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Pareto Securities Annual Oil and Offshore Conference – Genel Energy

Genel Energy · Sep 2, 2015 · 13 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. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 1
    2 September 2015
  2. Pareto Securities Annual Oil and Offshore Conference – 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 57% production growth in 2014 40% in 2015 (at midpoint of guidance range) World-class asset KRI base Low…
  3. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 3
    Net working interest production (kbopd) Net 2P reserves at end-2014 (mmbbls) KRI oil cost structure (per bbl)…
  4. Pareto Securities Annual Oil and Offshore Conference – 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, to…
  5. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 5
    N. Iraq exports FISHKHABOUR 600 500 KRG Turkey-KRI Tawke local sales 400 H1 15: c.20kbopd exports border kbopd 300 200 100 0 SOMO Tawke refinery Jan-15 Jul-15 exports H1 15: c.4kbopd SOMO - Ceyhan TAWKE KRG - Ceyhan…
  6. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 6
    Source: KRI 2014 The Oil & Gas Year, Company estimates. Note: Field level upstream and midstream infrastructure is for indicative purposes only
  7. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 7
    Upstream MidstreamCo Miran and Bina Bawi 11.4Tcf raw gas, 79mmbls liquids Miran and Bina Bawi gas treatment facilities 100% operated and owned by Genel Energy(1) Receives a tolling fee from the KRG on a toll-or-pay basis Delivery of…
  8. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 8
    KRI production(1) KRI pipeline capacity(2) Northern Iraq oil exports(3) 800 800 800 +70% +90% +220% 600 600 600 400 400 400 200 200 200 - - - 2014 Jun-15 2014 Jun-15 2014 Jun-15 (1) Includes mid-Kirkuk (Avana/Bai Hassan)…
  9. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 9
    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…
  10. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 10
    150 200 million H1 2015 capex of 93 million 70% reduction on H1 2014 Majority of spend on development at Taq Taq and Tawke 2015 guidance of 150-200 million 93 million Reduced from 200-250 million at July trading statement…
  11. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 11
    H1 15 cash sources and uses (m, pre W/C) 60 50 Bond covenants significant headroom at 1H 15 Covenant End H1-15 40 Net debt/EBITDAX < 3.0 0.5 30 Equity ratio 40% 82% 20 Minimum liquidity(1) 75m 443m 10 0 Domestic…
  12. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 12
    Bond covenants significant headroom at 1H 15 (gross, bopd) Local sales Refinery sales Piped exports Total sales Taq Taq 16,300 31,500 (Bazian refinery) 81,100 128,900 Tawke 20,000 4,000 (Tawke refinery) 104,200 128,200 Total sales…
  13. Pareto Securities Annual Oil and Offshore Conference – Genel Energy – slide 13
    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…

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