Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q1 FY2023 Earnings Presentation
25 slides from Hibiscus Petroleum Bhd's earnings presentation, Nov 23, 2022
Slide 1: Quarterly Results
Quarterly Results Highlights of the Quarterly Results for the financial quarter ended 30 September 2022 (First financial quarter ending 30 September 2022) Briefing for Analysts and Fund Managers 23 November 2022
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: Content
Content Part 1: Key Messages Part 2: Main Updates • 1Q FY2023 Group Financials (vs. Previous Quarter) • Operational Highlights • Q2 FY2023 and Q3 FY2023 Oil & Condensate Offtake Schedule and Gas Sales Part 3: Oil Market Outlook • Oil Market Balances • Brent Oil Price Outlook Part 4: Financial Highli
Slide 4: Key Messages
Part 1 Key Messages 4 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 5: Key Messages
Key Messages Fully operated and producing portfolio on target to meet Group’s FY2023 targets • Sold 1.0 MMbbl of oil and condensate and over 510,000 boe of gas in the current quarter from our producing assets • FY2023 remains on track to produce approximately 7.2 to 7.5 MMboe of oil, condensate and
Slide 6: Main Updates
Part 2 Main Updates • Q1FY2022 Group Financials (vs. Previous Quarter) • Operational Highlights • Q2 FY2023 and Q3 FY2023 Oil & Condensate Offtake Schedule and Gas Sales 6 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 7: 1Q FY2023 Group Financials (vs. Previous Quarter)
1Q FY2023 Group Financials (vs. Previous Quarter) 1Q FY2023 4Q FY2022 “Normalised” RM’000 – Excludes Australia’s As disclosed in QR As disclosed in QR (Adjusted) impairment, Sabah state sales tax and PITA settlement * Revenue 604,768 868,367 868,367 Gross Profit 387,402 605,506 605,506 Gross Profit
Slide 8: Operational Highlights
Operational Highlights Peninsula North Sabah Anasuria Cluster Total or Average Hibiscus Group1 Average uptime % 93 53 88 - Average net oil & condensate production bbl/day 4,732 1,211 4,942 10,885 Average net gas export rate2 boe/day - 258 5,633 5,891 Average net oil, condensate and gas boe/day 4,732
Slide 9: Q2 FY2023 and Q3 FY2023 Oil & Condensate Offtake Schedule and Gas Sales
Q2 FY2023 and Q3 FY2023 Oil & Condensate Offtake Schedule and Gas Sales Total oil, condensate and gas sales volume (boe) Latest Estimate – Q2 FY2023 Latest Estimate – Q3 FY2023 October November December January February March Total Total 2022 2022 2022 2023 2023 2023 North Oil 250,184 @ - @@ 288,000
Slide 10: Oil Market Outlook
Part 3 Oil Market Outlook • Oil Market Balances • Brent Oil Price Outlook 10 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 11: Oil Market Balances
Oil Market Balances Global liquids supply and demand balances, current base case Supply and demand million barrels per day Implied million barrels per day Rystad estimate global oil demand to increase 2.3 million bbl/day y-o-y from 2022 to 2023 Source: Rystad Energy, as of 1 November 2022 Hibiscus P
Slide 12: Brent Oil Price Outlook
Brent Oil Price Outlook Brent prices expected to remain in the range of USD90-95/bbl in CY2023 Source: Rystad Energy, as of 1 November 2022 Hibiscus Petroleum Berhad 12 Registration Number: 200701040290 (798322-P)
Slide 13: Financial Highlights
Part 4 Financial Highlights • Strong and Consistent EBITDA Margins • 1Q FY2023 Operating Segment Financials • Key Factors Affecting Kinabalu and Others’ 1Q FY2023 Financial Results • Key Factors Affecting PM3 CAA’s 1Q FY2023 Financial Results • Key Factors Affecting North Sabah’s 1Q FY2023 Financial
Slide 14: Strong and Consistent EBITDA Margins
Strong and Consistent EBITDA Margins Flexibility to Navigate Industry Downturns • Operational control grants the ability to concentrate on operating efficiencies (cost control, production enhancement) when oil prices are low and shift to development mode when oil prices are high. • Remained cash flo
