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2004 FULL YEAR RESULTS – Oil Search Limited

Oil Search Limited · Feb 22, 2005 · 35 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. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 1
    OIL SEARCH LIMITED February 2005
  2. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 2
    2004 Results Review Presentation programme Safety Peter Botten Managing Director Achievements in 2004 Peter Botten Managing Director Financial Summary Nigel Hartley Chief Financial Officer Operations Review Mark Wilson PNG…
  3. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 3
    Safety Moment 3
  4. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 4
    2004 Highlight Excellent HSES Performance 4.0 3.5 3.4 3.1 LTI / 1,000,000 Hours 3.0 2.6 2.6 2.6 2.5 2.5 2.1 2.2 2.2 2.1 2.0 1.5 1.2 1.1 1.2 1.2 1.0 0.7 0.5 0.4 0.3 0.2 0 1998 1999 2000 2001 2002 2003 2004…
  5. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 5
    Achievements in 2004 During first full year as operator of the PNG oil fields, Oil Search has: implemented production initiatives to optimise performance of mature fields reduced field operating costs by 7%, despite increased field…
  6. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 6
    Net Profit After Tax USm US cents 160 16 Net Profit 140 EPS 150.5 14 13.5 120 12 100 10 80 8 7.7 2H 60 90.4 6 5.0 4.5 85.7 1H 40 4 60.1 1.4 47 20 33.1 2 12.1 0 0 2000 2001 2002 2003 2004 = 46% CAGR in net profit…
  7. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 7
    Share Price Comparisons 3.5 GAS 3.0 PROJECT FEED OSH ELECTED ASSUMPTION OF OPERATORSHIP 2.5 OPERATOR OF & ACQUISITION OF CT ASSETS PNG OIL FIELDS STRATEGIC CPS Index 2.0 REVIEW CONVERSION COMPLETED 1.5 1.0 0.5…
  8. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 8
    Financial Summary Nigel Hartley
  9. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 9
    2004 Full Year Performance 2002 2003 2004 Oil Sales (mmbbl) 7.30 9.16 9.39 Realised oil price (US/bbl) 24.87 29.80 41.65 Revenue (USm) 242.2 350.8 19% 417.1 Operating Expenses 81.5 111.7 86.3 EBITDA (USm) 160.7 239.1 38% 330.8…
  10. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 10
    Half-on-Half Performance 1st Half 2nd Half 2004 2004 Oil Price (US) 36.18 28% 46.37 Liftings (mmbbls) 4.34 16% 5.05 Revenue (USm) 170.1 45% 247.0 EBITDA (USm) 127.3 60% 203.5 Core Profit (USm) 52.1 82% 94.9 Reported Profit…
  11. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 11
    2004 Profit Drivers 300 USm 10.3 -51.1 25.4 8.6 200 6.7 -53.7 111.3 7.1 100 150.5 85.7 0 A x ex ce es er es lt lt s Ta & em u u th ri al p al D es es O P…
  12. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 12
    Operating Expenses 2003 2004 Costs per Barrel USm US/bbl USm US/bbl US Field Costs 9 Corp Corp Costs Costs - Oil Other 51.3 5.60 42.7 4.55 8 1.16 1.10 - Tariffs 10.5 1.15 15.9 1.68 Direct 7 Opex 0.83 Direct 61.8 6.75 58.5 6.23…
  13. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 13
    Operating Cash Flows 400 USm USM 2003 2004 350 -103.9 Receipts 326.1 423.4 300 Payments (92.6) (72.8) 276.7 Tax Paid (36.8) (69.4) 250 -65.1 Net Interest (6.4) (5.4) 200 Other 1.0 0.9 USM 191.3 276.7 150 210.4 AM 293.1…
  14. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 14
    Treasury Review 250 Gearing USm % Cash 200 40 Debt 150 30 Gearing 100 20 50 10 0 2001 2002 2003 2004 US210m in cash at end December, debt at US168m Zero gearing based on net positive cash position at end December US 1…
  15. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 15
    2005 Capital Outlook USM 2004 2005 Actual Outlook Investing : Exploration 71.5 60.0 Development/Plant 42.8 125.0 Gas (including FEED) 9.1 60.0 Financing : Dividends 33.4 33.4* Debt Repayments 32.0 42.0 *2004 final dividend…
  16. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 16
    Operations Review Mark Wilson
  17. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 17
    2004 Net Production 35 Nabrajah 30 SE Mananda Hides 25 SE Gobe MBOEPD 20 Gobe Main Moran 15 Kutubu 10 5 0 2000 2001 2002 2003 2004 2005 (forecast) Positive impact of field optimisation initiatives 17
  18. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 18
    2004 Production Summary OSH net Oil & 10.135 mmbbls +7% Condensate (27,690 BOPD) Production Wet gas 5.5BCF Production (15.0 mmscfd) +3% Total BOE 11.051 mmBOE +6% (30,194 BOEPD) Gross PNG Oil 42,766 BOPD -11% Production 18
