Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q2 FY2025 Earnings Presentation
33 slides from Hibiscus Petroleum Bhd's earnings presentation, Feb 25, 2025
Slide 1: Q2 FY2025 Results
Q2 FY2025 RESULTS Briefing to Analysts and Fund Managers 25 February 2025
Slide 2: Disclaimer
DISCLAIMER The purpose of this presentation is to provide general information about Hibiscus Petroleum Berhad (the “Company”) to assist potential investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information that a prospective i
Slide 3: Agenda
AGENDA Q2 FY2025 RESULTS GROUP CREATING, MAINTAINING 01 OPERATIONAL & 02 ASSET HIGHLIGHTS 03 & ENHANCING VALUE FINANCIAL INFORMATION 3
Slide 4: Group Operational & Financial Information
GROUP OPERATIONAL & FINANCIAL INFORMATION
Slide 5: Operational Summary
OPERATIONAL SUMMARY Higher production and higher sales Average Realised Prices Average Net Production Rate Total Sales (USD per boe) (boe per day) (boe) Oil and condensate Oil, condensate, and gas Oil, condensate, and gas Q2FY25 77.42 Q1FY25 83.55 Q2FY25 28,138 Q2FY25 2,608,956 Oil, condensate, and
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS - Financial contribution from Brunei’s operations incorporated for the first time - Improved operational performance underpinned better profit margins Revenue (RM mil) EBITDA (RM mil) PAT (RM mil) Margin Margin 31.4% 52.0% 54.7% 15.8% 12.7% 16.5% RM653.2m RM357.4m RM108.1m 37% 8
Slide 7: North Sabah: Still Maintaining Robust EBITDA Margins
STILL MAINTAINING ROBUST EBITDA MARGINS • Proven track record in navigating downturns • Operational control over assets gives us flexibility to adapt expenditures PM3 CAA NORTH SABAH KINABALU 70 100% 120 100% 140 100% 90% 90% 90% 60 65 100 112 120 62 80% 80% 121 80% 58 98 118 50 97 94 95 100 53 54 7
Slide 8: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (in RM million unless stated otherwise) As at 31 Dec 2024 As at 30 Sep 2024 As at 30 Jun 2024 A Total assets 7,666.8 5,823.9 6,604.3 B Shareholders’ funds 2,995.2 2,741.2 3,100.4 Cash and bank balances 734.7 1,057.9 962.4 Unrestricted cash 430.3 729.8 610.0 C Total debt (417
Slide 9: Asset Highlights
ASSET HIGHLIGHTS
Slide 10: Brunei
HIGHLIGHTS ON BRUNEI
Slide 11: Brunei – Executive Summary
HIGHLIGHTS ON BRUNEI – EXECUTIVE SUMMARY WHERE WE ARE TODAY • Building on the 25-year LTI¹ Free milestone, ISO14001 certified, maintaining good HSE performance with zero LTIF and TRIR² • Zero Tier 1 and Tier 2 Process Safety Event • Seamless transition from TotalEnergies to Hibiscus at closing date
Slide 12: Brunei – Operations
HIGHLIGHTS ON BRUNEI – OPERATIONS Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Cond. (no offtake in the quarter) Q2FY25 6,993 boe/day USD7.90 Gas 2,774 MMscf @ USD4.65/Mscf OPERATIONAL COMMENTARIES RECENT DEVELOPMENTS • Average production rate lower than forecast due to the • LP
Slide 13: Brunei – Financials
HIGHLIGHTS ON BRUNEI – FINANCIALS Note: Q2 FY25 covers the financial period from 14 October 2024 to 31 December 2024. The acquisition of TotalEnergies EP Brunei was completed on 14 October 2024. (in RM million unless stated otherwise) Q2 FY25 Gas sales = 2,744 MMscf sold Total gas sold (MMscf) 2,774
Slide 14: Hibiscus Malaysia
HIGHLIGHTS ON HIBISCUS MALAYSIA
Slide 15: Kinabalu – Operational
HIGHLIGHTS ON KINABALU – OPERATIONAL Higher production cost and higher net production Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Q2FY25 Oil 304,528 bbls @ USD82.56/bbl 2,443 bbl/day USD41.10 Q1FY25 Oil (no offtake in the quarter) 2,371 bbl/day USD32.42 OPERATIONAL COMMENTARIES
Slide 16: PM3 CAA – Operational
HIGHLIGHTS ON PM3 CAA – OPERATIONAL Higher net production and lower average OPEX/boe Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Oil 620,071 bbls @ USD75.34/bbl Q2FY25 11,881 boe/day USD22.35 Gas 4,619 MMscf @ USD5.46/Mscf Oil 300,512 bbls @ USD85.54/bbl Q1FY25 10,372 boe/day U
Slide 17: North Sabah – Operational
HIGHLIGHTS ON NORTH SABAH – OPERATIONAL Lower production cost and higher net production Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Q2FY25 Oil 306,085 bbls @ USD77.80/bbl 4,882 bbl/day USD29.52 Q1FY25 Oil 613,133 bbls @ USD83.87/bbl 4,341 bbl/day USD38.93 OPERATIONAL COMMENTARI
Slide 18: UK
HIGHLIGHTS ON UK
Slide 19: United Kingdom – Operational