Slide 15: 1QFY2023 Operating Segment Financials
1QFY2023 Operating Segment Financials (I) Group P&L by segment • Peninsula Hibiscus Group assets proven to Malaysia – Kinabalu Subtotal Malaysia Total be a significant and others United contributor to the RM’000 CAA Vietnam (PHSB – North Australia Others 1 (HPB Group’s financial Kingdom Kinabalu Oth
Slide 16: Key Factors Affecting Kinabalu and Others' 1Q FY2023 Financial Results – Kinabalu
Key Factors Affecting Kinabalu and Others’ 1Q FY2023 Financial Results – Kinabalu Kinabalu: • Lower revenue in 1Q FY2023 mainly due to lower volume of crude oil sold: ‒ 1Q FY2023: 288,540 bbls @ USD118.04 per bbl. 1Q FY2023 4Q FY2022 Profit or Loss Summary ‒ 4Q FY2022: 350,236 bbls @ USD121.15 per b
Slide 17: Key Factors Affecting Kinabalu and Others' 1Q FY2023 Financial Results – Others (PM305 & PM314)
Key Factors Affecting Kinabalu and Others’ 1Q FY2023 Financial Results – Others (PM305 & PM314) Others (PM305 & PM314): 1Q FY2023 4Q FY2022 • Sales of crude oil: Profit or Loss Summary RM’000 RM’000 ‒ 1Q FY2023: 9,028 bbls @ USD112.28 per bbl. Revenue 4,584 5,280 ‒ 4Q FY2022: 10,382 bbls @ USD119.07
Slide 18: Key Factors Affecting PM3 CAA's 1Q FY2023 Financial Results
Key Factors Affecting PM3 CAA’s 1Q FY2023 Financial Results 1Q FY2023 4Q FY2022 • Lower revenue in 1Q FY2022 mainly due to slightly lower volume sold and lower selling Profit or Loss Summary prices: RM’000 RM’000 ‒ Crude oil: 1Q FY2023 – RM138.8 million (272,867 bbls @ USD112.46 per bbl) vs 4Q Reven
Slide 19: Key Factors Affecting North Sabah PSC's 1Q FY2023 Financial Results
Key Factors Affecting North Sabah PSC’s 1Q FY2023 Financial Results 1Q 4Q • 1Q FY2023’s revenue was lower than 4Q FY2022’s revenue: Profit or Loss Summary FY2023 FY2022 ‒ 1Q FY2023: 289,635 bbls of crude oil from one cargo were sold at USD111.54 per bbl. RM’000 RM’000 ‒ 4Q FY2022: 611,800 bbls from
Slide 20: Key Factors Affecting United Kingdom's 1Q FY2023 Financial Results
Key Factors Affecting United Kingdom’s 1Q FY2023 Financial Results 1Q FY2023 4Q FY2022 • Revenue decreased by 16% when compared to 4Q FY2022 due to lower volume of Profit or Loss Summary crude oil sold and lower oil price, partially offset by higher gas price. Revenue RM’000 RM’000 breakdown: Revenu
Slide 21: Key Factors Affecting United Kingdom's 1Q FY2023 Financial Results (cont'd)
Key Factors Affecting United Kingdom’s 1Q FY2023 Financial Results (cont’d) 1Q FY2023 4Q FY2022 Taxation RM’000 RM’000 Income tax (5,360) (31,025) - Ring fence corporation tax and supplementary charge (5,360) (31,025) - Energy Profits Levy - - Deferred tax (23,774) (1,434) - Ring fence corporation t
Slide 22: Highlights from the Group's Balance Sheet
Highlights from the Group’s Balance Sheet As at As at As at As at As at RM 30 Sep 2022 30 Jun 2022 31 Mar 2022 31 Dec 2021 30 Sept 2021 Total assets 5,690.8m 5,512.4m 4,506.8m 3,099.6m 2,880.4m Shareholders’ funds 2,448.1m 2,202.0m 1,874.2m 1,553.0m 1,529.5m Cash and bank balances 898.8m 707.8m 437.
Slide 23: Key Messages
Key Messages Fully operated and producing portfolio on target to meet Group’s FY2023 targets • Sold 1.0 MMbbl of oil and condensate and over 510,000 boe of gas in the current quarter from our producing assets • FY2023 remains on track to produce approximately 7.2 to 7.5 MMboe of oil, condensate and
Slide 24: Thank You
Thank You For more information please contact: Investor Relations Team faq@hibiscuspetroleum.com 24 Hibiscus Petroleum Berhad Registration Number: 200701040290 (798322-P)
Slide 25: 1QFY2023 Profit or Loss (By Segment)
1QFY2023 Profit or Loss (By Segment) Malaysia – Kinabalu and Subtotal others Malaysia – United Total RM’000 CAA Vietnam (PHSB Australia Others 1 North Sabah Kingdom (HPB Group) Kinabalu Others Group) Revenue 154,009 4,584 215,690 (6,070) 368,213 146,078 89,392 - 1,085 604,768 Cost of Sales (44,758)
Hibiscus Petroleum Berhad — Q1 FY2023 Earnings Presentation on 6ix