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1Q 2020 Earnings Presentation – Dno International Asa

Dno International Asa · May 20, 2020 · 23 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. 1Q 2020 Earnings Presentation – Dno International Asa – slide 1
    2020 Q1 Interim Results Presentation
  2. 1Q 2020 Earnings Presentation – Dno International Asa – slide 2
    Corporate overview and operational highlights Cover Photo: Celebrating completion of Zartik drilling pad in preparation to spud in Kurdistan Page 2
  3. 1Q 2020 Earnings Presentation – Dno International Asa – slide 3
    DNO corporate overview DNO moved quickly in mid-March 2020 to scale back expenditures and preserve cash following oil price crash and growing restrictions on operations from spreading coronavirus pandemic Cut 2020 budget by USD 350…
  4. 1Q 2020 Earnings Presentation – Dno International Asa – slide 4
    DNO corporate overview (cont) Committed to retain position as the leading international oil company in Kurdistan with a 75 percent interest in two fields contributing more than a quarter of oil exports from the region While…
  5. 1Q 2020 Earnings Presentation – Dno International Asa – slide 5
    Q1 2020 operational highlights On a quarterly basis, Q1 2020 operated production in Kurdistan of 115,207 bopd (122,795 bopd in Q4 2019) Of which 81,221 bopd represented Company Working Interest (CWI) production net to DNO in Q1 2020…
  6. 1Q 2020 Earnings Presentation – Dno International Asa – slide 6
    Q1 2020 financial highlights Revenues of USD 206 million in Q1 2020 (USD 275 million in Q4 2019) Received payments totaling USD 107 million from Kurdistan in Q1 2020 and another USD 90 million covering October 2019 and March 2020…
  7. 1Q 2020 Earnings Presentation – Dno International Asa – slide 7
    Historical production and revenue trends CWI production Revenue from oil and gas boepd USD million 120 000 1 200 100 000 1 000 80 000 800 60 000 600 40 000 400 20 000 200 0 0 Page 7
  8. 1Q 2020 Earnings Presentation – Dno International Asa – slide 8
    Kurdistan fundamentals remain strong Kurdistan continues to drive DNO operations Q1 2020 Tawke gross license level operated production averaged 115,207 bopd (122,795 bopd in Q4 2019) To which Tawke field contributed 61,493 bopd…
  9. 1Q 2020 Earnings Presentation – Dno International Asa – slide 9
    Appraising and exploring at Baeshiqa Baeshiqa license in Kurdistan portfolio contains two large structures with multiple target reservoirs, including in Cretaceous, Jurassic and Triassic formations Last November, DNO reported a…
  10. 1Q 2020 Earnings Presentation – Dno International Asa – slide 10
    Building on North Sea platform North Sea CWI production averaged 18,636 boepd in Q1 2020 (18,975 boepd in Q4 2019) Of which 14,330 bopd of oil and condensate and 25.9 million cubic feet per day of gas (mmcfd) in Q1 2020 (14,314 bopd…
  11. 1Q 2020 Earnings Presentation – Dno International Asa – slide 11
    Cash return to shareholders and bond buybacks In January 2020, DNO completed a shareholder authorized share buyback of up to 10 percent, increasing shares held by the Company from 35,000,000 to 108,381,415 which in February 2020 were…
  12. 1Q 2020 Earnings Presentation – Dno International Asa – slide 12
    Additional financing secured In November 2019 DNO increased and extended its RBL and exploration financing facility (EFF) RBL increased from USD 245 million to USD 350 million with additional tranche of USD 350 million with November…
  13. 1Q 2020 Earnings Presentation – Dno International Asa – slide 13
    2020 forward drilling plan In 2020, DNO to drill one exploration well in Kurdistan (Zartik-1) as operator and no development wells but one drilling rig cold stacked in Tawke and another at Peshkabir can quickly be mobilized if…
  14. 1Q 2020 Earnings Presentation – Dno International Asa – slide 14
    2020 forward drilling plan (cont) Hades appraisal well (DNO 20 percent with OMV as operator) to spud in Q2 2020 in the Norwegian Sea with evaluation ongoing of a development together with the Iris discovery (appraised in 2019) with…
  15. 1Q 2020 Earnings Presentation – Dno International Asa – slide 15
    Financial review Page 15
  16. 1Q 2020 Earnings Presentation – Dno International Asa – slide 16
    DNO financial results key figures Revenue Netback USD million USD million Operating profit 300 250 USD million 275 150 266 214 250 99 227 200 100 206 177 204 200 38 44 150 50 135 150 107 109 0 100 -12 100 -50 50…
  17. 1Q 2020 Earnings Presentation – Dno International Asa – slide 17
    Financial summary USD million Q1 2020 Q4 2019 Q1 2019 2019 Revenues 205.6 274.6 204.1 971.4 Cost of goods sold -167.2 -151.7 -117.0 -541.4 Gross profit 38.4 123.0 87.1 430.0 Expensed exploration -14.8 -47.9 -32.8 -146.4…
  18. 1Q 2020 Earnings Presentation – Dno International Asa – slide 18
    Annual operational spend USD million Capex Expex Opex Abex 900 800 786 700 600 520 500 400 293 300 200 100 0 2018 2019 2020 (projected) Note: Exploration cost (Expex) and abandonment cost (Abex) are pre-tax.…
  19. 1Q 2020 Earnings Presentation – Dno International Asa – slide 19
    2020 projected operational spend by region USD million Kurdistan North Sea 600 520 500 400 333 300 187 200 100 0 Full Year 2020 Q1 2020 Rest of Year Page 19
  20. 1Q 2020 Earnings Presentation – Dno International Asa – slide 20
    Q1 2020 cash flow USD million 700 -113 600 95 76 543 500 486 400 300 200 100 0 Cash at Cash from Investment Tax & Cash at end 2019 operations activities finance end Q1 2020 Investment activities split USD 58…
  21. 1Q 2020 Earnings Presentation – Dno International Asa – slide 21
    Capital structure Cash deposits Financial assets Equity ratio USD million USD million Percent 800 250 100 700 90 624 200 80 600 574 543 70 486 500 145 150 60 400 109 110 50 44 94 40 100 40 37 36 300 254 32 30 200 50…
  22. 1Q 2020 Earnings Presentation – Dno International Asa – slide 22
    Important notice This presentation (the Presentation) has been prepared and delivered by DNO ASA (DNO or the Company). Copyright of all published material including photographs, drawings and images in this document remains vested in…
  23. 1Q 2020 Earnings Presentation – Dno International Asa – slide 23

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