Operating results

Key Operating and Financial Results

Key Operating Results
Metric 2020 2019 Δ 2018
Proved SEC reserves of liquid hydrocarbons, mmt 3,489 3,935 –11% 3,899
Proved PRMS reserves of liquid hydrocarbons, mmt 3,891 4,383 –11% 4,377
Proved SEC reserves of marketable gas, bcm 2,106 2,119 –1% 2,065
Proved PRMS reserves of marketable gas, bcm 2,423 2,452 –1% 2,420
PRMS hydrocarbon reserves-to-production ratio, years 23  23 0% 23
Production of liquid hydrocarbons, mmt 204.5 230.2 –11% 230.2
Natural gas production, bcm 62.8 67.0 –6% 67.3
Oil exports, mmt 115.4 149.4 –23% 123.7
Oil refining, mmt 104.0 110.2 –6% 115.0
Petroleum product and petrochemicals output, mmt 101.4 107.5 –6% 111.7
Petroleum product and petrochemicals export, mmt 64.2 71 –9.6% 73.7
Key Financial Results
Metric 2020 2019 Δ 2018
Revenues and equity share in profits of associates and joint ventures, RUB bln 5,757 8,676 –34% 8,238
EBITDAAdjusted to pandemic-related expenses., RUB bln 1,209 2,105 –43% 2,081
EBITDA marginAdjusted to the effect of offsetting overpayments. 20.4% 24.0% –3.6 p.p. 24.8%
Taxes and customs duties, RUB trln 2.4  3.7 –34% 4.0
Net income, RUB bln 181 802 –77% 649
Net income margin 3.1% 9.2% –6.1 p.p. 7.9%
ROACE 6.9% 15.7% –8.8 p.p. 17.4%
ROAE 3.0% 14.3% –11.3 p.p. 12.3%
Capex, RUB bln 785.0 854.0 –8% 936.0
Unit capex in exploration and production, USD/boe 5.5 6.1 –10% 6.8
Unit opex in production, USD/boe 2.8 3.1 –10% 3.1
Free cash flow, RUB bln 425 941 –55% 1,133
Dividend per share, RUB 6.94  33.41 –79% 25.91
Total accrued dividends, RUB bln 73.6  354.1 –79% 274.6
Proved Reserves of Liquid Hydrocarbons, mmb
Proved Reserves of Natural Gas, bcm
Hydrocarbon Reserve Replacement Ratio, SEC, %
Production of Liquid Hydrocarbons, mmt

In 2020, the Company produced 4.14 mmb of liquid hydrocarbons per day (204.5 mmt), down 11.4% year-on-year due to the OPEC+ deal that took effect on 1 May 2020.

Natural gas production, bcm

In 2020, gas production amounted to 62.83 bcm, down 6.2% year-on-year. The decrease is primarily attributed to lower associated petroleum gas production as a result of oil production cuts in line with the new OPEC+ deal and a drop in gas demand amid the COVID-19 pandemic.

Unit OPEX in hydrocarbon production, RUB/boe

The indicator remained flat year-on-year.

OPEX of Russian Refineries per Tonne of Refined OilIncluding petrochemistry expenses., RUB

Opex at our Russian refineries for 12M 2020 were up 1.9% year-on-year. Alongside this marginal growth, unit opex went up by 10.0% due to the need to optimise processing volumes to fit the current demand for petroleum products.

EBITDA and Net Income, RUB bln

Apart from lower revenue, a year-on-year decrease in EBITDA was driven by a negative effect of the damper mechanism, which is used as part of the reverse excise tax. The latter was partly offset by a 9.3% decline in general and administrative expenses.
A year-on-year drop in net income is related to EBITDA dynamics and exchange rate fluctuations

Revenue, RUB bln

In 2020, our revenue decreased by 33.6% year-on-year to RUB 5,575 bln on the back of a drop in global oil prices, cuts in oil production and sales under the OPEC+ deal and COVID-19-related decline in global oil demand.