Genel Energy Plc · LSE:GENL
Genel Energy — Q3 2024 Earnings Presentation
9 slides from Genel Energy's earnings presentation, Nov 12, 2024
Slide 1: Q3 2024 Trading and operations update
Q3 2024 Trading and operations update 12 November 2024 A socially responsible contributor to the global energy mix
Slide 2: Where are we now, direction of travel
Where are we now, direction of travel Resilient, building towards establishment of a sustainable dividend programme RESILIENT PLATFORM POTENTIAL KURDISTAN ACQUIRE NEW ARBITRATION EXPORTS RESTART PRODUCTION ASSETS --- --- --- --- STRONG BALANCE SHEET Better price and volumes $191 million of cash (aft
Slide 3: Strong balance sheet
Strong balance sheet Significant cash and net cash position maintains resilience and optionality 31 OCTOBER 2024 ($ million) Cash $191 million 191 66 Debt Debt Cash $182m reduction in debt since YE23 125 Significant overdue receivables NET WORKING CAPITAL ($ million) Improved working capital efficie
Slide 4: Another quarter of consistent demand
Another quarter of consistent demand Good track record established since November 2023 GROSS TAWKE PRODUCTION (bopd) Regular liftings from pool of licenced Buyers 90,000 80,000 84,000 42 76,000 80,000 71,000 40 Payments received in advance to 70,000 international bank account 60,000 38 50,000 $36/bb
Slide 5: Q3: Tawke free cash flow covering all costs
Q3: Tawke free cash flow covering all costs Continued focus on profitability and cost optimisation CASH SOURCES & USES Q3 2024 Tawke FCF covers spend ($ million) 391 G&A reduced from H1 20 Low levels of spend on Taq Taq, Somaliland 3 Interest income covers accelerated interest cost 7 from bond buyba
Slide 6: Update on Iraq-Türkiye Pipeline
Update on Iraq-Türkiye Pipeline Timing of reopening remains uncertain Iraq-Türkiye pipeline suspended since March 2023 FGI considering mechanism to pay KRG a base $16/bbl for KRG barrels Key will be how that figure is then converted into a cash payment to IOCs and on what terms 5
Slide 7: Strategic objective to geographically diversify and acquire new production assets
Strategic objective to geographically diversify and acquire new production assets Build business that supports the establishment of a sustainable dividend programme Cash generative, resilient production or close to production Upside potential Value accretive 6
Slide 8: Forward focus
Forward focus BUILD A BUSINESS WITH RESILIENT DIVERSIFIED CASH FLOWS THAT DELIVERS CONSISTENT VALUE TO SHAREHOLDERS Optimisation of Resumption of cash generation Value accretive Outcome on exports and from business, diversification of Miran and Bina recovery of delivering on key our production Bawi
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