BEACH ENERGY LIMITED FY17 PRELIMINARY FULL YEAR RESULTS 21 August 2017
Contents Overview Matt Kay, Chief Executive Officer 4 Financial Morn Engelbrecht, Chief Financial Officer 10 Operations Mike Dodd, Chief Operating Officer 15 Matt Kay, Chief Executive Officer FY18 Outlook Jeff Schrull, Group…
FY17 PRELIMINARY FULL YEAR RESULTS OVERVIEW Matt Kay Chief Executive Officer BEACH ENERGY LIMITED
Full year results and outlook reinforce the Beach value proposition Highly profitable base business Strict cost discipline Underlying NPAT up 353% to 162m Cash flow breakeven down 39% to US16/bbl Operating cash flow up 38% to 321m…
Operational highlights Drilling success, infrastructure expansions and operating efficiencies underpin multi-year work program Bauer facility Record production of 10.6 MMboe, up 9% expansion 60% increase in 79% drilling success rate…
Financial headlines Operating results and strict cost discipline resulted in improvement across key financial metrics FY17 Change from FY16 NPAT 388 million +976 million Profitability Underlying NPAT 162 million +353% Full year…
Safety and environment A further strengthening of Beachs social licence to operate Safety Performance FY17 achievements LTIFR1 Fourth consecutive reduction of lost time injury frequency1 6.0 5.4 70% 98% reduction in crude spill…
Reserves and contingent resources 179% 2P reserves replacement ratio in FY17 179% 2P reserves replacement ratio 2P Reserves as at 30 June 2017: 75 MMboe due to: 1% New discoveries and field Western Flank oil extensions Oil…
FY17 PRELIMINARY FULL YEAR RESULTS FINANCIAL Morn Engelbrecht Chief Financial Officer BEACH ENERGY LIMITED
Financial highlights Continuing improvement across key financial metrics Underlying profit Underlying NPAT1 (m) Realised Oil Price (A/bbl) EBITDA m Margin4 +106% Highly profitable in a +353% +13% Cost savings contributing 400…
Financial performance Underlying NPAT growth demonstrates leverage to higher oil prices million FY16 FY17 Change Underlying NPAT supported by: Production (MMboe) 9.7 10.6 +9% Record production and sales volumes Sales volumes (MMboe)…
Underlying NPAT drivers Record sales volumes, modestly higher oil prices and lower costs underpin profit turnaround million Underlying NPAT A/bbl 220 9.7 3.6 (19.0) Brent oil 64.5 million (16.4) 100 Gas/ethane 180 Tax (14.3) Oil…
Robust funding position Continuing free cash flow generation and investment in growth Net operating cash flow up 38% to 321 million FY17 Cash Sources and Uses Net cash reserves up 303% to 198 million Operating cash flow 321 million…
FY17 PRELIMINARY FULL YEAR RESULTS Operations Mike Dodd Chief Operating Officer BEACH ENERGY LIMITED
Production and operations Record full year production supported by broad ranging field initiatives Record full year production of 10.6 MMboe, up 9% Production and Guidance (MMboe) 54% oil; 46% gas and gas liquids 10.6 10.0 10.6…
Drilling activity FY17 drilling success supports expanded activity in FY18 and beyond Three gas discoveries from four-well operated campaign Wells Successful Success Cooper / Eromanga Basins Drilled Wells Rate Mapping techniques…
Cooper Basin JV cost savings Ongoing transformation into a material cash generating unit /boe m/well 20% Field operating costs1 20 Drilling costs2 10 35% Transition to operator / Reduced rig mobilisation / maintainer model 20…
FY17 PRELIMINARY FULL YEAR RESULTS FY18 Outlook Matt Kay Chief Executive Officer Jeff Schrull Group Executive Exploration and Development BEACH ENERGY LIMITED
Capital expenditure and production guidance FY18 work program establishes foundation for sustained activity, production and cash generation FY18 Capital Expenditure Guidance FY18 Production Guidance 220 260 million Program highlights…
Birkhead oil play fairway Under-appraised, proven reservoir with significant development potential Field Gross Prod. Cum. Prod. Prospective / development Cooper / potential across 165 km2 Ex PEL 91 Ex PEL 104 / 111 (bopd) (kbbl)…
Central Namur oil play fairway Targeting reserve additions through near-field exploration and field extensions Balgowan Field Prod. (bopd) Cum. Prod. Advanced velocity Cooper / Ex PEL 91 modelling to define (kbbl) SA Eromanga…
Southwest Patchawarra and Permian Edge gas play fairways Expanded exploration program in FY18 may support doubling of production capacity Ex PEL 91 (100%) Gas production Expanded FY18 campaign Cooper / following FY17 discoveries SA…
Cooper Basin JV Additional activity in FY18 due to improved economics of prospect seriatim Rejuvenated exploration and development program FY18 campaign aims: Horizontal oil drilling Liquids-rich gas targets Under-balanced gas…
FY17 PRELIMINARY FULL YEAR RESULTS Key Highlights Matt Kay Chief Executive Officer BEACH ENERGY LIMITED
Full year results and outlook reinforce the Beach value proposition Highly profitable base business Strict cost discipline Underlying NPAT up 353% to 162m Cash flow breakeven down 39% to US16/bbl Operating cash flow up 38% to 321m…
FY17 PRELIMINARY FULL YEAR RESULTS APPENDIX BEACH ENERGY LIMITED
Underlying net profit after tax Reconciliation of Net Profit After Tax to Underlying Net Profit After Tax Comparison of Underlying Profit FY16 FY17 Change ( million) Net profit / (loss) after tax (588.8) 387.5 976.3 Remove merger…
Record production Area FY16 FY17 Change Oil (kbbl) Cooper / Eromanga basins 5,028 5,722 14% Egypt 141 (100%) Total oil 5,169 5,722 11% Sales gas and ethane (PJ) Cooper Basin 21.8 23.1 6% Egypt 0.3 (100%) LPG (kt) Cooper Basin…
FY18 capital expenditure program Wells million Exp. App/Dev Key Projects Western Flank Oil Birkhead play fairway appraisal Ex PEL 91 40 50 4 5 Namur / McKinlay development Artificial lift campaign Hanson facility expansion Ex PEL 92…
Cooper Basin acreage Western Flank Oil Central Namur and Birkhead play fairways Ex PEL 91 (100%*) - Bauer Field / facility Ex PEL 92 (75%*) - Callawonga Field / facility Ex PEL 104 / 111 (40%) Lycium hub Western Flank Gas…
FY17 PRELIMINARY FULL YEAR RESULTS BEACH ENERGY LIMITED Investor Relations 25 Conyngham Street, Glenside SA 5065 Derek Piper Tel: +61 8 8338 2833 Investor Relations Manager Fax: +61 8 8338 2336 Tel: +61 8 8338 2833…
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