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September 2015 Investor Presentation – Genel Energy

Genel Energy · Sep 30, 2015 · 37 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. September 2015 Investor Presentation – Genel Energy – slide 1
    September 2015
  2. September 2015 Investor Presentation – Genel Energy – slide 2
    GENEL AT A GLANCE INVESTMENT CASE Leading UK listed E&P focused on the Kurdistan Fast growing oil business Region of Iraq (KRI) 57% production growth in 2014 40% in 2015 (at midpoint of guidance range) World-class KRI asset base…
  3. September 2015 Investor Presentation – Genel Energy – slide 3
    500,000 20% 18% 400,000 16% 14% 300,000 12% bopd 10% 200,000 8% 6% 100,000 4% 2% 0 0% Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 SOMO - Ceyhan KRG - Ceyhan KRG as a % of Iraq oilexports (RHS)…
  4. September 2015 Investor Presentation – Genel Energy – slide 4
    REGIONAL PIPELINE INFRASTRUCTURE Tank Farm = 10 mmbbls capacity Allocated to KRI = 5 mmbbls capacity 40 pipeline with 700,000 bopd capacity Tawke field, 250,000 bopd of pipeline capacity 700,000 bopd of pipeline capacity…
  5. September 2015 Investor Presentation – Genel Energy – slide 5
    GENEL ENERGY KRI LICENSES Khurmala to Fishkhabour, 700,000 bopd capacity pipeline Taq Taq to Khurmala 150,000 bopd capacity pipeline
  6. September 2015 Investor Presentation – Genel Energy – slide 6
    Low cost onshore oil and gas Breakeven of non-producing and recently on-stream oil assets Taq Taq and Tawke life of field F&D costs < 3/bbl 160 Taq Taq and Tawke opex < 2/bbl 150 Marginal heavy oil Miran and Bina Bawi life of…
  7. September 2015 Investor Presentation – Genel Energy – slide 7
    Taq Taq Tawke Gross average production of 128,000 bopd in H1 2015, +39% Gross average production of 129,000 bopd in H1 2015, +54% year-on-year year-on-year H1 2015: 63% sold via KRI pipeline, 24% to Bazian refinery, H1 2015: 81%…
  8. September 2015 Investor Presentation – Genel Energy – slide 8
    Net to Genel, production growth in 2014 = 57% YoY Mid-point of 2015 guidance would deliver another 40% growth YoY Gross Taq Taq production (kbopd) Gross Tawke production (kbopd) 128 129 103 91 76 77 66 52 45 39 33…
  9. September 2015 Investor Presentation – Genel Energy – slide 9
    To cover transition to regular payments for exports, KRG implemented a temporary domestic market sales channel Gross revenues from Taq Taq (ex Bazian) and Tawke domestic sales split 50:50 between contractor/KRG KRI domestic market…
  10. September 2015 Investor Presentation – Genel Energy – slide 10
    Miran and Bina Bawi a world-class resource 11.4 tcf of gross mean raw gas, 8.4 tcf of gross mean sales gas 34 mmbbls mean oil reserves & resources, 45 mmbbls mean first-stage condensate resources Onshore location and scale deliver…
  11. September 2015 Investor Presentation – Genel Energy – slide 11
    Raw gas (tcf) Liquids (mmbbls)(1) 19tcf 20 80 142mmbls 18 70 16 7 60 14 11tcf 79mmbls 50 12 50 10 40 60 4 48mmbls 8 6tcf 30 32 6 12 2 20 30 4 17 7 23 10 21 2 4 13 11 7 4 0 0 1 Low Low Oil Mean Mean Oil High…
  12. September 2015 Investor Presentation – Genel Energy – slide 12
    Upstream MidstreamCo Miran and Bina Bawi, 100% operated and owned by Genel Energy(1) Responsible for the gas treatment facilities at Miran and Bina Bawi Delivery of raw gas at 1,200 mmscfd to KRG on take-or-pay basis Genel leading on…
  13. September 2015 Investor Presentation – Genel Energy – slide 13
