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12M and Q4 2020 Financial and Operational Results (Ifrs) 12M AND Q4 2020 FINANCIAL AND OPERATIONAL RESULTS (IFRS) St Petersburg – February 18, 2021 Agenda Highlights, Alexey Yankevich Financials Member of the Management Board, CFO Upstream Igor Shkirov Head of Planning, Performance and Data Management Department, Upstream Downstream Alexey Urusov Head of Economics and Corporate Planning Directorate Gazprom Neft 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 There are a number of factors that can affect All forward-looking statements historical facts are, or may be deemed to be, the future operations of Gazprom Neft and can contained in this presentation are forward-looking statements. Forward-looking cause those results to differ materially from expressly qualified in their entirety by statements are statements of future those expressed in the forward-looking the cautionary statements contained or expectations that are based on statements included in this presentation, referred to in this section. Readers management’s current expectations and including (without limitation): should not place undue reliance on assumptions and involve known and unknown these forward-looking statements. Each risks and uncertainties that may cause actual a) price fluctuations in crude oil and oil forward-looking statement speaks only results, performance or events to differ products as of the date of this presentation. materially from those expressed or implied in b) changes in demand for the Company’s Neither Gazprom Neft nor any of its these statements. products subsidiaries undertake any obligation to publicly update or revise any forward- c) currency fluctuations looking statement as a result of new Forward-looking statements include, among d) drilling and production results other things, statements concerning the information, future events or other e) reserve estimates potential exposure of Gazprom Neft to market information. risks and statements expressing f) loss of market and industry competition management’s expectations, beliefs, g) environmental and physical risks estimates, forecasts, projections and h) risks associated with the identification of assumptions. These forward-looking suitable potential acquisition properties and statements are identified by their use of terms targets, and successful negotiation and and phrases such as ‘‘anticipate’’, ‘‘believe’’, completion of such transactions ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, i) economic and financial market conditions in ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, various countries and regions ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, j) political risks, project delays or ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms advancements, approvals and cost and phrases. estimates k) changes in trading conditions Gazprom Neft 3 “Antivirus”: Gazprom Neft’s anti-COVID program Protecting the health of Continuous For partners and our employees production customers COVID-19 testing program 140 “clean” shift-handover Continuity of cash payments (>1 million tests) terminals thanks to digital document workflow and signing Personal protective equipment ( Two-step pre-shift COVID-19 checks Flexible terms (45-day credit) for "Gradusnik" mobile app transport companies Safe transportation and workplace New rules for office working disinfection Contactless services for customers Employee vaccinations (AZS.GO mobile app) 60/90-day shifts “Dual-shift” cover at refineries Personal protective equipment procurement (>2.7 million hazmat suits) Ventilators (for ALV) procured , , Free fuel and oil changes for ambulances, >1 600 >200 000 fuel cards for liters of free fuel through free coffee for doctors volunteers the #InItTogether Production of own antiseptic, and delivery voluntary initiative Help and support for to hospitals medics and volunteers Gazprom Neft 4 Market engagement is further improved, with greater transparency and openness Gazprom Neft is now a participant of the UN Global Compact – the world’s largest corporate sustainability initiative A A- CDP (former Carbon Disclosure Project) B – the world’s most extensive and B- authoritative examination of companies’ C Companies 1 and 2 performance on climate responsibility C- D Company 3 D- * Companies 1– 3:Russia’s largest VIOCs Gazprom Neft 5 2020 – key results HSE performance FAR*: 0 cases Gazprom Neft has been given the highest CDP climate rating of all Russia’s oil companies (level B) A unique APG-utilization project is being implemented at the Messoyakhskoye field Financial results Revenues: RUB 2,000 billion Adjusted EBITDA**: RUB 485 billion Net profit: RUB 118 billion Free cash flow: RUB 117 billion Interim 9M 2020 dividend approved at