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Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company

Tgs-Nopec Geophysical Company · Feb 5, 2015 · 29 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. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 1
    Q4 2014 Earnings Release Robert Hobbs Kristian K. Johansen CEO COO/CFO 5 February 2015
  2. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 2
    Q4 2014 Highlights Net revenues were a record 298 MUSD compared to 271 MUSD in Q4 2013 Net late sales of 226 MUSD, up 4% from 218 MUSD in Q4 2013 Net pre-funding revenues of 62 MUSD were up 44%, funding 49% of TGS operational…
  3. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 3
    Operational Highlights 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 4
  4. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 4
    Q4 2014 Operations Akademik Shatskiy 2D Canada Crews Sanco Spirit 2D JV Ohio Crews Atlantic Explorer 2D JV Polarcus Adira 3D CGG WAZ Crew Nessie FAN JV Osprey Explorer 2D Sanco Sword 3D Aquila Explorer 2D 2015…
  5. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 5
    Q4 Activity North America * In partnership with East Canada Newfoundland Labrador 2014 - 37,000 km multi-client 2D survey in partnership with PGS Extended acquisition season resulted in more than 20% additional data being…
  6. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 6
    Q4 Activity North America Central Gulf of Mexico Panfilo - 11,500 km2 multi-client 3D survey commenced in Q4 2014 Deep water Lund and Henderson protraction areas of Central Gulf of Mexico Survey covers mainly open acreage and…
  7. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 7
    Q4 Activity Asia Pacific New Zealand NWF14 - 17,500 km 2D multi-client survey Within the Reinga, Northland and Taranaki basins, offshore Northwest New Zealand Nine offshore permits granted to oil companies in Reinga-Northland,…
  8. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 8
    Q4 Activity Greenland Greenland NE Greenland 2014 5,400 km multi-client 2D survey Part of a 13,500 km multi-year program Data being processed utilizing TGS proprietary Clari-Fi broadband technology Upon completion of the program…
  9. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 9
    Q4 Activity North America Onshore U.S. Onshore Waterford 295 km2 3D multi-client survey Utica play, eastern Ohio Acquisition completed in Q4 2014 Freeport - 1,777 km2 3D multi-client survey Utica play, central Ohio Acquisition…
  10. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 10
    Enhancing Value through Technology Interpretive project in the Anadarko Basin available to clients end Q1 2015 Innovative approach to basin-wide multi- client interpretation to include: Formation tops derived from well data…
  11. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 11
    Financials 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 12
  12. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 12
    Key Financials Net Revenues EBIT before non-recurring items 211 210 191 271 222 205 190 298 350 140 50% 9 300 10 120 40% 250 100 29 12 11 8 200 9 9 80 30% 226 150 218 137 60 120 111 20% 127 155 137 130 98 94 100 138 40 89 80 82…
  13. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 13
    Net Revenue Breakdown Q4 2014 Q4 2013 GPS GPS 6% 6% 2D 2D 37% 24% 3D 57% 3D 70% Q4 2014 Q4 2013 Other Other 9% 9% AMEAP AMEAP 6% 8% NSA NSA 46% 48% Europe Europe 35% 39% 2015 TGS-NOPEC Geophysical…
  14. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 14
    Q4 2014 Income Statement USD million, except EPS Q4 2014 Q4 2013 Change in % Net operating revenues 298 271 10% Cost of goods sold proprietary and other 1 2 -29% Amortization of multi-client library 49% 143 107 33% Gross margin 154…
  15. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 15
    Q4 2014 Cash Flow Statement USD million Q4 2014 Q4 2013 Change in % Received payments 166 239 -30% Payments for operational expenses (35) (33) -6% Paid taxes 0.4 9 95% Operational cash flow 131 215 -39% Received payments from sale…
  16. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 16
    YTD 2014 Income Statement USD million, except EPS YTD 2014 YTD 2013 Change in % Net operating revenues 915 883 4% Cost of goods sold proprietary and other 4 20 -80% Amortization of multi-client library 45% 397 330 20% Gross margin…
  17. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 17
    YTD 2014 Cash Flow Statement USD million YTD 2014 YTD 2013 Change in % Received payments 859 812 6% Payments for operational expenses (140) (145) 4% Paid taxes (114) (124) 8% Operational cash flow 605 543 11% Received payments…
  18. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 18
    Balance Sheet USD million Q4 2014 Q3 2014 Change in % Q4 2013 Assets Cash equivalents 256 264 -3% 281 Financial investments available for sale - - 4 Other current assets 521 365 43% 447 Total current assets 778 629 24% 731…
  19. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 19
    Investments per Vintage 700 609 600 100% 500 419 400 381 100% 299 52% 300 270 63% 60% 200 153 32% 100 40% 20% 8% 0% 4% 0 2010 2011 2012 2013 2014 WIP Original investments Maximum allowed NBV (year-end) Net…
  20. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 20
    Net Revenues vs. Net Book Value per Vintage 50% 45% 43% 41% 40% 36% 35% 63% 30% 25% 23% 20% 17% 15% 11% 10% 8% 8% 7% 5% 3% 1% 1% 0% 0% 0% pre-2010 2010 2011 2012 2013 2014 WIP Net revenues Net book…
  21. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 21
    Strong Cash Generation Delivers Shareholder Value Dividend per Share (NOK) and Dividend Yield* 2015 Dividend Yield vs OSX Index* 9 8.5 8.5 6.0% 18.2% 8 8 5.5% 7 6 6 5.0% 5 5 10.1% 4 4.5% 4 3 4.0% 5.3% 4.4% 2 3.3% 3.0% 3.5% 2.1%…
  22. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 22
    Outlook 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved. 23
  23. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 23
    Outlook Macro Outlook Recent oil price development to result in decreased exploration spend from customers EUR Norwegian 23rd Licensing Round bids due 2 December 2015 Further CSEM investment in partnership with EMGS 2015 season of…
  24. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 24
    License Round Activity and TGS Positioning North & South America Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2015 (5-Year Plan) Madagascar 2015 (expected) Norway APA 2014 Round awards Western GOM Aug 2015…
  25. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 25
    Backlog Historical Backlog (MUSD) 2011 - 2014 350 300 250 200 150 293 281 260 242 211 213 224 100 188 185 178 153 143 146 124 134 50 110 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2011 2011 2011 2012 2012…
  26. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 26
    2015 Projects Schedule NSA EUR AMEAP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sanco Swift Australia 3D & WAZ Sanco Sword Australia Polarcus Adira Gulf of Mexico CGG StagSeisTM Crew Gulf of Mexico Ogo FAN Gulf of…
  27. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 27
    Summary Record Q4 net revenues of 298 MUSD with highest ever net late sales of 226 MUSD Full year 2014 Guidance achieved with net revenues of 915 MUSD Full year 2015 investment of 462 MUSD Recent oil price development to result in…
  28. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 28
    TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed 80% 80% 60% 70% 40% 60% 20% 50% 0% 40% -20% 30% -40% 20% -60% 10% -80% -100% 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007…
  29. Q4 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 29
    Thank you www.tgs.com 2015 TGS-NOPEC Geophysical Company ASA. All rights reserved.

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