OAO ANK Bashneft, Company Intelligence Report




$ 1000

In Stock

OAO ANK Bashneft (Bashneft) is a Russia-based integrated oil and gas company involved in multiple businesses, such as exploration and production (E&P), refining and marketing, electricity and heat generation. The company had 14 subsidiaries and three affiliated companies as of May 2010. The companys E&P business is mainly focused on the exploration, development and production of crude oil resources. The company reported crude oil production from its Ishimbayneft, Krasnokholmskneft, Ufaneft, Chekmagushneft, Arlanneft, and Tuymazaneft subsidiaries, of which the latter two accounted for 30% and 6% of the companys total production in 2010, respectively. Arlanneft is developing the companys old and depleted Arlanskoye field and Tuymazaneft is developing the old and depleted Tyumazinskoye field. The Arlanskoye fields production and reserves were 103.7 MMboe and the Tyumazinskoye fields production and reserves were 1,912 MMboe in 2010.

Bashnefts refining and marketing segment gathers, processes and markets crude oil and natural gas in Russia. The company conducts its refining operations through its four refineries: JSC Ufa Oil Refinery (9.6 MMt/year), OJSC Novoil (7 MMt/year), OJSC Ufaneftekhim (9.5 MMt/year) and OJSC Ufaorgsintez. Bashneft has a 63%, 69% and 60% working interest in the first three refineries, respectively. The refineries have a combined capacity of nearly 24.1 MMt/year as of December 31, 2010. In 2010, the company processed nearly 21.2 MMt, accounting for nearly 9% of the total oil refined in Russia

  • Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
  • SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
  • Key Events for 2011: This section provides the companys expected operational and financial activities in 2011. This section maps the companys focus for 2011 in nut shell.
  • Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets.
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities.
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period.
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
  • Peer Group Analysis: This section compares the companys performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
  • Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content:

1 Table of Contents

1 Table of Contents 2
1.1 List of Tables 3
1.2 List of Figures 3

2 OAO ANK Bashneft, Company Overview 4

3 OAO ANK Bashneft, Key Events, 2011 8

4 OAO ANK Bashneft, Key Highlights 9
4.1 Trebs and Titov Fields Development Activities to Support its Production Volumes 9
4.2 Sufficient Cash from Operations Coupled With Fair Level of Credit Facility Will Provide Significant Opportunities to Grow itsOperations 10
4.3 OAO Orenburgnefteproduct Acquisition is Likely to Strengthen Bashnefts Distribution Network 13

5 OAO ANK Bashneft, Production Overview 14
5.1 Production Profile 14

6 OAO ANK Bashneft, Exploration and Development Overview 16

7 OAO ANK Bashneft, Refining and Marketing 17
7.1 Refining 17
7.1.1 JSC Ufa Oil Refinery/OJSC UNPZ 17
7.1.2 OAO Novoil 17
7.1.3 OJSC Ufaneftekhim 18
7.1.4 OJSC Ufaorgsintez 18
7.2 Marketing 19

8 OAO ANK Bashneft, Other Segment 20

9 OAO ANK Bashneft, Production and Financial Statements Forecast 21
9.1 Income Statement (20092015) 23
9.2 Balance Sheet (20092015) 24
9.3 Cash Flow Statement (20092015) 25
9.4 Financial Ratios 26

10 OAO ANK Bashneft, Valuation 28

11 Appendix 32
11.1 Abbreviations 32
11.2 Methodology 32
11.2.1 Coverage 32
11.2.2 Secondary Research 33
11.2.3 Primary Research 33
11.2.4 Expert Panel Validation 33
11.3 Methodology for Company Valuation 33
11.4 Contact Us 34
11.5 Disclaimer 34
Table 1: OAO ANK Bashneft, Key Events, 20102011 7
Table 2: OAO ANK Bashneft, Refinery Capacity, 2010 18
Table 3: OAO ANK Bashneft , Production Forecast, 20082015 21
Table 4: GlobalData, Commodity Price Forecasts, 2011-2015 21
Table 5: OAO ANK Bashneft, Income Statement, $m, 20092015 23
Table 6: OAO ANK Bashneft, Balance Sheet, $m, 20092015 24
Table 7: OAO ANK Bashneft, Cash Flow Statement, $m, 20092015 25
Table 8: OAO ANK Bashneft, Profitability Ratios, 20092015 26
Table 9: OAO ANK Bashneft, Other Financial Ratios, 20092015 27
Table 10: GlobalData, Price Forecasts, 20112015 28
Table 11: OAO ANK Bashneft, Net Asset Value, 2011 29
Table 12: OAO ANK Bashneft , Terminal Value and Free Cash Flow Calculation Using Discounted Cash Flow Method, 2011 30
Figure 1: OAO ANK Bashneft, Operational Map, 2011 4
Figure 2: OAO ANK Bashneft, Revenues and Profits Before Tax by Segment, $m, 2010 5
Figure 3: OAO ANK Bashneft, Shareholding Pattern, 2010 5
Figure 4: OAO ANK Bashneft, Revenue Breakdown, $m, 2010 6
Figure 5: OAO ANK Bashneft, Share Price Performance, May 2010May 2011 6
Figure 6: OAO ANK Bashneft, Crude Oil ProductionProduction from Trebs and Titov, MMbbl, 20142019 9
Figure 7: OAO ANK Bashneft, CFO/Capex Ratio and Total Debt Performance, 20092010 10
Figure 8: OAO ANK Bashneft, Debt Maturity Schedule, 20112013 and Beyond 11
Figure 9: OAO ANK Bashneft, Liquidity Ratios, 20092010 11
Figure 10: OAO ANK Bashneft, Available Credit Facility and Amount Withdrawn, 20092010 12
Figure 11: OAO ANK Bashneft, Filling Stations Before and After the Deal, 2009-2010 13
Figure 12: OAO ANK Bashneft, Total Production from Legacy and Upcoming Assets, MMboe, 20082019 14
Figure 13: OAO ANK Bashneft, Oil Refining, MMt, 20082010 19
Figure 14: OAO ANK Bashneft, Trading Comparable Analysis, 2011 30
Figure 15: OAO ANK Bashneft, Valuation Range, 2011 31