Slide 1: First Quarter 2010 Results Presentation
The Middle East’s Leading Private Sector Natural Gas Company First Quarter 2010 Results Presentation - 13 May 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 Chief Executive Officer Chief Financial Officer 3
Slide 4: Presentation outline
Quarter 1 2010 – Presentation outline CEO Introduction & Context Financial Results Group Production Average Realized Prices Profit after Tax “Bridge” Capital Expenditure Cash Flow Trade Receivables Analysis – 31.03.10 Key Financial Metrics Quarter 2 – Production Forecast & Price Assumptions Q & A se
Slide 5: Group production
Quarter 1 2010 – Group production Rounded to nearest hundred Production (Boepd) 60,000 50,000 50,000 39,200 40,000 36,800 29,600 30,000 20,000 10,800 10,000 7,200 0 Total DGE (100% WI) PPCL (40% WI) Komombo (50% WI) Includes Gas production of 8,200 Boepd – Q1 Q1 -2010 Q1 2009 2010 (Q1 2009 – 5,500 B
Slide 6: Average realised prices
Quarter 1 2010 – Average realised prices 80 75 71 3.0 70 2.7 2.7 61 60 50 2.0 42 37 39 40 30 1.0 20 10 0 0.0 Condensate LPG (USD/boe) Crude Oil Gas (USD/Mscf) (USD/boe) (USD/bbl) Q1 -2010 Q1 2009 6
Slide 7: Profit After Tax bridge
Quarter 1 2010 – Profit After Tax “bridge” US$ million 40 19 30 20 26 (19) 9 10 (8) 0 -10 (9) -20 Q 1 2009 - Loss Increase in Increase in Increase in Royalty Increase in Q 1 2010 - Profit Revenue - Price Revenue - Quantity & Tax Depreciation Effect Effect 7
Slide 8: Capital expenditure
Quarter 1 2010 – Capital expenditure US$ million 50 41 40 30 29 27 24 20 10 7 1 0 Dana Gas Egypt PPCL - Kurdistan Others Q1 - 2010 Q1 - 2009 8
Slide 9: Cash flow
Quarter 1 2010 – Cash flow US$ million 80 62 60 40 (26) 20 (15) 0 -20 (43) -40 (15) (37) -60 Operating cash Working capital Taxes paid Capital expenditure Financing (net) Net cash flow flow before working movement capital 9
Slide 10: Trade receivables analysis
31 March 2010 – Trade receivables analysis US$ million 100 94 87 80 62 60 44 40 20 4 4 0 Dana Gas Egypt Pearl Petroleum UGTC Q1 2010 Q4 2009 Note: Significant receipts in April & May reduce the total receivables 10
Slide 11: Key financial metrics
Quarter 1 2010 Key financial metrics SALES REVENUES ( 66%): Increase is due to higher production in Egypt and Kurdistan, plus higher realized hydrocarbon prices compared to 1Q 2009. GROSS PROFIT ( 138%): This reflects the higher Sales Revenue, partially offset by higher royalty charges and incre
Slide 12: Quarter 2 production forecast
Quarter 2 production forecast Production (Boepd) Rounded to nearest hundred 60,000 54,000 50,000 50,000 41,000 39,200 40,000 30,000 20,000 13,000 10,800 10,000 0 Total DGE (100% WI) PPCL (40% WI) Komombo (50% WI) Includes Gas Q2 -2010 Q1 2010 12