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2013 HALF YEAR EARNINGS CALL – Oil Search Limited

Oil Search Limited · Aug 20, 2013 · 22 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. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 1
    2013 Half Year Results Agenda Introduction Peter Botten Financial Overview Stephen Gardiner PNG LNG Project & Gas Expansion Phil Caldwell Exploration & New Ventures Julian Fowles Operations Review Paul Cholakos Outlook & Summary…
  2. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 2
    Strategy delivery on-track, progressively adding value PNG LNG being delivered progressively and predictably cash flows six months closer Focus moving to potential expansion, with unparalleled series of growth opportunities: LNG…
  3. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 3
    Core strategies deliver steady share price growth Share price (A) 9 Acquisition of Chevron Texacos PNG assets PNG LNG FID Manage transition to Assume Operatorship PNG LNG Project 8 Merger of Oil Search & Orogen 7 6 5 4 3 2…
  4. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 4
    Profit up 6%, driven by lower exploration and tax expense (USm) 1H 2012 1H 2013 % change Revenue 398.5 381.0 -4% Cash Expenses/BD (94.4) (106.6) +13% EBITDAX* 304.1 274.4 -10% Non-cash items/other (28.4) (24.4) -14% Exploration…
  5. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 5
    1H 2013 NPAT drivers USm 125 15.5 113.5 107.5 22.6 (6.1) Other 100 Tax ( 17.5) 3.7 Revenue 1H 12 NPAT 1H 13 NPAT Exploration 75 (12.2) DD&A Cash OPEX/BD 50 25 0 11 Costs impacted by…
  6. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 6
    Growth in operating cash flows Investment spending USm dominated by PNG LNG 1250 Project and accelerated 381 exploration programme to 1000 deliver growth options Funded by solid operating 750 214 cash flows and US380 million drawdowns…
  7. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 7
    Investment outlook USm 2,500 Other PP&E 2013 Guidance: US1.9 - 2.1bn 2,000 Production 1,861 US10 20m US160 180m PNG LNG Project 1,568 1,500 Exploration & Evaluation (including gas growth) 1,364 US1,400 1,500m 1,000 586…
  8. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 8
    2013 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 &…
  9. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 9
    Commissioning of first LNG train to start soon PNG LNG Plant LNG Facility 19 More than 600km of 700km of pipeline complete Onshore Pipeline Offshore Pipeline Pipeline Installation 20
  10. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 10
    Oil fields are ready to supply commissioning gas Kutubu Kumul TEG Dehydration Unit commissioning at CPF 21 With Komo operational, Hides Plant is making solid progress Hides Gas Conditioning Plant (HGCP) HGCP June…
  11. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 11
    Drilling at Hides underway with two rigs Hides GTE Plant PDL 1/7 Hides Field 8 New Production Wells Hides Nogoli Camp PDL 8 Angore Field 2 New Wells Hides Gas Conditioning Plant 10km Komo Airfield Rig 702 completing…
  12. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 12
    In first full year, PNG LNG will add 19 mmboe net to OSH production Net Production (mmboe) 30 Mananda High Case(1) Mananda Base Case 25 Taza EWT PNG LNG (T1+T2) Hides GTE 20 SE Mananda(2) Gobe(2) Moran(2) Kutubu(2) 15 10…
  13. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 13
    Engineering scoping on Pnyang progressing Concept selection and engineering scoping on Pnyang Gas Field in PRL 3 JV (OSH 38.5%, ExxonMobil 49.0%, JX Nippon 12.5%) progressing Development work expected to continue through 2013 and…
  14. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 14
    2013 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. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 15
    Upside on the Mananda Ridge Mananda 6, Digimu test, June 2013 up to 1,750bopd Mananda 6 SE Mananda Mananda 5 4km M 3X M 5 M6 M 4X SEM 2X SEM 1X Schematic cross-section NW SE along Mananda 5 and 6 discoveries and…
  16. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 16
    Application of CSEM and high quality 3D lead to success Kidukidu 1 Flinders 1 Hagana 1 Pleistocene Pliocene Kidukidu Hagana Miocene Flinders Jurassic & Cretaceous Tadiva 50km Pasca Triassic & older Kidukidu…
  17. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 17
    Taza oil discovery: moving to appraisal Light oil proven in three reservoir intervals in Taza 1. Initial analysis confirms pre-drill estimates of 250-500 mmbbl of recoverable oil o 36 N in these intervals Taza PSC Including deeper…
  18. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 18
    2013 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. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 19
    Key 2H13 focus areas Maintain safety performance in very high activity environment across many sites Active workover and development drilling programme, designed to minimise production decline profile Commence supply of…
  20. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 20
    2013 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 &…
  21. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 21
    New era of stability in PNG Significant economic growth continues in PNG PNG Government has made positive progress on key issues: Sovereign wealth fund Benefits distribution Transparency (adoption of EITI) Independent anti-corruption…
  22. 2013 HALF YEAR EARNINGS CALL – Oil Search Limited – slide 22
    OIL SEARCH LIMITED 45

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