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MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited

Oil Search Limited · Mar 10, 2003 · 43 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. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 1
    O I L S E A R C H L I M I T E D 2002 Results March 2003
  2. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 2
    2002 Results Review Presentation Programme Results Highlights Peter Botten Managing Director Financial Summary Nigel Hartley Chief Financial officer Operations Review Mark Wilson PNG Subsurface Manager Exploration Review…
  3. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 3
    Result Summary Core Operating Profit (after tax) US55.2m (A102.5m) Up 213% on the 2001 Result A Record for the Company Reported Profit (after write off) US47.0m (A87.2m) Up 290% on the 2001 Result Again a Record for the Company
  4. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 4
    Result Summary Results driven by record US242.2m operating revenue (A449.3m) Up 92% on the 2001 Result Oil production rose 22% to 7.7 million barrels Oil & Gas production rose 16% to 8.3 million BOE Average oil price rose by US5.99/bbl…
  5. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 5
    Result Summary Earnings per share rose by 210% to A8.3 cents / share Operating cashflow per share A24.1 cents / share Balance sheet was significantly strengthened with net debt declining by over US43m from US174.7m to US131.3m Gearing…
  6. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 6
    Results Summary Two exploration wells were drilled in 2002 resulting in one small oil discovery Bilip The company completed a major strategic review of its assets and operations The review highlighted Substantial value remains in its…
  7. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 7
    Results Summary Some progress was made in commercialising the PNG Pipeline Project. Engineering work for FEED complete. Now awaiting customer commitment Other viable gas development options identified
  8. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 8
    Results Summary Company announced an on market share buy back of up to 10% of share capital, to commence on 20th March 2003 Company announced the payment of US1 cent per share dividend as part of an ongoing sustainable dividend programme…
  9. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 9
    Financial Summary
  10. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 10
    2002 Results Summary Full Year 2002 Full Year 2001 Variance USM AM USM AM USM Operating Revenue 242.2 449.3 126.3 248.8 91.7% EBITDA 157.1 291.5 87.3 171.9 80.0% Amortisation/Depreciation (61.9) (114.8) (41.8) (82.3) Negative Goodwill…
  11. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 11
    Results Comparison 2002 v 2001Core Result USM 140 2002 Core Result 55.2 120 2001 Core Result 17.6 100 37.6 80 US Revenue 109.1 60 Opex/Costs (39.3) 40 20 Amortisation (14.5) 0 Interest 7.5 Tariff Interest 2001…
  12. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 12
    Operating Revenue 2002 2001 250 USM USM Oil & Gas Revenue 200.7 123.8 200 Gold Revenue 28.6 - 242.2 Other Income 1.0 - 150 Revenue from Sales 230.3 123.8 100 Interest Income 2.2 2.5 Proceeds from Investment 6.9 - 126.3 50…
  13. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 13
    EBITDA 2002 2001 160 USM USM 140 Operating Revenue 242.2 126.3 120 Less: Interest/Proceeds (9.2) (2.4) 157.1 Operating Expense (68.7) (32.7) 100 General & Admin (8.7) (3.9) 80 FX Gains 1.5 - 60 87.3 157.1 87.3 40 20 0
  14. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 14
    EBIT 2002 2001 120 USM USM EBITDA 157.1 87.3 100 Amortisation (61.9) (41.8) 80 100.8 5.6 - Negative Goodwill 60 Amortisation 100.8 45.5 40 20 45.5 0
  15. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 15
    Core Profit After Tax 2002 2001 60 USM USM EBITDA 100.8 45.5 50 Interest Revenue 2.2 2.4 40 52.2 Interest Expense (6.1) (13.8) 30 Core Profit Before Tax 97.0 34.1 20 10 Core Taxation 41.8 16.5 17.6 0 Core Profit After Tax…
  16. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 16
    Reported Profit After Tax 2002 2001 50.0 USM USM 45.0 Core Profit After Tax 55.2 17.6 40.0 Capital Profit 1.8 - 35.0 47.0 30.0 Exploration Write Offs (10.0) (5.5) 25.0 20.0 Reported Profit 47.0 12.1 15.0 10.0 5.0 12.1 0.0
  17. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 17
    Earnings Per Share 9 8 Basic EPS A8.3c 7 (US4.5c) 6 8.3 5 A Cents 4 Diluted EPS A8.4c 3 (US4.5c) 2 1 2.7 0
  18. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 18
    Operating Cash Flow 2002 2001 140 USM USM 120 Receipts 225.7 130.9 Payments (74.1) (35.7) 100 127.9 Net Receipts 151.6 95.2 80 Net Interest (6.2) (13.8) 60 Tax Paid (21.3) (10.6) 73.2 Other 3.8 2.4 40 20 Operating Cash…
  19. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 19
    Net Debt & Gearing 2002 2001 USM USM 250 35 Cash 60.8 40.3 30 Debt 192.1 215.0 Net Debt / Net Debt+Equity 200 25 Net Debt 131.3 174.7 150 20 US M Gearing 14.3% 25.9% 100 15 10 50 5 0 - 12/2000 06/2001 12/2001…
  20. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 20
    12/2002 Gearing Capacity 50 45 43 40 39 35 34 30 Gearing % 28 25 20 20 15 10 11 Gearing 12/2002 5 0 100 200 300 400 500 600 Net Debt (US)
  21. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 21
    Hedging Summary HEDGING 2002 PROGRAM 3m WTI Put Options, average strike US19.17/bbl, premium US1.26/bbl, cost US3.8m 180,000 WTI Swaps at US25.71/bbl, net cost US0.3m 360,000 WTI Collars at US18 US23.25/bbl, net cost US1.6m 2003/04…
  22. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 22
