Empresa Nacional del Petróleo 1Q 2013 Results
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1 Empresa Nacional del Petróleo 1Q 2013 Results Santiago, May
2 Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of ENAP and could cause results to differ materially from those expressed in such forward-looking statements This presentation contains certain performance measures that do not represent Chilean GAAP and IFRS definitions, such as EBITDA and Net financial debt. These measures cannot be compared with the same previously used by ENAP and the same used by other companies 2
3 Highlights 100% State owned, the second largest Chilean state-owned company 2012 Revenues and EBITDA of USD 11,612 MM and USD 57 MM, respectively 1Q13 Revenues and EBITDA of USD 2,989 MM and USD 212 MM, respectively A key strategic asset for Chile and the only refiner in the country Represents approximately 40% of Chile s energy matrix Satisfies approximately 65% of Chilean demand for refined oil products World class operator with state of the art facilities and an extensive logistics network in Chile 3 refineries, marine terminals, storage facilities for crude and refined products, pipelines, and the southern hemisphere first LNG terminal Stable & long-term relationships with a diverse base of suppliers & buyers Proven access to multiple sources of financing Experienced and professional management Investment grade ratings since 2002 (Baa3/BBB-/A) 3
4 Agenda Section 1 Company Overview Section 2 Industry Overview Section 3 Financial Performance 4
5 Two Distinct Businesses: Downstream & Upstream ENAP organizes its operations through two divisions: Refining and Marketing ( R&M ) for downstream activities Exploration and Production ( E&P ) for upstream activities R&M and E&P have historically accounted for approximately 95% and 5% of revenues and approximately 60% and 40% of the net profit, respectively Downstream Upstream Refining and Marketing (R&M) Exploration and Production (E&P) International Domestic Magallanes R&L Magallanes E&P Source: ENAP 5
6 Strong Support from The Republic of Chile Government ownership with strong support as evidenced by: US$250 mm capital contribution in 2008 Capitalization of retained earnings at the ENAP subsidiary level Temporary suspension of dividends to the Republic of Chile The government has waived its right to receive any dividends in the last four years, allowing ENAP to strengthen its capital base In 2013, as approved in the Chilean Budget Law, ENAP will receive a compensation for the subsidized natural gas sales to the Magallanes area, The Government will pay an amount of up to US$ 63,3 mm for the year Relationship with the owner Strong corporate governance, following best practices from the international standards Chilean government and its regulatory bodies closely supervise operations The Chairman of the Board is the Minister of Energy Budget and debt issuance approved by the Ministry of Finance Professional and experienced management team 6
7 2013: Operational Measures to Improve Efficiency and Margins Gas Sales in Magallanes In 2013, as approved in the Chilean Budget Law, ENAP will receive a compensation for the subsidized natural gas sales to the Magallanes area, The Government will pay an amount up to US$ 63,3 mm for the year 1 2 Savings in Energy costs (LNG) Agreement reached at the end of 2012, in the BG-ENAP LNG Sales Contract will have lower LNG cost for ENAP and a new business opportunity due to extra LNG volumes agreed in this negotiation (LNG Sales to Third Parties) Improve efficiency in the trading (crude oil and refined products) refining and product sales process