    Genel to own 100% interest in Miran and Bina Bawi PSCs KRGs 25% interest in Miran and 20% interest in Bina Bawi to be transferred to Genel OMVs 36% operated interest in Bina Bawi to be acquired by Genel Production Sharing Contract…
  14. September 2015 Investor Presentation – Genel Energy – slide 14
    Gas Supply Agreement (GSuA): Terms under which raw gas (after removal of first stage condensate) is sold to the KRG Turkey GSA/crude oil sales backed guarantee provided by the KRG Genel commits to deliver raw gas on the following…
  15. September 2015 Investor Presentation – Genel Energy – slide 15
    MidstreamCo A company (MidstreamCo) will be contracted by the KRG on a build, own, operate and transfer (BOOT) basis for the gas treatment facilities MidstreamCo will receive a tolling fee from the KRG on a toll-or-pay basis for the…
  16. September 2015 Investor Presentation – Genel Energy – slide 16
    Capex for the upstream gas development: 2.9 billion, 1 billion to be incurred before first gas Source: KRI 2014 The Oil Capex for the upstream oil development: 400 million, 60 million to be & Gas Year, company estimates. incurred…
  17. September 2015 Investor Presentation – Genel Energy – slide 17
    Further activity to be shaped by oil price outlook/evolution of export payments Appraisal wells on Peshkabir, Ber Bahr and Chia Surkh planned for 2016 Morocco: working with government with respect to forward plan on Sidi Moussa…
  18. September 2015 Investor Presentation – Genel Energy – slide 18
    Significant production growth million H1 2015 H1 2014 YoY Higher volumes due to increased production capacity at both Taq Taq and Tawke and exports via KRI-Turkey pipeline, Average production (kbbl/d) 88,800 63,000 +41% Overall H1 15…
  19. September 2015 Investor Presentation – Genel Energy – slide 19
    230m senior 600 unsecured bonds issued in Net debt of March 2015 216m 50 12 24 102 489 196 19 500 474 90 400 Taq Taq and Tawke local Reflects payment for 2014 activity sales incurred in 2015 15 c.70m for Africa m…
  20. September 2015 Investor Presentation – Genel Energy – slide 20
    150 200 million H1 2015 capex of 93 million 70% reduction on H1 2014 Majority of spend on increasing production capacity at Taq Taq and Tawke 93 million 2015 guidance of 150-200 million Reduced from 200-250 million at July…
  21. September 2015 Investor Presentation – Genel Energy – slide 21
    Existing debt 730 million 7.5% senior unsecured bond with 2019 maturity At end-H1 2015, net receivable in respect of unpaid KRI production stood at 378 million Some level of receivable (typically 3-4 months of revenue) will be a…
  22. September 2015 Investor Presentation – Genel Energy – slide 22
    H1 2015 cash sources and uses (m, pre W/C) 60 50 Bond covenants significant headroom at H1 2015 Covenant End H1-15 40 Net debt/EBITDAX < 3.0 0.5 30 Equity ratio 40% 82% 20 Liquidity(1) 75m 443m 10 0 Domestic…
  23. September 2015 Investor Presentation – Genel Energy – slide 23
    Fast growing oil business 40% production growth year-on-year at midpoint of 2015 guidance range Low cost and resilient KRI asset base Taq Taq and Tawke: F&D cost < 3/bbl, opex < 2/bbl Progress on payment normalisation KRG has…
  24. September 2015 Investor Presentation – Genel Energy – slide 24
  25. September 2015 Investor Presentation – Genel Energy – slide 25
    Tony Group CEO of BP from 2007 to 2010 Nathaniel Non-Executive Director of Barrick Gold Hayward Previous roles at BP include Group Rothschild Corp Chairman Treasurer and Chief Executive for Member of the Belfer Centers Upstream…
