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Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company

Tgs-Nopec Geophysical Company · Apr 24, 2014 · 27 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. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 1
    TGS Q1 2014 Earnings Release Robert Hobbs Kristian K. Johansen Chief Executive Officer Chief Financial Officer
  2. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 2
    Forward-Looking Statements All statements in this presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to…
  3. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 3
    Q1 2014 Highlights Net revenues were 222 MUSD compared to 211 MUSD in Q1 2013 Net late sales of 137 MUSD, up 9% from 127 MUSD in Q1 2013 Net pre-funding revenues of 74 MUSD were up 33%, funding 57% of TGS operational multi-client…
  4. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 4
    Operational Highlights 4
  5. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 5
    Q1 2014 Operations Geco Eagle 3D Canada Crews CGG Alize 3D Colorado Crews Sanco Swift 3D Texas Crew Geo Caspian 3D BGP Prospector 3D Geo Arctic 2D Polar Duchess 3D BGP Challenger 2D 5
  6. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 6
    Q1 Activity North & South America Central Gulf of Mexico Francisco 6,700 km2 multi-client 3D survey Long offsets utilized (12 kilometers) First 3D survey in the frontier basin floor fan play in Atwater Valley and Lund areas of the…
  7. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 7
    Q1 Activity Australia Great Australian Bight Nerites 8,300 km2 multi-client 3D survey covering two of the newly released petroleum exploration blocks which are located mostly in the deep water Ceduna sub-basin Northwest…
  8. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 8
    Q1 Activity Africa Madagascar MS-14 1,950 km multi-client 2D survey in partnership with BGP completed in Q1 2014 AN-14 and CSM-14 8,800 km multi-client 2D surveys (100% TGS) completed in Q1 2014 Extends and infills the existing…
  9. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 9
    Q1 Activity Onshore Projects Cheyenne 1,800 km2 multi-client 3D project in Colorado focused on liquid plays in Mississippian and Pennsylvanian intervals Rush Creek 440 km2 multi-client 3D project in Texas focused on Granite Wash,…
  10. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 10
    Enhancing Value through Technology Further expansion in Houston data center during Q1 to accommodate current and future computational requirements The TGS Houston data center is among the top 20 clustered capacity centers in the…
  11. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 11
    Financials 11
  12. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 12
    Key Financials Net Revenues EBIT before non-recurring items 215 245 281 211 210 191 271 222 140 50% 300 13 10 250 7 120 11 40% 6 12 100 200 29 9 80 30% 109 139 204 150 218 137 127 155 60 118 120 20% 100 138 94 101 98 94 40 89…
  13. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 13
    Net Revenue Breakdown Q1 2014 Q1 2013 GPS GPS 7% 8% 2D 20% 2D 25% 3D 3D 72% 68% Q1 2014 Q1 2013 Other Other 11% 10% AMEAP 13% AMEAP 25% NSA 45% NSA Europe 64% 13% Europe 19% 13
  14. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 14
    Q1 2014 Income Statement USD million, except EPS Q1 2014 Q1 2013 Change in % Net operating revenues 222 211 5% Cost of goods sold proprietary and other 2 16 -85% Amortization of multi-client library 41% 87 70 25% Gross margin 133…
  15. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 15
    Q1 2014 Cash Flow Statement USD million Q1 2014 Q1 2013 Change in % Received payments 307 262 17% Payments for operational expenses (37) (48) -24% Paid taxes (47) (36) 32% Operational cash flow 223 179 25% Investments in tangible…
  16. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 16
    Q1 2014 Balance Sheet USD million Q1 2014 Q4 2013 Change in % Assets Cash equivalents 366 281 30% Financial investments available for sale 4 4 0% Other current assets 349 447 -22% Total current assets 718 731 -2% Intangible assets…
  17. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 17
    Investments per Vintage 3% 800 714 700 100% 100% 600 500 63% 400 381 299 300 270 60% 200 153 48% 100 40% 7% 20% 13% 0 0% 10% 2010 2011 2012 2013 WIP Original investments Maximum allowed NBV (year-end) Net…
  18. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 18
    Net Revenues vs. Net Book Value per Vintage 70% 64% 60% 51% 50% 40% 30% 26% 23% 20% 10% 7% 8% 8% 4% 5% 3% 2% 0% 0% Pre-2010 2010 2011 2012 2013 WIP Net revenues Net book value 18
  19. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 19
    Continued Growth in Returning Cash to Shareholders Proposed dividend of NOK 8.5 per share Dividend per share (NOK) and Dividend Yield for the 2013 accounting year 9 8.5 5.5% Shares will be quoted ex dividend on 8 4 June 2014 8…
  20. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 20
    Outlook 20
  21. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 21
    Outlook EUR 2014 Northwest Europe acquisition season to commence in Q2 with 2D, 3D and P-Cable surveys in the Barents Sea Norwegian 23rd Licensing round and APA round announced Hoop basin block nominations in 23rd round following…
  22. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 22
    License Round Activity and TGS Positioning North & South America Africa, Middle East, Asia Pacific Europe / Russia Central GOM Mar 2015 (5-Year Plan) Madagascar 2014 (expected) Norway APA Sep 2014 (bids due) Western GOM Aug 2014…
  23. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 23
    Backlog Historical Backlog (MUSD) 2010 - 2014 300 250 200 150 281 242 100 211 213 188 185 178 134 153 143 146 106 117 110 124 50 98 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2011 2011 2011…
  24. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 24
    NSA Capacity Secured for 2014 EUR AMEAP 3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CGG Alize Gulf of Mexico BGP Prospector Benin Sanco Swift Brazil JV Polar Duchess Australia Option Geo Caspian Australia…
  25. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 25
    Summary Strong start to 2014 with Q1 revenues of 222 MUSD Q1 2014 Operating profit of 94 MUSD, 42% of net revenues Q1 2014 multi-client investments of 129 MUSD TGS continues to benefit from its well positioned library and continues…
  26. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 26
    TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed 80% 70% 60% 50% 40% 30% 20% 10% 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ROCE…
  27. Q1 2014 EARNINGS CALL – Tgs-Nopec Geophysical Company – slide 27
    Thank you 2014 TGS-NOPEC Geophysical Company ASA. All rights reserved.

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