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Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc.

Dril-Quip, Inc. · Mar 24, 2014 · 24 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. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 1
    Dril-Quip, Inc. Howard Weil 42nd Annual Energy Conference March 24, 2014 New Orleans, Louisiana
  2. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 2
    DRQ - Investment Highlights Pure play in worldwide offshore market Deepwater focus Consistent backlog growth Superior margins Strong balance sheet Positioned for growth
  3. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 3
    Products and Services Summary SUBSEA EQUIPMENT 1 Specialty Connectors 2 Mudline Suspension Jack-Up TLP Spar 3 Subsea Wellheads 4 Tie-Back Connectors 13 17 13 17 5 Platform 12 12 14 Drillship Template Systems FPSO 12 14 Semi 13 17 6…
  4. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 4
    Subsea Well Systems Utilized on subsea wells drilled by floating rigs Subsea Wellheads Specialty Connectors Liner Hangers
  5. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 5
    Dry Tree Completion Systems Utilized by SPARs and TLPs Surface Trees Surface Wellheads Riser Tensioners Production Risers Tie-Back Connectors Subsea Wellheads Specialty Connectors Liner Hangers
  6. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 6
    Subsea Completion Systems Utilized in subsea field developments Subsea Trees Control Systems Subsea Manifolds Subsea Wellheads Specialty Connectors Liner Hangers
  7. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 7
    Strong Global Presence Located worldwide to serve key demand centers Eastern Hemisphere Headquarters Aberdeen, Scotland World Headquarters Houston, Texas Asia-Pacific Headquarters Singapore Maca, Brazil Dril-Quip…
  8. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 8
    Suppliers Offshore Operators
  9. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 9
    Consistent Track Record of Growth 400 900 350 800 of Working Floating Rigs 300 700 Revenue (millions) Working Floating Rig Count 250 600 Revenue (millions) 200 500 150 400 Number 100 300 50 200 0 100…
  10. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 10
    Working Floating Rig Fleet 2009 - 2015E 55 new-builds 280 delivered 6-Yr AVG % Mid-Case 260 2014 Flat Average Number of Rigs 240 220 200 180 160 2009 2010 2011 2012 2013 2014E 2015E Projected Floaters Working…
  11. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 11
    Floating Rig Fleet by Water Depth 2009 2015E By year end 2015, there will be more ultra-deepwater rigs than shallow, midwater, and deepwater rigs combined. 400 350 Number of Floating Rigs 300 188 Ultra-Deepwater 169 7,500…
  12. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 12
    Floating Rig Drilling Activity 400 800 350 700 300 600 Number of Floating Rigs Number of Wells /Trees 250 500 200 400 150 300 100 200 50 100 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total…
  13. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 13
    Worldwide Subsea Tree Awards Forecast 600 500 400 Number of Trees 300 200 100 0 2012 2013 2014E 2015E 2016E 2017E 2018E Actual Tree Awards Forecast Tree Awards Source: Quest Offshore Resources, Feb 27, 2014
  14. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 14
    DRQ - Subsea Tree Orders 2011 2015E 25 23 21 20 Tree Units Number of Trees 15 Subsea 10 5 4 2 1 0 2011 2012 2013 2014E 2015E Ordered Estimated
  15. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 15
    Vertically Integrated Manufacturing Purchase Raw Forge Materials Rough Machine Heat Treat Finishing Finishing Finishing Finishing Operations Operations Operations Operations Houston Aberdeen Singapore Brazil
  16. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 16
    Machinery and Equipment Rebuilding Purchase used equipment Refurbish in-house with new CNC controls Purpose-built machine tools Resulting in reduced capital expenditures
  17. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 17
    Manufacturing Locations Houston Eldridge (218 acres) Aberdeen, Scotland (24 acres) Singapore (11 acres) Maca, Brazil (11 acres)
  18. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 18
    Machines and Machinists 450 1.50 1.45 400 1.40 1.35 350 1.30 Number Ratio 300 1.25 1.20 250 1.15 1.10 200 1.05 150 1.00 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14E Ratio Machinists Machines
  19. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 19
    Strong Balance Sheet Offers Flexibility (Millions of USD) Dec. 31, Dec. 31, Assets 2013 2012 Current assets 1,079 924 Property, plant and equipment, net 305 296 Other assets 11 11 Total assets 1,395 1,231 Liabilities and Stockholders…
  20. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 20
    Condensed Consolidated Statements of Income Year ended Dec. 31, (Thousands of USD) 2013 2012 Revenues 872,372 733,031 Cost and Expenses: Cost of sales 58.9% 513,906 61.6% 451,666 S, G & A expenses 94,806 82,218 Engineering 40,115…
  21. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 21
    Revenue and Backlog 1000 Revenue (mm) 872 800 733 600 543 540 566 601 Consistent revenue and backlog growth 400 through industry 200 cycles 0 2008 2009 2010 2011 2012 2013 2013 revenue totaled 1400 Backlog (mm) 872 million…
  22. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 22
    Superior Margins vs. Peers* EBIT (Operating Income) Margin ** (%) 30.0% 26.4% 24.6% 25.6% 25.0% 21.6% 22.1% 20.0% 15.0% 10.0% 5.0% 0.0% 2009 2010 2011 2012 2013 Dril-Quip Average of Peer Group Superior margins due…
  23. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 23
    2014 Planned Capital Expenditures (Millions of USD) Machinery & equipment 34 Rental tools 19 Land, buildings & improvements 15 Other 7 Total 75
  24. Howard Weil 42nd Annual Energy Conference – Dril-Quip, Inc. – slide 24
    Looking Ahead Continued focus on the growing deepwater offshore sector Continued commitment to Quality, Health, Safety and Environmental Management Systems Increase market share of dry tree and subsea completion systems Continued…

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