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May 2008 Financial Results – Inpex Corp

Inpex Corp · May 16, 2008 · 35 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. May 2008 Financial Results – Inpex Corp – slide 1
    Financial Results for the year ended March 31, 2008 INPEX Holdings Inc. Tokyo May 16, 2008 1
  2. May 2008 Financial Results – Inpex Corp – slide 2
    Agenda 1. Financial Results for the year ended March 31, 2008 Mutsuhisa Fujii Director and Chief Operating Officer, Accounting, Finance & IT System Division 2. Corporate Overview Naoki Kuroda Representative director and…
  3. May 2008 Financial Results – Inpex Corp – slide 3
    Subsidiaries and Affiliates 60 consolidated subsidiaries Major subsidiaries Country/region Ownership Stage INPEX Indonesia 100% Production Teikoku Oil Japan 100% Production INPEX Natuna Indonesia 100% Production INPEX Sahul Timor…
  4. May 2008 Financial Results – Inpex Corp – slide 4
    Highlights of the Consolidated Financial Results for the year ended March 31, 2008 Mar. 31, 2007 Mar. 31, 2008 Change %change Net Sales (Billions of yen) 969.7 1,202.9 233.2 24.1% Operating Income(Billions of yen) 559.0 714.2 155.1…
  5. May 2008 Financial Results – Inpex Corp – slide 5
    Crude Oil Sales Mar. 31, 2007 Mar. 31, 2008 Change %change Net Sales (Billions of yen) 607.4 783.4 176.0 29.0% Sales volume (Mbbl) 83,276 85,716 2,440 2.9% Average unit price of overseas production (/bbl) 62.16 80.07 17.91 28.8%…
  6. May 2008 Financial Results – Inpex Corp – slide 6
    Natural Gas Sales * Mar. 31, 2007 Mar. 31, 2008 Change %change Net Sales (Billions of yen) 324.1 378.9 54.8 16.9% Sales volume (MMcf) 366,080 402,081 36,001 9.8% Average unit price of overseas production (/Mcf) 7.51 8.26 0.75…
  7. May 2008 Financial Results – Inpex Corp – slide 7
    Analysis of Net Sales Increase (Billions of yen) 216.6 1,200 48.6 (31.0) (0.9) 1,000 800 600 1,202.9 969.7 400 200 0 Net Sales Sales Volume Increase in Exchange rate Net Sales Others Mar. 31, 2007 Increase Unit…
  8. May 2008 Financial Results – Inpex Corp – slide 8
    Statements of Income Crude oil sales : 783.4 (Billions of yen) Mar. 31, 2007 Mar. 31, 2008 Change %change Change +176.0 Natural Gas sales* : 391.0 Net Sales 969.7 1,202.9 233.2 24.1% Change +58.1 Cost of Sales 343.7 390.5 46.7 13.6%…
  9. May 2008 Financial Results – Inpex Corp – slide 9
    Other Income/Expenses (Billions of yen) Mar. 31, 2007 Mar. 31, 2008 Change %change Other income 60.0 33.0 (26.9) (44.9%) Interest income 12.8 10.9 (1.8) (14.5%) Dividend income 2.2 5.4 3.1 137.4% Transfer of mining rights on…
  10. May 2008 Financial Results – Inpex Corp – slide 10
    Analysis of Net Profit Increase Increase in royalty of JODCO Increase in expenditure related to drilling development wells in INPEX and Natuna Increase in exploration expenditure in Joslyn project, Masela and Japan (billions of…
  11. May 2008 Financial Results – Inpex Corp – slide 11
    Balance Sheets (Billions of yen) Mar. 31, 2007 Mar. 31, 2008 Change %change Current assets 474.1 565.1 90.9 19.2% Tangible fixed assets 219.2 254.4 35.2 16.1% Intangible assets 265.8 265.4 (0.3) (0.1%) Recoverable accounts under…
  12. May 2008 Financial Results – Inpex Corp – slide 12
