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H1 2011 Earnings Call – Santos Limited

Santos Limited · Aug 19, 2011 · 40 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. H1 2011 Earnings Call – Santos Limited – slide 1
    Chim So FPSO Lewek Emas. First oil is expected in September 2011. 2011 Half-year Results 19 August 2011
  2. H1 2011 Earnings Call – Santos Limited – slide 2
    2011 Half-year Results David Knox Managing Director & CEO
  3. H1 2011 Earnings Call – Santos Limited – slide 3
    First-half overview Safety: 60% improvement in three years Reported half-year profit up 155% to 504 million Two-train GLNG project sanctioned in January Halyard/Spar project on-line ahead of schedule Chim Sao, Reindeer and Wortel…
  4. H1 2011 Earnings Call – Santos Limited – slide 4
    Safety performance Santos TRCFR performance (Employees & Contractors) Total recordable case frequency rate 7 (per million hours worked) 6 5 4 3 2 2.4 1 0 2006 2007 2008 2009 2010 2011 YTD 5
  5. H1 2011 Earnings Call – Santos Limited – slide 5
    Half-year net profit up 155% 2011 Half-year result Change on 2010 first-half Production 22.9 mmboe (5%) Sales revenue 1,101 million 1% EBITDAX 1,089 million 66% Net profit after tax 504 million 155% Underlying net profit 236…
  6. H1 2011 Earnings Call – Santos Limited – slide 6
    2011 Half-year Results Andrew Seaton CFO
  7. H1 2011 Earnings Call – Santos Limited – slide 7
    Reported & underlying profits Reported NPAT Underlying NPAT m 600 504 500 400 71 (42) 300 17 (18) (2) 236 198 210 200 100 0 HY- HY- HY- Prices & Sales Net Royalty Other HY- 2010 2011 2010 foreign volumes finance related…
  8. H1 2011 Earnings Call – Santos Limited – slide 8
    Production lower due to GLNG sell-down Santos interest in GLNG production reduced from Production 60% to 30% following mmboe 24.2 (0.8) the sale of interests to 25 0.4 (0.9) 22.9 Total and KOGAS 20 Higher Bayu-Undan production…
  9. H1 2011 Earnings Call – Santos Limited – slide 9
    Sales volumes and revenue mmboe Sales volumes 30.0 3.5 Third party Higher commodity products 5.5 prices offset by 20.0 stronger AUD 25.0 Own product1 10.0 22.1 Higher volumes of third party products offset lower own product…
  10. H1 2011 Earnings Call – Santos Limited – slide 10
    Production cost and cost of sales Cash production Total cost of sales m costs m 11.44 300 / boe 11.37 800 24.70 25.11 / boe / boe / boe 700 Third party 250 70m product purchases 117m 600 200 500 276m 150 260m 400 634m Cost of…
  11. H1 2011 Earnings Call – Santos Limited – slide 11
    Business unit EBITDAX m HY-2010 HY-2011 400 368 372 350 302 300 287 300 Corporate and other includes gains on sale of assets of 348 million in 250 HY-2011. 200 150 100 65 47 50 13 2 (12) 0 Eastern WA&NT GLNG Asia Pacific…
  12. H1 2011 Earnings Call – Santos Limited – slide 12
    DD&A Higher DD&A primarily Rate Volume due to asset additions and 21 (12) m 277 286 year end 2010 reserve 300 revisions 250 Partially offset by impact of lower production 200 volumes 150 Full year 2011 guidance unchanged at…
  13. H1 2011 Earnings Call – Santos Limited – slide 13
    Interest and tax Half-year Half-year m 2011 2010 EBIT 766 283 Net finance income Interest income 100 55 Interest paid (110) (26) Less borrowing costs capitalised 63 - (47) (26) Unwind of the effect of discounting on provisions (19)…
  14. H1 2011 Earnings Call – Santos Limited – slide 14
    Strong balance sheet to fund growth Funding position ensures balance sheet capacity to: fund execution of business strategy minimise refinancing risk Debt maturity profile 6.7 billion of funding capacity A million A billion 1,800 7…
  15. H1 2011 Earnings Call – Santos Limited – slide 15
    GLNG capex effectively hedged 70% A capex, hedged by A cashflows & A3bn cash GLNG US16 billion budget capex by currency1 Euro Santos net share of GLNG capex USD at AUD at AUD at USD AUD FID (1) FID (1) spot(2) bn bn bn 4.8 5.5…
  16. H1 2011 Earnings Call – Santos Limited – slide 16
    2011 Half-year Results David Knox Managing Director & CEO
  17. H1 2011 Earnings Call – Santos Limited – slide 17
    Santos vision and strategy LNG Markets LNG CHANNEL DOMESTIC CHANNEL Focused Strong Asian A leading Australian Growth energy Base company in Australia and Asia Strategic Domestic Gas positions in EA and WA 18
  18. H1 2011 Earnings Call – Santos Limited – slide 18
    Halyard/Spar, WA Development of Halyard (WA-13-L) and Spar (WA-4-R) Project Halyard/Spar Location Carnarvon Basin, offshore WA Santos interest 45% Partner Apache 55%, operator Project scope Tie-back of Halyard and Spar wells to Varanus…
  19. H1 2011 Earnings Call – Santos Limited – slide 19
