Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — FY2023 Earnings Presentation
21 slides from Dana Gas Pjsc's earnings presentation, Feb 8, 2024
Slide 1: FY 2023 – Financial Results
FY 2023 – FINANCIAL RESULTS 8 February 2024 CLEAN ENERGY FOR THE FUTURE
Slide 2: Contents
CONTENTS I. Headlines II. Operational Performance III. Financial Update IV. Summary 2
Slide 3: Disclaimer
DISCLAIMER This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections abo
Slide 4: Headlines
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Slide 5: Snapshot – FY 2023
SNAPSHOT – FY 2023 OPERATIONS FINANCIALS ▪ Group’s existing operations continued uninterrupted. Gas production ▪ FY 2023 Net Profit of $160mm – 12% decline due to lower realized increased to record levels in November (520 MMSCF) prices and additional discount on local condensate sales in the KRI ▪ F
Slide 6: Operational Performance
© jc d_ila DANAGAS OPERATIONAL PERFORMANCE
Slide 7: KRI: Energising the Country
KRI: ENERGISING THE COUNTRY OPERATIONS ▪ Production operations continued as normal, and the Company continues to play an important role in enabling regional power generation despite challenging conditions ▪ Produced 36,900 boepd (Net) in 2023 (164 MMscf of gas; 5,345 bbl/d of condensate and 360 MTPD
Slide 8: Egypt: Operations Overview
EGYPT: OPERATIONS OVERVIEW OPERATIONS ▪ Produced 21,800 boepd during full year 2023 (106 MMscf of gas; 2,182 bbl/d of condensate and 173 MTPD of LPG); 16% drop compared to full year 2022 as a result of natural field declines ▪ The decline is lower than the 20-30% production decrease that is expected
Slide 9: Production (boepd)
PRODUCTION (BOEPD) AVERAGE PRODUCTION FY 2022 VS FY 2023 (KBOE/D) AVERAGE PRODUCTION Q4 2022 VS Q4 2023 (KBOE/D) 60.2 58.6 55.7 58.7 7.86 7.52 7.6 7.1 34.2 36.9 34.0 36.1 26.0 24.6 5.1 5.34 21.8 5.2 2.76 45.5 45.0 5.0 19.5 2.18 2.6 44.3 42.4 24.7 20.8 27.3 1.9 17.7 24.5 26.5 19.8 15.8 KRI Egypt Grou
Slide 10: Realized Prices (USD/boe)
REALIZED PRICES ( USD/BOE) AVERAGE REALIZED PRICE - CONDENSATE (USD/BBL) AVERAGE REALIZED PRICE - LPG (USD/BOE) FY 2022 FY 2023 FY 2022 FY 2023 $101 $101 $93 $83 $83 $79 $72 $74 $71 $51 $50 $41 $42 $35 $28 $28 Brent Dana Gas KRI Egypt Brent Dana Gas KRI Egypt BOE Conversion Factors: Gas (6 MMscf = 1
Slide 11: Financial Update
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Slide 12: Revenue Highlights
REVENUE HIGHLIGHTS YEARLY REVENUE BREAKDOWN ($MM) QUARTERLY REVENUE BREAKDOWN ($MM) 525 113 100 419 96 21 81 20 255 270 225 60 218 201 140 53 45 49 47 31 45 55 10 44 37 11 12 8 92 20 133 80 60 15 25 16 200 198 47 45 123 94 104 30 21 24 77 17 KRI Egypt Total KRI Egypt Total KRI Egypt Total KRI Egypt
Slide 13: Profit Highlights
PROFIT HIGHLIGHTS GROSS PROFIT ($MM) NET PROFIT ($MM) 350 332 2022 2023 200 182 2022 2023 300 160 249 257 150 250 200 190 100 150 91 100 50 34 47 56 21 50 37 0 0 FY - Gross Profit Q4 - Gross profit FY-EBITDA Q4 - EBITDA FY Q4 13
Slide 14: G&A / Opex Highlights
G&A / OPEX HIGHLIGHTS G&A / OPEX ($MM) G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 60 60 55 55 57 53 ▪ Company OPEX and G&A costs remain 3.00 extremely competitive on an industry wide 2.65 2.59 2.28 2.38 2.47 basis 40 ▪ OPEX and G&A down 7% and 8% 2.00 respectively; reflecting the Company’s success in
Slide 15: Capex Highlights
CAPEX HIGHLIGHTS CAPEX ($MM) ▪ Total $146mm vs $138mm ▪ $22mm in Egypt and $124mm in the KRI 138 146 ▪ Limited CAPEX in Egypt amid finalisation of 126 concession consolidation ▪ Plans to invest $80-$100 mm in Egypt in the 56 coming two years 2020 2021 2022 2023 15
Slide 16: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES DEBT AND CASH BALANCE ($MM) 800 723 ▪ $131mm cash balance vs. $151mm FY2022; 700 ▪ $114mm of cash balance held at Pearl Petroleum 600 608 ▪ Cash Dividend of $86mm (4.5 fils per share) 500 456 414 paid in May 2023 as final dividend for 2022 425 400 407 300 252 199 2
Slide 17: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES BILLINGS AND COLLECTIONS ($MM) ▪ Collected $238mm in FY 2023 ▪ $180mm, Company’s share of Pearl’s collections in the KRI (82% collection realization) ▪ Company’s share of KRI trade receivables stands at $103mm ▪ Company didn’t receive any dividends from Pearl in 20
Slide 18: Summary
© jc d_ila DANAGAS SUMMARY
Slide 19: Summary
SUMMARY ▪ RESILIENT OPERATIONAL AND FINANCIAL RESULTS DESPITE DIFFICULT MACRO ENVIRONMENT ➢ $160mm net profit highlights success in increasing production to record levels in KRI; supported by a 7% reduction in operating costs as bottom-line declined amid drop in energy prices ➢ New payment mechanism
Slide 20: Reach Us
REACH US: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : mohammed.mubaideen@danagas.com Direct : +971 6 519 4401 20
Slide 21: Realized Prices (USD/boe)
REALIZED PRICES ( USD/BOE) AVERAGE REALIZED PRICE - CONDENSATE (USD/BBL) AVERAGE REALIZED PRICE - LPG (USD/BOE) Q4 2022 Q4 2023 FY 2022 FY 2023 Q4 2022 Q4 2023 FY 2022 FY 2023 $101 $101 $93 $89 $89 $84 $83 $81 $84 $83 $79 $76 $72 $74 $71 $65 $57 $51 $52 $50 $50 $45 $42 $41 $34 $36 $35 $35 $27 $28 $2