    Statements of Cash Flows (Billions of yen) Mar. 31, 2007 Mar. 31, 2008 Change %change Income before income taxes and minority interests 586.2 685.7 99.5 17.0% Depreciation and amortization 30.5 36.1 5.5 18.2% Recovery of…
  13. May 2008 Financial Results – Inpex Corp – slide 13
    Financial Indicator Net ROACE* ROE** 20.4% 21.4% 17.7% 15.8% Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2007 Mar. 31, 2008 Net DebtTotal Capital Employed*** Equity Ratio**** 64.0% 64.0% Mar. 31, 2007 Mar. 31, 2008…
  14. May 2008 Financial Results – Inpex Corp – slide 14
    Consolidated Financial Forecasts for the year ending March 31, 2009 Assumptions 1st Half 2nd Half Full year Brent crude oil price (/bbl) 90 80 85 Exchange rate (yen/US) 100 100 100 Mar. 31, 2008 Mar. 31, 2009 Full year (Billions of…
  15. May 2008 Financial Results – Inpex Corp – slide 15
    Sales and Investment plan for the year ending March 31, 2009 Mar. 31, 2008 Mar. 31, 2009 Change % Change (Actual) (Forecasts ) Crude oil (Mbbl)1 85,716 78,089 (7,627) (8.9%) Sales Volume Natural gas (MMcf)2 402,081 408,146…
  16. May 2008 Financial Results – Inpex Corp – slide 16
    Net Income Sensitivities Estimated Impact of crude oil price and foreign exchange fluctuation on consolidated net income for the year ending March 31, 2009 (Billions of yen) Brent Crude Oil Price; 1/bbl increase (decrease) +2.2…
  17. May 2008 Financial Results – Inpex Corp – slide 17
    Corporate Overview 18
  18. May 2008 Financial Results – Inpex Corp – slide 18
    Progress of business integration Signed the Absorption Merger Agreement with INPEX and Teikoku Oil Improving infrastructure of the operating holding company (new company) Establishing framework of the new corporate organization and…
  19. May 2008 Financial Results – Inpex Corp – slide 19
    2007 Highlights Profit hit alltime high with strong financial position Successful production growth CAGR 5.7% from March 2006 to March 2008 Commitment to develop the Van Gogh and Ravensworth oil fields, offshore Western Australia…
  20. May 2008 Financial Results – Inpex Corp – slide 20
    Business Environment of Natural Gas Business Overseas Global LNG demand forecasts Global LNG demand continuing to grow (million ton) In the long term, expansion of LNG Source: The Institute of Energy Economics, Japan 502.0 demand in…
  21. May 2008 Financial Results – Inpex Corp – slide 21
    Growth Strategy of Natural Gas Business Longlife natural gas reserves as large as 2.0 billion BOE (proved+probable reserves) Good investment environment in Australia and Indonesia with low country risk Largescale LNG projects…
  22. May 2008 Financial Results – Inpex Corp – slide 22
    Natural Gas Business in Japan Natural Gas Sales Growth 1.7 billion m3/y : 37% increase from previous year (Teikoku Oil : Non Consolidated) Sales to Shizuoka Gas Co., Ltd. through full year, and to largescale industrial users…
  23. May 2008 Financial Results – Inpex Corp – slide 23
    Overseas LNG/Natural Gas Business Existing LNG project Offshore Mahakam Block (Indonesia) Under negotiation with current LNG buyers aimed for renewed sales and purchase contracts after Dec. 2010 and Mar. 2011 Plan to negotiate with…
  24. May 2008 Financial Results – Inpex Corp – slide 24