    Results Summary & Outlook Oil Search has recorded a record US47m (A87.2m) result, with a core operating result of US55.2m (A102.5m). EPS has tripled to 8.3 cents (Aus). This reflects the enlarged production base following the merger…
  23. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 23
    Production & Development
  24. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 24
    2002 Production Summary Total Production 7.703 mmbbls +22% (21,106 BOPD) Gas Production 3.8BCF -25% (10.4 mmscfd) Total BOE 8.336 mmBOE +16% (22,840 BOEPD)
  25. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 25
    Kutubu Yearly Results 2000 2001 2002 Kutubu Production Gross 40,000 Average Monthly Rate (BOPD) 35,000 Net 3.25 2.61 3.54 Production 30,000 (MMB) 25,000 20,000 15,000 Net Rate 8,887 7,144 9,710 (bopd) 10,000 5,000…
  26. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 26
    Gobe Main Yearly Results 2000 2001 2002 Gobe Main Production Gross 18,000 Average Monthly Rate (BOPD) 16,000 Net 1.49 0.72 0.99 14,000 Production 12,000 (MMB) 10,000 8,000 6,000 Net Rate 4,076 1,959 2,712 (bopd)…
  27. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 27
    SE Gobe Yearly Results 2000 2001 2002 SE Gobe Production Gross 18,000 Average Monthly Rate (BOPD) 16,000 14,000 Net 1.02 0.88 1.36 12,000 Production (MMB) 10,000 8,000 6,000 Net Rate 2,796 2,409 3,725 4,000 (bopd)…
  28. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 28
    Moran Yearly Results 2000 2001 2002 Moran Production Gross 18,000 Average Monthly Rate (BOPD) 16,000 14,000 Net 1.32 2.02 1.72 12,000 Production 10,000 (MMB) 8,000 6,000 4,000 Net Rate 3,612 5,545 4,723 (bopd)…
  29. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 29
    Central Moran Development Final Project Expenditure = US160 million Original project budget = US195 million . Substantial reduction due to favourable exchange rate & scope changes First gas injection was delayed until…
  30. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 30
    Central Moran Development Completed 24 kms road from Agogo to the Moran wells HP gas injection flowline buried in road Metering installed at each well Replaced a 6 km section of flowline around unstable areas
  31. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 31
    Central Moran Development Additional facilities and capacity installed at Agogo Oil/Gas/Water Separation - 24 kpd Compression low and high pressure (6000) - 105 MMscfd Flare & safety systems Control systems & utilities
  32. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 32
    Central Moran Development Field Development Top Digimu Structure Drilled 3 additional wells Moran-6, -7, -8 Currently drilling M-9 Deferred workovers of M-6 ST2 injectors M-4 and M-5 M-9 NW Moran-1 M-1x ST4 M-4 M-7x M-8…
  33. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 33
    PNG Development Expenditure Oil Search net expenditure US 48 million in 2001 US 59 million in 2002 US 21 million in 2003 (forecast)
  34. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 34
    PNG Operating Costs PNG Challenge Phase I in 2000 resulted in a reduction in base operating costs of US12 million in Chevron operated PNG fields Independent 3rd Party review conducted in 2002 highlighted opportunities to make material…
  35. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 35
    Reserve Audit 2002 Annual Audit currently underway conducted by Netherland, Sewell & Associates on behalf of Bank syndicate Provides independent review Supports debt financing Supports corporate governance requirements assessment…
  36. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 36
    Production & Development 2003 Activities & Outlook
  37. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 37
    2003 Kutubu Production Activities & Outlook Newly formed Kutubu Asset Team is now driving activities 8 Oil Search secondees working for Perth and Field groups IDT8ST1 Infill drilling opportunities Attractive sidetracking options…
  38. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 38
    2003 SE Mananda Activities Implement accelerated development strategy following acquisition of PPL219 equity Seismic acquired over field in PPL219 in 2002 Processing and interpretation near completion Development study for…
  39. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 39
    2003 Gobe Production Activities & Outlook Formation of Gobe Asset Team deferred until results of Technical Recent SEGobe Oil &Gas Production Limit Drilling Study enable the identified sidetracking / workover 14,000 opportunities to be…
  40. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 40
    Saunders-1 Extended Well Test Update March 02 - well tied-in for extended test but not commissioned Numerous flowline leaks required additional replacement pipe sourced from Aust. August 02 - Landowner disputes interrupted…
  41. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 41
    2003 Moran Production Activities & Outlook Newly formed Moran Moran Field Production - Recent History Field Asset Team is 16000 now driving activities Significant impact 14000 M4 since formed 12000 M2X Daily Oil Rates (bpd) M1X…
  42. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 42
    2003 Moran Production Activities & Outlook Key activities in 2003 focus Moran Field Production on maximising gas injection Recent History v Forecast(s) to repressure reservoirs, 24,000 thereby increasing well M-1X Workover…
  43. MARCH 2002 INVESTOR PRESENTATION – Oil Search Limited – slide 43
    2003 Moran Expansion Opportunities Moran development continues to be sub-optimal due to the lack of appraisal of its entire structure and facility configurations which will result in bottlenecks Upside is still to be addressed in this…

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