Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — Q1 2024 Earnings Presentation
20 slides from Dana Gas PJSC's earnings presentation, May 9, 2024
Slide 1: Q1 2024 – Financial Results
Q1 2024 – FINANCIAL RESULTS 9 MAY 2024 CLEAN ENERGY FOR THE FUTURE
Slide 2: Contents
CONTENTS I. Headlines II. Operational Performance III. Financial Update IV. Summary 2
Slide 3: Disclaimer
DISCLAIMER This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections abo
Slide 4: Headlines
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Slide 5: Snapshot – Q1 2024
SNAPSHOT – Q1 2024 OPERATIONS FINANCIALS ▪ Group’s existing operations continued uninterrupted throughout Q1. ▪ Net Profit of $38m – 24% lower compared to Q1 2023 and 12% compared ▪ 26th April drone attack on Khor Mor: Production was immediately to Q4 2023 suspended; since restored to normal levels
Slide 6: Operational Performance
© jc d_ila DANAGAS OPERATIONAL PERFORMANCE
Slide 7: KRI: Energising the Country
KRI: ENERGISING THE COUNTRY OPERATIONS ▪ 26 April – drone attack struck Khor Mor, tragically claiming lives of four contractors, and eight injured. Production immediately stopped but since restored to normal levels (2 May) after actions by respective governments and enhanced security. ▪ Production o
Slide 8: Egypt: Operations Overview
EGYPT: OPERATIONS OVERVIEW OPERATIONS ▪ Produced 18,150 boepd during Q1 2024 (88 MMscf of gas; 1,800 bbl/d of condensate and 140 MTPD of LPG); 25% drop compared to Q1 2023 as a result of natural field declines and absence of meaningful investments. ▪ The decline is within the 20-30% production decre
Slide 9: Production (boepd)
PRODUCTION (BOEPD) AVERAGE PRODUCTION Q1 2023 VS Q1 2024 (KBOE/D) AVERAGE PRODUCTION Q4 2023 VS Q1 2024 (KBOE/D) 55.7 56.7 63.0 56.8 7.1 38.6 7.3 8.35 36.1 38.8 38.6 7.30 5.2 5.5 5.78 24.2 5.50 19.5 18.2 18.2 48.0 43.3 42.4 43.3 2.561 1.9 28.5 28.6 1.80 26.5 28.6 1.8 19.5 14.7 15.8 14.7 KRI Egypt Gr
Slide 10: Realized Prices (USD/boe)
REALIZED PRICES ( USD/BOE) AVERAGE REALIZED PRICE - CONDENSATE (USD/BBL) AVERAGE REALIZED PRICE - LPG (USD/BOE) Q1 2023 Q4 2023 Q1 2024 Q1 2023 Q4 2023 Q1 2024 $81 $84 $83 $81 $84 $83 $73 $76 $75 $59 $60 $52 $50 $52 $45 $44 $39 $34 $34 $35 $35 $29 $28 $29 Brent Dana Gas KRI Egypt Brent Dana Gas KRI
Slide 11: Financial Update
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Slide 12: Revenue Highlights
REVENUE HIGHLIGHTS REVENUE BREAKDOWN ($M) – Q1 2023 VS Q1 2024 REVENUE BREAKDOWN ($M) – Q4 2023 VS Q1 2024 121 23 96 * 96 96 * 19 20 19 64 43 55 57 55 49 12 29 47 31 41 29 12 12 41 12 12 8 26 17 17 7 17 7 12 16 15 12 54 49 45 49 26 28 27 22 21 24 27 22 KRI Egypt Total KRI Egypt Total KRI Egypt Total
Slide 13: Profit Highlights
PROFIT HIGHLIGHTS GROSS PROFIT ($M) NET PROFIT ($M) 100 Q1 2023 Q4 2023 Q1 2024 75 Q1 2023 Q4 2023 Q1 2024 74 75 50 59 61 50 56 38 48 34 50 37 25 25 0 0 Gross profit EBITDA Net Profit 13
Slide 14: G&A / Opex Highlights
G&A / OPEX HIGHLIGHTS G&A / OPEX ($M) G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 20 15 15 2.90 15 14 3.00 ▪ Opex increased due to costs related to 13 2.57 2.49 maintenance, security and staff 12 2.24 2.12 ▪ Company OPEX and G&A costs remain 10 2.00 extremely competitive on an industry wide basis 5 1.
Slide 15: Capex Highlights
CAPEX HIGHLIGHTS CAPEX ($M) 40 ▪ Total $17m vs $40m in Q1 2023 26 23 ▪ $2m in Egypt and $15m in the KRI 17 ▪ Limited CAPEX in Egypt amid finalization of concession consolidation Q1 2021 Q1 2022 Q1 2023 Q1 2024 15
Slide 16: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES DEBT AND CASH BALANCE ($M) 300 ▪ Improvement in Company’s Balance Sheet with 252 lower debt and better cash position 232 250 216 ▪ $140m cash balance vs. $131m FY2022. 199 200 ▪ $116m cash balance held at Pearl Petroleum 163 185 150 151 ▪ As of 31 March 2024, Compa
Slide 17: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES BILLINGS AND COLLECTIONS ($M) ▪ Collected $76m in Q1 2024 ▪ $67m, Company’s share of Pearl’s collections in the KRI Company’s share of KRI trade receivables down to $91m ($103m at YE 2023) ▪ With Pearl resuming dividend payments to its shareholders including Dana G
Slide 18: Summary
© jc d_ila DANAGAS SUMMARY
Slide 19: Summary
SUMMARY ▪ Dana Gas’s Q1 2024 strong financial performance was supported by robust operational performance in the KRI, but results are still impacted by lower realized prices. ▪ Upon completion, the KM250 expansion project will raise the Company’s daily production capacity to 750 MMscf/d, enhancing r
Slide 20: Reach Us
REACH US: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : mohammed.mubaideen@danagas.com Direct : +971 6 519 4401 20