Performance Results

Key Operating and Financial Results

Key Operating Results
Metric 2019 2018 2017
Proved SEC reserves of liquid hydrocarbons, mmt 3,935 3,899 1% 3,792
Proved PRMS reserves of liquid hydrocarbons, mmt 4,383 4,377 0% 4,404
Proved SEC reserves of marketable gas, bcm 2,119 2,065 3% 1,949
Proved PRMS reserves of marketable gas, bcm 2,452 2,420 1% 2,309
PRMS hydrocarbon reserves-to-production ratio, years 23 23 0% 23
Production of liquid hydrocarbons, mmt 230.2 230.2 0% 225.5
Natural gas production, bcm 67.0 67.3 0% 68.4
Oil exports, mmt 149.4 123.7 21% 121.8
Oil refining, mmt 110.2 115.0 -4% 112.8
Petroleum product and petrochemicals output, mmt 107.5 111.7 -4% 109.1
Petroleum product and petrochemicals export, mmt 71.1 73.7 -5% 71.9
Domestic retail sales of petroleum products, mmt 14.5 13.7 6% 11.5
Key Financial Results
Metric 2019 2018 2017
Revenues and equity share in profits of associates and joint ventures, RUB bln 8,676 8,238 5% 6,011
EBITDA, RUB bln 2,105 2,081 1% 1,400
EBITDA margin 24.0% 24.8% –0.8 p.p. 22.6%
Taxes and customs duties, RUB trln 3.7 4.0 –8% 2.6
Net income, RUB bln 805 649 24% 297
Net income margin 9.3% 7.9% 1.4 p.p. 4.9%
ROACE 15.7% 17.4% –1.7 p.p. 11.5%
ROAE 14.3% 12.3% 2 p.p. 5.6%
Capex, RUB bln 854 936 –9% 922
Unit capex in exploration and production, USD /boe 6.1 6.8 –10% 7.1
Unit opex in production, USD /boe 3.1 3.1 0% 3.2
Free cash flow, RUB bln 884 1,133 –22% 245
Dividend per share, RUB 33.41Including dividends for the first six months of 2019 and dividends recommended by the Board of Directors to be approved at the General Shareholders Meeting in May 2020. 25.91 29% 10.48
Total accrued dividends, RUB bln 354.1Including dividends for the first six months of 2019 and dividends recommended by the Board of Directors to be approved at the General Shareholders Meeting in May 2020. 274.6 29% 111.1
Proved Reserves of Liquid hydrocarbons, mmb
Proved Reserves of Liquid hydrocarbons, mmb
Proved Reserves of Natural Gas, bcm
Proved Reserves of Natural Gas, bcm
Hydrocarbon Reserve Replacement Ratio, SEC, %
Hydrocarbon Reserve Replacement Ratio, SEC, %

Production of Liquid hydrocarbons, mmt
Production of Liquid hydrocarbons, mmt

In 2019, the Company produced 4.67 mmb per day (230.2 mmtpa) of liquid hydrocarbons, flat year-on-year. This was achieved despite external restrictions such as compliance with the extended OPEC+ agreement along with the temporarily limited oil acceptance by Transneft’s trunk pipelines.

Natural gas production, bcm
Natural gas production, bcm

In 2019, gas production amounted to 67.0 bcm, unchanged year-on-year (with minor deviations).

Unit OPEX in hydrocarbon production, RUB/boe
Unit OPEX in hydrocarbon production, RUB/boe

Unit production opex for 12M 2019 was RUB 199 per boe (USD 3.1 per boe), up 2.6% year-on-year and below the producer price inflation rate of 2.9%. The increase is mainly due to higher costs of electricity, related transportation costs and payroll.

OPEX of Russian Refineries per Tonne of Refined Oil, RUB per tonne
OPEX of Russian Refineries per Tonne of Refined Oil, RUB per tonne

Opex at our Russian refineries and opex per tonne of refined oil for 12M 2019 increased by 6.3% (unit opex up 9.5%) year-on-year due to the growing tariffs of natural monopolies and salary indexation.

EBITDA and Net Profit, RUB bln

EBITDA for 12M 2019 grew by 1.2% year-on-year due to an increase in oil sales, mostly in eastern direction (+34.6%), and effective cost control.

A 24.0% year-on-year rise in net income in rouble terms was driven by positive changes in operating profit and a decrease in financial and other expenses.

Revenue, RUB bln

A 5.3% revenue increase in 12M 2019 was mainly caused by expanding oil sales (+ 20.1%) against the backdrop of lower oil prices globally (-6.2%).