RUB 5 per share Operational results Hydrocarbon production (mtoe) at 2019 levels Refining volumes down 2.6% YoY (mt) * FAR = fatality rate ** Includes proportional EBITDA from associated and jointly controlled companies Gazprom Neft 6 Exploration and production Flexible portfolio management is ensuring operational sustainability Gazprom Neft 7 Production optimised under the OPEC+ deal Daily hydrocarbon production Hydrocarbon production (mtoe) (thousand toe per day) +2.0% 24.8 24.2 23.8 23.5 24.0 272.4 7.4 7.3 7.1 6.7 6.9 262.7 261.4 260.5 255.5 2.1 2.0 1.7 1.2 1.3 14.8 15.4 15.0 15.6 15.8 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 JV* Gazprom Neft Joint operations** * Joint ventures: equity-participation entities (Slavneft, Arcticgas, Northgas and Messoyakhaneftegaz) ** Joint operations: proportionally consolidated companies (Tomskneft, SPD) Percentage changes may differ from the calculated figures and values may not sum to total due to rounding Gazprom Neft 8 Stable production volumes are supported by a balanced asset portfolio Hydrocarbon production Production change factors (mtoe) (mtoe) 96.1 96.1 96.1 96.1 1.4 0.2 +8.5% -3.6 0.8 1.2 Gas 32.8 35.6 Brownfields 71.9 68.3 -4.4% +15% Oil 63.3 60.5 Greenfields 24.2 27.8 2019 2020 2019 Brownfields Novy OGF, GPN- Others 2020 Port Zima Zapolyarye Percentage changes may differ from the calculated figures and values may not sum to total due to rounding Gazprom Neft 9 Operational efficiency ensured in the face of production constraints ОPEX (RUB/toe) -5.0% -4.5% -41 -47 -6 10 Operating expenses (RUB bn) 41 1,876 1,792 33 31 30 28 1,782 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 2019 Brownfields* Major projects** Joint operations*** 2020 International assets 2020 OPEX in Russia * Noyabrskneftegas, Khantos, Vostok, Orenburg, GPN Yamal ** Prirazlomnoye, Zapolyarye, Meretoyakhaneftegaz *** Tomskneft, SPD Percentage changes may differ from the calculated ones and the values ​​may not converge in the totals due to rounding Gazprom Neft 10 New projects Hydrocarbon Zima OGF* GPN-Zapolyarye production (mtoe) +162.9% +33.8% +608.3% 1.24 1.74 1.63 1.30 0.47 0.23 2019 2020 2019 2020 2019 2020 Key events Initial recoverable reserves up Two cluster pads drilled and Active commissioning of oil 71 million tonnes equipped: total cumulative wells at the Pestsovoye, En- 70 wells completed and production estimated at 2.8 million Yakhinskoye, and Zapadno- commissioned in 2020 tons Tarkosalinskoye fields Power center commissioned: Trunk section of the oil-gathering Chayandinskoye oil and gas transition from diesel- to gas- pipeline commissioned condensate field commissioned powered drilling Sidetrack at well: initial flow rate of 2020 Separation unit commissioned Q4 150 t/day APG production initiated at the 2020 Well pad confirmed, based at well Zapadno-Tarkosalinskoye OGCF Second pipestream of the Zima with cumulative production of 1.6 mt field high-pressure oil pipeline Gas infrastructure program commissioned realization continued * The Otdalennaya Group of Fields Gazprom Neft 11 Strategic development of Meretoyakhaneftegaz – establishing partnerships YAMALO-NENENTS Autonomous Okrug Meretoyakhaneftegaz The Tazovsky project Tazovsky 8 mtoe 3.3 mtoe peak hydrocarbon target hydrocarbon production 2024 production volumes 2021 Group 1 ₽26 bln under EPT investments 2020 Pilot works start 2018 2019 2020 2021 The design and main construction and installation works on infrastructure facilities have been completed: Commissioning of oil and gas infrastructure – Q2 2021 – external transport pipeline – oil and gas processing facility – high-pressure oil pipeline – delivery and acceptance point Project goes into “Operational” phase – power center – well cluster sites An agreement on the provision of services for receiving, preparing and compressing, transporting and transferring gas to the UGS was signed Gazprom Neft 12 Downstream Lower refining volumes in 2020 were the result of the prevailing pricing environment and economic efficiency Gazprom Neft 13 A better pricing environment in 2H2020 Crude price and average netbacks Crude mix ($/bbl) (mt) 80 -3.5% 67.7 1.0 65.3 0.8 Brent 60 19.2 18.5 Refining 1.7 1.1 netback 4.4 4.6 40 Crude export netback 20 41.5 40.4 0 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 2019 2020 International market Domestic market Crude export Refining Export to CIS Percentage changes may differ from the calculated ones and the values ​​may not converge in the totals due to rounding Gazprom Neft 14 The improvement in oil-refining performance is due to major projects at Group refineries going into operation Refining throughput Conversion rate in Russia* (%) (mt) -2.6% 82.7 +3.2 p.p. 85.9 41.5 40.4 Yaroslavl 65.3
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