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1H 2017 Results – Oil Search Limited

Oil Search Limited · Aug 22, 2017 · 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. 1H 2017 Results – Oil Search Limited – slide 1
    2017 FIRST HALF RESULTS August 2017 OIL SEARCH LIMITED ARBN 055 079 868 ASX: OSH POMSoX: OSH US ADR: OISHY www.oilsearch.com
  2. 1H 2017 Results – Oil Search Limited – slide 2
    2017 HALF YEAR RESULTS AGENDA 2017 HALF YEAR HIGHLIGHTS PETER BOTTEN FINANCIAL OVERVIEW STEPHEN GARDINER PNG PRODUCTION JULIAN FOWLES GAS DEVELOPMENT IAN MUNRO EXPLORATION/APPRAISAL KEIRAN WULFF KEY ISSUES AND CONCLUSION…
  3. 1H 2017 Results – Oil Search Limited – slide 3
    2017 HALF YEAR HIGHLIGHTS Total production of 14.81 mmboe, similar to 1H16: 1H17 1H16 PNG LNG achieved record annualised rate of 8.65 MTPA in June following compressor upgrade, high rates sustained into July Production volume…
  4. 1H 2017 Results – Oil Search Limited – slide 4
    2017 HALF YEAR HIGHLIGHTS SAFETY PERFORMANCE REMAINS A KEY PRIORITY TOTAL RECORDABLE INCIDENT RATE Safety improvement workshops conducted 5 4.7 OSH IOGP following increase in TRIR in 1H17, corrective actions underway Per million…
  5. 1H 2017 Results – Oil Search Limited – slide 5
    2017 HALF YEAR RESULTS AGENDA 2017 HALF YEAR HIGHLIGHTS PETER BOTTEN FINANCIAL OVERVIEW STEPHEN GARDINER PNG PRODUCTION JULIAN FOWLES GAS DEVELOPMENT IAN MUNRO EXPLORATION/APPRAISAL KEIRAN WULFF KEY ISSUES AND CONCLUSION…
  6. 1H 2017 Results – Oil Search Limited – slide 6
    FINANCIAL OVERVIEW 2017 HALF YEAR FINANCIAL PERFORMANCE USm 1H 2017 1H 2016 Revenue up 16% - higher realised oil and gas prices Sales volume (mmboe) 14.18 15.17 partially offset by lower sales volumes Revenue 676.2 580.8 Cash…
  7. 1H 2017 Results – Oil Search Limited – slide 7
    FINANCIAL OVERVIEW FINANCIAL METRICS REMAIN SOLID CASH FLOW BREAK-EVEN ANALYSIS (US/BOE) CASH FLOW WATERFALL (USM) 1500 60 419 (109) (199) 50 Average realised oil price US53.35 1000 974 863 40 10.4 29.4 30 Non Non 6.4 1.5…
  8. 1H 2017 Results – Oil Search Limited – slide 8
    FINANCIAL OVERVIEW OPERATING MARGINS EBITDAX MARGIN CASH MARGIN BY ASSET (US/BOE) 100 111 120 60 114 98 95 100 50 90 80 40 23.95 US/boe 85 53 % 51 60 30 38.33 78 45 80 7.15 40 20 75 72 73 70 74 20 10 20.74…
  9. 1H 2017 Results – Oil Search Limited – slide 9
    FINANCIAL OVERVIEW UNIT PRODUCTION COSTS OF US8.52/BOE LOWER HALF OF FULL YEAR GUIDANCE USm 1H 2017 1H 2016 Production costs stable, despite increased planned oil field work programmes Production costs: PNG LNG 67.2 72.1 PNG LNG…
  10. 1H 2017 Results – Oil Search Limited – slide 10
    FINANCIAL OVERVIEW 2017 FULL YEAR GUIDANCE 2017 CAPITAL COST GUIDANCE (US350 400M) Production 2017 Guidance1 2,000 Oil Search operated 5.5 6.2 mmboe2,3 1,750 PNG LNG Project: 1,500 LNG 102 105 bcf 1,250 Power 0.62 0.65 bcf…
  11. 1H 2017 Results – Oil Search Limited – slide 11
    2017 HALF YEAR RESULTS AGENDA 2017 HALF YEAR HIGHLIGHTS PETER BOTTEN FINANCIAL OVERVIEW STEPHEN GARDINER PNG PRODUCTION JULIAN FOWLES GAS DEVELOPMENT IAN MUNRO EXPLORATION/APPRAISAL KEIRAN WULFF KEY ISSUES AND CONCLUSION…
  12. 1H 2017 Results – Oil Search Limited – slide 12
    PNG PRODUCTION STRONG PRODUCTION IN 1H17 DESPITE SCHEDULED MAINTENANCE ACTIVITIES Total production for 1H17 of 14.81 mmboe, similar to 1H16 NET PRODUCTION (MMBOE) despite scheduled maintenance at PNG LNG plant site and operated…
  13. 1H 2017 Results – Oil Search Limited – slide 13
