Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — Q2 2010 Earnings Presentation
17 slides from Dana Gas Pjsc's earnings presentation, Aug 11, 2010
Slide 1: Second Quarter 2010 Results Presentation
The Middle East’s Leading Private Sector Natural Gas Company Second Quarter 2010 Results Presentation – 11th August 2010 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking Forward-looking statements are based on certain statements which may be identified by their use of assumptions and expectations of future events. The words like “plans,” “expects,” “will,” “anticipates,” Company, its subsidiaries and its affiliat
Slide 3: Today's Speakers
Today’s Speakers Ahmed Al Arbeed James Dewar Donald Dorn-Lopez Chief Executive Officer Chief Financial Officer Technical Director 3
Slide 4: Presentation Outline – Second Quarter 2010
Presentation Outline – Second Quarter 2010 CEO Overview Technical Director Egypt Year to Date Drilling Results Production CFO Financial Results - Average Realized Prices - “Underlying” Profit after Tax “Bridge” - Capital Expenditure - Cash Flow - Trade Receivables Analysis - Key Financial Metrics -
Slide 5: CEO Overview – Second Quarter Highlights
CEO Overview – Second Quarter Highlights Second Quarter Production: Increase of 29% compared to Second Quarter 2009. Increase of 7% compared to First Quarter 2010. Increases reflect continuing progress in both Egypt and Kurdistan. 2010 Drilling Results – continued success in Egypt. Technic
Slide 6: Year to Date 2010 Drilling Results – Egypt Exploration
Year to Date 2010 Drilling Results – Egypt Exploration El Panseiya-1 Kafr El Sheik Test rate 10MMscfpd 8-13 Bcf gas `` Ward Delta-1 Kafr El Sheik S. Faraskour Test rate 9.7MMscfpd Lower Abu Madi 4-14 Bcf gas Test rate 16MMscfpd `` 25-39 Bcf gas `` S Abu El Naga At target depth 2010 drilling to end J
Slide 7: Al Baraka 2010 Development Drilling
Al Baraka 2010 Development Drilling AB-5 (Six Hills E) AB-6 (Six Hills F2) 180 bopd (gross) 70 bopd (gross) First prod July 2010 First prod Jun 2010 5 K-1 2 4 7 6 1 3 K-2 AB-4 (Six Hills E) AB-7 (Abu Ballas) 400 bopd (gross) 60 bopd (gross) First prod Jan 2010 First prod Aug 2010 Aswan Dana Gas work
Slide 8: Production – Second Quarter Versus Second Quarter 2009
Production – Second Quarter Versus Second Quarter 2009 Rounded to nearest hundred Production (Boepd) 60,000 53,400 50,000 41,300 41,700 40,000 35,100 30,000 20,000 11,700 10,000 6,200 0 Total Egypt Nile Delta(100% WI) Kurdistan (40% WI) Egypt Komombo (50% WI) Includes Gas production of 9,100 Boepd –
Slide 9: Production – Second Quarter Versus First Quarter 2010
Production – Second Quarter Versus First Quarter 2010 Rounded to nearest hundred Production (Boepd) 60,000 53,400 50,000 50,000 41,700 39,200 40,000 30,000 20,000 10,800 11,700 10,000 0 Total Egypt Nile Delta (100% WI) Kurdistan (40% WI) Egypt Komombo (50% WI) Includes Gas production of 9,100 Boepd
Slide 10: Average Prices - Second Quarter Versus Second Quarter 2009
Average Prices - Second Quarter Versus Second Quarter 2009 80 76 73 3.0 70 2.7 2.7 60 56 53 54 50 2.0 40 35 30 1.0 20 10 0 0.0 Condensate LPG (USD/boe) Crude Oil Gas (USD/Mscf) (USD/boe) (USD/bbl) Q2 -2009 Q2 - 2010 10
Slide 11: Average Prices - Second Quarter Versus First Quarter 2010
Average Prices - Second Quarter Versus First Quarter 2010 80 75 76 71 73 3.0 70 2.7 2.7 61 60 53 50 2.0 40 30 1.0 20 10 0 0.0 Condensate LPG (USD/boe) Crude Oil Gas (USD/Mscf) (USD/boe) (USD/bbl) Q1 -2010 Q2 2010 11
Slide 12: "Underlying" Profit After Tax Bridge – Q2 Versus Q2 2009
“Underlying” Profit After Tax Bridge – Second Quarter Versus Second Quarter 2009 (Before one off items) US$ million 40 18 30 20 (12) 2 13 16 10 (7) 0 (4) -10 *Q 2 2009 - Loss Revenue Increase in Increase in Higher Royalty & Higher Improved Cost ^Q 2 2010 - Profit - Price Revenue - Tax Depreciation o
Slide 13: CAPEX - Second Quarter Versus Second Quarter 2009
CAPEX - Second Quarter Versus Second Quarter 2009 US$ million 40 38 30 24 24 20 15 10 3 1 0 Dana Gas Egypt Kurdistan Others Q2 - 2009 Q2 - 2010 13
Slide 14: Cash Flow – Second Quarter 2010
Cash Flow – Second Quarter 2010 US$ million 120 35 100 80 (17) 67 60 40 (37) (13) 21 20 (14) 0 Operating cash Proceeds from Taxes paid Capital Financing (net) Working capital Net cash flow flow before sale of interest expenditure movement working capital in Komombo 14
Slide 15: Trade Receivables - Second Quarter Versus First Quarter 2010
Trade Receivables - Second Quarter Versus First Quarter 2010 US$ million 200 160 164 150 100 50 0 Dan a Gas Grou p Q1 2010 Q2 2010 Q1 2010 Q2 2010 3% 3% USD 4 Million USD 5 Million 39% USD 62 Million USD 94 Million USD 79 Million USD 80 Million 49% 48% 58% Dana Gas Egypt Kurdistan Others Dana Gas Eg
Slide 16: Key Financial Metrics – Second Quarter 2010
Key Financial Metrics – Second Quarter 2010 SALES REVENUES ( ): 41% increase is due to higher production in Egypt and Kurdistan, plus higher realized hydrocarbon prices compared to 2Q 2009. GROSS PROFIT ( ): 81% increase reflects the higher sales revenue, partially offset by higher royalty charg
Slide 17: Production Forecast – Third Quarter 2010
Production Forecast – Third Quarter 2010 Production (Boepd) Rounded to nearest hundred 60,000 55,200 53,400 50,000 50,000 41,700 42,200 39,200 40,000 30,000 20,000 13,000 10,800 11,700 10,000 0 Total Egypt Nile Delta(100% WI) Kurdistan (40% WI) Egypt Komombo (50% WI) Includes Gas Q1 -2010 Q2 2010 Q3