Identifying operational synergies to enhance margins 3 Improvement in inventory management Possible change in Diesel Technical Specifications Currently, there are no differences in Diesel specifications for vehicle or industrial purposes. ENAP is working with the authorities in order to define 2 different diesel specifications, which will produce a cost benefit for the company 4 Currently, ENAP is developing a process to reduce days of inventory from 60 days (approx.) to days (minimum required by Ministery of Energy is 25 days) in order to reduce working capital use. This measure requires a high level of coordination between Trading, Refining and Commercial teams. 5 6 Potential new crude oil suppliers from African countries (FTA / Duties release) Add new suppliers to the actual portfolio would allow the company to increase its power of negotiation with the current suppliers and, eventually, reduce the crude oil costs. This measure is subject to new FTA that Chile could sign with African countries or the unilaterally release of duties with specific countries. 7 = Improvement in Operations and Margins Improvement in EBITDA, Net Profit and, eventually, Debt Reduction
8 Extensive Refining and Logistics Assets Leadership position based on refining capacity and extensive oil and gas network in Chile which delivers natural gas and refined products to key energy centers Unmatched asset base which is critically important to Chile Three refineries located in central and southern Chile (Aconcagua, Bío Bío and Gregorio) with a total aggregate refining capacity of 229,000 bbl/day Crude oil storage facilities with an aggregate storage capacity of approximately 1.0 million cubic meters Refined products storage facilities with a total capacity of approximately 1.5 million cubic meters 1 Concón: Refinery Aconcagua Santiago: ENAP Headquarters 2 Linares: Terminal Hualpén: Refinery Bío Bío Refinery Locations 3 Santiago: ENAP Sipetrol S.A. (HQ) Maipú: Terminal San Fernando: Terminal Chillán: station Punta Arenas: Refinery Gregorio Marine terminals next to the Aconcagua and Bío Bío refineries, with sufficient capacity to receive 100% of the refineries crude oil and imported refined product requirements Gas pipelines in the Magallanes region which connect Tierra del Fuego island with the continent and which connect our facilities to our industrial customers Pipelines in Magallanes connecting crude oil producing wells with the Gregorio refinery and the marine terminal ENAP s Refining Capacity 46.7% 47.0% 6.3% Aconcagua Bío Bío Gregorio 8
9 Use Rate Advanced & Flexible Refining Capacity Highlights ENAP s refineries process crude oil, substantially all of which is purchased from foreign third parties ENAP has improved its refineries capacity for refining heavy crude oils Heavy crude oils are less expensive than light crude oils and are abundant in South America, shortening ENAP s inventory cycle The utilization rate, as of March 31, 2013, reached 77,6% (Availability rate was 96,3%) ENAP s Refining Utilization Rate (%) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 94,9% 87,7% 89,1% 83,7% 76,4% 77,6% 69,4% 71,0% Q13 9
10 Refining & Marketing in figures (1Q2013) Crude Oil Volume Processed (Mm 3 ) mar mar Light Medium Heavy Other gross inputs Refined Products Production (Mm 3 ) mar-12 mar Diesel Gasoline LPG Fuel Oil Kerosene Others 10
