Japan Petroleum Exploration Co., Ltd. · TSE:1662
Japan Petroleum Exploration — H1 FY2012 Earnings Presentation
29 slides from Japan Petroleum Exploration's earnings presentation, Nov 7, 2011
Slide 1: Presentation of Consolidated financial results for the six months ended September 30, 2011
Note: The following report is an English translation of the Japanese-language original. Presentation of Consolidated financial results for the six months ended September 30, 2011 November 7 , 2011 Japan Petroleum Exploration Co., Ltd. copyright©2011 JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights re
Slide 2: Cautionary statement
Cautionary statement Any information contained herein with respect to JAPEX’s plans, estimates, strategies and other statements that are not historical facts are forward-looking statements about the future performance of JAPEX. Readers should be aware that actual results and events may differ substa
Slide 3: Contents
Contents Ⅰ. Business Overview President Osamu Watanabe Ⅱ. Consolidated financial results for the six months ended September 30, 2011 Executive Vice President Hiroshi Sato Ⅲ. Revised full year forecasts for the fiscal year ending March 31, 2012 Executive Vice President Hiroshi Sato 3
Slide 4: Business Overview
Business Overview President Osamu Watanabe 4
Slide 5: Trends in Crude oil prices and Foreign exchange rates
Business Overview Trends in Crude oil prices and Foreign exchange rates $140 ¥120 $130 $ denominated price $/bbl (left axis) ¥115 $-Denominated JCC Price $/bbl Exchange rate ¥/$ $120 (left axis) ¥110 $/bbl (right axis) $denominated$/bbl $110 ¥105 Exchange rate ¥/$(right axis) $100 ¥100 [Price]$-Deno
Slide 6: Revised estimates for FY2012 (Highlight)
Revised estimates for FY2012 (Highlight) Billion ￥ Billion ￥ FY12 (e) FY11 [ Billion ￥] Initial Revised % change (a) estimate estimate change (vs Initial (May ‘11) (Nov. ‘11) estimate) Net Sales (left axis) Net Sales 199.6 223.4 229.0 5.5 2% Operating income 13.8 11.7 8.3 (3.3) (29%) Ordinary income
Slide 7: Domestic exploration: Result for 1H & Plan for 2H
Business Overview Domestic exploration : Result for 1H & Plan for 2H ●Exploration well : 1 well ●Extension well : 1 well Akeno SK-1D (5,070m) ■Seismic survey : 2 sites Chokaisan-Nanpo 2D(39km) Yoneyama 2D (25km) Katagai I’5 (4,850m) FY2012 Total 1Q 2Q 3Q 4Q Depth 4 5 6 7 8 9 10 11 12 1 2 3 Ex plorat
Slide 8: CAPEX plan for FY2012
Business Overview CAPEX plan for FY2012 Billion ￥ FY12 FY12 [ Billion ￥] FY09 FY10 FY11 Full (e) 2H (a) CAPEX 30.9 28.8 21.9 30.7 8.1 Depreciation and 21.5 23.2 24.5 23.8 11.6 amortization Main items of CAPEX for FY2012 Domestic CAPEX ¥ 12.0 billion ◆Hokkaido LNG receiving terminal for domestic vess
Slide 9: Overseas business: Basic strategy
Business Overview Overseas business : Basic strategy Ensure an appropriate portfolio balance both exploration projects & development projects. Set strategic regions, continue the regions-focused strategy. Seek up-stream & mid-stream LNG projects. Canada -Oil sands development (production & exp
Slide 10: Current status of overseas business ① Canada oil sands
Business Overview Current status of overseas business ① Canada oil sands ■Areas in which JACOS holds interest in oil sands leases Canada Oil Sands Co., Ltd. (CANOS) Project company (86.64% owned by JAPEX ) Japan Canada Oil Sands Ltd. (JACOS) Operator (Local subsidiary, wholly owned by CANOS) Block I
