Inpex Corporation · TSE:1605
Inpex — H1 FY2018/03 Earnings Presentation
28 slides from Inpex's earnings presentation, Nov 9, 2017
Slide 1: Financial Results for the Six Months ended September 30, 2017
INPEX CORPORATION Financial Results for the Six Months ended September 30, 2017 November 9, 2017
Slide 2: Agenda
Agenda Corporate Overview Financial Results for the six months ended September 30, 2017 1
Slide 3: Cautionary Statement
Cautionary Statement This presentation includes forward‐looking information that reflects the plans and expectations of the Company. Such forward‐looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves k
Slide 4: Corporate Overview
Corporate Overview Toshiaki Kitamura Representative Director, President & CEO
Slide 5: First-Half FY 2018/03 Financial Results Presentation Highlights
First‐Half FY 2018/03 Financial Results Presentation Highlights ‐ Half‐year Financial Results (Apr.2017 – Sep.2017) • Net sales ¥447.9 billion (15.0% increase YoY) Financial • Net income ¥30.1 billion (91.7% increase YoY) Results and ‐ Financial Forecasts (FY2018/3) Forecasts • Net sales ¥877.0 bill
Slide 6: First-Half FY 2018/03 Corporate Highlights
First‐Half FY 2018/03 Corporate Highlights Continuous Enhancement of E&P Activities Sailed away FLNG facility for Prelude FLNG Project (June) Entered into agreement to extend duration of the PSA for ACG Oil Fields (September) Acquired participating interest in exploration license PL767 in West
Slide 7: Ichthys LNG Project Overview
Ichthys LNG Project Overview Current progress： Commissioning work in progress on the main facilities Production to start up sequentially during the current fiscal year, with product shipments following thereafter Production Plan： Production period: approx. 40 years Approx. 8.9 million t/
Slide 8: Ichthys LNG Project Offshore facilities / Production wells ①
Ichthys LNG Project Offshore facilities / Production wells ① Key milestones (2016~) Milestone Achieved Installation of subsea flow lines completed Installation of subsea production facilities completed CPF sail away CPF mooring FPSO sail away CPF after mooring (Ichthys Field, August 2017)
Slide 9: Ichthys LNG Project Offshore facilities / Production wells ②
Ichthys LNG Project Offshore facilities / Productions wells ② FPSO URF support vessel Normand Reach FPSO under hook‐up and commissioning Flotel for FPSO (Ichthys Field, Oct 2017) Drilling of production wells required for production start‐up completed. Hook‐up between CPF/FPSO and subsea producti
Slide 10: Ichthys LNG Project Onshore facilities ①
Ichthys LNG Project Onshore facilities ① LNG Trains (August 2017) Key Milestones (2016~) Milestone Achieved Construction of product loading jetty completed Construction and delivery of all 230 modules completed Pipelay of gas export pipeline (onshore part) completed / Ready to deliver gas Prod
Slide 11: Ichthys LNG Project Onshore facilities ②
Ichthys LNG Project Onshore facilities ② Operations Complex & Utilities Annex Ground Flares Utilities Inlet Facilities Tank Flares Power Plant 1st Train LPG Tanks To Module 2nd Train LNG Tanks To product Offloading Facility loading Jetty Condensate Tanks Onshore Facilities (August 2017) Constructi
Slide 12: Ichthys LNG Project Exploration Blocks in Vicinity of Ichthys Field
Ichthys LNG Project Exploration Blocks in Vicinity of Ichthys Field WA‐74‐R AC/P36 WA‐343‐P INPEX 50% WA‐56‐R WA‐79‐R Murphy 50% (Mimia, 2008） (Lasseter, 2014) INPEX 60% TOTAL 40% ダーウィン WA‐58‐R WA‐44‐L(Prelude FLNG) Shell 67.5% WA‐57‐R INPEX 17.5% KOGAS 10.0% CPC 5.0% Darwin WA‐274‐P WA‐50‐L / WA‐81
Slide 13: Abadi LNG Project
Abadi LNG Project Abadi Gas Field superimposed on map of Greater Tokyo (image) Location of Masela Block INPEX has been preparing Pre‐FEED work based on an onshore LNG development scheme as a result of constructive discussions with the Indonesian government. The Abadi LNG Project was listed as a
Slide 14: First-Half FY 2018/03 Topics
First‐Half FY 2018/03 Topics Progress of upstream business (First‐half FY 2018/03) ナダ Commonwealth of Australia: Republic of Azerbaijan : Kingdom of Norway: Prelude FLNG Project ACG Oil Fields in Caspian Sea PL767 in Western Barents Sea (Under Development) (In Production) Offshore Norway FLNG faci
Slide 15: Natural Gas Business in Japan and Renewable Energy Initiatives
Natural Gas Business in Japan and Renewable Energy Initiatives Domestic natural gas business Geothermal power generation business Sarulla Geothermal IPP Project In July 2017, agreed on sales contracts with three Indonesia: Sarulla Geothermal additional city gas companies based on Heads of Indepe
