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2014 HALF YEAR REPORT – Hunting Plc

Hunting Plc · Aug 28, 2014 · 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. 2014 HALF YEAR REPORT – Hunting Plc – slide 1
  2. 2014 HALF YEAR REPORT – Hunting Plc – slide 2
    Highlights Performance* Revenue increased to 687.5m (2013 655.7m) +4.8% EBITDA 121.3m (2013 116.7m) +3.9% Operating profit 97.1m (2013 94.5m) +2.8% Profit before tax 93.9m (2013 91.5m) +2.6% Diluted EPS 44.9 cents (2013 42.2…
  3. 2014 HALF YEAR REPORT – Hunting Plc – slide 3
    Half Year Results Summary* H1) H1) 2014) Margin 2013) Margin Change m) % m) % % Revenue 687.5) 655.7) +4.8 EBITDA 121.3) 18 116.7) 18 +3.9 Profit from operations 97.1) 14 94.5) 14 +2.8 Finance expense 2.9) 3.3) Profit before…
  4. 2014 HALF YEAR REPORT – Hunting Plc – slide 4
    Segmental Results* H1 H1 2014 2013 Profit from Profit from) Revenue Operations Margin Revenue Operations) Margin m m % m m) % Hunting Energy Services Well Construction 182.2 24.6 14 192.1 27.8) 14) Well Completion 410.7 60.5 15…
  5. 2014 HALF YEAR REPORT – Hunting Plc – slide 5
    Geographical Segmental Results* H1 H1 2014 2013 Profit from Profit from) Revenue Operations Margin Revenue Operations) Margin m m) % m m) % Hunting Energy Services USA 407.1 74.8 18 397.4 74.2) 19) Canada 41.5 0.8 2 30.7 (1.0)…
  6. 2014 HALF YEAR REPORT – Hunting Plc – slide 6
    Amortisation & Exceptional Items Continuing Operations H1 H1 2014 2013 m m Amortisation of intangible assets 21.9 21.7 Oil & Gas reserve impairment and dry hole cost 2.9 3.7 Inventory fair value charge ) 3.2 Settlement of…
  7. 2014 HALF YEAR REPORT – Hunting Plc – slide 7
    Balance Sheet June) December) 2014) 2013) m) m) Property, plant and equipment 450.0) 431.8) Goodwill 495.8) 495.2) Other intangible assets 243.6) 263.0) Working capital 521.7) 467.6) Provisions (32.7) (33.4) Taxation (current…
  8. 2014 HALF YEAR REPORT – Hunting Plc – slide 8
    Capital Investment by Project H1 2014 m Hunting Energy Services New drill tools and other rental equipment 11.9 Manufacturing facility Houma, Louisiana 14.7 Premium Threading facility Houston, Texas 5.5 Other facility expansion…
  9. 2014 HALF YEAR REPORT – Hunting Plc – slide 9
    Capital Investment Major projects underway m Capacity: Premium Threading facility Houston, Texas 43.0 Manufacturing facility Houma, Louisiana 36.4 Hunting Dearborn expansion Fryeburg, Maine 18.8 New regional growth: South…
  10. 2014 HALF YEAR REPORT – Hunting Plc – slide 10
    Cash Flow H1) H1) 2014) 2013) m) m) EBITDA 121.3) 116.7) Working capital (36.8) (50.2) Interest and bank fees (2.9) (3.1) Tax paid (18.1) (5.2) Replacement capital investment (33.2) (20.9) Other 4.7) (1.5) Free cash flow 35.0)…
  11. 2014 HALF YEAR REPORT – Hunting Plc – slide 11
    Platform Overview Well Construction Excellent MWD tool sales expanding into Canada and Middle East Testing completed for new OCTG connections OCTG contracts secured in Asia Pacific and North Sea Well Completion Vacuum Insulated…
  12. 2014 HALF YEAR REPORT – Hunting Plc – slide 12
    Locations Worldwide 7 127 XX 839 28 XX 3 XX XX XX 6 30 XX XX 165 1 XX XX 1 Manufacturing Distribution and Machine Locations Worldwide 42 Manufacturing (South Africa in construction) 34 Distribution 1,131…
  13. 2014 HALF YEAR REPORT – Hunting Plc – slide 13
    REGIONAL UPDATE
  14. 2014 HALF YEAR REPORT – Hunting Plc – slide 14
    United States Market Overview Fourth consecutive year of increased E&P spending. For 2014, a 10% increase in spending is forecasted. Since 2010, the US market has grown at a CAGR of 12%. Business Highlights: Huntings Market Presence:…
  15. 2014 HALF YEAR REPORT – Hunting Plc – slide 15
    US Macro Market Drivers Impact of Horizontal Trend Offshore US Offshore Dynamics Onshore Dynamics 70% 70 16 60 14 Offshore Spend B 65% 12 % Horizontal 50 No. Trees 10 40 60% 8 30 6 55% 20 4 10 2 50% 0 0…
