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H2 2012 RESULTS – Woodside Petroleum Ltd.

Woodside Petroleum Ltd. · Aug 22, 2012 · 32 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. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 1
    Peter Coleman CEO and Managing Director 2012 Half-Year Results 22 August 2012
  2. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 2
    1H 2012 financial headlines* Operating revenue: 2.7 billion Reported NPAT: 812 million Underlying NPAT: 865 million Positive increase versus 1H 2011 Interim dividend per share: 65 cps Positive decrease versus 1H 2011 Negative…
  3. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 3
    1H 2012 operational performance Pluto start-up First LNG 29 April 2012, first cargo 12 May 2012 Achieved 80% capacity utilisation in first two months versus expectation of 36% North West Shelf Okha production increased to 1.4 MMboe…
  4. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 4
    1H 2012 operational performance (cont.) Safety remains our priority Total Recordable Case Frequency improved to 4.18 (1H 2011: 5.44) FY 2012 target range recently raised to 77 to 83 MMboe* 34.2 MMboe in 1H 2012 (1H 2011: 31.9…
  5. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 5
    Lawrie Tremaine Executive VP and CFO Financial Results 22 August 2012 2012 Half-Year Results Slide 6
  6. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 6
    Pluto contributes to step change in production 1.3 (2.2) 40 1.1 5.3 (1.3) (1.9) 35 34.2 31.9 30 Production (MMboe) 25 20 15 10 5 0 1H 2011 Pluto NWS oil Vincent Net field decline Divestment and Operations 1H 2012…
  7. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 7
    Operating revenue up 17.8% Due to increased sales volumes and higher realised prices 3,000 111 114 120 Average Brent oil price (US/bbl) 2,500 100 78 Operating revenue 2,000 80 (USmillion) 53 1,500 60 2,655 2,102…
  8. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 8
    Production costs 1H 2012 1H 2011 19.89 20 Production cost Pluto Production Cost A million) 39 0 18 17.79 Non-Pluto Production Cost (A millions) 96 78 16 16.88 14 Gas Production Cost (A million) 135 78 14.01 12 Oil Oil…
  9. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 9
    Reported profit down 1.9% 1,400 Positive impacts due to Pluto Pluto volumes and higher prices 1,200 331 (168) 1,000 (81) 164 (121) Higher expenses due to: (93) (48) 828 Reported profit 812 US million Pluto train 2/3…
  10. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 10
    Underlying profit* up 4.5% 1H 2012 1H 2011 USM USM Reported NPAT 812 828 Deduct/(add back) non-recurring items after tax1 Pluto delay mitigation costs2 (28) - Tax paid on sale of a subsidiary3 (25) - Underlying NPAT* 865…
  11. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 11
    Record first-half operating cash flow, up 7.5% Positive outlook for 2H 2012 4,000 2H 1H 3,500 3,224 Operating cash flow (US million) 3,000 2,500 2,242 1,887 2,104 2,000 851 1,483 1,500 1,097 1,000 1,071 1,391 1,495…
  12. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 12
    Lower investment spend 5,000 Exploration 4,500 298 Other 4,000 847 Pluto Foundation Expenditure (US million) 3,500 660 506 3,000 875 1,267 2,500 2,000 277 3,369 1,500 779 2,400 1,000 2,033 500 954 - 2009 2010…
  13. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 13
    Interim dividend 65 cps, up 18.2% DRP no discount, not 75 107 120 underwritten, on market 105 105 purchase 60 86 100 Interim dividend (US cps) Underying EPS (US cps) 80 Dividend policy 45 60 approved 65 30 55 40 46…
  14. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 14
    Strong balance sheet Current investment cycle nearing completion Pluto and Base Browse Enjoying a step change in cash Cash Flow Proceeds generation from Pluto Browse equity sale proceeds anticipated Cash and Lower Capex Undrawn…
  15. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 15
    Peter Coleman CEO and Managing Director Outlook Strategy, project updates and operational performance 22 August 2012 2012 Half-Year Results Slide 16
  16. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 16
    Challenging economic environment Strong demand for human resources and services Continued strength of the Australian dollar Upward pressure on costs European banking stability concerns, potential to negatively impact energy demand…
  17. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 17
