                                                                            25
Appendix




           26
2Q 2009: Accounting reclassifications and one-offs
Moscow Refinery Valuation                                                                        Net Income, USD mln.

                                                                                                                        1,200
                                 805              470
                                                                                                                         470

              335                                                                                          +258%
                                                                                                 335                     730


         Carrying Value      Fair Value     Gain from Sibir                                      1Q09                   2Q09
                                           Energy acquisition

  As of June 23, Gazprom Neft purchased 55% of Sibir Energy, thus increasing it share in Moscow Refinery to 59% and making it a fully
consolidated subsidiary

  As per Purchase Price Allocation the Fair Value at Moscow Refinery was estimated at $805 mln

  Difference between Carrying value and Fair value in the amount of $470 mln. was recorded as Gain from Sibir Energy acquisition in the
Income Statement


Other accounting reclassifications


                            2Q 2008                                                              6M 2008
                                                            Excise tax                                                          Revenue
 Revenue                  9,957 (+146)                                                                  18,002 (+325)
                                                            Gross up
                                                                                                                                  Opex
 Opex                        517 (-10)                                                                      974 (-21)
                                                                                                                                  SG&A
 SG&A                        265 (-10)                Unified Social                                        439 (-19)

 Taxes                    1,545 (+166)              Tax reclassification                                 2,859 (+365)             Taxes



  Source: Company data
                                                                                                                                          27

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Presentation 2Q09 - English audio (presentation only)