HIGHLIGHTS ON UNITED KINGDOM – OPERATIONAL Higher production and lower average OPEX/boe Average Net Net OPEX / Offtake Volume x Price Production Rate bbl Oil 133,893 bbls @ USD74.50/bbl Q2FY25 1,819 boe/day USD30.84 Gas 73 MMscf @ USD12.38 – 19.98/Mscf Oil 102,987 bbls @ USD75.85/bbl Q1FY25 1,048 bo
Slide 20: Creating, Maintaining & Enhancing Value
CREATING, MAINTAINING & ENHANCING VALUE
Slide 21: FY2025 Guidance Snapshot
FY2025 GUIDANCE SNAPSHOT On track to fulfill FY2025 guidance MINIMUM DIVIDEND GUIDANCE SALES OF OIL, CONDENSATE, & GAS • ~5% - 6% dividend yield based on share price as of 24 February 2025 • On track to meet FY2025 minimum dividend guidance of 8.0 ▲17% sen/share (USD70/bbl) - 10.0 sen/share (USD80/b
Slide 22: Key Messages
KEY MESSAGES CREATING VALUE + Record high quarterly net production of 28,138 boe/day, 35% higher than FY2024 + Sales volume of 2.6 MMboe (1.4MMbbl of oil and condensate and 1.2MMboe of gas) resulted in revenue of RM653.2 million + Delivered a normalised EBITDA of RM489.7 million, a normalised PAT of
Slide 23: Thank You
THANK YOU For more information, please contact faq@hibiscuspetroleum.com
Slide 24: Appendices
APPENDICES ws
Slide 25: Kinabalu – Financial
HIGHLIGHTS ON KINABALU – FINANCIAL Gross production rate of 6,003 bbl/day in Q2 FY25 was lower as compared to 6,202 bbl/day in Q1 FY25, due to shut-in of wells to facilitate the installation of (in RM million unless stated otherwise) Q2 FY25 Q1 FY25 Q-o-Q electrical submersible pumps. The higher ave
Slide 26: PM3 CAA – Financial
HIGHLIGHTS ON PM3 CAA – FINANCIAL (in RM million unless stated otherwise) Q2 FY25 Q1 FY25 Q-o-Q Total oil sold (bbls) 620,071 300,512 +106.3% Higher production rate in Q2 FY25 was mainly due to sustained performance Average realised oil price (USD / bbl) 75.34 85.54 -11.9% from the H4 reservoirs and
Slide 27: North Sabah – Financial
HIGHLIGHTS ON NORTH SABAH – FINANCIAL (in RM million unless stated otherwise) Q2 FY25 Q1 FY25 Q-o-Q Higher production rate in Q2 FY25 was mainly due to improved performance Total oil sold (bbls) 306,085 613,133 -50.1% from the St Joseph field and incremental production from the South Furious 30 Aver
Slide 28: United Kingdom – Financial
HIGHLIGHTS ON UNITED KINGDOM – FINANCIAL (in RM million unless stated otherwise) Q2 FY25 Q1 FY25 Q-o-Q Total oil sold (bbls) 133,893 102,987 +30.0% Average realised oil price (USD / bbl) 74.50 75.85 -1.8% Higher OPEX/boe in Q1 FY25 mainly caused by a 38 days planned 2024 Offshore Total gas sold (MMs
Slide 29: Q2 FY25 Operational Highlights
Q2 FY25 OPERATIONAL HIGHLIGHTS Block 46 Cai PM3 CAA North Sabah Kinabalu Block B MLJ Anasuria Cluster Total or Average Nuoc Average uptime % 97 92 85 90 78 97 - Average gross oil & condensate bbl/day 19,175 13,193 6,003 2,695 5,026 280 46,372 production Average net oil & condensate bbl/day 3,413 4,8
Slide 30: Q2 FY25 Profit or Loss (by Segment)
Q2 FY25 PROFIT OR LOSS (BY SEGMENT) Peninsular Malaysia Sabah Malaysia United Total RM'000 PM305 and North Brunei Vietnam Others1 PM3 CAA PKNB PM327 Subtotal Kinabalu Subtotal Kingdom (HPB Group) PM314 Sabah Revenue 306,580 - - - 306,580 102,327 110,405 212,732 81,205 49,303 - 3,356 653,176 Cost Of
Slide 31: Offtake Schedule
OFFTAKE SCHEDULE Sold a total of 2.6 MMboe of oil, condensate and gas in Q2 FY2025, expected to sell 9.1 MMboe in FY2025 Total oil, condensate and gas sales volume (boe) Latest Estimate – Q3 FY2025 Latest Estimate – Q4 FY2025 Latest Actual – Q1 & Estimate – Q2 FY2025 Jan 25 A Feb 25 F Mar 25 F Total
Slide 32: Estimated Capex for FY2025 & FY2026
ESTIMATED CAPEX FOR FY2025 & FY2026 Funded through current cash balances, operating cashflows and existing debt facilities CAPEX (USD m) Asset Key Highlights FY2025 FY2026 UK: Teal West Teal West Development 88 29 Malaysia-Vietnam: PM3 CAA Bunga Aster Appraisal Well + Exploration Wells 47 40 Malaysi
Slide 33: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Guiding principles assuming USD70 bbl Brent, selective and disciplined deployment CASHFLOW WATERFALL KEY PRINCIPLES CONTROL LEVERS Priority Spend Investment Criteria 1 Debt Servicing Target Criteria Funding Work program & 2 Minimum Annual Dividend IRR ≥ 15% Internal cash
Hibiscus Petroleum Berhad — Q2 FY2025 Earnings Presentation on 6ix