Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q3 FY2025 Earnings Presentation
41 slides from Hibiscus Petroleum Bhd's earnings presentation, May 23, 2025
Slide 1: Q3 FY2025 Results
Q3 FY2025 RESULTS Briefing to Analysts and Fund Managers 23 May 2025
Slide 2: Disclaimer
DISCLAIMER The purpose of this presentation is to provide general information about Hibiscus Petroleum Berhad (the “Company”) to assist potential investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information that a prospective i
Slide 3: Agenda
AGENDA Q3 FY2025 RESULTS KEY HIGHLIGHTS ACTIVATING & ACCELERATING 01 FOR Q3 FY2025 & FY2025 02 FUTURE GROWTH 3
Slide 4: Key Highlights for Q3 FY2025 & FY2025
KEY HIGHLIGHTS FOR Q3 FY2025 & FY2025
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS • Resilient Q-o-Q EBITDA margins • Brunei segment continues to contribute positively to the Group’s results Revenue (RM mil) EBITDA (RM mil) PAT (RM mil) Operating Cashflows (RM mil) Margin Margin 52.0% 53.8% 12.7% -20.2% 7.9% 9M FY2024 620 RM653.2m RM83.3m 9M FY2025 1,513 8% RM
Slide 6: Key Factor Impacting Q3 FY2025 PAT: UK Energy Profits Levy
KEY FACTOR IMPACTING Q3 FY2025 PAT: UK ENERGY PROFITS LEVY One-off non-cash charge which will be fully reversed during the window to which the EPL regime applies One-off non-cash deferred tax liability (DTL) charge relating to the UK’s EPL of RM167.3 million LAT as reported for the Add: Impact from
Slide 7: Maintaining Strong EBITDA Margins
MAINTAINING STRONG EBITDA MARGINS Q3 FY25 EBITDA margins remain robust PM3 CAA NORTH SABAH KINABALU 70 100% 100 100% 140 100% 90% 90 90% No 90% 94 94.8 60 65 90 120 offtake 80% 80 80% 121 80% 84 79 in this 50 78 100 54 70% 70 70% 70% 49 51 52 73 101 quarter 60% 60 60% 60% 40 80 92 50% 50 57 50% 83 5
Slide 8: Maintaining Strong Financial Position
MAINTAINING STRONG FINANCIAL POSITION Substantial total assets, low debt-to-equity ratio, significant unutilised facilities (in RM million unless stated otherwise) As at 31 Mar 2025 As at 31 Dec 2024 As at 30 Sept 2024 As at 30 Jun 2024 UTILISING SHORT TERM FUNDS FOR LONG TERM INVESTMENT Total asset
Slide 9: Year-on-Year Growth in Sales
YEAR-ON-YEAR GROWTH IN SALES On track to fulfill FY2025 guidance Sales Growth From FY2017 – FY2024 Net Oil, Condensate and Gas Sales 7.9 (MMboe) 7.1 4.6 3.8 3.4 Strong growth in sales driven by strategic 2.7 acquisitions and programmes to increase production 1.3 1.5 FY2017 FY2018 FY2019 FY2020 FY202
Slide 10: Creating Sustainable Shareholder Returns
CREATING SUSTAINABLE SHAREHOLDER RETURNS Delivering on dividend targets early in FY25 through effective capital management • ~5% - 7% dividend yield based on share price as of 22 May 2025 Capitalising on undervaluation via • Met FY2025 minimum dividend guidance of 8.0 sen/share (≥USD70/bbl) - 10.0 s
Slide 11: Activating & Accelerating Future Growth
ACTIVATING & ACCELERATING FUTURE GROWTH
Slide 12: Securing Key Catalysts for Future Growth