  • 1. 2 Q 2009 US GAAP Financial and Operating Results September 9, 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 Refining and Marketing Yuri Kalner Head of Strategic Planning Department 3
  • 4. 2 Q and 1H 2009 Highlights • Increase in Daily Production +2,9% in 2Q 2009 • Rebranding program launched - 230 new style stations by the end of 2009 • Consolidation of Sibir Energy • Consolidation of Moscow Refinery • Acquisition of Chelyabinsk region retail chain (+ 41 gas stations and 2 tank farms) – April 2009 (approx. $ 35 MM) 4
  • 5. Key macroeconomic factors: crude pricing environment is steadily improving Crude pricing, RUR/USD Rate (eop) Crude Export Profitability (per bbl) 160 40 $160 Urals, $/bbl (lhs) RUR/$ rate (rhs) $140 140 35 117,4 Urals down 50% $120 120 30 $100 $80 100 25 Netback less MET 58,5 $60 down 42% 80 20 $40 60 15 $20 35,9 25,2 $0 40 10 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 ($20) Crude export netback less MET in Western Siberia MET Crude export duty Urals (cif Novorossiysk) 20 5 ($40) Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 • In 2Q09 Brent prices averaged at $59/bbl (-51% y-o-y, +34% q-o-q), Urals prices averaged at $59/bbl (-50% y-o-y, +33% q-o-q) • In 2Q09 Russian Ruble depreciated vs. US Dollar by 27% y-o-y and appreciated by 5% q-o-q. • In 2Q09 Russian CPI inflation stood at 2,0% vs. 3,9% in 2Q08 and 5,4% in 1Q09. • Despite 50% average Urals price decline y-o-y in 2Q09 to 59/bbl, crude exports netback adjusted downwards by MET reduced only 42% to $25/bbl. Source: Platt’s, Federal Statistics Service, Company data, Central Bank of Russia, Argus 5
  • 6. Key macroeconomic factors: crude exports netback outperformed refining netbacks in 1H09 72,5 66,7 Refining netback, $/bbl 62,1 63,4 Crude exports netback, $/bbl 60,7 CIS crude exports netback, $/bbl 41.2% 18.7% 8% 42.3% 21.2% 9% 35,2 33,5 24,3 32,2 23,8 30,9 29,5 22,5 21,6 21,7 ONPZ MNPZ YANOS ONPZ MNPZ YANOS ONPZ MNPZ YANOS 2Q08 1Q09 2Q09 • One of the key trends observed both in 1H09 and 2Q09 was sharp reduction of refining profitability in Russia. In 2Q09 refining netbacks at all Gazprom Neft’s refineries was lower than that of crude oil export shipments. • Going forward given crude prices staying at current level and recovered domestic prices for oil products refining netback should again exceed that of crude exports. Source: Company data 6
  • 7. Gazprom Neft’s Key Financials, $ mln (48%) (48%) • Oil price fluctuations drove 24% $18 002 Revenues up Q-o-Q and down Y- o-Y $9 957 $10 085 $9 365 Revenues* $4 988 $5 180 • High Refining share in crude $4 185 balance constrained quarterly revenue growth 2Q08 3Q08 4Q08 1Q09 2Q09 1H08 1H09 (53%) (55%) • Existing fiscal regime was the 57% main contributor to thesurpassing $3 204 $2 765 quarterly EBITDA growth $5 413 EBITDA $957 $1 501 $2 459 • Rouble appreciation and $416 commitment to Refining played negative role in EBITDA growth 2Q08 3Q08 4Q08 1Q09 2Q09 1H08 1H09 (45%) (57%) 258% • Gain from Sibir Energy acquisition $3 607 and Fx gain were the main $2 196 reasons for outstanding Net $1 594 $1 534 Net Income $1 200 Income growth $335 -$543 1H08 1H09 2Q08 3Q08 4Q08 1Q09 2Q09 Source: Company data * Revenues for 2007 and 1-3Q08 were adjusted for excise tax that was previously excluded (2007 –$ 0.7B; 1Q08 – $0.2B, 2Q08 - $0.3B; 3Q08 - $0.8B) EBITDA includes the Company’s share in its equity affiliates (Slavneft , Tomskneft, Moscow refinery and Salym Petroleum Development) EBITDA 7 Source: Company data
