JPMorgan - KASE
JPMorgan - KASE JPMorgan - KASE
Upstream Upstream production averaged 100,877 BOPD for 2001 compared to 84,090 BOPD for 2000. The following table sets out total production from our Upstream operations: 2001 2000 (MMbbls) (MMbbls) Opening inventory of crude oil ....................................... 0.39 0.04 Production ......................................................... 36.82 30.69 Crude oil purchased from third parties ................................. — 0.08 Salesortransfers.................................................... (36.47) (30.38) Pipelinelosses ...................................................... (0.04) (0.04) Closing inventory of crude oil ......................................... 0.70 0.39 The following table sets out total sales volume from our Upstream operations: 2001 2000 (MMbbls) (%) (MMbbls) (%) Crude oil exports ...................................... 18.15 49.8 1.08 3.6 CrudeoiltransferredtoDownstream ..................... 10.83 29.7 6.83 22.5 Crude oil transferred to Downstream and subsequently exported ........................................... 0.15 0.4 9.58 31.5 Crude oil transferred to Downstream by joint ventures (50%) 4.83 13.2 1.80 5.9 Crude oil sold to HOP in Quarter 1, 2000 .................. — — 6.29 20.7 Royalty payments ...................................... 1.69 4.7 1.32 4.3 Crude oil domestic sales ................................ 0.82 2.2 3.48 11.5 Totalcrudeoilsalesortransfers ......................... 36.47 100.0 30.38 100.0 Total consolidated revenue from crude oil sales amounted to $253.0 million in 2001 compared to $301.2 million in 2000. The $48.2 million decrease was primarily due to lower crude oil prices. Total crude oil revenue can be analyzed as follows: Quantity Sold 2001 2000 Net Realized Price Revenue Quantity Sold Net Realized Price Revenue (MMbbls) ($ per Bbl) ($000’s) (MMbbls) ($ per Bbl) ($000’s) CrudesalessoldFCA ......... 15.58 11.34 176,720 10.66 19.52 208,078 CrudesalessoldFOB ......... 0.39 17.72 6,910 – – – Kazgermunai export sales .... 2.33 18.16 42,307 – – – Royalty payments ........... 1.69 11.38 19,232 1.32 8.60 11,358 Crude oil domestic sales ...... 0.82 9.53 7,812 9.77 8.37 81,780 Total ...................... 20.81 12.16 252,981 21.75 13.85 301,216 The average FCA differentials for exports from Shymkent, to Brent crude oil price, per quarter for HKM sales only are set out below. 2001 2000 ($/Bbl) ($/Bbl) QuartertoMarch31 ..................................................... 12.50 9.88 QuartertoJune30....................................................... 11.95 9.39 Quarter to September 30 ................................................. 11.93 9.99 QuartertoDecember31 .................................................. 11.85 12.60 Average for the year ..................................................... 12.06 10.46 42
The increase in FCA differentials primarily resulted from increases in transportation tariffs across the board. Downstream We acquired the Shymkent refinery on March 31, 2000 and, accordingly, the comparative numbers in the tables for 2000 include only the nine months following the date of acquisition. Due to the size of the available market for refined products in Kazakhstan, the refinery operated at 51.5% capacity or 3,397,497 tonnes (approximately 26.3 MMbbls including tolling volumes) in 2001. The following table sets out the source of purchases and the movement in feedstock supplies for our refinery: 2001 2000 (MMbbls) (MMbbls) AcquiredfromHKM ................................................. 10.98 16.41 Purchased from joint ventures (100%) ................................. 9.66 3.61 Purchased from third parties ......................................... 0.59 1.05 Totalfeedstockacquired ............................................. 21.23 21.07 The following table sets out the source of inventory levels of feedstock: 2001 2000 (MMbbls) (MMbbls) Opening inventory of crude oil feedstock .............................. 0.08 0.19 Purchase and acquisition of feedstock ................................. 21.23 21.07 Recoverable feedstock from traps ..................................... 0.04 0.05 Feedstock sold for export ............................................ (0.15) (9.58) Feedstock sold domestically .......................................... — (0.05) Feedstock refined into product ....................................... (20.86) (11.60) Closing inventory of feedstock ........................................ 0.34 0.08 In addition to acquiring feedstock to refine into products, the refinery from time to time acquires refined product for resale. The following table sets out the movement in inventory of refined product: 2001 2000 (MMtonnes)* (MMtonnes)* Opening inventory of refined product ........................... 0.13 0.11 Refined product from feedstock ................................ 2.55 1.46 Refined product acquired ...................................... 0.09 0.15 Refined product sold .......................................... (2.55) (1.54) Refined product internal use and yield losses ..................... (0.02) (0.05) Closing inventory of refined product ............................ 0.20 0.13 * The inventory of products represents a mix of products for which no unique conversion from barrels to tonnes exists. The standard conversion used for crude oil by us is 7.746 Bbls to the tonne. The feedstock is refined into a number of products sold to derive the revenue from refined products. Refined product sales revenue for 2001 was $329.0 million and for the nine months of 2000 the revenue was $203.7 million. The $125.2 million increase was attributable to the refinery producing more crude oil in 2001. The following table sets out products sold for 2001 and 2000, the average price achieved and the total refined products revenue: 43
- Page 1 and 2: Offering Circular Hurricane Finance
- Page 3 and 4: Moscow RUSSIA SAMARA Ufa OMSK RUSSI
- Page 5 and 6: Š Š you have made certain acknowl
- Page 7 and 8: Unless otherwise indicated, all ref
- Page 9 and 10: Notice to New Hampshire Residents N
- Page 11 and 12: Offering Memorandum Summary This su
- Page 13 and 14: have a network of sales, storage an
- Page 15 and 16: Š our QAM pipeline construction pr
- Page 17 and 18: a senior intercompany loan to HKM.
