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Q2 2009 RESULTS – Beach Energy Limited

Beach Energy Limited · Feb 10, 2009 · 25 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. Q2 2009 RESULTS – Beach Energy Limited – slide 1
    + BEACH PETROLEUM LIMITED Half Year Financial Results Presentation February 2009
  2. Q2 2009 RESULTS – Beach Energy Limited – slide 2
    + Solid Cash Flow Generating Assets 1. Cooper/Eromanga 2. Surat Coal Seam Gas 3. Gippsland Oil (BMG) Record production Producing 29+ million Producing gross10,000 Increasingly more oil cubic feet per day barrels of oil per day…
  3. Q2 2009 RESULTS – Beach Energy Limited – slide 3
    + A robust production base consisting of 1238 wells producing from 241 oil & gas fields provides good cash flow with good profit margins
  4. Q2 2009 RESULTS – Beach Energy Limited – slide 4
    + Oil made up 62% of oil and gas revenue Gas / gas-liquids a natural hedge against the oil price Product Split oil and gas revenue
  5. Q2 2009 RESULTS – Beach Energy Limited – slide 5
    + Record sales revenue up 41% to 480 million FY2009 H1 NPAT up 117% to 127.5 million Normalised net profit up 142% to 52 million Key Financial Operatingcash flow up 31% to Achievements 68 million Net Debt gearing of 4.6%…
  6. Q2 2009 RESULTS – Beach Energy Limited – slide 6
    + Comparison of Normalised Profit Net profit after tax (NPAT) H1 FY09 H1 FY08 AM AM NPAT 127.5 58.8 SIGNIFICANT ITEMS Remove unrealised commodity hedge loss / (gain) (76.4) 16.8 Remove commodity hedge close out 16.9 - Remove asset…
  7. Q2 2009 RESULTS – Beach Energy Limited – slide 7
    + Key Drivers behind increase in Normalised Net Profit after tax 33.6 100 80 12.3 A million 34.1 52.0 60 24.9 40 21.5 20 0
  8. Q2 2009 RESULTS – Beach Energy Limited – slide 8
    + Sales Increase 350 300 5.3 333.9 250 A million 249.2 63.1 22.6 4.3 200 150 100 50 0
  9. Q2 2009 RESULTS – Beach Energy Limited – slide 9
    + Summary of Hedging Gain Hedging position for 6 months ended 31 December 2008 (A'000) Realised Unrealised Total Interest rate swap 1,303 (26,916) (25,613) Currency (1,650) (3,657) (5,307) Oil (625) 106,994 106,369 Oil (positions…
  10. Q2 2009 RESULTS – Beach Energy Limited – slide 10
    + Effect on Income Statement H2 FY08 commodity hedge portfolio underpins average oil price of AUD75 (at US0.65 cent exchange rate) or better for second half of 2009 financial year. Hedging
  11. Q2 2009 RESULTS – Beach Energy Limited – slide 11
    + Cash position of 139 million gives Net Debt gearing of 4.6% 31December 2008 - debt down Debt and 16% to 197 million dividend 30 June 2009 - debt expected to management be reduced to 166.5 million Ability to review debt annually…
  12. Q2 2009 RESULTS – Beach Energy Limited – slide 12
    + Key Achievements H1 FY09 Record Production - 5.0 MMboe Sales revenue 334 million NPAT of 127.5 million Continued exploration success in Cooper Basin Egyptian fields approved for development in 2009
  13. Q2 2009 RESULTS – Beach Energy Limited – slide 13
    + Well Balanced Exploration Portfolio
  14. Q2 2009 RESULTS – Beach Energy Limited – slide 14
    + Operations Review Review of H1 FY09 Cooper Basin Gippsland Basin Surat Basin Egypt Outlook for H2 FY09
  15. Q2 2009 RESULTS – Beach Energy Limited – slide 15
    + FY08 Production H1 FY09 Production 2.8 million barrels of oil (MMbbl) 7% 30 Peta-Joules 23% of Gas (PJ) 9.3 million barrels 9% of oil Cooper Oil Production Gippsland Oil 61% equivalent (MMboe) Cooper Gas Surat Gas H1…
  16. Q2 2009 RESULTS – Beach Energy Limited – slide 16
    + Drilling H1 FY09 Drilling Activity Cooper Basin 44 wells 150 No. of Wells 2 Expn wells 100% 100 Gas 2 Callawonga Wells 23 COP wells Oil 50 17 Gas Devlt Wells 0 Tipton 33 CSG wells Bass/Otway 2 wells Egypt 1 Well
  17. Q2 2009 RESULTS – Beach Energy Limited – slide 17
    + Reserves Growth 150 MMboe Surat Gas 100 Reserves Cooper Gas 50 Oil Cooper Program added 3 MMboe Tipton up by 21/281 PJ (2P/3P) 0 FY 06 FY 08 FY 09 FY 07 H1 Cooper Gas & MG depleted by production…
  18. Q2 2009 RESULTS – Beach Energy Limited – slide 18
    + Exploration Lower Risk Cooper Basin Program High Impact Program Offshore Australia / NZ Egypt Gulf of Suez Tanzania, Spain, Albania Rigorous Evaluation Strong Joint Venture Partners Effective Management Significant…
  19. Q2 2009 RESULTS – Beach Energy Limited – slide 19
    + Cooper Basin Reserves* 228 PJ & 15 MMbbl 1H FY09 Production - 7 PJ & 1.2 MMbbl 1H FY09 Revenue - 243 million COP 86% success rate greater focus on Namur/Hutton 1mmb (net) added in 1H Gidgealpa-60 biggest COP success to date…
  20. Q2 2009 RESULTS – Beach Energy Limited – slide 20
    + Cooper Basin Western Flank
  21. Q2 2009 RESULTS – Beach Energy Limited – slide 21
    + PEL 92 A Cooper Basin Sweet Spot High Profit Oil Callawonga-Parsons Area A A/barrel Oil discovered to date 6.4 MMbbl Exploration 27 million 4 / bbl Development 42 million 7 / bbl Total Finding & Devt 69 million 11 / bbl…
  22. Q2 2009 RESULTS – Beach Energy Limited – slide 22
    + Surat Basin Tipton West Coal Seam Gas 2P Reserves 467 PJ 3P Reserves 1,115 PJ Substantial Upside Significant International Focus on Queensland CSG Santos Petronas Arrow Shell Origin ConocoPhillips Queensland Gas BG Beach…
  23. Q2 2009 RESULTS – Beach Energy Limited – slide 23
    + Gippsland Oil BMG Project At 31 December 2008: Beach 30% Producing 10,000 bbls/day Remaining Oil Reserve 18 MMbbl (5 MMbbl net) Gas Resource - 249 PJ Beach has recovered all its costs on BMG + 70 million Further…
  24. Q2 2009 RESULTS – Beach Energy Limited – slide 24
    Egypt North Shadwan Concession Beach 20% Operator BP 3 undeveloped oil + discoveries First production end 2009 Southeast July Concession Beach 20% Operator Dana South July -1 drilled early 09 Potential 100 MMbbl (20 MMbbl…
  25. Q2 2009 RESULTS – Beach Energy Limited – slide 25
    + Drilling Outlook - 2009 66 Wells 60 in Cooper Basin (40:60 oil/gas) 6 Offshore / International Key Exploration Wells South July-1 (Gulf of Suez) March Burtocal North-1 (Gulf of Suez) Sept Tipton West Appraisal Ongoing North…

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