Slide 11: Current status of overseas business ② Iraq
Business Overview Current status of overseas business ② Iraq Garraf development project North Oil PETRONAS Contractors JAPEX Company Development and Production Service Contract (Operator) Contract Type (NOC) Counterparty South Oil Company (SOC) Payment share 60% 40％ - 20 years Contract term Particip
Slide 12: Current status of overseas business ③ Sakhalin 1 Project
Current status of overseas business ③ Sakhalin 1 Project Sakhalin 1 Consortium Interest Exxon Neftegas Ltd. 30% Odoptu Sakhalin Oil and Gas Development Co., Ltd. (SODECO) 30% Minister of Economy, Trade and Industry : 50.00% JAPEX : 14.46% ITOCHU Corp. : 14.46% Marubeni Corp. : 11.68% INPEX : 5.74% I
Slide 13: Current status of overseas business ④ Indonesia: Kangean Block
Business Overview Current status of overseas business ④ Indonesia: Kangean Block Jakarta Kangean Energy Indonesia Ltd. (KEI) Project Surabaya and two other companies. Java Island company (Equity-method affiliates) Pagerungan Utara oil field (Development) West Kangean gas field (Exploration) Kangean
Slide 14: Current status of overseas business ⑤ Indonesia: Ache Block A
Business Overview Current status of overseas business ⑤ Indonesia: Ache Block A Project company Japex Block A Ltd. Interest 16.67% Ache Block A Block (northern Sumatra) Ache Block A Operator Medco Gross Around 100 million cf/d (around 20,000 boe/d in production crude oil equivalent ） Jakarta 2010 Ap
Slide 15: Current status of overseas business ⑥ Indonesia: Buton Block
Business Overview Current status of overseas business ⑥ Indonesia: Buton Block Project company Japex Buton Ltd. Interest 40% Block Buton Block (onshore/offshore block on Buton Island, Southeast Sulawesi) Airborne gravity and magnetic surveys 2008 2D seismic surveys 2009 Selected the exploration well
Slide 16: Consolidated financial results for the six months ended September 30, 2011
Consolidated financial results for the six months ended September 30, 2011 Executive Vice President Hiroshi Sato 16
Slide 17: Actual results for 1H FY2012 (Summary)
Actual results for 1H FY2012 (Summary) Billion ￥ Billion ￥ FY12 1H FY11 Initial [ Billion ￥] % change 1H (a) estimate (May ‘11) (a) (vs Initial estimate) (e) Net Sales 92.3 101.2 104.5 3% Net Sales (left axis) Operating income 3.8 5.7 6.2 9% Ordinary income 4.9 7.3 7.8 7% Net income 1.8 5.4 6.3 16%
Slide 18: Actual sales of Natural gas in 1H FY2012
Actual sales of Natural gas in 1H FY2012 Sales volume : Million M3 FY11 FY12 change Net sales : Million ￥ 1H(a) 1H(a) Sales volume 696 742 45 Natural gas : Net sales 27,039 31,170 4,130 -Increase in demand for industrial users and utility gas customers. Of which, Domestically produced gas : Sales vo
Slide 19: Actual sales of Crude oil in 1H FY2012
Actual sales of Crude oil in 1H FY2012 Sales volume : Thousand KL FY11 FY12 change Net sales : Million ￥ 1H(a) 1H(a) Sales volume 946 896 (50) -Decrease in purchased crude oil. Crude oil: -Rise in crude oil price Net sales 38,242 46,649 8,406 Breakdown of equity oil Domestically produced Sales volum
Slide 20: Actual results for 1H FY2012 (vs FY2011)