  16. 2014 HALF YEAR REPORT – Hunting Plc – slide 16
    Service Intensity and Kit Density Comparison US Onshore Market Comparison, Then and Now Vertical Well Horizontal Well JUST A FEW YEARS AGO Short runs using low Almost two times the length requiring Kit cost OCTG semi-premium OCTG…
  17. 2014 HALF YEAR REPORT – Hunting Plc – slide 17
    Service Intensity and Kit Density Comparison US Offshore Market Then and Now Program Type Offshore Shelf Deepwater JUST A FEW YEARS AGO Simplistic, quick set up, Highly engineered, wells planned Kit however low kit consumption and…
  18. 2014 HALF YEAR REPORT – Hunting Plc – slide 18
    Canada Market Overview Canada was negatively affected by bad weather last year. This year, Canada is experiencing large increases in E&P activity. Business Highlights: Huntings Market Presence: Growth in Vacuum Insulated Tubing…
  19. 2014 HALF YEAR REPORT – Hunting Plc – slide 19
    Canada Macro Market Drivers Steep Increase in Horizontal Footage Heavy oil is only part of the mix, natural gas saturation is high 2014 Horizontal Footage Change Hunting is positioned strategically in the heart of it 70 + 17% 68…
  20. 2014 HALF YEAR REPORT – Hunting Plc – slide 20
    UK - North Sea and Europe Market Overview Overall, Europes E&P spending is expected to be flat in 2014. Fortunately, Huntings key business areas in the North Sea have seen E&P spending growth in the mid single digits. Business…
  21. 2014 HALF YEAR REPORT – Hunting Plc – slide 21
    UK - North Sea and Europe Macro Market Drivers North Sea Market Growth North Sea Key Markets 100 22 High performance OCTG 90 Pressure control equipment for the most extreme 80 17 conditions 70 Hunting provides a premier rental fleet…
  22. 2014 HALF YEAR REPORT – Hunting Plc – slide 22
    Asia Pacific Market Overview While E&P spending is increasing at a slower pace than previous years, the region is still posting high single digit expansion. Business Highlights: Huntings Market Presence: Awarded significant 2 year…
  23. 2014 HALF YEAR REPORT – Hunting Plc – slide 23
    Middle East Market Overview As a percentage, the Middle East has the largest increase in E&P spending (approximately 16%). Business Highlights: Huntings Market Presence: Increase in Thru Tubing geographical market Large contract for…
  24. 2014 HALF YEAR REPORT – Hunting Plc – slide 24
    Middle East Macro Market Drivers Footage and Well Intervention 30 1,200 Footage and cost per foot continue to increase 25 1,000 Many fields are old and they must be re-entered to increase production 20 800 Spending Per Foot…
  25. 2014 HALF YEAR REPORT – Hunting Plc – slide 25
    Mexico and South America Market Overview In 2014, E&P spending is projected to be down 7%. In 2015, spending is expected to return to 2013s levels. Business Highlights: Market: Increased enquiries for product shipment to This year,…
  26. 2014 HALF YEAR REPORT – Hunting Plc – slide 26
    Sub Sahara Market Overview Since 2010, E&P spending in the sub Sahara has more than doubled. Growth in 2015 is projected at 10%. Business Highlights: Market: Cape Town facility to be complete early The Oil and Gas Frontier 2015 The sub…
  27. 2014 HALF YEAR REPORT – Hunting Plc – slide 27
    APPENDIX
  28. 2014 HALF YEAR REPORT – Hunting Plc – slide 28
    Global Spending Onshore and Offshore (B) 600 500 400 300 200 100 0 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E Onshore Spending B Offshore Spending B Results for the half year ended 30 June 2014…
  29. 2014 HALF YEAR REPORT – Hunting Plc – slide 29
    Global Subsea Spend US75.2bn 20,000 18,000 94% Increase 16,000 14,000 12,000 US38.8bn MM 10,000 8,000 6,000 4,000 2,000 0 Startup Year Africa/Medit. Asia Pacific/Middle East North Sea North America South…

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