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2014 Results and Outlook – Genel Energy

Genel Energy · Mar 5, 2015 · 22 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. 2014 Results and Outlook – Genel Energy – slide 1
    5 March 2015
  2. 2014 Results and Outlook – Genel Energy – slide 2
    Expectation Delivery 60-70,000 boepd production guidance (Jan-14) 2014 production of 69,400 boepd, 58% increase YoY 500-600 million revenue guidance (Jan-14) 2015 revenues of 520 million, 49% increase YoY Pipeline becomes…
  3. 2014 Results and Outlook – Genel Energy – slide 3
    KRI operations remain safe and secure KRG establishes independent oil export route During 2014, more than 40 cargoes of KRI export crude were lifted from Ceyhan, establishing a track record of unimpeded sales Access to…
  4. 2014 Results and Outlook – Genel Energy – slide 4
    Tank Farm = 9.5 mmbbls capacity Allocated to KRI = 2.5 mmbbls capacity 40 pipeline with 700,000 bopd capacity Tawke field, 250,000 bopd of pipeline capacity 375,000 bopd capacity pipeline to expand to 700,000 bopd by Q2 2015…
  5. 2014 Results and Outlook – Genel Energy – slide 5
    1000 800 600 kboepd 500 500 400 700 800 250 450 450 500 200 185 0 Average YE-14 End Q2-15E 2014 Q1-15E Pipeline exports Pipeline capacity SIGNIFICANT RAMP UP IN IRAQ PIPELINE EXPORTS IN 2015 Note:…
  6. 2014 Results and Outlook – Genel Energy – slide 6
    Northern Iraq as % of Iraq 7% 14% 16% 16% 20% 22% exports 4.0 3.4 3.5 3.2 3.1 3.0 2.8 2.7 2.6 2.5 mboepd 2.0 2.8 2.8 2.5 2.4 2.3 1.5 2.5 1.0 0.5 0.7 0.7 0.5 0.5 0.5 0.2 0.0 Average YE-14 Jan-15 Feb-15 2015E…
  7. 2014 Results and Outlook – Genel Energy – slide 7
    Taq Taq Tawke Gross average production of 103,000 bopd in 2014 Gross average production of 91,000 bopd in 2014 YE 2014 surface processing capacity at 135,000 bopd, after Processing capacity to increase to 200,000 bopd in the early…
  8. 2014 Results and Outlook – Genel Energy – slide 8
    Net to Genel, production growth in 2014 50% YoY Mid-point of 2015 guidance reflects another 40% growth YoY Gross Taq Taq production (kbopd) Gross Tawke production (kbopd) 200 150 150 103 91 76 77 66 52 45 39 33…
  9. 2014 Results and Outlook – Genel Energy – slide 9
    To cover transition to regular payments for exports, KRG has implemented a temporary domestic market sales channel Gross revenues from Taq Taq (ex Bazian) and Tawke domestic sales split 50:50 between contractor/KRG KRI domestic…
  10. 2014 Results and Outlook – Genel Energy – slide 10
    Landmark agreement with KRG for new Bina Bawi and Miran commercial structure Miran and Bina Bawi developments to be combined Responsibilities of Genel will be drilling of the gas wells reservoir management installation of…
  11. 2014 Results and Outlook – Genel Energy – slide 11
    Turkish gas market High-growth 8% consumption CAGR over 2003-13, Europe flat in aggregate(1) Binding Gas Sales Agreement in 2013 KRI exports to Turkey in 2018 starting at 4 bcma, ramping up to 10 bcma in 2020 Diversification of…
  12. 2014 Results and Outlook – Genel Energy – slide 12
    Reserves and resources on completion of gas deal* Total KRI: 1,016 mmboe Unrisked Prospective Resources -772 mmboe (19%) Total Africa: 2,347 mmboe 3,363 mmboe Africa resources update following 2014 exploration campaign Miran: 754…
  13. 2014 Results and Outlook – Genel Energy – slide 13
    KRI Further activity to be shaped by oil price outlook/export payment evolution Peshkabir-2 likely in 2016 Africa Exited Malta Exiting Angola Stop and evaluate Morocco Ethiopia first well in 2016 Somaliland commence…
  14. 2014 Results and Outlook – Genel Energy – slide 14
    2014 revenue of 520 million, an increase of 49% on 2013 Function of production volumes (+58% year-on-year), higher realisations (+11%) 2015 guidance(1) of 350-400 million at a Brent price of 50/bbl 2014 EBITDAX of 411 million, an…
  15. 2014 Results and Outlook – Genel Energy – slide 15
    million FY 2014 FY 2013 YoY Significant production growth Increased volumes due to exports via KRI-Turkey pipeline, Average production (kbbl/d) 69 44 58% trucked exports and strong domestic demand Price realisations averaged 73/bbl…
  16. 2014 Results and Outlook – Genel Energy – slide 16
    58% 235m trade receivable build increase since moving to accruals YoY and prepayments 1,200 45m reflects amounts owed 415 280 by partners 1,000 500m senior unsecured 335 bonds due 2019, priced at 7.5% in May 2014 800 232…
  17. 2014 Results and Outlook – Genel Energy – slide 17
    2014 capex of 677 million 677m 482 million on exploration 195 million on development 2015 guidance of 200-250 million Completion of CPF 2 and testing of Taq Taq- 23 and Taq Taq-24 Temporary processing facility and permanent…
  18. 2014 Results and Outlook – Genel Energy – slide 18
    Existing debt 500 million 7.5% senior unsecured bond with 2019 maturity Significant headroom on covenants Balance sheet can support further debt capacity at current oil prices At end-2014, net receivable in respect of unpaid KRI…
  19. 2014 Results and Outlook – Genel Energy – slide 19
    New era of co-operation between the KRG and GoI characterised by interim oil deal 2015 Iraq budget passed, KRG budget allocation to recommence Expect further payments for exports during 2015 Export pipeline capacity not a constraint…
  20. 2014 Results and Outlook – Genel Energy – slide 20
    90-100,000 bopd production guidance 350-400 million revenue guidance (at 50/bbl Brent) Establishment of KRI pipeline export route and normalisation of payments Expect momentum to build in the KRI gas business Maintain…
  21. 2014 Results and Outlook – Genel Energy – slide 21
    Significant near-term production growth from Taq Taq and Tawke Low-cost structure and oil price breakevens at both fields Confident that KRI payments will normalise Domestic market provides security over near-term cash flows…
  22. 2014 Results and Outlook – Genel Energy – slide 22
    Phil Corbett Head of Investor Relations +44 20 7659 5119 investor.relationsgenelenergy.com www.genelenergy.com

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