Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — Dana Gas — Q1 2013 Earnings Presentation
24 slides from Dana Gas Pjsc's earnings presentation, May 2013
Slide 1: 2013 Quarter 1 Results Presentation
The Middle East’s Leading Private Sector Natural Gas Company 2013 Quarter 1 Results Presentation May 2013 www.danagas.com 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: Presentation Outline – First Quarter 2013
Presentation Outline – First Quarter 2013 Performance Highlights Financial Performance – Average Realized Prices – Net Profit – Trade Receivables Analysis Business Performance – Egypt – Kurdistan Summary www.danagas.com 3
Slide 4: Performance Highlights
Performance Highlights Production up at 61,200 BOEPD, up 3% on Q-o-Q basis; marginal decline (3%) on Y-o-Y basis – Further upside in Egypt as newly discovered wells and compression facilities are being brought on stream – LPG production in Kurdistan expected to recommence in 2Q 2013 following repa
Slide 5: Financial Performance
Financial Performance www.danagas.com 5
Slide 6: Financial Highlights
Financial Highlights Q1 – 2013 Q1 – 2012 Change %age Gross Revenue 152 191 (20) Net Profit 66 56 18 EBITDAX 88 125 (30) EPS (AED fils) 3.7 3.1 19 www.danagas.com 6
Slide 7: Profit After Tax Bridge – Q1 2013 Vs Q1 2012
Profit After Tax Bridge – Q1 2013 Vs Q1 2012 80 70 1 2 6 60 4 50 9 40 38 30 66 30 56 20 4 4 10 0 Q1 2012 Profit Revenue - Price Revenue - Royalty & Tax COS and DD&A Investment & Finance cost Provision for Change in Share of loss of Q1 2013 Profit effect Quantity effect Finance income impairment & f.
Slide 8: Production – Q1 2013 Vs Q1 2012
Production – Q1 2013 Vs Q1 2012 Production (Boepd) Rounded to nearest hundred 70,000 61,400 63,000 60,000 50,000 40,000 33,700 34,500 30,000 27,700 28,500 20,000 10,000 0 Total Egypt Kurdistan (40% WI) Includes Gas production of 21,900 Boepd (1Q Q1 2013 Q1 2012 12 – 20,000 Boepd) www.danagas.com 8
Slide 9: Production – Q1 2013 Vs Q4 2012
Production – Q1 2013 Vs Q4 2012 Production (Boepd) Rounded to nearest hundred 70,000 61,400 59,700 60,000 50,000 40,000 33,700 32,800 30,000 27,700 26,800 20,000 10,000 0 Total Egypt Nile Kurdistan (40% WI) Egypt Komombo (50% WI) Includes Gas production of 21,900 Boepd (4Q Q1 2013 Q4 2012 12 – 21,20
Slide 10: Average Prices – Q1 2013 Vs Q1 2012
Average Prices – Q1 2013 Vs Q1 2012 140 3.0 120 116 115 2.7 2.7 110 109 100 87 74 2.0 80 60 40 1.0 20 0 0.0 Condensate LPG Crude Oil Gas (USD/Mscf) (USD/boe) (USD/boe) (USD/bbl) Q1 2013 Q1 2012 www.danagas.com 10
Slide 11: Average Prices – Q1 2013 Versus Q4 2012
Average Prices – Q1 2013 Versus Q4 2012 120 3.0 110108 109 2.7 2.7 106 100 83 2.0 80 74 60 1.0 40 20 0.0 0 Gas (USD/Mscf) Condensate LPG Crude Oil (USD/boe) (USD/boe) (USD/bbl) Q1 2013 Q4 -2012 www.danagas.com 11
Slide 12: Trade Receivables – As of March 2013
Trade Receivables – As of 31 March 2013 (all figures in US$ ‘mm) 400 380 354 300 236 236 200 100 9 9 0 Dana Gas Egypt PPCL UGTC Q1 2013 Q4 2012 www.danagas.com 12
Slide 13: Billing & Collection – As of March 2013
Billing & Collection – As of March 2013 (all figures in US$ ‘mm) Dana Gas Egypt Pearl Petroleum (40%) 95% 55% 300 180 171 163 258 160 250 140 200 120 US$ Million US$ Million 100 150 143 80 100% 60 100 56% 41 41 57 40 50 32 20 0 0 YTD 2013 2012 YTD 2013 2012 Billing Collection Billing Collection Note
Slide 14: Business Performance - Egypt
Business Performance - Egypt www.danagas.com 14
Slide 15: Egypt Business Environment
Egypt Business Environment Egypt Government announced a new licensing policy for future oil and gas exploration contracts that will allow Egypt to obtain a bigger share of the production. The new policy will not impact the 8 oil and gas exploration licenses in the Mediterranean Sea that Egypt awar
Slide 16: Egypt: Q1 2013 Results
Egypt: Q1 2013 Results Discoveries: Begonia -1 potential under evaluation; full interpretation of testing results expected to be completed by Q2 2013 New Development Leases: - Sama Amendment (West Sama) - El Basant Amendment (Allium) - Balsam New Fields on Stream: - Allium (West Manzala) - South Abu
Slide 17: EBGDCO: Q1 2013 Results
EBGDCO: Q1 2013 Results Production: Gas plant throughput started averaged 75 MMSCFD until February 2013 since when it is averaging 85-90 MMSCFD Extensive communication with the Ministry and EGPC ongoing to achieve the contracted flow rate through increasing gas supply Exploratory discussions with ga
Slide 18: Business Performance – Kurdistan, Iraq
Business Performance – Kurdistan, Iraq www.danagas.com 18
Slide 19: Kurdistan, Iraq: Q1 2013 Results
Kurdistan, Iraq: Q1 2013 Results Pearl Petroleum Company Ltd ownership: Dana Gas 40% Q1 2013 RESULTS & PLANS Crescent Petroleum 40% OMV 10% MOL 10% Production via: • Early Production Facility • Train 1 & 2 Gas production 320 – 330 MMscfpd and 14,500 bpd condensate (gross). Currently meeting
Slide 20: UAE Project
UAE Project www.danagas.com 20
Slide 21: Sharjah Western Offshore Concession
Sharjah Western Offshore Concession Zora Gas Field discovered in 1979 Development Plan of $140 million includes: • Install platform and 25km flow-line • Gas processing plant onshore • Re-entry of existing wells and/or drilling of one well • Initial flow rate of 40 MMscfpd Field to be developed using
Slide 22: Summary
Summary www.danagas.com 22
Slide 23: Summary
Summary Upside in production as new discoveries and compression facilities come on stream in Egypt Significant enhancement in price realization going forward: – LPG production comes back on stream in Kurdistan, Iraq – Increase in gas throughput to improve capacity utilization in Egypt Building
Slide 24: Thank You
Thank You www.danagas.com 24