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FY 2019 Half Year Results Presentation – Beach Energy Limited

Beach Energy Limited · Mar 13, 2019 · 44 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. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 1
    FY19 HALF YEAR For personal use only RESULTS PRESENTATION Kupe (New Zealand) offshore platform Beach Energy Limited ABN 20 007 617 969
  2. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 2
    INTRODUCTION For personal use only Matt Kay, CEO Ensign 931 rig at HBWS site Beach Energy Limited ABN 20 007 617 969 3
  3. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 3
    HIGHLIGHTS For personal use only Strong operational start to FY19 Excellent half year result H1 FY19 production of 15.2MMboe Sales revenue of 955 million, up 147% Facility reliability averaged above 97% Underlying NPAT1 279…
  4. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 4
    OUR TOP PRIORITY STRONG SAFETY AND ENVIRONMENTAL PERFORMANCE For personal use only Safety performance1 Environmental performance1 TRIFR2 16 CRUDE SPILL VOLUMES (KL) 15.6 51.9 7.9 8 100% 3.8 9.6 3.5 2.8 0 0.2 0.1 0 FY15…
  5. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 5
    DELIVERING ON OUR PROMISES For personal use only Optimising our assets Developing our reserves Reserves replacement 56 million synergy run rate achieved by 68 Cooper Basin wells drilled in H1 FY19 Bauer appraisal finds eastern…
  6. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 6
    DELIVERING AS A LOW COST OPERATOR For personal use only Beach has extracted 56 million of synergies to date, Beach operating costs/boe1 primarily relating to exiting the TSA with Origin Energy, insurance savings and other…
  7. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 7
    FY19 GUIDANCE UPGRADED For personal use only Capital expenditure FY19 Guidance Guidance narrowed on 31 January 2019 from 440-520 million to 450-500 million. Production 28 29 MMboe Higher expenditure is forecast in H2 FY19 due to…
  8. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 8
    FINANCIAL RESULTS For personal use only Morn Engelbrecht, CFO Kupe (New Zealand) offshore platform Beach Energy Limited ABN 20 007 617 969 9
  9. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 9
    FINANCIAL HIGHLIGHTS For personal use only Sales volumes +181% over H1 FY18 due to: SALES VOLUME UNDERLYING EBITDA1 Lattice acquisition 16.0 724 Strong customer demand MMBOE MILLION Improved facility reliability Improvement…
  10. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 10
    H1 FY19 FINANCIAL RESULTS For personal use only million H1 FY18 H1 FY19 Change Underlying NPAT recognises: 181% increase in sales volumes Production (MMboe) 5.2 15.2 193% 15% increase in average realised oil price Sales volumes…
  11. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 11
    UNDERLYING NPAT1 DRIVERS For personal use only Movement in underlying NPAT1 Movement in Underlying NPAT1 ( millions) Underlying NPAT1 up 199% to 279 million 41 181% increase in sales 90 72 volumes Net financing 25 10 35 costs…
  12. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 12
    FINANCIAL STRENGTH For personal use only Movement in Net Debt ( millions) Net debt reduced by 308 million to 311 million at end of H1 FY19, net gearing 13.5% Reduction driven by strong operating cash flows, offset by capital…
  13. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 13
    DISCIPLINED BALANCE SHEET MANAGEMENT For personal use only Targeting to be debt-free on completion of the proposed Net gearing since Lattice acquisition 40% Otway Sale, expected by the end of Q3 FY19, more completion (end January…
  14. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 14
    ROBUST AND STABLE REVENUE BASE FIXED PRICE CONTRACTS PROVIDE REVENUE CERTAINTY For personal use only FY19 estimated sales revenue and expenditure 2,500 Beach expects to generate revenue of more than 700 million in FY19 from its…
  15. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 15
    SUMMARY For personal use only Beach continues to de-gear rapidly, providing significant Balance sheet flexibility balance sheet flexibility Gas portfolio provides revenue certainty with market price High revenue certainty resets…
  16. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 16
    ASSET UPDATES For personal use only Matt Kay, CEO Artificial lift in the Cooper Basin Beach Energy Limited ABN 20 007 617 969 17
  17. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 17
    ASSET UPDATES - SAWA For personal use only H1 FY19 production 2.4 MMboe, +4% on H1 FY18 Western Flank Oil Production largely a result of the successful Bauer Field appraisal and development program (MMboe) 2.4 2.4 2.3 Bauer…
  18. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 18
    BAUER FIELD DEVELOPMENT For personal use only Horizontal vs vertical wells Improvement in drilling/connection times Beach has increased the application of horizontal well In FY18 Beachs first ever operated horizontal well,…
  19. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 19
    WESTERN FLANK OIL ROLLOUT THE BAUER STRATEGY ACROSS THE WESTERN FLANK For personal use only Following success of Bauer appraisal program, the technical workflow to be applied across the Western Flank Kangaroo App planning underway…
  20. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 20
    ASSET UPDATES - SAWA For personal use only H1 FY19 production 1.0 MMboe, +55% on H1 FY18 largely a result of the commissioning of the latest Middleton facility capacity expansion Western Flank Gas ex PEL 106 and ex PEL 91, Beach…
  21. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 21
    COOPER BASIN JV MOOMBA SOUTH APPRAISAL For personal use only Phase one of Moomba South Appraisal saw seven successful wells from the eight well program The eight wells constitute the first phase of a program designed to test up…