  • 9. Operational Performance Crude output (MM Tonnes) Refining (MM Tonnes) 3,6% (0,9%) 8,0% 14,1% 11,0 11,4 11,5 0.3 7,5 8,1 7,1 1,3 1,4 1,3 2,4 0.8 0,8 2,2 2,3 0,6 0,2 1,7 1,6 0,2 0,8 1,6 0,6 7,3 7,4 7,7 4,4 4,9 4,9 1Q09 2Q09 2Q08 1Q09 2Q09 2Q08 Ow n Production NIS Slavnef t* Tomsknef t* Sibir Energy Omsk NIS Yaroslavl Moscow Crude Oil Sales (MM Tonnes) Oil Products Sales (MM Tonnes) 17,1% 15,5% (15,7%) (18,9%) 7.0 8.2 7.1 5.3 3,9 5.1 0,2 3,5 0,2 4.3 4,2 0,8 0,4 0,8 4,4 0,4 0,8 0,3 4,1 3,2 3,9 3,5 2,5 1Q09 2Q09 2Q08 1Q09 2Q09 2Q08 Crude export Crude export to CIS Crude domestic Export Export CIS Domestic * Production figures include 50% of Slavneft and Tomskneft Source: Company data 9
  • 10. Upstream: core assets daily output is surprising on the upside 89 August average – 87 83 317 tonnes/day January average – June average – 85 81 282 tonnes/day 82 567 tonnes/day March average – 83 80 273 tonnes/day 81 79 77 75 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Source: Company data 10
  • 11. Oilfield Development Production Drilling (Th. Meters) 638 575 524 494 434 2Q08 3Q08 4Q08 1Q09 2Q09 Number of New Wells Launched* 171 178 151 160 122 55,4 55,7 54,2 53,4 51,1 2Q08 3Q08 4Q08 1Q09 2Q09 Average flow at new wells, Tonnes per day Gazprom Neft Production by Field* 1Q09 2Q09 • Quarterly Organic production growth driven by: Sugmutskoye Others 30,6% Sugmutskoye Others 31,4% 13,1% 12,1% • Increased drilling Krapivinskoye • More new wells launched Priobskoye 3,1% Priobskoye Krapivinskoye 24,6% Muravlenkovsko 26,4% • Improved average flow rate at new wells 3,5% ye 2,3% Muravlenkovsk Sutorminskoye • Production well stock optimization oye 2,4% Vyngapurovsko 7,7% Sporyshevskoye Sutorminskoye Sporyshevskoy ye 11,3% Vyngapurovsko • Priobskoye (+13 749 bbl a day) and Vyngayakhinskoye (+3 457 bbl a day) 5,6% ye 12,2% 7,8% e 5,9% are leaders in terms of quarterly organic extraction growth Source: Company data 11 *Gazprom Neft data not including its share in equity affiliates (Slavneft , Tomskneft) and NIS
  • 12. Refineries complexity Refining Conversion Ratio, % 100 Omsk • Omsk refinery tends to be one of the most 95 technologically advanced in Russia 90 Moscow 85 Yanos • High gasoline and light products yield favors 80 Gazprom Neft in case of equalization of export duty for heavy and light products 75 70 • Modernization at Moscow refinery is more 65 visible in view of Sibir Energy acquisition 60 55 50 6M08 9М08 2008 3М09 6М09 Oil Products Slate, % (6M08 and 6M09) 3,624 3,869 Fuel Oil Diesel 100% 100% 19% 35% 2 2 90% 90% 80% +13% 80% Other 20% 0 0 70% 70% Gasoline 60% 60% Gasoline 28% 0 Other 50% 40% -29% 50% 40% 29% 0 8 15% 30% 20% 30% 20% 9 10% +16% 10% Diesel Fuel Oil 0% 32% 0% 22% Source: Company data Other Gasoline Low -octaine gasoline High-octaine gasoline 12
  • 13. Oil Products Marketing expansion Oil Products Sales in Russia (MM Tonnes) Sales regions 4,4 4,4 New assets -1H 2009 4,1 4,0 3,6 Murmansk 2Q08 3Q08 4Q08 1Q09 2Q09 Ust-Luga Archangelsk Oil Products Sales Through premium channels (MM Tonnes) Belorussia 1,3 1.1 1,1 1,0 0,9 Khabarovsk 0,5 0,4 0,4 0,3 Italy -15% -18% 0,3 22% Serbia +30% 0,8 0,7 0,7 0,6 0,7 Kazakhstan 2Q08 3Q08 4Q08 1Q09 2Q09 Kirgizia Novorossiysk Chelyabinsk region Retail network other premium sales* Sibir +40 gas stations Caucasus Harbor Number of Active Gas Stations 133 Bunkering NIS 435 Airports 865 896 777 782 673 +15% +1% +11% +4% Retail – Most Efficient Downstream Segment • Oil products sales through premium channels grew by 22% in 2Q09 31 Dec, 2005 31 Dec, 2006 31 Dec, 2007 31 Dec, 2008 30 Jun, 2009 • Own retail network (including NIS and Sibir) totaled 1 514 gas stations Source: Company data 13 * Other premium sales includes sales of new business units – bunkering, aero fuelling and lubricants business