    Reindeer/Devil Creek, WA Reindeer/Devil Creek WAs new domestic gas hub Project Reindeer/Devil Creek Location Carnarvon Basin, offshore WA Santos interest 45% Partner Apache 55%, operator Project scope Unmanned, minimum facility…
  20. H1 2011 Earnings Call – Santos Limited – slide 20
    Devil Creek gas plant, WA 21
  21. H1 2011 Earnings Call – Santos Limited – slide 21
    Chim So, Vietnam Chim So September first oil Project Chim So Location Block 12W, offshore Vietnam Santos interest 31.875% Partners Premier 53.125%, operator PetroVietnam 15% Project scope Unmanned, minimum facility wellhead platform…
  22. H1 2011 Earnings Call – Santos Limited – slide 22
    Chim So FPSO in the field 23
  23. H1 2011 Earnings Call – Santos Limited – slide 23
    Wortel, Indonesia Wortel Third operated project in Indonesia Project Wortel Location Sampang PSC, offshore East Java, Indonesia Santos interest 45%, operator Partners SPC 40% Cue Energy Resources, 15% Project scope Unmanned, minimum…
  24. H1 2011 Earnings Call – Santos Limited – slide 24
    LNG is a key component of Santos growth strategy Strategy Bonaparte LNG Components 2 mtpa FLNG PNG LNG Santos 40% with carry to FID Sanctioned Dec 2009 6.6 mtpa two trains Deliver the First LNG due 2014 Darwin LNG Base Business…
  25. H1 2011 Earnings Call – Santos Limited – slide 25
    Strategy delivers material LNG growth Santos equity LNG production fromGLNG T1 discovered resources existing mtpa 5 BLNG 4 GLNG T2 3 2 GLNG T1 1 Excludes PNG LNG expansion PNG LNG Darwin LNG 0 2010 2020 26
  26. H1 2011 Earnings Call – Santos Limited – slide 26
    Santos LNG customers & partners PNG LNG Bonaparte LNG Darwin LNG GLNG 27
  27. H1 2011 Earnings Call – Santos Limited – slide 27
    GLNG Construction progressing to schedule and budget FID Jan 2011 7.8 mtpa, two trains Santos 30% LNG off-take agreements with PETRONAS & KOGAS Clearing of LNG plant site on Curtis Island 60% complete First batch of GLNG…
  28. H1 2011 Earnings Call – Santos Limited – slide 28
    GLNG plant site, Curtis Island LNG plant site schematic 9 August 2011 29
  29. H1 2011 Earnings Call – Santos Limited – slide 29
    GLNG material offloading facility site 9 August 2011 9 August 2011 30
  30. H1 2011 Earnings Call – Santos Limited – slide 30
    PNG LNG Progressing towards first LNG in 2014 FID Dec 2009 6.6 mtpa, two trains Santos 13.5% Four Asian LNG buyers Design for major EPC contracts nearing completion, procurement well underway LNG train foundations, structural…
  31. H1 2011 Earnings Call – Santos Limited – slide 31
    PNG LNG plant site LNG plant site schematic
  32. H1 2011 Earnings Call – Santos Limited – slide 32
    Zola discovery Significant gas discovery in strategic location Zola-1 successful gas test of Wheatstone Triassic horst block on trend from Pluto Indian Gorgon field Ocean Over 100m of net gas pay over a Gorgon John Brookes 400m…
  33. H1 2011 Earnings Call – Santos Limited – slide 33
    Finucane South discovery Oil discovery with quick cycle time to first production Fletcher Finucane South-1 oil discovery Mutineer WA-191-P Exeter 18 metre net oil column in excellent Perseus Angel Angel formation reservoir sands…
  34. H1 2011 Earnings Call – Santos Limited – slide 34
    Summary Safety: 60% improvement in three years Reported half-year profit up 155% to 504 million Two-train GLNG project sanctioned in January Halyard/Spar project on-line ahead of schedule Chim Sao, Reindeer and Wortel projects on…
  35. H1 2011 Earnings Call – Santos Limited – slide 35
    2011 Half-year Results 19 August 2011
  36. H1 2011 Earnings Call – Santos Limited – slide 36
    Reference slides
  37. H1 2011 Earnings Call – Santos Limited – slide 37
    Significant items (after tax) 1st Half 1st Half m 2011 2010 Underlying profit 236 210 Significant items 268 (12) Net profit after tax 504 198 Significant items included: Net gains/(losses) on asset sales 246 (2) Impairments…
  38. H1 2011 Earnings Call – Santos Limited – slide 38
    2011 Guidance Item 2011 Guidance Production 47 50 mmboe Production costs 550 590m DD&A expense 12 13/boe Royalty related taxation expense 80 100m (after tax)1 Capital expenditure (including 3 billion exploration &…
  39. H1 2011 Earnings Call – Santos Limited – slide 39
    2011 Exploration schedule Santos Well Name Basin / Area Target Interest Timing % Zola-1 Carnarvon Gas 24.8 Gas discovery Cana-1 Gunnedah CSG 25.0 CSG discovery Finucane South-1 Carnarvon Oil 33.4 Oil discovery Tuy Hoa-1X Phu…
  40. H1 2011 Earnings Call – Santos Limited – slide 40
    Contact information Head office Andrew Nairn Adelaide Group Executive Investor Relations Ground Floor, Santos Centre Level 10, Santos Centre 60 Flinders Street Direct: + 61 8 8116 5314 Adelaide, South Australia 5000 Facsimile: +61 8 8116…

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