11 Undisputed Leadership in Refined Products In 2013, ENAP will have a 100% of market share in gasoline due to the commercial agreements that the company signed with its clients for the current year. This is good news considering that this type of product has had interesting refining margins during most part of the past years. The decrease in the LPG's market share is explained by the start-up of the new alkylation plant, inaugurated in Dec 12, as part of our Aconcagua Refinery complex, which produces alkylate out of LPG (butane). This plant produces alkylate (a sulphur-free high-octane compound) which is used for the formulation of gasolines that meet higher specifications. 100% 100,0% 95,7% 100,0% 90% 80% 70% 68,0% 75,3% 64,9% Mar-12 66,6% Mar-13 71,1% 66,6% 66,2% 60% 53,2% 52,8% 58,4% 50% 40% 30% 23,9% 20% 10% 0% Diesel Gasoline LPG Fuel Oil Kerosene Other Average 11
12 Comprehensive Downstream Chain with a Diverse Base of Clients and Products UK 8% Crude Oil Supply by Country (1Q 13) Light 14% Argentina 5% Colombia 5% Canada 15% Medium 17% Other gross inputs 17% Ecuador 42% Brasil 25% Crude Oil Supply by Type (1Q 13) Heavy 52% Refining Capacity Aconcagua (46.7%) Bío Bío (47.0%) Gregorio (6.3%) Crude oil Refined Products Natural Gas LPG Gasoline Kerosene Diesel Fuel oil Storage Facilities Petrochemicals Refineries & Distribution Companies End User Direct Products Copec, Shell, Petrobras, Terpel Sales Breakdown by Client (*) (1Q 13) Terpel 11% Shell 15% Diesel 39% Others 15% Gasoline 34% Petrobras 16% Copec 43% Sales Breakdown by Product (*) (1Q 13) (*) in terms of volume 12 Fuel Oil 10% GLP 4% Kerosene 7% Natural Gas 3% Others 3%
13 Select Base of E&P Assets Focused on ENAP s Areas of Expertise and Furthering Regional Integration ENAP s E&P operations have allowed the Company to develop expertise in the field and deepen relationships with E&P partners and crude oil suppliers. ENAP s main goal for its E&P operations is to increase the quantity of its oil and gas reserves both in Chile and abroad. The Company s operations are focused on Latin America & North Africa with fields in Chile, Argentina, Ecuador and Egypt producing crude oil and natural gas. ENAP also actively manages its E&P portfolio through sales and acquisitions Proved Oil & Gas Reserves Egypt (Branch) East Ras Qattara (50%) Arg 18% Egy 7% Chi 43% Ecuador (Branch) (1) PBH (100%) MDC (100%) Ecu 32% Chile (Headquarters) Magallanes Chile (100%) (1) Service contracts Argentina (Subsidiary) Area Magallanes (50%) CAM 2/A Sur (50%) E2 (33%) * Camp. Central (50%) * Pampa del Castillo (100%) (%) Ownership * Blocks where ENAP is not an operator Dic-12: 117,80 MM boe (2) (2) Developed and Undeveloped reserves 13
14 ENAP s E&P Production (2007 1Q2013) Until the 80 s, the production of crude oil in Magallanes, Chile, represented approximately 50% of the crude required by ENAP s refineries. Currently, approximately only 2% of the crude oil used by ENAP s refineries is produced in Magallanes. The natural gas produced in Magallanes is the main fuel for electric power generation and heating systems used in the city of Punta Arenas, and currently supplies one Methanex plant for methanol production. In 1991, ENAP created its international subsidiary, Sipetrol, to explore and produce crude oil and natural gas internationally. The total production of crude oil from ENAP s E&P division currently represents approximately a 10% of the crude oil required by the refineries, though the crude is not actually used by the refineries ,6 1,0 16,8 Oil Production ( 000s bpd) 2,6 1,5 16,9 2,6 2,1 14,9 2,5 3,4 13,6 12,5 13,9 11,9 10,3 11,3 11 9,9 8, , Q13 Argentina Ecuador Egypt Chile 2,3 3,9 2,2 6,6 2,2 6, ,4 1,1 29,5 Gas Production ( 000s bpd) 25,5 22 5,0 6,0 4,8 17 2,5 14,8 12 5,8 6, Q13 Argentina Chile 14
15 Agenda Section 1 Company Overview Section 2 Industry Overview Section 3 Financial Performance 15