    PNG PRODUCTION MARKETING OF UP TO 1.3 MTPA FROM PNG LNG PROJECT Additional LNG volumes currently being marketed by EXISTING MARKETS FOR CONTRACTED LNG VOLUMES ExxonMobil on behalf of PNG LNG Project participants Qingdao LNG Strong…
  14. 1H 2017 Results – Oil Search Limited – slide 14
    PNG PRODUCTION PLANNED ACTIVITY ON OPERATED OIL FIELDS IN 2H17 Muruk Hides GTE Papua New Guinea Safe, reliable production remains key priority Juha North Hides Hides Holistic view of production, from reservoir to Kutubu Juha…
  15. 1H 2017 Results – Oil Search Limited – slide 15
    PNG PRODUCTION DRILLING OPPORTUNITIES KEY TO MITIGATING LONG-TERM OIL DECLINE Core capability is extracting full value from assets In-field development and appraisal targets as well as near field exploration prospects being matured…
  16. 1H 2017 Results – Oil Search Limited – slide 16
    PNG PRODUCTION 2017 PRODUCTION FORECAST REVISED TO 29.0 30.5 MMBOE 2017 FY production forecast: 29.0 30.5 mmboe (previously OIL SEARCH NET PRODUCTION (MMBOE)1,2 28.5 30.5 mmboe): 35 PNG LNG (T1 + T2) Production 2017 Guidance1 Hides…
  17. 1H 2017 Results – Oil Search Limited – slide 17
    2017 HALF YEAR RESULTS AGENDA 2017 HALF YEAR HIGHLIGHTS PETER BOTTEN FINANCIAL OVERVIEW STEPHEN GARDINER PNG PRODUCTION JULIAN FOWLES GAS DEVELOPMENT IAN MUNRO EXPLORATION/APPRAISAL KEIRAN WULFF KEY ISSUES AND CONCLUSION…
  18. 1H 2017 Results – Oil Search Limited – slide 18
    GAS DEVELOPMENT ROBUST PLATFORM FOR LNG EXPANSION PROVEN SOURCES OF GAS FOR EXPANSION THROUGH PNG LNG PLANT SITE On-trend prospects 10 tcf undeveloped gas from Elk-Antelope and Pnyang plus Muruk potential low cost deliverability…
  19. 1H 2017 Results – Oil Search Limited – slide 19
    GAS DEVELOPMENT CONTINUED EXPANSION IN GLOBAL LNG MARKET BREADTH AND STRONG DEMAND GROWTH IN ASIA GROWTH IN GLOBAL LNG MARKET LNG BUYERS AND IMPORTING COUNTRIES Strong demand growth to continue in Asian markets 100 90 ASIAN…
  20. 1H 2017 Results – Oil Search Limited – slide 20
    GAS DEVELOPMENT STRONG LONG-TERM GLOBAL LNG MARKET FUNDAMENTALS LNG importing countries/LNG buyers growing to 100 by 2020: Traditional exporters in market as buyers for domestic requirements eg Indonesia New buyers emerging:…
  21. 1H 2017 Results – Oil Search Limited – slide 21
    GAS DEVELOPMENT MARKET FOR GLOBAL LNG SUPPLY FROM 2023, POSSIBLY EARLIER GLOBAL LNG SUPPLY DEMAND BALANCE LNG EXPANSION FROM PNG IDEALLY 600 PLACED TO SECURE PREMIUM ASIAN Operational LNG Projects New supply required BUYERS Under…
  22. 1H 2017 Results – Oil Search Limited – slide 22
    GAS DEVELOPMENT SUBSTANTIAL RESOURCE BASE TO UNDERPIN 8 MTPA NEW CAPACITY AT PNG LNG PLANT SITE Final appraisal well, Antelope 7/7ST1, completed in February. No change to OSH resource Resource (tcf) 1C 2C numbers Elk-Antelope 5.2…
  23. 1H 2017 Results – Oil Search Limited – slide 23
    GAS DEVELOPMENT US2-3BN COST AND US125M ANNUAL OPEX SAVINGS FROM COOPERATIVE LNG EXPANSION Discussions on LNG expansion progressing between Key issues being discussed: ExxonMobil, Total and OSH. Confirmed intent to pursue integrated…
  24. 1H 2017 Results – Oil Search Limited – slide 24
    GAS DEVELOPMENT MATERIAL PROGRESS ON KEY LNG EXPANSION WORK STREAMS 2017 2018 Commence technical studies Finalise location of Elk- Commence upstream and commercial discussions Antelope CPF pre-FEED on integration Completion of…
  25. 1H 2017 Results – Oil Search Limited – slide 25