SECURING KEY CATALYSTS FOR FUTURE GROWTH 20-year PM3 CAA PSC extension and Brunei financing facility unlocks expansion opportunities PM3 CAA PSC 20-YEAR EXTENSION: USD100 MILLION SYNDICATED ISLAMIC FINANCING: CORNERSTONE OF THE PM3 MASTER HUB PLAN CATALYST FOR BRUNEI GROWTH STRATEGY PM3 CAA PSC and
Slide 13: PM3 CAA 20-Year Extension a Key Enabler of the PM3 Hub Master Plan
PM3 CAA 20-YEAR EXTENSION A KEY ENABLER OF THE PM3 HUB MASTER PLAN With a focus on gas, the Hub is well-positioned to take advantage of the expanding regional gas-to-power opportunities PM3 CAA (PRODUCTION) BLOCK 46 CAI NUOC (PRODUCTION) Participating Interest PSC Expiry Year Operated Interest Partn
Slide 14: Enhances Our Reserves Replacement Ratio
ENHANCES OUR RESERVES REPLACEMENT RATIO Continuation of PSC enables monetisation of reserves and undeveloped resources in PM3 CAA Reserves Reserves Replacement Replacement Ratio Ratio: with PM3 Extension: 231% 267% 35.5 2P 12.6 Reserves: 12.6 82.1 Total Net Incremental MMboe Production Net 2P from P
Slide 15: Unlocks Capacity for Value-Accretive Projects
UNLOCKS CAPACITY FOR VALUE-ACCRETIVE PROJECTS Secured longer monetisation window for base reserves, creating capacity for value accretive development projects Bunga Saffron Continuation of PSC enables monetisation of • Discovered gas field reserves and undeveloped resources in PM3 CAA Bunga Yarrow a
Slide 16: Delivering Greater Value with PM3 CAA
DELIVERING GREATER VALUE WITH PM3 CAA With the extension, we are unlocking more value from PM3 CAA 20-YEAR CONTINUATION VALUE TOTAL CONTRIBUTION OF PM3 TO OUR GROUP (FY2022 – FY2024) DRIVERS REVENUE PAT EBITDA PRODUCTION VOLUME ✓ Unlocking of additional 2P reserves and 2C resources for another 20 ye
Slide 17: Our Entry into Brunei Opens Up Future Opportunities
OUR ENTRY INTO BRUNEI OPENS UP FUTURE OPPORTUNITIES Gas producing asset in a well-established oil and gas jurisdiction VALUE CREATION STRATEGIES FOR BLOCK B MLJ 37.5% stake in Block B MLJ Field • Increasing recoverable reserves and resources with the block Stable, long term production profile up to
Slide 18: Building on Our Long-Term Commitment and Presence in Brunei
BUILDING ON OUR LONG-TERM COMMITMENT AND PRESENCE IN BRUNEI USD100 million syndicated Islamic financing secured with BIDB and Baiduri Bank Backed by Bruneian Financial Institutions • Bank Islam Brunei Darussalam Berhad (BIBD):- 59% held by Haji Hassanal Bolkiah (a foundation established by the Sulta
Slide 19: Key Messages
KEY MESSAGES MAINTAINING VALUE + Net production of 26,956 boe/day and sales volume of 2.1 MMboe (0.9MMbbl of oil and condensate and 1.3MMboe of gas) in Q3 FY2025. Expected to sell ~2.7 MMboe in Q4 FY2025 + Operating cashflows of RM1.5 billion for 9M FY2025, 144% higher than 9M FY2024 + Revenue of RM
Slide 20: Thank You
THANK YOU For more information, please contact faq@hibiscuspetroleum.com
Slide 21: Appendices
APPENDICES ws
Slide 22: Appendix I - Group Operational & Financial Information
APPENDIX I - GROUP OPERATIONAL & FINANCIAL INFORMATION
Slide 23: Q3 FY25 Operational Highlights