  22. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 22
    ASSET UPDATES - SAWA For personal use only H1 FY19 production 0.4 MMboe1 Perth Basin Waitsia (Beach 50%), Beharra Springs Progress made towards decision regarding development of Waitsia reserves (Beach 67% and operator) Operational…
  23. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 23
    ASSET UPDATES - VICTORIA For personal use only Bass Basin H1 FY19 production 0.9 MMboe1 Beach 53.75% producing assets, 50.25% non-producing, Beach operated Progressed the evaluation of a potentialOperational Market tieback of the…
  24. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 24
    ASSET UPDATES LA BELLA For personal use only Beach has been successful in its bid for the V18-3 block and has until 21st February 2019 to accept V18-3 contains the undeveloped La Bella gas discovery Operational Market Field is in…
  25. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 25
    ASSET UPDATES NEW ZEALAND For personal use only H1 FY19 production 1.5 MMboe1 New Zealand Kupe Gas Project Front End Engineering and Design (FEED) commenced on the Kupe compression Beach 50% and operator project, FID targeted for…
  26. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 26
    CARNARVON BASIN IRONBARK PROSPECT For personal use only Ironbark Prospect1 (WA-359-P Beach 21%, subject to farm-in; WA-409-P Beach 7.5% subject to farm-in) Ironbark BP has secured the Ocean Apex rig to drill the Ironbark…
  27. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 27
    BONAPARTE BASIN EXPLORATION BLOCK ALIGNMENT AGREED WITH SANTOS For personal use only Santos and Beach have reached agreement on alignment in the Bonaparte Basin and will be executing supporting documents in the coming days Agreement…
  28. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 28
    BEACH RIG SCHEDULE For personal use only H1 FY19 H2 FY19 H1 FY20 Non-operated rig Cooper Non-operated rig Basin JV Non-operated rig Non-operated rig Western Operated rig (oil) Non-operated rig (oil) Operated rig (gas)…
  29. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 29
    KEY TAKEAWAYS For personal use only Otway Gas Plant Beach Energy Limited ABN 20 007 617 969 30
  30. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 30
    AHEAD OF TARGET AGAINST 5 YEAR PLAN For personal use only Production Beach output has exceeded expectations FY19 EBITDA guidance raised Guidance update FY19 production guidance increased, capex guidance narrowed on 31 January…
  31. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 31
    Q&A For personal use only Outlook from Yolla platform, Bass Basin Beach Energy Limited ABN 20 007 617 969 32
  32. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 32
    APPENDICES For personal use only Lang Lang gas facility, Bass Basin Beach Energy Limited ABN 20 007 617 969 33
  33. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 33
    FY19 DRILLING PROGRAM INCREASING FOCUS ON HORIZONTAL WELLS For personal use only FY19 well participation increases to 160 wells (from 133 prior) FY19 expected participation Cooper Basin JV (number of wells) Expect to participate…
  34. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 34
    OIL HEDGING POSITION OIL HEDGES AS AT 31 DECEMBER 2018 For personal use only 3-way Collar 3-way Collar 3-way Collar Total Hedged 40 90 100 40 103 113 55 100 110 Volumes (bbl) per bbl per bbl per bbl FY19 97,500 270,000 825,000…
  35. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 35
    RECONCILIATION OF NPAT TO UNDERLYING NPAT1 For personal use only Comparison of Underlying Profit ( million) H1 FY18 H1 FY19 Change Net profit / (loss) after tax 96 283 187 196% Acquisition costs and writeoff of debt establishment…
  36. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 36
    UNDERLYING EBITDAX, EBITDA, EBIT, NPBT AND NPAT1 For personal use only Comparison of Underlying EBITDAX, EBITDA, EBIT, NPBT ( million) H1 FY18 H1 FY19 Change Underlying EBITDAX 228 724 496 218% Exploration expense 0 0…
  37. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 37
    STRONG CASH AND LIQUIDITY POSITION For personal use only Movement in Cash Balance Movement( millions) in HY cash balance 204 million cash, and 594 million available liquidity at 31 December 21 2018 Proceeds from asset sales 186…
  38. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 38
    ASSET MAPS For personal use only Bauer-32 drill site, Cooper Basin Beach Energy Limited A.B.N. 20 007 617 969 39
  39. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 39
    BEACH ENERGY PORTFOLIO For personal use only FY18 Pro forma production1 Bass Basin Cooper Taranaki Basin Basin 26.8 MMboe Otway Basin Perth Basin FY18 2P reserves2 Perth Basin Cooper Basin 313 MMboe Otway Basin…
  40. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 40
    MAPS - SAWA For personal use only Western Flank Oil Western Flank Gas Beach Energy Limited ABN 20 007 617 969 41
  41. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 41
    MAPS - SAWA For personal use only Cooper Basin JV Perth Basin Beach Energy Limited ABN 20 007 617 969 42
  42. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 42
    MAPS SAWA AND NEW ZEALAND For personal use only South Australian Otway Basin New Zealand Kupe Gas Project Beach Energy Limited ABN 20 007 617 969 43
  43. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 43
    MAPS - VICTORIA For personal use only Victorian Otway Basin Bass Basin * Subject to completion of the proposed sale of 40% of Victorian Otway interests to O.G. Energy Beach Energy Limited ABN 20 007 617 969 44
  44. FY 2019 Half Year Results Presentation – Beach Energy Limited – slide 44
    FY19 HALF YEAR RESULTS PRESENTATION For personal use only Beach Energy Limited Investor Relations 25 Conyngham Street Nik Burns, Investor Relations Manager Glenside SA 5065 Australia Mark Hollis, Investor Relations Advisor T: +61…

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