    2017 HALF YEAR RESULTS AGENDA 2017 HALF YEAR HIGHLIGHTS PETER BOTTEN FINANCIAL OVERVIEW STEPHEN GARDINER PNG PRODUCTION JULIAN FOWLES GAS DEVELOPMENT IAN MUNRO EXPLORATION/APPRAISAL KEIRAN WULFF KEY ISSUES AND CONCLUSION…
  26. 1H 2017 Results – Oil Search Limited – slide 26
    EXPLORATION / APPRAISAL WORLD CLASS ACREAGE, WITH MULTIPLE MATERIAL PLAYS TO SUPPORT LNG GROWTH Pnyang Muruk Focused licence acquisition programme: 16+ licences and manageable programme Trend capture and high graded drilling NW…
  27. 1H 2017 Results – Oil Search Limited – slide 27
    EXPLORATION / APPRAISAL MATERIAL GAS DISCOVERY AT MURUK, BETWEEN HIDES AND PNYANG Muruk 1 and sidetracks have discovered two new SW Muruk NE hydrocarbon pools (Muruk A & B) with 1 3 tcf potential: 8,000 metres drilled in vertical…
  28. 1H 2017 Results – Oil Search Limited – slide 28
    EXPLORATION / APPRAISAL MURUK DISCOVERY MATERIALLY UPGRADES HIDES - PNYANG TREND APPL Four additional multi-tcf prospects being matured, PPL each 1- 3+ tcf mean Koki Blucher NaDia Karoma unrisked 10 tcf+ unrisked potential along…
  29. 1H 2017 Results – Oil Search Limited – slide 29
    EXPLORATION / APPRAISAL DIVERSITY OF PLAYS WITH MULTITCF POTENTIAL IN EASTERN FOLDBELT + OFFSHORE Eastern foldbelt Eastern Fold Belt opens up potential for multiple Antelope look-alikes and diversity of plays: Multiple Antelope…
  30. 1H 2017 Results – Oil Search Limited – slide 30
    EXPLORATION / APPRAISAL THREE YEAR PROGRAMME TO DRIVE COSTS AND FOCUS Area 2017 2018 2019 Quality acreage secured to Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 support five exploration/ NW Foldbelt Pnyang South 2 Well 1* appraisal…
  31. 1H 2017 Results – Oil Search Limited – slide 31
    2017 HALF YEAR RESULTS AGENDA 2017 HALF YEAR HIGHLIGHTS PETER BOTTEN FINANCIAL OVERVIEW STEPHEN GARDINER PNG PRODUCTION JULIAN FOWLES GAS DEVELOPMENT IAN MUNRO EXPLORATION/APPRAISAL KEIRAN WULFF KEY ISSUES AND CONCLUSION…
  32. 1H 2017 Results – Oil Search Limited – slide 32
    OUTLOOK AND SUMMARY PNG ELECTION OUTCOME PROVIDES CONTINUITY Hon. Peter ONeill returned as Prime Minister, leading coalition government Extensive series of briefings to Ministers and Parliamentarians over past two weeks since…
  33. 1H 2017 Results – Oil Search Limited – slide 33
    OUTLOOK AND SUMMARY SOCIAL RESPONSIBILITY AND MAINTAINING A STABLE OPERATING ENVIRONMENT Long-standing commitment to operating responsibly and to sustainable development in PNG: Programmes continue, both directly and through Oil…
  34. 1H 2017 Results – Oil Search Limited – slide 34
    OUTLOOK AND SUMMARY MATERIAL ISSUES RISK MANAGEMENT Climate change risk management: Continuing…
  35. 1H 2017 Results – Oil Search Limited – slide 35
    OUTLOOK AND SUMMARY FOCUS ITEMS FOR 2H17 Continued optimisation of PNG LNG production Agreeing terms for up to 1.3 MTPA additional volume from PNG LNG (led by ExxonMobil) Engagement with ExxonMobil and Total on progressing next…
  36. 1H 2017 Results – Oil Search Limited – slide 36
    OUTLOOK AND SUMMARY CONCLUSION Excellent performance from operations: INDICATIVE LNG PRODUCTION PROFILE WITH EXPANSION PNG LNG operating 25% above nameplate 18 Significant 1P and 2P reserve upgrade in Foundation fields 16…
  37. 1H 2017 Results – Oil Search Limited – slide 37
    2017 HALF YEAR RESULTS OIL SEARCH LIMITED ARBN 055 079 868 ASX: OSH POMSoX: OSH US ADR: OISHY www.oilsearch.com

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