  • 14. Rebranding campaign Retail – Most Efficient Downstream Segment • 45 filling stations are operating under new style; rebranding activity is on the way on 43 stations • In 2009 a new brand is to be introduced at 230 fuelling facilities operating currently under different brands • By the end of 2011 there will be 1003 gas stations under GazpromNeft brand 14
  • 16. Sales breakdown Revenue Breakdown 1Q09 Revenue Breakdown 2Q09 4% Crude Export 3% 32% Crude CIS 35% Crude domestic Products export 1% 29% 29% 0% Products CIS 3% Products domestic 4% Gas 0% 1% 0% Other 2% 30% 27% 1Q09 2Q09 Change, % Total revenues 4 185 5 180 24% Crude export 1 231 1 410 15% Crude CIS 137 209 53% Crude domestic 33 9 (73%) Products export 1 310 1753 (34%) Products CIS 148 172 16% Products domestic 1 183 1485 26% Gas sales 32 19 (41%) Other 111 123 11% Source:Company data 16
  • 17. Taxes: Gazprom Neft benefited from lagging export duties and reduced MET Duty lagging effect gaining ground in 2Q08 & 2Q09, $/t Actual MET vs. “OLD” MET, per bbl $30 700 +/- Actual duty Theoretical duty 600 $25 500 $20 400 $15 300 $10 200 $5 100 +/- MET Old MET 0 $0 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 • In 2Q09 Gazprom Neft’s export duty payables grew only modestly by 6,9% q-o-q to $623 mln despite strong Urals price growth by 16,6% to $58/bbl as a result of duties calculation lagging effect. Thus in 2Q09 Gazprom Neft was benefiting from limited duties increase. • Following MET formula calculation amendment incorporating increased crude threshold price from $9/bbl to $15/bbl effective from January 1, 2009 Gazprom Neft had net benefit of $1,3/bbl for all crude volumes produced domestically both in 2Q09 and 1H09. 17
  • 18. Costs under control Unit costs dynamics, $/bbl Absolute costs dynamics, $ mln 7,0 6,83 6,5 6,00 5,80 1Q09 2Q09 2Q09A* QoQ QoQA* 6,0 5,33 5,91 5,5 5,24 Operating: 387 427 10% -1% 4,80 5,13 385 5,0 5,15 4,56 4,5 4,67 Upstream 258 291 262 13% 2% 4,74 4,84 4,49 Downstream 129 136 5% -5% 4,0 4,27 123 3,5 3,18 3,0 2,94 Transportation 382 428 386 12% 1% 2,55 2,5 2,86 2,24 SG&A 282 330 298 17% 6% 2,0 2Q08 3Q08 4Q08 1Q09 2Q09 Upstream Downstream A* - adjusted for real Ruble appreciation vs. USD of 10.9% in 2Q09 Transportation SG&A • In 2Q09 most of cost lines declined y-o-y following Ruble devaluation in the beginning of 2009. Upstream operating costs were down by 20% y-o-y to $291 mln. Downstream operating costs were down 10% y-o-y to $136 mln. Transportation cost in 2Q09 reduced only marginally by 1% y-o-y to $428 mln as devaluation effect was diminished by transportation tariffs hikes in the beginning of 2009. SG&A costs were up 20% y-o-y neglecting devaluation effect due to NIS and marketing units consolidation starting from 2009. • Q-o-Q costs analysis shows Gazprom Neft’s modest cost increase if adjusted for real Ruble appreciation vs. US Dollar of 10.9% in 2Q09. 18
  • 19. EBITDA is on strong recovery track Adjusted EBITDA per barrel ($/bbl) Adjusted EBITDA Margin 40 37% 32,2% 35 32,5 37,6 31% 29,0% 27,4% 30 25% 22,9% 25 20 19% 17,9 15 12% 5,0 8,3% 10 11,5 6% 5 0 0% 2Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09 • In 2Q09 Gazprom Neft’s adjusted EBITDA reduced by 53% y-o-y and increased by 57% q-o-q to $1 501 mln. • Adjusted EBITDA per barrel of production in 2Q09 is down 52% y-o-y and up 52% q-o-q to $17,9/bbl. • In 2Q09 adjusted EBITDA margin of 29% almost restored its pre-crisis record values. 19