Q3 FY25 OPERATIONAL HIGHLIGHTS Block 46 Cai PM3 CAA North Sabah Kinabalu Block B MLJ Anasuria Cluster Total or Average Nuoc Average uptime % 95 93 79 97 90 95 - Average gross oil & condensate bbl/day 17,839 13,175 6,904 2,046 5,723 303 45,990 production Average net oil & condensate bbl/day 3,282 4,8
Slide 24: Reserves and Resources
RESERVES AND RESOURCES • 84.9 MMboe of 2P reserves and 132.9 MMboe of 2C resources present opportunity for monetisation • Unlocked 12.6 MMboe of 2P reserves and 13.4 MMboe of 2C resources following 20-year PM3 CAA licence extension Notes: 1 Reserves and resources are as of 1 January 2025. 2 Kinabalu
Slide 25: Offtake Schedule – Q4 FY2025 and Q1 FY2026
OFFTAKE SCHEDULE – Q4 FY2025 AND Q1 FY2026 Sold a total of ~2.1 MMboe of oil, condensate and gas in Q3 FY2025, expected to sell 9.1 MMboe in FY2025 Total oil, condensate and gas sales volume (boe) Latest Estimate – Q4 FY2025 Latest Latest Estimate – Q1 FY2026 Actual – Estimate – 9M FY2025 Apr 25¹ Ma
Slide 26: Q3 FY25 Profit or Loss (by Segment)
Q3 FY25 PROFIT OR LOSS (BY SEGMENT) Peninsular Malaysia Sabah Malaysia Total United RM'000 Brunei Vietnam Others1 PM305 and Kingdom PM3 CAA PKNB PM327 Subtotal North Sabah Kinabalu Subtotal (HPB Group) PM314 Revenue 106,403 - - - 106,403 104,698 106,534 211,232 131,067 64,573 58,416 1,110 572,801 Co
Slide 27: Estimated Capex for FY2025 & FY2026
ESTIMATED CAPEX FOR FY2025 & FY2026 Funded through current cash balances, operating cashflows and existing debt facilities CAPEX (USD m) Asset Key Highlights FY2025 FY2026 UK: Teal West Teal West Development 88 29 Malaysia-Vietnam: PM3 CAA Bunga Aster Appraisal Well + Exploration Wells 47 40 Malaysi
Slide 28: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Guiding principles assuming USD70 bbl Brent, selective and disciplined deployment CASHFLOW WATERFALL KEY PRINCIPLES CONTROL LEVERS Priority Spend Investment Criteria 1 Debt Servicing Target Criteria Funding Work program & 2 Minimum Annual Dividend IRR ≥ 15% Internal cash
Slide 29: Appendix II – Asset Highlights
APPENDIX II – ASSET HIGHLIGHTS
Slide 30: Highlights on Brunei – Operations
HIGHLIGHTS ON BRUNEI – OPERATIONS Average Net Net OPEX / Offtake Volume x Price Production Rate boe Cond. (no offtake in the quarter) Q3FY25 6,921 boe/day USD4.92 Gas 3,323 MMscf @ USD4.39/Mscf Cond. (no offtake in the quarter) Q2FY25 6,993 boe/day USD7.90 Gas 2,774 MMscf @ USD4.65/Mscf OPERATIONAL
Slide 31: Highlights on Brunei – Financials
HIGHLIGHTS ON BRUNEI – FINANCIALS Note: Q2 FY25 covers the financial period from 14 October 2024 to 31 December 2024. The acquisition of TotalEnergies EP Brunei was completed on 14 October 2024. (in RM million unless stated otherwise) Q3 FY25 Q2 FY25 Q-o-Q Higher gas sold in Q3 FY25 as Q2 FY25 cover
Slide 32: Highlights on PM3 CAA – Operational
HIGHLIGHTS ON PM3 CAA – OPERATIONAL Higher net production and lower average OPEX/boe Average Net Net OPEX / Offtake Volume x Price Production Rate boe Oil (no offtake in the quarter) Q23FY25 10,530 boe/day USD15.65 Gas 4,147 MMscf @ USD5.66/Mscf Oil 620,071 bbls @ USD75.34/bbl Q2FY25 11,816 boe/day
Slide 33: Highlights on PM3 CAA – Financials
