Beach Energy Limited · ASX:BPT
Beach Energy — FY2013 Earnings Presentation
23 slides from Beach Energy's earnings presentation, Aug 27, 2013
Slide 1: FY13 Full Year Results
For personal use only FY13 Full Year Results 27 August 2013 1
Slide 2: Compliance statements
Compliance statements For personal use only Disclaimer This presentation contains forward looking statements that are subject to risk factors associated with oil, gas, geothermal and related businesses. It is believed that the expectations reflected in these statements are reasonable but they may be
Slide 3: FY13 Full year results
For personal use only FY13 Full year results Reg Nelson Managing Director 3
Slide 4: FY13 Overview
FY13 Overview For personal use only Financial • Record underlying net profit after tax (NPAT) of $141 million • Record revenue of $700 million • Operating cash flow of $264 million • Cash balance of $348 million • Full year dividend of 2.75 cps Corporate • Chevron farm-in to PEL 218 and ATP 855 • Or
Slide 5: FY13 Overview (cont….)
FY13 Overview (cont….) For personal use only Operations • Australia’s sixth largest oil producer • Production of 8.0 MMboe, up 7% • Western Flank oil flowlines installed and operational • Nappamerri Trough Natural Gas (NTNG) exploration and appraisal milestones achieved • Prospects and leads generat
Slide 6: Look forward
Look forward For personal use only FY14 expectations • A$ oil to remain strong • Seek to maintain throughput of Western Flank oil flowlines at maximum available capacity • Ongoing NTNG exploration and appraisal phase, transitioning to pilot production • Initiating exploration activity in Bonaparte,
Slide 7: Financials
Financials For personal use only Kathryn Presser Chief Financial Officer 7
Slide 8: FY13 Financial results overview
FY13 Financial results overview For personal use only FY13 FY12 Change Sales volume (MMboe) 9.0 9.0 0% Total revenue ($ million) 700.5 619.3 13% Operating cash flow ($ million) 264.0 218.2 21% NPAT ($ million) 153.7 164.2 (6%) Underlying NPAT ($ million) 140.8 122.1 15% Cash balance ($ million) 347.
Slide 9: Sales revenue up 13%
Sales revenue up 13% For personal use only Increased oil in the sales volumes mix driving record revenue 9
Slide 10: Record underlying NPAT
Record underlying NPAT For personal use only Record FY13 underlying NPAT of Underlying NPAT $141 million $141 million, driven by: $122 • Strong A$ brent oil price million • Increased oil in the sales volume mix • Oil development, exploration and appraisal success • Increased oil transportation capac
Slide 11: Comparison of underlying profit
Comparison of underlying profit For personal use only FY13 FY12 $’000 $’000 NPAT 153,650 164,225 Adjusted for: Unrealised hedging (gains) / losses 404 (3,184) Mark to market of convertible notes derivative 3,091 (21,564) Asset sales (26,563) (11,527) Impairment of assets 3,475 18,111 Gain on acquisi
Slide 12: Key FY13 financial issues
Key FY13 financial issues For personal use only Chevron Farm-in • PEL 218 – Cash received reduced carrying value • ATP 855 – Cash received treated as profit on sale PRRT • Combination certificate received for all Cooper Basin licenses and treated as one project • Delhi acquisition delivers a substan
Slide 13: Sources and uses of funds FY14/FY15
Sources and uses of funds FY14/FY15 For personal use only • $348 million cash on hand (as at FY14/FY15 1600 30 June 2013) Sources and uses of funds* 1400 • Secured $320 million debt facility Undrawn • Increase in final dividend to 2 cents per 1200 facilities and cash share, full year dividend up 22%
Slide 14: Operations
For personal use only Operations Neil Gibbins Chief Operating Officer 14
Slide 15: FY13 Production by area
FY13 Production by area For personal use only Change Area FY13 FY12 % Cooper/Eromanga 3.6 2.8 31% Basins Egypt 0.13 0.02 545% Oil (MMbbl) Williston Basin 0.01 0.02 (45%) Total Oil 3.7 2.8 34% Sales gas and ethane (PJ) Cooper Basin 20.5 23.0 (11%) LPG (ktonne) Cooper Basin 43.8 48.1 (8%) Condensate (
Slide 16: FY13 Operating results
FY13 Operating results For personal use only Actual and forecast production • Production of 8.0 MMboe, up 7% 9.3 MMboe • Production mix: 53% gas and gas to 8.7 MMboe liquids, 47% oil • Oil production up 34% due to: 8.0 MMboe 7.5 MMboe – Development, appraisal and Gas* 6.6 MMboe 4.8 MMboe exploration
Slide 17: FY14 Capital expenditure guidance
FY14 Capital expenditure guidance For personal use only Seismic Reserves additions Capex Wells ($ million) 2D – km 3D – km2 MMboe DEVELOPMENT Cooper Basin – non-SACB JV 60 – 65 10 – 13 – – – Cooper Basin – SACB/SWQ JV 175 – 200 35 – 45 – – – International 10 – 15 6 – – – Total Development 245 – 280
Slide 18: Reserves and contingent resources
Reserves and contingent resources For personal use only 2P: 93 MMboe 2P and 2C: 542 MMboe Gas and gas liquids Unconventional 71 MMboe Gas and gas liquids 2P reserves 319 MMboe 93 MMboe Oil 22 MMbbl Conventional Gas and gas liquids 113 MMboe Oil 17 MMbbl Large reserve and resource base driving produc
Slide 19: New ASX Listing Rules
New ASX Listing Rules For personal use only 1P 2P 3P 2C Oil (MMbbl) 10.4 22.0 42.2 – Gas and gas liquids (MMboe) 30.8 70.7 146.4 – Oil (MMbbl) – – – 17.1 Conventional gas and gas liquids (MMboe) – – – 112.9 Unconventional gas and gas liquids (MMboe) – – – 318.9 Total 41.2 92.7 188.6 448.9 • Enhanced
Slide 20: Key Australian activities
Key Australian activities For personal use only 20
Slide 21: Key international activities
Key international activities For personal use only 21
Slide 22: Nappamerri Trough Natural Gas
Nappamerri Trough Natural Gas For personal use only Note: Timeline subject to third party equipment delivery Transitioning to pilot production phase in FY15 22
Slide 23: Contact Information
Contact Information Head office For personal use only 25 Conyngham Street Glenside SA 5065 Tel: +61 8 8338 2833 Fax: +61 8 8338 2336 Website: www.beachenergy.com.au Chris Jamieson General Manager Investor Relations Tel: +61 8 8338 2833 Mob: +61 8 (0)487 173 244 Email: chris.jamieson@beachenergy.com.