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2011 FULL YEAR RESULTS – Oil Search Limited

Oil Search Limited · Feb 10, 2012 · 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. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 1
    1 2011 Full Year Results Agenda Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review Richard Robinson…
  2. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 2
    2011 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review Richard Robinson Outlook & Summary…
  3. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 3
    Safety Performance Total Recordable Injury Frequency Rate of 1.85 in 2011 Australian Companies TRI / 1,000,000 Hours (APPEA) International Companies (OGP) Oil Search 5 Australian Benchmarking Total…
  4. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 4
    Strong Share Price Performance 7 Feb 2012 8.0 Share price (rebased to OSH) 7.0 Oil Search Brent 6.0 5.0 Santos 4.0 3.0 Woodside ASX 200 2.0 1.0 0.0 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11…
  5. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 5
    2011 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review Richard Robinson Outlook & Summary…
  6. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 6
    Cash Earnings Performance % US/bbl 100 120 116 100 Oil Price 95 100 78 80 90 80 65 85 60 86% 83% 80 81% 40 81% 80% EBITDAX 75 20 Margin 70 0 2007 2008 2009 2010 2011 Cash operating margin maintained against back…
  7. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 7
    Cost Management FY11 FY10 Costs within guidance (US20.16/boe) USm USm Adverse impact of A and Kina Field Costs movement against US impacting - Oil: PNG 85.9 73.3 operating and corporate costs - Hides 6.5 8.0 PNG capacity constraints…
  8. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 8
    Treasury Update US1.05 billion in cash at end December 2011 Cash invested with highly rated bank counterparties US246.5 million available from term revolving facility, nil drawn down Group liquidity US1.29 billion No oil hedging…
  9. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 9
    2012 Investment Outlook USm 2011 (A) 2012 (F) Investing : Exploration inc gas growth 145 240 280 PNG LNG 1,287 1,650 1,750 Production 129 130 150 Corporate (inc rigs) 7 10 Business Development** 10 7 Financing : Dividends 0*…
  10. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 10
    2011 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review Richard Robinson Outlook & Summary…
  11. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 11
    PNG LNG Project Overview Hides Wabag Juha Wells Facility EPC4 Hides Gas Conditioning Mt. Hagan 6S Plant Kundiawa C1 HGCP Mendi Goroka EPC5B Komo Kutubu CPF Airfield Gobe PF Lae 7S Oil Field Kopi Wharf Gas Field…
  12. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 12
    Milestones achieved in 2011 - Downstream Commenced construction of process trains, utility areas, LNG tanks and jetty. In 4Q, completed LNG tank concrete foundations and commenced construction of outer LNG tank shells Completed 130…
  13. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 13
    Focus items for 2012 Completion of Komo Airfield construction Structural steel erection, mechanical construction of major equipment at HGCP Continued construction at LNG Plant site including commencement of topside jetty works and…
  14. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 14
    PNG LNG Project Pipe welding team Komo airstrip earthworks & camp HGCP & Hides spineline road 27 PNG LNG Project LNG Plant - LNG storage LNG Plant - Condensers Offshore pipelay SEMAC I Offshore pipelay SEMAC I 28
  15. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 15
    PNG LNG Plant Site 29 2011 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review…
  16. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 16
    Gas Growth & Exploration Key strategic priority for Oil Search is to grow gas business in PNG Pursuing a two pronged strategy: PNG LNG Expansion Gulf Area LNG In parallel: Continuing near-field exploration Pursuing high-graded…
  17. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 17
    PNG LNG Expansion Hides Pnyang South: Juha Appraisal well targeting southern fault Trapia block Pnyang Potential to double current 1C and 2C 6S Angore Moran South Kutubu resource Agogo PRL 3: ExxonMobil 49%, Oil Search SE…
  18. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 18
    Gulf Area LNG Opportunity 2D Turbidite Seismic High quality 3D dataset Sheet Lines Sands assembled 6 independent play types identified to date, each analogous to proven play types elsewhere: Submarine fan & channel play…
  19. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 19
    Kurdistan Region of Iraq - Taza PSC Material prospect in worlds Jambur Oil Field hottest exploration region Oil Search operator with WI of 60%, ShaMaran 20%, KRG 20% Kor Mor Very prospective location Gas Field adjacent to four fields…
  20. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 20
    2011 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review Richard Robinson Outlook & Summary…
  21. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 21
    FY11 Performance Continued world class safety performance Production Strong production performance of 6.69 mmboe, at upper end of 2011 guidance of 6.2 6.7 mmboe Ongoing strong production and value opportunities New gas injection…
  22. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 22
    Reserves and resources at 31 December 2011 No external reserves audit this year: Field production performance consistent with predictions through 2011 Currently well advanced on building new reservoir models that will allow…
  23. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 23
    2012 Production Outlook Underlying production from oil fields expected to remain strong, with 2012 production impacted by: Significant contributions from successful 2011 wells and workovers Natural decline Three week shutdown for…
  24. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 24
    2011 Full Year Results Performance Summary Peter Botten Financial Overview Zlatko Todorcevski PNG LNG Project Update Phil Caldwell Gas Expansion & Exploration Carleton Nothling Operations Review Richard Robinson Outlook & Summary…
  25. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 25
    PNG Issues PNG has experienced unprecedented political uncertainty over past 6 months: No impact to operations Continued progress on all projects Security and safety of staff paramount General Election in June 2012 with new…
  26. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 26
    2012 Outlook Peak activity year for PNG LNG Project delivery in 2012: Construction at PNG LNG plant site, HGCP and Komo Completion of Associated Gas and life extension projects Focus on management of in country issues Major drilling…
  27. 2011 FULL YEAR RESULTS – Oil Search Limited – slide 27
    53 Appendix A NPAT v Core Profit reconciliation USm 2011** 2010*** NPAT 202.4 185.6 Impairment Expense 33.2 15.8 Tax benefit Impairment* 0 (7.7) Restatement of Deferred Tax 0 49.6 Core Profit* 235.6 144.1 *Core Profit excludes…

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