Actual results for 1H FY2012 (vs FY2011) ≪Causes of increase(+) or decrease(-) ≫ FY11 FY12 [ Million ￥] change 1H(a) 1H(a) Gross profit Domestic crude oil and natural gas + ¥4.2 billion Net sales 92,369 104,596 12,226 Trasnportation fee of natural gas - ¥1.8 billion Overseas consolidated subsidiarie
Slide 21: Revised full year forecasts for the fiscal year ending March 31, 2012
Revised full year forecasts for the fiscal year ending March 31, 2012 Executive Vice President Hiroshi Sato 21
Slide 22: Revised estimates for FY2012 (Summary)
Revised estimates for FY2012 (Summary) Billion ￥ Billion ￥ FY12 (e) [ Billion ￥] Initial Revised estimate estimate change % change (May ‘11) (Nov. ‘11) Net Sales 223.4 229.0 5.5 2% Net Sales (left axis) Operating income 11.7 8.3 (3.3) (29%) Ordinary income 15.6 12.9 (2.6) (17%) Net income 11.5 10.1
Slide 23: Revised estimated Natural gas sales in FY2012 (vs Initial estimate)
Revised estimated Natural gas sales in FY2012 (vs Initial estimate) Initial estimate Revised estimate Sales volume : Million M3 (May ‘11) (Nov. ‘11) change Net sales : Million ￥ 1H (e) Full (e) 1H (a) Full (e) 1H Full Sales volume 754 1,714 742 1,690 (12) (24) Natural gas : Net sales 32,493 73,585 3
Slide 24: Revised estimated Crude oil sales in FY2012 (vs Initial estimate)
Revised estimated Crude oil sales in FY2012 (vs Initial estimate) Initial estimate Revised estimate Sales volume : Thousand KL (May ‘11) (Nov. ‘11) change Net sales : Million ￥ 1H (e) Full (e) 1H (a) Full (e) 1H Full Sales volume 948 1,949 896 1,897 (52) (52) Crude oil : Net sales 41,774 86,093 46,6
Slide 25: Revised estimates for FY2012 (vs Initial estimate)
Revised estimates for FY2012 (vs Initial estimate) ≪Causes of increase(+) or decrease(-) ≫ Initial Revised [ Million ￥] estimate estimate change (May ‘11) (Nov. ‘11) Gross profit Domestic crude oil and natural gas - ¥1.1 billion Net sales 223,479 229,031 5,552 Trasnportation fee of natural gas + ¥0.
Slide 26: Revised estimated Natural gas sales in FY2012 (vs FY2011)
Revised estimated Natural gas sales in FY2012 (vs FY2011) Sales volume : Million M3 FY11 FY12 Revised estimate (Nov. ‘11) change Net sales : Million ￥ Full (a) 1H (a) 2H (e) Full (e) (vs FY11) Sales volume 1,533 742 948 1,690 136 Natural gas: Net sales 61,090 31,170 42,906 73,266 12,176 Of which, Do
Slide 27: Revised estimated Crude oil sales in FY2012 (vs FY2011)
Revised estimated Crude oil sales in FY2012 (vs FY2011) Sales volume : Thousand KL FY11 FY12 Revised estimate (Nov. ‘11) change Net sales : Million ￥ Full (a) 1H (a) 2H (e) Full (e) (vs FY11) Sales volume 1,899 896 1,001 1,897 (2) Crude oil: Net sales 77,629 46,649 46,604 93,253 15,624 Breakdown of
Slide 28: Revised estimates for FY2012 (vs FY2011)
Revised estimates for FY2012 (vs FY2011) ≪Causes of increase(+) or decrease(-) ≫ FY2011 FY2012 [ Million ￥] change Gross profit (a) (e) Domestic crude oil and natural gas +¥1.5 billion LNG substitution expense - ¥1.9 billion Net sales 199,651 229,031 29,379 Trasnportation fee of natural gas - ¥2.3 b
Slide 29: 3Q-4Q: Oil price and Exchange rate assumptions and impact on profits
3Q-4Q : Oil price and Exchange rate assumptions and impact on profits FY2011 FY2012 1H (a) 2H (a) Full (a) 1Q (a) 2Q (a) 3Q (e) 4Q (e) Full (e) JCC price USD/bbl 78.95 85.67 82.69 110.80 114.23 100.00 105.66 Exchange rate Yen / USD 90.71 82.95 86.24 82.25 79.73 80.00 80.52 Bitumen price CAD/bbl 52.9
Japan Petroleum Exploration — H1 FY2012 Earnings Presentation on 6ix