HIGHLIGHTS ON PM3 CAA – FINANCIALS (in RM million unless stated otherwise) Q3 FY25 Q2 FY25 Q-o-Q Total oil sold (bbls) - 620,071 N/A Average realised oil price (USD / bbl) - 75.34 N/A Lower production rate in Q3 FY25 was mainly due to BOD-27 (Bunga Aster-1) Total gas sold (MMscf) 4,147 4,619 -10.2%
Slide 34: Highlights on North Sabah – Operational
HIGHLIGHTS ON NORTH SABAH – OPERATIONAL Lower production cost and higher net production Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Q3FY25 Oil 289,191 bbls @ USD79.19/bbl 4,875 bbl/day USD18.24 Q2FY25 Oil 306,085 bbls @ USD77.80/bbl 4,884 bbl/day USD29.50 OPERATIONAL COMMENTARI
Slide 35: Highlights on North Sabah – Financials
HIGHLIGHTS ON NORTH SABAH – FINANCIALS (in RM million unless stated otherwise) Q3 FY25 Q2 FY25 Q-o-Q Total oil sold (bbls) 289,191 306,085 -5.5% Production in both quarters are comparable Average realised oil price (USD / bbl) 79.19 77.80 +1.8% Average net production rate (bbl / day) 4,875 4,884 -0.
Slide 36: Highlights on Kinabalu – Operational
HIGHLIGHTS ON KINABALU – OPERATIONAL Higher production cost and higher net production Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Q3FY25 Oil 306,514 bbls @ USD78.44/bbl 2,368 bbl/day USD22.55 Q2FY25 Oil 304,528 bbls @ USD82.56/bbl 2,638 bbl/day USD26.96 OPERATIONAL COMMENTARIES
Slide 37: Highlights on Kinabalu – Financials
HIGHLIGHTS ON KINABALU – FINANCIALS Gross production rate of 6,904 bbl/day in Q3 FY25 was higher as compared (in RM million unless stated otherwise) Q3 FY25 Q2 FY25 Q-o-Q to 6,011 bbl/day in Q2 FY25, due to better wells performance and increased reliability of the facilities as a result of gas lift,
Slide 38: Highlights on Vietnam – Financials
HIGHLIGHTS ON VIETNAM – FINANCIALS (in RM million unless stated otherwise) Q3 FY25 Q2 FY25 Q-o-Q Total oil sold (bbls) 117,889 - N/A Average realised oil price (USD / bbl) 80.55 - N/A Higher average OPEX/bbl in Q3 FY25 mainly due to higher OPEX incurred for Average net oil production rate (bbl / day
Slide 39: Highlights on United Kingdom – Operational
HIGHLIGHTS ON UNITED KINGDOM – OPERATIONAL Higher production and lower average OPEX/boe Average Net Net OPEX / Offtake Volume x Price Production Rate boe Oil 175,377 bbls @ USD74.29/bbl Q3FY25 2,132 boe/day USD32.69 Gas 78 MMscf @ USD13.71 – 17.89/Mscf Oil 133,893 bbls @ USD74.50/bbl Q2FY25 1,819 bo
Slide 40: Highlights on United Kingdom – Financials
HIGHLIGHTS ON UNITED KINGDOM – FINANCIALS Higher production in Q3 FY25. Production in Q2 FY25 was impacted by an oil contamination event upon bringing the gas compression system back online (in RM million unless stated otherwise) Q3 FY25 Q2 FY25 Q-o-Q which had previously been impacted by a leaking
Slide 41: Highlights on United Kingdom – Financials (cont'd)
HIGHLIGHTS ON UNITED KINGDOM – FINANCIALS (cont’d) YTD FY2025 (RM’000) EPL - Recognition of one-off DTL of RM174.5m: Ring fenced Non-ring Q2 FY25 Total RFCT+SC EPL fenced One-off recognition of RM7.3m based on deferred tax liabilities balance as at 1 November 2024, with increase of EPL rate by 3%. I
Hibiscus Petroleum Berhad — Q3 FY2025 Earnings Presentation on 6ix