Seplat Energy Plc · LSE:SEPL
Seplat Energy — Q2 2024 Earnings Presentation
19 slides from Seplat Energy's earnings presentation, Jul 30, 2024
Slide 1: Seplat Energy 6M 2024 Results
JULY 2024 SEPLAT ENERGY 6M 2024 RESULTS reliable energy, limitless potential
Slide 2: Important Notice: Disclaimer
IMPORTANT NOTICE Disclaimer FORWARD-LOOKING STATEMENTS This presentation may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all o
Slide 3: 6M 2024 Highlights
6M 2024 HIGHLIGHTS ROGER BROWN reliable energy, limitless potential 3 SEPLAT ENERGY PLC 6M 2024 INVESTOR PRESENTATION
Slide 4: 6M 2024 Financial & Operational Highlights
6M 2024 FINANCIAL & OPERATIONAL HIGHLIGHTS Operational and fiscal performance during the first half remained resilient 6M 2024 AV. DAILY PRODUCTION 48,407 BOEPD 5% 2024 GUIDANCE MAINTAINED (6M 2023, 50,805) Q2 2024 CORE DIVIDEND US$3c/share Maintained US$6c/share DECLARED YTD (2Q 2023, US$3c/share)
Slide 5: 6M 2024 Corporate Highlights
6M 2024 CORPORATE HIGHLIGHTS Tangible steps towards delivery of strategic growth ambitions STRATEGIC GROWTH FIRST CLASS GOVERNANCE ANOH GAS PROJECT BOARD & EXECUTIVE MANAGEMENT Presidential Commissioning in May 2024 Appointment of Babs Omotowa as an Spur line reached mechanical completion Inde
Slide 6: Operational Performance
OPERATIONAL PERFORMANCE SAMSON EZUGWORIE reliable energy, limitless potential 6 SEPLAT ENERGY PLC 6M 2024 INVESTOR PRESENTATION
Slide 7: Upstream Operating Performance
UPSTREAM OPERATING PERFORMANCE 2024 YTD Production averaged 48,407 kboepd, YoY decline 4.7% driven by lower gas production Net quarterly production by asset (boepd) Group production data 51,720 49,886 47,758 49,257 47,545 Aggregate WI production settled at 48,407 boepd for 6M 2024 42,907 - Oil pro
Slide 8: Midstream Gas Performance
MIDSTREAM GAS PERFORMANCE ANOH making good progress towards first gas, infrastructure and plant on track Midstream highlights Gas production and revenues Average Gas price achieved YTD $2.95/Mscf (+2.8% YoY) Domestic Gas Delivery Obligation (DGDO) priced at 250 Seplat Gas Revenue 145 136 160 $2.
Slide 9: Capex & Drilling Activity
CAPEX & DRILLING ACTIVITY Drilling activities progressing to plan YTD Capex vs. FY Guide ($m) 6M 2024 Capex 200 184 Total capex $102.4 million 163 170 - $74.9 million on drilling - $26.2 million on engineering and gas projects 104 - $1.3 million on other assets Drilling results Four wells comple
Slide 10: Financial Performance
FINANCIAL PERFORMANCE ELEANOR ADARALEGBE reliable energy, limitless potential 10 SEPLAT ENERGY PLC 6M 2024 INVESTOR PRESENTATION
Slide 11: 6M 2024 Financial Highlights
6M 2024 FINANCIAL HIGHLIGHTS Supportive macro environment continues. Cost discipline improving. Commodity back drop favourable ADJ. REVENUES UNIT OPEX Realised Oil price $85.55/bbl (6M23, $79.54/bbl) $477m(1) $9.7/boe Realised Gas price $2.95/Mscf (6M23, $2.88/Mscf) 2% 2% Key points (6M 2023, $4
Slide 12: 6M 2024 Financial Results
6M 2024 FINANCIAL RESULTS Solid financial performance underpinned by cost savings $ million 6M 2024 6M 2023 Change Notes Realised oil price ($/bbl) $85.55 $79.54 7.6% Upward momentum in crude prices supported realized price during the period Oil revenue 360.4 483.3 (25.4%) Lower oil liftings, pa
Slide 13: 6M 2024 Cash Flow Waterfall
6M 2024 CASH FLOW WATERFALL Several cash drags biased to first half 2024, FCF continue to normalise in 2H 2024 Cash taxes Cash Flow outlook remains strong (weighted to 1H) Cash flow from operations $226m, down YoY largely due to timings of LTIP purchases (to complete in 3Q 24) our crude liftings
Slide 14: Balance Sheet Remains Strong
BALANCE SHEET REMAINS STRONG Low leverage and strong liquidity supports strategy Strong Capital Structure GROSS CASH GROSS DEBT NET DEBT Net Debt $366m, up 20% on YE 2023, down 5% on 3M 2024 $372m(1) $737m(2) $366m Net Debt/LTM EBITDA down to 17% 3% 0.7x from 0.9x at 3M 2024 (YE23, $450m) (YE23,
Slide 15: Outlook & Guidance
OUTLOOK & GUIDANCE ROGER BROWN reliable energy, limitless potential 15 SEPLAT ENERGY PLC 6M 2024 INVESTOR PRESENTATION
Slide 16: 2024 Growth Opportunities
2024 GROWTH OPPORTUNITIES Significant suite of opportunities to materially enhance portfolio scale and diversification while reducing emissions intensity Sapele Gas Acquisition of MPNU ANOH Gas Abiala Sibiri Plant Increase gas, LPG Potential to more than double Seplat Potential to double Seplat Low-
Slide 17: MPNU Transaction Update
MPNU TRANSACTION UPDATE Progressing towards approvals and subsequent completion POSITIVE PROGRESS Withdrawal of court injunction in mid-June enabled resumption of activity to progress the transaction to completion Next Steps: 1. Regulatory approvals 2. Operational readiness 3. Publication of pro
Slide 18: Guidance & Priorities for 2H 2024
GUIDANCE & PRIORITIES FOR 2H 2024 Key guidance items for 2024 maintained Significant strategic growth targeted in 2H24 2024 KEY GUIDANCE ITEMS Progress proposed MPNU acquisition to completion First gas at ANOH to approximately double gas production 2023 6M 2024 2024 First gas at Sapele to acce
Slide 19: Contact Us
CONTACT US Lagos London reliable energy, limitless potential