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2003 HALF YEAR RESULTS – Oil Search Limited

Oil Search Limited · Aug 29, 2003 · 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. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 2003 Half Year Results A record six months
  2. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 2
    Introduction Peter Botten, Managing Director
  3. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 3
    Highlights Financial Review Operational Update Outlook
  4. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 4
    Highlights - Financial Reported profit after tax was a record US36.5m (A59.5m), 104% higher than in 2002, reflecting a full 6 months contribution from the Orogen assets and high oil and gas prices Earnings per share increased by 79%…
  5. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 5
    Highlights - Operational Excellent operational performance - production of oil and gas up 21%, and gold production from Porgera up 130% Election as new Operator of PNG oil fields highly significant, providing lever for future growth.…
  6. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 6
    Financial Review Nigel Hartley, Chief Financial Officer
  7. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 7
    Financial Results First Half 2003 First Half 2002 USm Am USm Am Total Revenue 156.1 254.0 105.2 198.2 EBITDA 102.9 167.5 67.9 128.0 Amortisation/Depreciation (30.1) (49.0) (28.1) (52.9) Negative Goodwill Amortisation 3.9 6.3 2.3 4.4…
  8. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 8
    Results Comparison USM 2003 v 2002 Core Result 100 2003 Core Result 40.2 80 2002 Core Result 23.9 16.3 60 US Revenue 57.9 40 Opex/Costs (22.9) 20 Amortisation (0.4) 0 Interest 0.3 2003 Result Opex/Costs 2002…
  9. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 9
    Operating Revenue First Half 2003 First Half 2002 Realised Oil Price 31% US29.96/bbl US22.78/bbl Gold Price 12% US352.89/oz US314.19/oz Oil Production (mmbbls) 4.47 3.63 Oil Liftings (mmbbls) 3.99 3.42 Barrels attributed to State…
  10. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 10
    EBITDA First Half 2003 First Half 2002 USm USm Sales revenue 154.3 96.0 Other revenue 0.9 1.3 Operating revenue 155.2 97.3 Cost of Sales (48.1) (27.4) Corporate & Administration (5.2) (3.0) FX Gains 1.0 1.0 EBITDA 51% 102.9 67.9
  11. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 11
    EBIT First Half 2003 First Half 2002 USm USm EBITDA 102.9 67.9 Amortisation (29.8) (27.9) Depreciation (0.3) (0.2) Amortisation of Goodwill * 3.9 2.3 EBIT 82% 76.7 42.1
  12. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 12
    Reported Profit First Half 2003 First Half 2002 USm USm EBIT 76.7 42.1 Net Interest (1.9) (2.2) Pre tax Profit 87% 74.8 39.9 Tax Expense (34.6) (16.0) Profit After Tax before 69% 40.2 23.9 non-core items Exploration, Write down…
  13. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 13
    Operating Cash Flow Summary First Half 2003 First Half 2002 USm USm Receipts 168.0 106.7 Payment (56.7) (33.7) Net Receipts 111.3 73.0 Net Interest (0.9) (2.0) Tax Paid (4.5) (8.8) Other 0.9 1.1 Operating Cash Flow (USm) 72% 108.6…
  14. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 14
    Balance Sheet Summary June 2003 Dec 2002 USm Am USm Am Cash & STDs 72.2 109.3 60.8 109.4 Term Loan Debt 166.8 252.6 192.1 345.5 Net Debt 94.6 143.3 131.3 236.1 Equity 792.3 1,199.7 787.3 1,415.8 Gearing Ratios Net Debt/Net Debt +…
  15. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 15
    Net Debt & Gearing 250 35.00% 32.40% Net Debt Gearing Ratio 30.00% Net Debt/Net Debt + Equity 200 26.90% Debt 249 25.90% Cash 35 25.00% Net Debt 214 Debt 215 150 Cash 33 USM Net Debt 182 20.00% 16.50% Debt 215 Cash…
  16. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 16
    Hedging Program 2003/04 Hedging Program 960,000 WTI Swaps at average US24.37/bbl, from July 2003 June 2004 300,000 Tapis Swaps at average US24.42/bbl, from July 2003 December 2003
  17. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 17
    Financial Summary Significant rise in net profit, with earnings per share up 78% to US3.2 (A5.3), driven by a combination of strong commodity prices, and an enlarged producing asset base following the Orogen merger Operating cash…
  18. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 18
    Operational Review Peter Botten
  19. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 19
    Production Summary Six months to Gross Net Gross Net June production production production production 2002 2002 2003 2003 bopd mmbbl bopd mmbbl Kutubu 21,907 1.554 20,674 1.967 Gobe Main 5,662 0.453 5,015 0.520 SE Gobe 10,310…
  20. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 20
    Average Monthly Rate (BOPD) Average Monthly Rate (BOPD) Ja Ja n -0 n- 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 0 00 M M ay ay - 00…
  21. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 21
    Exploration Three wells drilled in 1H03 Two wildcats (one successful - NW Moran, one dry Bosavi-1), one development well (successful Moran-9) NW Moran-1 discovered oil, extending the Moran field and increasing Toro oil column.