  26. September 2015 Investor Presentation – Genel Energy – slide 26
    Murat zgl Joined Genel as CCO in 2008 Mehmet Sepil Founded Genel Energy in 2002 Chief Executive Prior to joining Genel was the CEO of President Previously served as founder, Officer INTA Spaceturk president and chairman of Zafer and…
  27. September 2015 Investor Presentation – Genel Energy – slide 27
    SUMMARY FINANCIALS - INCOME STATEMENT USm 2011 2012 2013 2014 H1 2015 2015(1) Average production (boepd) 42 45 44 69 89 90 100 Growth 147% 7% -2% 57% 41% Average realisation (/bbl) 52 56 66 73 42 Revenues 24 333 348 520 199 350…
  28. September 2015 Investor Presentation – Genel Energy – slide 28
    SUMMARY FINANCIALS - CASH FLOW USm 2011 2012 2013 2014 H1 2015 Operating cash flow (pre working capital) (41) 263 263 415 150 Working capital 13 31 42 (280) (150) Cash generated from operations (28) 294 305 135 (1) Interest…
  29. September 2015 Investor Presentation – Genel Energy – slide 29
    SUMMARY FINANCIALS - BALANCE SHEET USm 2011 2012 2013 2014 H1 2015 Non-current assets 2,076 3,106 3,637 3,695 3,696 Current assets 1,927 1,051 716 793 918 Total assets 4,003 4,156 4,353 4,487 4,614 Non-current liabilities (78) (80)…
  30. September 2015 Investor Presentation – Genel Energy – slide 30
    Share class split Voting ordinary share split 89% Voting ordinary shares 30% Genel Enerji founders 59% Suspended voting ordinary 9% NR Holdings 11% shares Other insiders Treasury shares Free float 2% 1% As at 31 July…
  31. September 2015 Investor Presentation – Genel Energy – slide 31
    AFRICA EXPLORATION PORTFOLIO NORTH ATLANTIC OCEAN Mir Left Sidi Moussa Juby Maritime MOROCCO Morocco 3 licences, 12,761km2 combined Juby Maritime (37.5% W.I.) Sidi Moussa (60% W.I.) Mir Left (75% W.I.) CTE…
  32. September 2015 Investor Presentation – Genel Energy – slide 32
    Reserves and resources Reserves and resources (pro-forma 100% interests in Miran and Bina Bawi) 2,500 2,500 2,132 2,000 2,000 1,500 1,500 mmboe mmboe 1,031 1,000 1,000 659 674 429 437 500 500 0 0 2P…
  33. September 2015 Investor Presentation – Genel Energy – slide 33
    Genel Paying Interest 55% 25% 100% 40% 60% 75% 100% Genel Working Interest 44% 25% 100% 40% 40% 60% 100% KRG carried interest 20% 20% 0% 20% 20% 20% 0% 5% (crude oil and 5% (crude oil and State royalty 10% 10% first stage 10% 10% 10%…
  34. September 2015 Investor Presentation – Genel Energy – slide 34
    Contractors share of Profit Oil is determined by an R-factor formula Reset every 6 months = R-factor < 1 30% 1< R-factor < 2.5 Between 15-30% R-factor 2.5 15% Early in the field life cumulative costs are high, cumulative…
  35. September 2015 Investor Presentation – Genel Energy – slide 35
    40-55% of Net Production (Gross Production minus Royalty) is available for Contractors to recover costs Unrecovered costs may be carried forward and recovered in future periods Equipment and facilities become the property of the…
  36. September 2015 Investor Presentation – Genel Energy – slide 36
    Contractor Interest (80%) Production & Revenue Government Interest (20%) Production Gross Production 100 bbls 100bbls Contractor Working Interest 80 bbls Royalty Production 40-55% of Net Production is available for Contractors 10bbls…
  37. September 2015 Investor Presentation – Genel Energy – slide 37
    Phil Corbett Head of Investor Relations +44 20 7659 5119 phil.corbettgenelenergy.com www.genelenergy.com

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