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2007 FULL YEAR RESULTS – Oil Search Limited

Oil Search Limited · Feb 1, 2008 · 32 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. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 2007 Full Year Results A new dawn for Oil Search February 2008 1
  2. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 2
    2007 Full Year Results Agenda 2007 Performance Summary Peter Botten Financial Overview Nigel Hartley Strategy Review Update Peter Botten PNG LNG Project Update Peter Botten Operations Review Phil Bainbridge Outlook Peter…
  3. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 3
    2007 Performance Summary 3
  4. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 4
    2007 Performance Metrics Record revenue of US718.8 million, +12% on 2006 Slightly lower production (-4%) more than offset by 16% increase in oil price Record EBITDAX of US598.2 million, +10% on 2006 Costs affected by industry…
  5. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 5
    Safety performance continues to improve Total Recordable Incidents (TRIs) 1998 2007 14 OSH OGP APPEA 12.7 12 TRI / 1,000,000 Hours 10.6 9.8 10.7 Australian Companies 10 9.1 9.4 9.3 8.3 8.5 8 8.2 7.8 7 7.3 6.8 6 5.8…
  6. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 6
    Indexed Share Price Performance 5.08 4.58 Share price (rebased to OSH) WPL 4.08 OSH WTI ASX200 3.58 Energy 3.08 STO 2.58 2.08 1.58 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 6
  7. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 7
    ASX 200 Peer Ranking 1 year 3 years 5 years to 31 Dec 07 to 31 Dec 07 to 31 Dec 07 Rank TSR Rank TSR Rank TSR Oil Search 29 48% 41 184% 26 736% Woodside 42 36% 46 166% 48 340% Santos 30 47% 71 80% 87 164% ROC 136 (2%) 76…
  8. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 8
    Financial Overview 8
  9. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 9
    2007 Full Year Performance 2006 2007 Oil Sales (mmbbl) 9.18 8.71 Realised oil price (US/bbl) 67.18 77.78 (USm) Revenue 644.5 12% 718.8 Cash Expenses (103.8) (121.3) EBITDAX 544.8 10% 598.2 Exploration Expense (46.8) (163.3)…
  10. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 10
    2007 Core Profit Drivers USm 97 300 14 (37) (11) (7) 200 (33) 27 100 207 (117) 141 0 6 x on 7 e x e es . . FX ct xp Ta 0 ev 0 pr pe c 0 ti pa ri 0 al…
  11. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 11
    Cash Earnings Growth USm 800 EBITDAX 718.6 700 664 644.5 600 554.3 544.8 598.2 Revenue Operating 500 Cash Flow 416.3 399 400 357.7 350.8 330 326.8 300 239.1 276.7 207.5 200.2 200 191.3 107.3 140.8 100 85.7 Core Net…
  12. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 12
    Treasury Review US344 million in cash at year end, no debt Current cash position of US410 million, following receipt of proceeds from cargoes lifted in December US100 million tranche of corporate facility expired at year-end.…
  13. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 13
    2008 Capital Outlook USm 2007 2008* Actual Outlook Investing : Exploration 202 140 Gas (incl. PNG LNG) 20 75 Development/Production 95 160 Corporate (inc rigs) 76 20 Financing : Dividends 90 45** *Subject to amendment…
  14. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 14
    Other 2008 Drivers 2008 effective tax rate dependent on MENA exploration success Further upward pressure on capital costs and increased development capital expenditure will translate into higher amortisation/site restoration rates…
  15. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 15
    Strategic Review Update 15
  16. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 16
    Strategic Review Update 2002/2003 Strategic Review laid foundations for major Company growth. Work helped deliver top quartile returns over 2003 2007 2007 Strategic Review, designed to define corporate objectives for next five…
  17. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 17
    PNG LNG Project Update 17
  18. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 18
    Juha Hides Angore Moran Kutubu Existing gas fields, gas Gobe exploration Barikewa and appraisal Kimu Iehi opportunities Uramu Flinders Pandora 18
  19. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 19
    PNG LNG ExxonMobil Operated 75km Juha 250 mmscfd (nominal) Hides & 960 mmscfd Conditioning Plant Angore 66 km 8-inch condensate line 14-inch gas line Kutubu & Agogo Gobe Hides-Kopi pipeline Kopi 400km subsea gas…
  20. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 20
    Oil Field Gas Facilities for LNG 20km AGOGO/MORAN GAS Moran PRODUCTION Gas Dehydration Agogo Kutubu Gas Dehydration KUTUBU GAS PRODUCTION Existing Oil Pipelines LNG Project Gas Pipeline Gobe Main Gas…
  21. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 21
    PNG LNG Project Update Significant progress through 2007 on the ExxonMobil-led 6.3 mmtpa PNG LNG project FEED Entry status report: Pre-FEED technical studies completed. Current preference is 6.3 mmtpa LNG plant, located near Port…
  22. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 22
    PNG LNG Project Update FEED Entry status report continued: Marketing Representation Agreement signed. Owners will market LNG jointly for the initial 6.3 mmtpa development, with Operator, ExxonMobil, as marketing representative.…
  23. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 23
    PNG LNG Project Update Objectives during FEED: 2008 Execute downstream (LNG plant) FEED contract Initiate and progress marketing Issue Information Memorandum to banks, lenders 2009 Complete Upstream/Downstream FEED activities…
  24. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 24
    Operations Review 24
  25. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 25
    2007 Performance Safety: Excellent year in PNG and Egypt Production: 9.78mmboe, within revised forecast range PNG Costs: Field costs per barrel increased from US5.87/bbl to US6.96/bbl due to ongoing industry cost pressures and…
  26. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 26
    2007 Performance Exploration: Disappointing year in both PNG and MENA: PNG: Juha 5 confirmed gas water contact. Juha 4 discovered new field area, Juha North. 2P volumes remain unchanged but did not realise anticipated upside…
  27. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 27
    2008 Look Forward Production outlook for 2008 of 9.0 9.5 mmboe PNG production subject to results of: Drilling campaign at Usano (5 wells) and Moran (3 wells), workover campaign (5 in Kutubu and 1 in Moran) Field uptime availability…
  28. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 28
    2008 Look Forward Exploration PNG: Material wells NW Paua (PPL 233) and Cobra (PPL 190) currently drilling Potential for Wasuma (PPL 219) in 2008 or possibly early 2009 MENA: Shahd SE, re-drill of Salma in ERQ (timing to be…
  29. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 29
    Outlook 29
  30. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 30
    Outlook Production outlook for 2008 of 9.0 9.5 mmboe Exploration spend 3540% lower than in 2007 at US130 140 million, development spend of US180 million and U75 million on gas inc LNG FEED. Funded from cash flows and existing cash…
  31. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 31
    Summary PNG LNG Project and commercialising remaining gas will drive Company value. Rising NPV over time, as cash flows get closer and project de-risks Core PNG oil business remains robust, with stable production and cost outlook,…
  32. 2007 FULL YEAR RESULTS – Oil Search Limited – slide 32
    OIL SEARCH LIMITED 32

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