    Our strategic direction Grow Portfolio Build exploration portfolio Develop basin studies JV partnering to expand capability and opportunities Leverage Capabilities Extend core business along the value chain Expand technology…
  18. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 18
    NWS continues to perform Continued strong revenue of 1.5 billion in 1H 2012 Subsequent to the half, NWS shipped its 3,500th LNG cargo 800 120 700 100 Average Brent oil price 600 Sales Revenue (US million) 80 500…
  19. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 19
    NWS projects on track North Rankin Redevelopment Topsides installed Hook up and commissioning ongoing On budget and schedule for completion in 2013 Greater Western Flank Phase 1 Drilling has commenced On budget and schedule for…
  20. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 20
    Australia Oil significant contribution Production volume Revenue of 780 million (1H 2011: 690 million) 18% with higher sales volumes and prices Vincent achieves monthly production record in May Aus Oil Other 2.5 Vincent…
  21. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 21
    Excellent start to Pluto LNG Seven years from discovery to production First cargo - 12 May 2012 1H 2012 sales revenue 304 million Delivered 8 LNG cargoes (to 30 June) Fourth ship secured for Pluto LNG fleet The Pluto A platform,…
  22. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 22
    Pluto strong performance 2012 Pluto System Utilisation 100 90 80 70 60 (%) 50 Pluto 2012 production target 40 range = 20 to 23 MMboe 30 20 Actual Original forecast 10 High outcome Low outcome 0 May June…
  23. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 23
    Pluto expansion Equity Additional equity trains will not proceed without sufficient volumes Ananke-1 was unsuccessful Pausing to evaluate exploration results and rebuild portfolio Other resource owners Active discussions with ORO…
  24. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 24
    Browse LNG 2 billion equity sale* to MIMI FEED complete EPA recommends conditional approval Tenders under assessment Joint venture equity alignment The recent signing ceremony (left to right): Mitsui Corporation Fuminobu…
  25. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 25
    Sunrise LNG Conclusion of presidential and parliamentary elections creates opportunity to progress talks Technical engagement underway, and we are seeking to increase dialogue We believe a mutually beneficial outcome is…
  26. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 26
    USA and International Neptune oil field (Gulf of Mexico) Re-completion of existing well in Q3 2012 North flank appraisal well planned in 2013 Gulf of Mexico exploration drilling Planned Innsbruck restart in Q4 2012 One to two wells…
  27. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 27
    Australia exploration activities Four exploration wells, one discovery in 2012 Rebuilding portfolio Awarded three new permits Acquired 679 km2 Browse Basin 3D Acquiring 11,500 km2 Outer Canning 3D (40% complete) 2012 - 2013…
  28. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 28
    International exploration activities 2012 activities to date Republic of Korea: Jujak-1, dry hole Cyprus: bid submitted 2012 - 2013 upcoming activities USA: Innsbruck-1 (2H 2012), 1-2 wells (2013) Peru: onshore 2D seismic…
  29. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 29
    Summary Robust financial performance Delivering on base business and projects Disciplined evaluation of broader opportunity set Focus on capital efficiency, shareholder returns 22 August 2012 Summary 2012 Half-Year Results Slide…
  30. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 30
    Appendix 22 August 2012 22 August 2012 2012 Half-Year Results Slide 31
  31. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 31
    NPAT break-down 1H 2012 1H 2011 Variance USM USM Operating revenues 2,655 2,253 17.8% EBITDAX1 1,919 1,726 11.2% Exploration and evaluation expensed (130) (213) 39.0% Depreciation and amortisation (444) (279) (59.1%) EBIT2 1,345…
  32. H2 2012 RESULTS – Woodside Petroleum Ltd. – slide 32
    NPAT sensitivities Impact on 2012 NPAT Brent price, US1/bbl increase Increase by US13 million Exchange rate, AUD/USD 1 cent Decrease by US1 million increase 22 August 2012 Appendix 2012 Half-Year Results Slide 33

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