  19. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 19
    2004 Production Highlights Kutubu Mitigated decline to 11% (cf. historical average of 20%) Discovered undrained Toro and Iagifu pools Well work added 300,000 bbls (net OSH) Gas handling increased by 7% Moran Further gains in…
  20. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 20
    Kumul Terminal Mooring Repair Tanker loading at SPM 20
  21. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 21
    Kumul Terminal Mooring Repair Kumul Terminal closed when one of the 6 loading buoy anchor lines was found broken during routine survey (part of our enhanced maintenance programme) Further inspection found only 1 other line in need…
  22. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 22
    Kumul Terminal Mooring Repair Mooring Leg General Arrangement Mooring Leg 1 (Typical) Existing SPM Sea Level Existing Existing Ground Chain Chain New Wire Rope Insert c/w Chain Adapter Sets Mudline Breaking Point…
  23. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 23
    Exploration - PNG Seismic in 2004 Competed program over Kutubu and Mananda (48 kms) Program over Gobe-Bilip-Wasuma near completion (80 kms) Seismic in 2005 Seismic over Mananda-Iwa-Paua to commence in March (64 kms) Other programs…
  24. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 24
    Exploration Non PNG Seismic in 2004 90km 2D survey in Block 43, Yemen 366km 2D seismic in Block 35, Yemen Seismic in 2005 1,600km 2D and 415sq km 3D in East Ras Qattara, Egypt (2/3Q05) 2,000km 2D and 500sq km 3D in Block 18, Libya…
  25. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 25
    Production Outlook Existing Fields 45,000 40,000 Net Oil Production (stb/d) 35,000 30,000 25,000 Existing Fields 20,000 Planned field maintenance 15,000 Now accelerated to Feb 10,000 5,000 0 Jan-04 Jul-04 Jan-05…
  26. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 26
    Production Outlook New Development 45,000 40,000 Net Oil Production (stb/d) 35,000 New Developments 30,000 25,000 Existing Fields 20,000 15,000 10,000 5,000 0 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 NW Moran…
  27. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 27
    2005 Activities Programme Increased PNG drilling program with 3 rigs for 10 exploration and development wells Rig 2 - upgrade near completion Rig 226 continues, negotiations for replacement fit- for-purpose Big Rig is underway Rig…
  28. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 28
    Gas Commercialisation Peter Botten
  29. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 29
    Gas Commercialisation PNG Gas Project PNG Gas Project FEED team is now fully assembled and work has commenced by Eos (FEED contractor) on technical issues OSH has appointed financial adviser to optimise funding arrangements. Will…
  30. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 30
    Gas Commercialisation Petrochemicals Indicative Terms Agreement and Cooperation Agreement signed in February 05 with Mitsubishi Gas Chemical (MGC) and Itochu (ITC). Allows for supply of up to 86 PJ pa to petrochemical plant at Napa…
  31. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 31
    Gas Commercialisation Other Stage 2 extension of Pre-Development Agreement on CNG has been agreed by all JV parties (Itochu & EnerSea) CNG remains promising, either as add-on to the PNG Gas Project (from Gladstone after piping…
  32. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 32
    Objectives for 2005 and Summary Peter Botten
  33. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 33
    Objectives for 2005 OVERRIDING OBJECTIVE: To deliver top quartile Total Shareholder Returns Achieved by: Safety, People & Environment is our first Operational Priority Continuing de-bottlenecking and facilities enhancement…
  34. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 34
    Summary Oil Search achieved record level of production and profit in 2004 Delivered Total Shareholder Returns of 81% in 2004, placing it 3rd in ASX 100 and 6th in ASX 150 First full year of operatorship has delivered significant…
  35. 2004 FULL YEAR RESULTS – Oil Search Limited – slide 35
    OIL SEARCH LIMITED

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