    New Large LNG Projects Ichthys LNG Project (Australia) Largescale gas reserves LNG production: 2H 2013 1H 2014 (target) LNG volume: over 8 MMt/a Condensate: approximately 100 Mb/d LPG: approximately 1.6 MMt/a Selecting LNG…
  25. May 2008 Financial Results – Inpex Corp – slide 25
    Entry into Unconventional Oil Resources Significance of Joslyn oil sand Project for INPEX Holdings New entry into unconventional oil project with huge reserves Entry to downstream (upgrader) project to produce highvalue synthetic crude…
  26. May 2008 Financial Results – Inpex Corp – slide 26
    Proved Reserves* (By Resource Type / By Region) By Resource Type By Region 2,000 2,000 1,775 1,770 1,775 1,800 1% 1,770 1% 1,645 1,800 1,645 2% 1,600 1,600 685 630 1,400 558 1,400 48% 45% 1,200 45% 1,200 MMBOE MMBOE…
  27. May 2008 Financial Results – Inpex Corp – slide 27
    Reserve Replacement Ratio*(RRR)(20052007 Average) 300% 230% 200% 187% 156% 149% 122% 121% 113% 104% 100% 91% 88% 86% 86% 84% 83% 77% 73% 0% Apache Anadarko StatoilHydro TOTAL ConocoPhillips…
  28. May 2008 Financial Results – Inpex Corp – slide 28
    New SPE Guidelines In order to standardize the definitions of petroleum reserves which are different from country to country, SPE (Society of Petroleum Engineers) established the SPE Oil and Gas Reserves Committee in December…
  29. May 2008 Financial Results – Inpex Corp – slide 29
    Classification of Reserves in SPEPRMS 1997 SPE/WPC 2007 PRMS Range of Uncertainty Range of Uncertainty 2P 2P P 2P 1P P 2P 1P Increasing Chance of Commerciality SEC SEC Proved Reserves Probable Reserves Proved Reserves…
  30. May 2008 Financial Results – Inpex Corp – slide 30
    Factor Analysis of Change in Probable Reserves* (MMBOE) 4,500 307 1,937 4,000 3,500 3,000 1,251 2,500 201 29 2,000 1,500 2,721 1,000 1,959 500 0 Extensions and (+) (-)*** Impact of Transfer to Mar. 08 Mar. 07…
  31. May 2008 Financial Results – Inpex Corp – slide 31
    Upside Potential from Probable Reserves* 5,000 Reserve Life** (As of march 31, 2008) RP Ratio 4,366 4,500 4,000 3,500 3,000 2,721 2,721 MMBOE 2,500 28.2 2,000 1,645 Years 1,500 466 466 466 1,000 10.7 500 1,179 1,179…
  32. May 2008 Financial Results – Inpex Corp – slide 32
    Exploration/Development Expenditure By Activity By Region (Billions of Yen) (Billions of Yen) 489.5 489.5 500 500 10 19.9 450 450 47.2 398.3 398.3 400 400 19.3 353.1 353.1 81.3 350 19.0 51.5 350 315.6 315.6 39.8 300 300…
  33. May 2008 Financial Results – Inpex Corp – slide 33
    2008 Exploration Work Programs Exploratory Wells : 30 Wells 10 Wells as Operator Seismic Survey : 2D 2,588km 3D 2,184km2 UK 1 Well Kazakhstan 1 Well Japan 2 Wells USA 3 Wells Egypt Libya 5 Wells 4 Wells Australia 6…
  34. May 2008 Financial Results – Inpex Corp – slide 34
    Production Startup Schedule Australia / Timor Sea JPDA Indonesia Ichthys 2016 Ravensworth Australia Abadi Australia 2015 Van Gogh Australia 2014 North Belut Kuda Tasi / Jahal / Kitan 2013 Eurasia JPDA Tangguh 2012…
  35. May 2008 Financial Results – Inpex Corp – slide 35
    Production Volume Projection By Region (Existing projects only) Long term production forecast Approximately 700 MBOED 700 Year ended/ending March 31, 2008-2010 CAGR: 3.1% 600 Year ended March 31, 2006-2008 CAGR: 5.7% 500 418…

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