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2009 FULL YEAR RESULTS – Oil Search Limited

Oil Search Limited · Feb 23, 2010 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 1 2009 Full Year Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG & Gas Expansion Phil Bainbridge Operations Review Phil Caldwell Outlook & Summary…
  2. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 2
    2009 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG & Gas Expansion Phil Bainbridge Operations Review Phil Caldwell Outlook & Summary Peter Botten 3 2009 Performance…
  3. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 3
    2009 Performance Summary NPAT of US133.7 million, US99.6m excluding PNG Government back-in and tax adjustments Satisfactory result given commodity environment, with average oil price down 35% Strong balance sheet with US1.3 billion…
  4. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 4
    Strong Five Year Share Price Performance Annualised TSR for five years to end 2009 of 29.5% 7.00 Share price (rebased to OSH) Oil 6.00 Search 5.00 Woodside 4.00 WTI oil Santos 3.00 2.00 ASX 100 1.00 0.00 Jan…
  5. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 5
    Future Value Growth Driven by :- PNG LNG Delivery Project optimisation Further LNG Train Development Reserve growth and Exploration Success Comprehensive programmes to deliver value through to PNG LNG first gas 9 2009…
  6. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 6
    2009 Financial Performance 2009 2008 (USm) Revenue 512.2 -37% 814.3 Cash Expenses (102.8) (116.3) EBITDAX 409.4 -41% 698.1 Non-cash items (105.4) (127.2) Exploration Expense (75.7) (91.2) Interest income/(expense) (3.3) 6.1…
  7. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 7
    2009 EBIT Drivers 21.8 USm (258.9) 13.5 500 15.5 479.6 Amortisation Cash Opex Expense Exploration Oil Price 400 300 (33.2) 2008 EBIT (10.1) 228.2 Volumes Other 200 Oil 2009 EBIT…
  8. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 8
    2009 Cash Flows USm Operating cashflow 1500 included US79m of tax paid (inclusive of prior 1250 period tax recoveries) 1000 Investing cash outflows 851 included US139m on production, US324m on 750 284 (382) 1,288 exploration…
  9. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 9
    2009 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG & Gas Expansion Phil Bainbridge Operations Review Phil Caldwell Outlook & Summary Peter Botten 17 PNG LNG…
  10. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 10
    PNG LNG Project World class Project Aligned joint venture ExxonMobil Operator excellent track record Supportive Government and communities Provides infrastructure for future growth Transformational for Oil Search and PNG…
  11. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 11
    PNG LNG Project the road to sanction December 2009 Completed LBSAs Signed 3 SPAs with TEPCO, Osaka Gas and Sinopec Development approval 8 December 2009 EPC contracts awarded 9 December 2009 Financing documents signed 15 December…
  12. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 12
    PNG LNG Project Operator ExxonMobil has excellent record of delivering projects on time, on budget First phase CAPEX, including FEED and early works - US15 billion Contracts: LNG Plant: Chiyoda/JGC Offshore Pipeline Saipem Hides…
  13. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 13
    Gas Growth 25 PNG Gas Growth Key strategic priority for Oil Search is to grow gas business in PNG LNG remains optimum commercialisation route for additional gas PNG LNG will provide infrastructure and capacity to…
  14. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 14
    Existing Gas Discoveries PNyang PPL260 Hides/Juha PRL03 PDL8 PDL9 PDL1 PRL11 APPL250 PDL6 6S PRL02 PDL5 APPL249 PDL7 PPL 233 Kutubu/Agogo/SEM PPL239 Elk/Antelope PPL219 Gobe/SEG PDL2 APRL14 PPL190 PDL4 PDL3…
  15. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 15
    Papuan Basin Major Areas NW Fold Belt Central Fold Belt Interior Fold Belt Large undrilled surface Only proven oil prone area. Numerous oil & gas seeps anticlines remain. Significant subthrust indicate a working potential exists.…
  16. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 16
    PNG LNG Resource Offshore 3D survey 4,700 km2 of 3D seismic largest in PNG history 4,700 km2 3D 31 Gas Growth - Partnering Having aligned Joint Venture with required skills and relationships is critical to driving…
  17. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 17
    2009 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG & Gas Expansion Phil Bainbridge Operations Review Phil Caldwell Outlook & Summary Peter Botten 33 Oil Search…
  18. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 18
    2009 Production Performance Excellent safety performance 12,000 Production impact of recent drilling at Usano Production: 10,000 8.12 mmboe, demonstrated strong UDT 10,12 underlying performance in all fields 8,000 Oil Rate…
  19. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 19
    ADT 2 Opens up new play SW NE mTVD 7 ADT 2 Well Results: 2200 1,100 metre+ proven height Hang Hedinia Sand in gwall 4 fault Over compartments 2400 tur Forel ned Digimu in fault im b compartment 1 has Toro B/C Fault…
  20. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 20
    Reserves & Resources 31 December 2009 Six-fold increase in proven (1P) reserves, from 50 mmboe at end 2008 to 344 mmboe: PNG LNG Project reserve booking of 301 mmboe 2009 production of 8.1 mmboe Oil reserve additions at Kutubu,…
  21. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 21
    Exploration Outlook PNG: Exploration for gas key to driving LNG expansion Additional oil focused exploration in 2010: Wasuma (25 mmbbl mean, currently drilling in PPL 219) Mananda Attic (30 mmbbl mean in PPL 219, plus gas play)…
  22. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 22
    MENA 2010 Exploration Activity Summary Le Kef Taj. + Le Kef 600km Shakal 60km K42 Tajerouine Area 18 Shakal K42 200km Dubai Office Well Types Commitment Al Measher (20.0%) 20 mmstb Future Commitment Discretionary…
  23. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 23
    Outlook and Summary Oil Search core business in excellent shape to drive further value growth over next 3 years PNG LNG Project Sanctioned ExxonMobil quality operator for delivery Contractors mobilising, construction started…
  24. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 24
    Significant LNG Reserve Booking Potential Oil Search 2009 PNG 2009 PNG Fields Net Reserves & Resources Reserves & Resources (100% License Estimates) 4,000 Millions of Barrels Oil Equiv. (NET) 900 1P/1C 2P/2C 2P/2C…
  25. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 25
    OSH good value on 1P reserves relative to Global Energy Sector Enterprise value (USm) / 1P reserves (mmboe) 40 35 30 25 20 15 10 5 0 Chevron Talisman Devon Shell Hess BP ENI Anadarko Phillips…
  26. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 26
    Summary Core oil production remains solid. Focus on life extension, reliability and gas conservation A new value equation Measured oil exploration in PNG and MENA Activities underwritten by strong balance sheet and liquidity to…
  27. 2009 FULL YEAR RESULTS – Oil Search Limited – slide 27
    Appendix 53 2010 Guidance Summary Production: 7.2 7.4 mmboe Opex: US16-18/boe Increase due to FX, PNG inflation, increased spend to improve reliability & extend life and relatively fixed cost base on lower production. In…

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