- Page 19 and 20: Organizational Structure The follow
- Page 21 and 22: Nine Months Ended Year Ended Decemb
- Page 23 and 24: Year Ended December 31, 2001 Nine M
- Page 25 and 26: construction of the plant, anticipa
- Page 27 and 28: Inadequate infrastructure could adv
- Page 29 and 30: fully prohibit us from doing so. In
- Page 31 and 32: Kazakhstan’s foreign investment,
- Page 33 and 34: subsoil user and the Kazakhstani go
- Page 35 and 36: In general, estimates of economical
- Page 37 and 38: thereon and any other amounts owed
- Page 39 and 40: Selected Historical Consolidated Fi
- Page 41 and 42: Management’s Discussion and Analy
- Page 43 and 44: (11,642 tonnes per day) in Septembe
- Page 45 and 46: Adoption of Certain Accounting Stan
- Page 47 and 48: The following table sets out the so
- Page 49 and 50: The total royalty and tax expense f
- Page 51: perform a quarterly ceiling test. T
- Page 55 and 56: In addition, we incurred production
- Page 57 and 58: plan. The CCAA plan was implemented
- Page 59 and 60: Royalties Royalties increased from
- Page 61 and 62: Cash is managed centrally through t
- Page 63 and 64: Š completion of the gas utilizatio
- Page 65 and 66: Competitive Strengths We believe th
- Page 67 and 68: Š refurbishing and recommissioning
- Page 69 and 70: The daily business of Kazgermunai i
- Page 71 and 72: Kumkol North. We have a 50% interes
- Page 73 and 74: are currently five producing wells.
- Page 75 and 76: Estimated Reserves and Present Wort
- Page 77 and 78: The following table sets forth a re
- Page 79 and 80: The following tables show our avera
- Page 81 and 82: amended in April 1999, required Kaz
- Page 83 and 84: price we paid for the shares of HKM
- Page 85 and 86: expenditures or investments. The ag
- Page 87 and 88: Several investments with high profi
- Page 89 and 90: In addition, we have opened new rou
- Page 91 and 92: On January 8, 2003, the President o
- Page 93 and 94: As a result of these discussions, H
- Page 95 and 96: Management Directors and Senior Man
- Page 97 and 98: and managerial positions. In 1992,
- Page 99 and 100: approved by our shareholders in Nov
- Page 101 and 102: Related Party Transactions Set fort
Upstream<br />
Upstream production averaged 100,877 BOPD for 2001 compared to 84,090 BOPD for 2000. The<br />
following table sets out total production from our Upstream operations:<br />
2001 2000<br />
(MMbbls) (MMbbls)<br />
Opening inventory of crude oil ....................................... 0.39 0.04<br />
Production ......................................................... 36.82 30.69<br />
Crude oil purchased from third parties ................................. — 0.08<br />
Salesortransfers.................................................... (36.47) (30.38)<br />
Pipelinelosses ...................................................... (0.04) (0.04)<br />
Closing inventory of crude oil ......................................... 0.70 0.39<br />
The following table sets out total sales volume from our Upstream operations:<br />
2001 2000<br />
(MMbbls) (%) (MMbbls) (%)<br />
Crude oil exports ...................................... 18.15 49.8 1.08 3.6<br />
CrudeoiltransferredtoDownstream ..................... 10.83 29.7 6.83 22.5<br />
Crude oil transferred to Downstream and subsequently<br />
exported ........................................... 0.15 0.4 9.58 31.5<br />
Crude oil transferred to Downstream by joint ventures (50%) 4.83 13.2 1.80 5.9<br />
Crude oil sold to HOP in Quarter 1, 2000 .................. — — 6.29 20.7<br />
Royalty payments ...................................... 1.69 4.7 1.32 4.3<br />
Crude oil domestic sales ................................ 0.82 2.2 3.48 11.5<br />
Totalcrudeoilsalesortransfers ......................... 36.47 100.0 30.38 100.0<br />
Total consolidated revenue from crude oil sales amounted to $253.0 million in 2001 compared to<br />
$301.2 million in 2000. The $48.2 million decrease was primarily due to lower crude oil prices.<br />
Total crude oil revenue can be analyzed as follows:<br />
Quantity<br />
Sold<br />
2001 2000<br />
Net<br />
Realized<br />
Price<br />
Revenue<br />
Quantity<br />
Sold<br />
Net<br />
Realized<br />
Price<br />
Revenue<br />
(MMbbls) ($ per Bbl) ($000’s) (MMbbls) ($ per Bbl) ($000’s)<br />
CrudesalessoldFCA ......... 15.58 11.34 176,720 10.66 19.52 208,078<br />
CrudesalessoldFOB ......... 0.39 17.72 6,910 – – –<br />
Kazgermunai export sales .... 2.33 18.16 42,307 – – –<br />
Royalty payments ........... 1.69 11.38 19,232 1.32 8.60 11,358<br />
Crude oil domestic sales ...... 0.82 9.53 7,812 9.77 8.37 81,780<br />
Total ...................... 20.81 12.16 252,981 21.75 13.85 301,216<br />
The average FCA differentials for exports from Shymkent, to Brent crude oil price, per quarter for<br />
HKM sales only are set out below.<br />
2001 2000<br />
($/Bbl) ($/Bbl)<br />
QuartertoMarch31 ..................................................... 12.50 9.88<br />
QuartertoJune30....................................................... 11.95 9.39<br />
Quarter to September 30 ................................................. 11.93 9.99<br />
QuartertoDecember31 .................................................. 11.85 12.60<br />
Average for the year ..................................................... 12.06 10.46<br />
42
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