  22. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 22
    NW Moran-1
  23. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 23
    Growth Opportunities NW Moran & SE Mananda Elevation (m) Kondari River NW Moran-1 Moran 4, 6, 9 Mananda-4 Moran 8 Moran 1, 2 Moran 5, 7 SE Mananda-2 SE Mananda-1 Moran 3 SE Moran AGOGO PRODUCTION FACILITIES…
  24. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 24
    NW Moran Forward Program Updip Downdip S - SW sidetrack sidetrack N - NE NW M oran Toro ST3 Potential down-dip Toro oil Digim ODT 1902mss u OWC 1962mss Updip extent of reservoirs and volume better constrained after…
  25. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 25
    NW Moran-1 NW Moran-1 discovered oil in both the Toro and Digimu Pressure information suggests there is communication between both horizons in NW Moran and the Moran field Toro reservoir extends lowest known Toro oil in Moran by 150…
  26. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 26
    Development - Saunders Planned Extended Well Test (EPT) has been delayed Pipeline integrity being addressed Existing line likely to be replaced with permanent 6 flow line Well expected to come into production October 2003 at between…
  27. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 27
    Development SE Mananda Technical and engineering studies show SE Mananda development is potentially commercial Conceptual development plan is being completed and will be presented to JV by end 2003 Exploration/appraisal program of…
  28. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 28
    Development - Gas Highlands Gas Project New HOA consolidates interests of those parties who have a commitment to progress work on gas exports to Australia. Oil Searchs purchase of CTs assets allows for additional streamlining of the…
  29. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 29
    Development - Gas Hides Cycling Project Technical work indicates a liquids stripping and gas cycling project can be commercially attractive and may provide complementary or additional gas related development for PNG From work to date,…
  30. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 30
    Development - Gas Other Options Efforts to commercialise gas within PNG recognise the need for developing an environment conducive to attract industry and to utilise the natural resources in PNG in-country. Oil Search is committed and…
  31. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 31
    Operatorship Transition On-schedule for transition to take place in October 2003 Major progress on all important activities, with all major milestones achieved: HR IT Operations Finance
  32. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 32
    What does Operatorship mean to us Able to provide leadership in investment Lower cost structure and extended field life Opportunities to increase profitability and deliver a range of value initiatives 2004 program and budget being…
  33. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 33
    Value Optimisation Budgets and work plans to be submitted to various joint ventures in September/October 2003 Key focus is on drilling cost reductions and production maximisation Range of initiatives being actively addressed
  34. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 34
    Value Optimisation DRILLING SE MANANDA FIELD OPERATIONS PRODUCTIONS GAS COSTS DEVELOPMENT & LOGISTICS ENHANCEMENTS COMMERCIALISATION Workforce Enhance Field Export Pipeline Rig Optimisation Moran Optimisation Optimisation…
  35. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 35
    Outlook Production short term Decline rates at Kutubu and Gobe partially arrested by actions of asset teams Moran Central ramp up to continue as reservoir re-pressures and Moran-9 brought into full production, likely drilling of…
  36. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 36
    Outlook Production medium/long term If Saunders EPT performs as expected, further development planned Moran optimisation SE Mananda development NW Moran tie-in Hides Cycle project Export Pipeline Project and in country gas…
  37. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 37
    Outlook Exploration SE Moran, Kapul Well planning for 2004 part of Value Optimisation Team brief New Venture activity measured approach Exploration budget for 2003: US40 million
  38. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 38
    Outlook Corporate Chevron Niugini purchase completes October 2003 Re-financing expected to complete October 2003 Sale of minerals assets expected by year end Share buy-back on-going, once cash inflow/outflow stabilises…
  39. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 39
    Wrap Up Acquisitions and new developments delivering production growth Excellent financial performance, impacted by high commodity prices Strong balance sheet low gearing Operatorship gives unprecedented leadership to control…
  40. 2003 HALF YEAR RESULTS – Oil Search Limited – slide 40
    OIL SEARCH LIMITED Please visit our new website www.oilsearch.com

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