  • 20. Consistent Cash Performance Cash Sources and Uses (US$MM), 6m 2009 Available Net Cash Flow (US$MM) $219 $1 665 -$1 197 $577 $2 000 $2 075 -$2 219 $2 564 $1 676 $1 498 -$502 $888 $502 $1 717 $1 197 31.12.2008 Operating Capital Other Debt Net Dividends 30.06.2009 Cash Flow Expenditures (Investing Change $52 Activities) Sources Uses Operating Cash Flow (US$MM) Operating Activity (excl. Working Capital) Working Capital Capital Expenditures Dividends 2 147 Debt Received Debt Repaid -61% Investment Other +49% Cash Increase/Decrease 1 442 1 264 +50% 636 847 -21% 999 • Debt used for refinancing and M&A 17 666 282 191 • Capex financed by operating cash flow 806 883 830 717 475 • $1.5B of cash remained at end 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09 Capex Free cash Flow Source: Company data 20
  • 21. Organic Capex Breakdown Capex Dynamics, $ mln $806 • 2Q09 CAPEX is 11% below that in $717 -11% 42 2Q08 due to Ruble devaluation 42 effect and CAPEX efficiency 114 increase. +49% 323 $480 204 • In 2Q09 upstream CAPEX grew only 43 modestly by 9% q-o-q to $399 mln 72 • In 2Q09 refining CAPEX almost 181 224 tripled vs. 1Q09 level to $204 mln. 398 due to the acceleration of upgrade programs at the Company’s 184 175 processing facilities • In 2Q09 Marketing and Distribution 1Q09 2Q09 2Q08 CAPEX more than doubled vs. 1Q09 to $114 mln due to the launch of the Upstream - Brown Fields Upstream - Green Fields Refining Marketing & Distribution wide-spread rebranding program by the Company’s marketing units. 1Q09 2Q09 2Q08 Upstream $6.9/bbl $7.3/bbl $12.6/bbl Brown Fields $4.6/bbl $4.4/bbl $9.1/bbl Green Fields $13.5/bbl $15.2/bbl $24.1/bbl Source: Company data 21
  • 22. Debt Profile Net Debt/EBITDA, Gearing (%) Maturity Profile (US$MM) 0,90 30% 1 278 1 256 0,60 20% 0,30 10% 581 219 0,00 0% 119 2006 2007 2008 2Q09 2010 2011 2012 2013 2014 Net Debt/EBITDA (lhs) Gearing (rhs) Debt Structure as of March 2009, % Credit Ratings BBB/Baa2 Investment Grade 9% BBB-/Baa3 BB+/Ba1 43% BB/Ba2 41% BB-/Ba3 91% B+/B1 16%* B/B2 B-/B3 2003 2004 2005 2006 2007 2008 2009 Foreign Currency (USD, Sberbank* Short-term EUR, RSD) S&P Moodys Long-term RUR Net Debt totaled US$ 3,369 *Bridge agreement, that would be refinanced under the long term basis Source: Company data 22
  • 24. Sibir Energy: Overview Gazprom Neft share in Sibir Energy, % (as of) Upstream business 54,71% Reserves 33,72% - 120 MM Tonnes (C1 reserves) 27,54% 16,94% Production - 4.8 MM Tonnes in 2009E 23.04.2009 22.05.2009 17.06.2009 23.06.2009 Downstream business Moscow Refinery Shares acquisition (joint venture with Gazprom Neft ) - 10 MM Tonnes of refining throughput In a series of public transactions Gazprom Neft (capacity 12 MM Tonnes ) consolidated 54.71% of Sibir Energy - 133 filling stations - One of the leading position in Moscow and Moscow region market of oil products Source: Company data, Public sources 25
  • 25. Appendix 26
  • 26. 2Q 2009: Accounting reclassifications and one-offs Moscow Refinery Valuation Net Income, USD mln. 1,200 805 470 470 335 +258% 335 730 Carrying Value Fair Value Gain from Sibir 1Q09 2Q09 Energy acquisition As of June 23, Gazprom Neft purchased 55% of Sibir Energy, thus increasing it share in Moscow Refinery to 59% and making it a fully consolidated subsidiary As per Purchase Price Allocation the Fair Value at Moscow Refinery was estimated at $805 mln Difference between Carrying value and Fair value in the amount of $470 mln. was recorded as Gain from Sibir Energy acquisition in the Income Statement Other accounting reclassifications 2Q 2008 6M 2008 Excise tax Revenue Revenue 9,957 (+146) 18,002 (+325) Gross up Opex Opex 517 (-10) 974 (-21) SG&A SG&A 265 (-10) Unified Social 439 (-19) Taxes 1,545 (+166) Tax reclassification 2,859 (+365) Taxes Source: Company data 27