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2012 HALF YEAR EARNINGS CALL – Oil Search Limited

Oil Search Limited · Aug 21, 2012 · 23 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. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 1
    OIL SEARCH LIMITED 1 2012 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations…
  2. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 2
    2012 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations Review Paul Cholakos Outlook &…
  3. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 3
    Catalysts in 2H12 Progressive delivery of PNG LNG, in line with schedule and revised budget. Value steadily increases as cashflows get nearer Gas expansion programme continuing with Trapia exploration well drilling ahead Hides…
  4. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 4
    Strong Share Price Performance Aug 2011 10 Share price (rebased to OSH) 9 8 Oil Search 7 Brent 6 5 Beach 4 Santos ASX 200 3 Woodside 2 1 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10…
  5. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 5
    1H 2012 Financial Performance 1H 2012 1H 2011 (USm) Revenue 398.5 +7% 371.1 Cash Expenses (88.4) (63.8) EBITDAX 310.1 +1% 307.3 Non-cash items (28.4) (26.4) Exploration/BD Expensed (62.5) +44% (43.4) Interest income/(expense) (1.2)…
  6. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 6
    1H 2012 NPAT Drivers USm 150 27.4 (24.6) 125 (2.0) 114.5 (19.1) Cash OPEX 12.3 (1.0) 107.5 DD&A Gas & Other Other 100 Revenue- Tax Exploration/BD 75 1H 11 NPAT 1H 12 NPAT 50 25 0 Oil price…
  7. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 7
    Operating Cash Flows Cash position declined by USm 1750 US195m, reflecting peak PNG LNG capex year and 1500 pursuit of growth initiatives Operating cash flows 1250 198 (941) remained strong, impacted 1,047 by higher tax payments…
  8. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 8
    2012 Capital Outlook Update USm 1H12 2H12 2012 Investing : Exploration inc gas growth 125 145-165 270-290 PNG LNG * 779 770-870 1,550-1,650 Production 39 80-100 130-140 Corporate (inc rigs) 2 8 10 Business Development 6 4 10…
  9. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 9
    2012 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations Review Paul Cholakos Outlook &…
  10. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 10
    Milestones achieved in 1H12 Completed 407 kilometre offshore pipelay Completed LNG tank shells and roofs and jetty trestle Commenced installation of pipe racks and vessels on both LNG process trains Onshore pipeline operations over 60%…
  11. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 11
    Hides Development and Appraisal Drilling PDL 1 Hides Field 8 New Production Wells Drilling 2012+ GTE PL 1 Hides GTE Plant Hides Nogoli Camp PDL 8 Angore Field 2 New Wells PDL 7 South Hides Hides Gas Conditioning…
  12. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 12
    PNG LNG Plant Site Installation of amine absorber, T2 Export Jetty LNG trains 1 & 2 Export Jetty 23 Offshore and Onshore Pipelines Offshore pipeline (completed) Onshore pipeline 24
  13. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 13
    PNG LNG Project - Upstream Hides Gas Conditioning Plant Komo Airfield Rig 702 Komo Airfield 25 Growing Our PNG Gas Business: Key Strategic Priority PPL260 PRL3 Juha North Hides Angore Wabag PNG LNG Project Gas…
  14. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 14
    2012 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations Review Paul Cholakos Outlook &…
  15. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 15
    Trapia 1 Trapia 1 exploration well drilling ahead in PRL 11. High risk but close to infrastructure Series of prospects and leads with multi-tcf potential identified on trend with Angore and Trapia 2D seismic programme being undertaken to…
  16. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 16
    Mananda 5 Appraisal 90 km 2D seismic programme over Mananda 5 discovery completed in 2Q12 Interpretation of seismic has confirmed structure Appraisal well, Mananda 6, planned for 1Q13 PPL 219: Oil Search 71.25%, JX Holdings…
  17. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 17
    Kurdistan Operating Environment Kurdistan is attracting significant Chevron 2 Blocks blocks global attention: from Reliance Recent entrants include Chevron, Total, ExxonMobil, Gazprom, Genel Total 2 Blocks KRG is building closer ties…
  18. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 18
    2012 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations Review Paul Cholakos Outlook &…
  19. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 19
    1H12 Performance Solid safety performance in a very challenging environment Strong 1H production of 3.26 mmboe AG Project shutdown successfully completed within planned timeframe in February Two new wells brought online: Agogo 6…
  20. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 20
    2012 Production Outlook Underlying production from oil fields expected to remain strong. 2H12 production impacted by: Significant contributions from successful 2011 & 1H12 wells and workovers Precautionary shutdown of Kumul loading…
  21. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 21
    2012 Half Year Results Agenda Performance Summary Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations Review Paul Cholakos Outlook &…
  22. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 22
    PNG Operating Environment General election went smoothly Expect period of stability under newly elected Government led by Prime Minister Peter ONeill History of constructive dialogue between industry and Government to manage issues…
  23. 2012 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 23
    Conclusion Oil Search very well placed to generate ongoing value growth PNG LNG Project on schedule and budget, with 2012 peak activity year Increasing probability of LNG expansion following early gas drilling success Ongoing programme…

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