Slide 16: Net Production (April - September 2017)
Net Production* (April ‐ September 2017) 600 524 500 5% 481 5% 400 (Thousand BOED) 52% 54% 300 200 5% 9% 100 33% 25% 0 5% 7% Mar. 17 Mar. 18 Japan Asia/Oceania Eurasia Middle East/Africa Americas * The production volume of crude oil and natural gas under the production sharing contracts entered into
Slide 17: Financial Results for the six months ended September 30, 2017
Financial Results for the six months ended September 30, 2017 Masahiro Murayama Director, Senior Managing Executive Officer Senior Vice President, Finance & Accounting
Slide 18: Highlights of the Consolidated Financial Results
Highlights of the Consolidated Financial Results for the six months ended September 30, 2017 Apr. ‐ Sep. ‘16 Apr. ‐ Sep. ‘17 Change %Change Net sales (Billions of yen) 389.6 447.9 58.2 15.0% Crude oil sales 275.8 330.9 55.0 20.0% Natural gas sales (including LPG) 108.0 110.8 2.8 2.6% Others 5.7 6.1
Slide 19: Crude Oil Sales
Crude Oil Sales Apr. ‐ Sep. ‘16 Apr. ‐ Sep. ‘17 Change %Change Net sales (Billions of yen) 275.8 330.9 55.0 20.0% Sales volume (thousand bbl) 59,970 57,530 (2,440) (4.1%) Average unit price of overseas 43.08 51.25 8.17 19.0% production ($/bbl) Average unit price of domestic 32,003 37,780 5,777 18.1%
Slide 20: Natural Gas Sales (excluding LPG)
Natural Gas Sales (excluding LPG) Apr. ‐ Sep. ‘16 Apr. ‐ Sep. ‘17 Change %Change Net sales (Billions of yen) 104.3 108.3 3.9 3.7% Sales volume (million cf) 165,837 151,351 (14,487) (8.7%) Average unit price of overseas 4.83 5.14 0.31 6.4% production ($/thousand cf) Average unit price of domestic sal
Slide 21: Analysis of Net Sales Increase
Analysis of Net Sales Increase (Billions of Yen) 500 Crude Oil (11.1) 58.0 17.1 0.3 450 Natural Gas (including LPG) (6.1) 400 Crude Oil 14.0 Natural Gas (including LPG) 3.0 350 (17.2) 300 Crude Oil 52.1 Natural Gas (including LPG) 5.9 250 447.9 200 389.6 150 100 50 0 Net sales Decrease in Increase i
Slide 22: Statement of Income
Statement of Income (Billions of Yen) Apr. ‐ Sep. ‘16 Apr. ‐ Sep. ‘17 Change %Change Decrease in sales volume : (17.2) Increase in unit price : +58.0 Exchange rate Net sales 389.6 447.9 58.2 15.0% (Depreciation of yen) : +17.1 Others : +0.3 Cost of sales 210.1 222.1 12.0 5.7% Gross profit 179.5 225.
Slide 23: Other Income/Expenses
Other Income/Expenses (Billions of Yen) Apr. ‐ Sep. ‘16 Apr. ‐ Sep. ‘17 Change %Change Other income 16.4 15.6 (0.7) (4.8%) Interest income 5.1 4.0 (1.0) (20.8%) Dividend income 1.3 2.0 0.6 51.8% Equity in earnings of affiliates ‐ 2.1 2.1 ‐ Gain on reversal of allowance for recoverable ‐ 2.7 2.7 ‐ ac
Slide 24: Analysis of Net Income Increase
Analysis of Net Income Increase (Billions of Yen) (億円) 90 80 11.6 17.1 0.3 70 5.3 0.0 58.0 60 (12.0) 50 40 5.3 30.1 30 20 15.7 (54.1) 10 0 (17.2) ‐10 Net income Decrease Increase in Exchange rate Others Increase in Decrease in Decrease Other Increase in Net income Net income attributable in Sales Un
Slide 25: Balance Sheet
Balance Sheet (Billions of yen) Mar. ’17 Sep. ’17 Change %Change Available fund (Billions of yen)* : Current assets 942.9 751.4 (191.4) (20.3%) 546.0 Breakdown Tangible fixed assets 1,928.5 2,045.6 117.1 6.1% • Cash and deposits : 535.2 • Marketable securities : 5.5 Intangible assets 521.2 499.3 (21
Slide 26: Statement of Cash Flows
Statement of Cash Flows (Billions of Yen) Apr. ‐ Sep. ‘16 Apr. ‐ Sep. ‘17 Change %Change Income before income taxes 132.1 195.4 63.2 47.8% Depreciation and amortization 43.2 45.4 2.1 5.0% Recovery of recoverable accounts under production sharing (capital expenditures) 37.2 34.9 (2.2) (6.1%) Recovera
Slide 27: Differences between Consolidated Financial Forecasts and Actual Results
Differences between Consolidated Financial Forecasts and Actual Results for the six months ended September 30, 2017 ‐ Assumptions (August 4, 2017) 1st half (Previous Forecasts) Crude oil price (Brent) (US$/bbl) 50.4 Exchange rate (yen/US$) 110.6 (November 8, 2017) 1st half (Actual Results) Crude oil
Slide 28: Revisions of Financial Forecasts for the year ending March 31, 2018
Revisions of Financial Forecasts for the year ending March 31, 2018 ‐ Assumptions (August 4, 2017) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 50.4 50.0 50.2 Exchange rate (yen/US$) 110.6 110.0 110.3 (November 8, 2017) 1st half 2nd half Full year Crude oil price (Brent) (US$/bbl) 5