16 International Market Prices Given refining margins in the current market, ENAP is making better use of its refineries Despite oil price volatility, several factors have helped ENAP s efficiency and operations: Advanced and capable refineries Import parity pricing mechanism Dominant market share in Chile High-value and quality products 16
17 Q Q2013 US$/MMBtu US$/Bbl Significant Increase in Energy Prices During the Last Decade Brent [US$/MMBtu] Power Marginal Cost [US$/MWh] ,6 4,9 5,0 4,2 4,3 9,4 12,5 11,3 16,9 10,5 19,3 19,3 19,5 13, ,1 32,2 47,5 170,4 45,9 204,6 104,7 181,0 188,7 136,6 138, Quillota Gross Heating Value, MMBtu/Bbl :
18 Regional Crude Oil Prices: Extremely Volatile Spread vs Brent (US$/Bbl) Marlim Vasconia Oriente ,9-4,4-10, ,2-5,1-8,8 YTD Mar ,7-4,8-10,7 Source: Platts 18
19 Agenda Section 1 Company Overview Section 2 Industry Overview Section 3 Financial Performance 19
20 Financial Highlights Q2013 ENAP Financial Summary US$ MM FY2008 FY2009 FY2010 FY2011 FY2012 1Q'13 Revenues Cost of Sales (12.927) (6.835) (7.934) (10.663) (11.778) (2.785) Gross margin (744) (166) 204 EBITDA (641) EBITDA Margin -5,3% 7,7% 4,9% 3,4% 0,5% 7,1% Net Profit (960) (69) (321) 52 Net Financial Debt / EBITDA (LTM) N/A 5,3x 8,2x 9,8x 68,2x 13,7x EBITDA / Financial Expense N/A 3,2x 2,2x 2,1x 0,3x 4,3x Net Financial Debt / Total Equity 11,6x 6,5x 7,2x 9,6x 47,2x 25,5x US$ MM FY2008 FY2009 FY2010 FY2011 FY2012 1Q'13 Cash and Equivalents Current Assets Properties Plant & Equipment Net Total Assets Current Liabilities Long-Term Liabilities Net Financial Debt Total Liabilities Total Equity
21 Financial Summary Capital Expenditure (USD MM) Equity (USD MM) $381 $320 $264 $225 $ E (*) $444 $456 $381 $83 $ Q2013 (*) Expected for full year. As of Mar 31, 2013, ENAP had invested US$ 21 MM as CAPEX Total Financial Debt (USD MM) $2,968 $3,348 $3,951 $4,078 $4, Q13 21
22 1Q09 1Q09 2Q09 2Q09 3Q09 3Q09 4Q09 4Q09 1Q10 1Q10 2Q10 2Q10 3Q10 3Q10 4Q10 4Q10 1Q11 1Q11 2Q11 2Q11 3Q11 3Q11 4Q11 4Q11 1Q12 1Q12 2Q12 2Q12 3Q12 3Q12 4Q12 4Q12 1Q13 1Q13 22 Financial Summary Consolidated Quarterly EBITDA (USD Millions) ,2 126,8 116,7 121,7 60,0 107,4 52,6 182,0 168,0 153,0 70,0-18,6-15,0 37,0 14,8 20,3 211,5-50 Consolidated Last Twelve Months EBITDA (USD Millions) 700,0 600,0 500,0 400,0 300,0 200,0 100,0 0,0 181,2 126,8 116,7 546,2 425,2 405,8 341,7 402,0 510,0 556,0 573,0 372,4 189,4 73,4 18,2 57,0 283,6
23 Financial Debt and Supplier Credit US$ Millions Cash Supplier s Credit Net Financial Debt (Banks and Bonds) 23
24 Debt Maturity Profile as of March 31, 2013 Debt Breakdown by Type (USD MM) Banks Bonds 51,6% 48,4% USD MM 1.200, , , , ,00 200, Local Bonds International Bonds LT Bank Debt ST Bank Debt Project Financing 24
25 Highlights 100% State owned, the second largest Chilean state-owned company 2012 Revenues and EBITDA of USD 11,612 MM and USD 57 MM, respectively 1Q13 Revenues and EBITDA of USD 2,989 MM and USD 212 MM, respectively A key strategic asset for Chile and the only refiner in the country Represents approximately 40% of Chile s energy matrix Satisfies approximately 65% of Chilean demand for refined oil products World class operator with state of the art facilities and an extensive logistics network in Chile 3 refineries, marine terminals, storage facilities for crude and refined products, pipelines, and the southern hemisphere first LNG terminal Stable & long-term relationships with a diverse base of suppliers & buyers Proven access to multiple sources of financing Experienced and professional management Investment grade ratings since 2002 (Baa3/BBB-/A) 25
26 End of Presentation Thank you! 26
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