Dana Gas Pjsc · ADX:DANA
Dana Gas Pjsc — 9M 2024 Earnings Presentation
20 slides from Dana Gas Pjsc's earnings presentation, November 2024
Slide 1: 9M 2024 – Financial Results
9M 2024 – FINANCIAL RESULTS NOVEMBER 2024 CLEANER 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 – 9M 2024
SNAPSHOT – 9M 2024 OPERATIONS FINANCIALS ▪ 9M Group production down 8% at 55,300 boepd vs 59,750 in 2023; ▪ 9M Net Profit of $112m – 11% decline compared to $126m in 9M 2023, ▪ KRI production up 3% driven by increased demand from local power due to lower realized prices and production drop in Egypt;
Slide 6: Operational Performance
© jc d_ila DANAGAS OPERATIONAL PERFORMANCE
Slide 7: KRI: Energising the Country
KRI: ENERGISING THE COUNTRY OPERATIONS ▪ Produced 38,200 boepd (Net) in 9M 24 (171 MMscf of gas; 5,270 bbl/d of condensate and 370 MTPD of LPG) vs 37,150 boepd in 9M 2023 – 3% increase. ▪ Unlike other operators in the KRI, Pearl’s operations and production have continued without interruption since a
Slide 8: Egypt: Operations Overview
EGYPT: OPERATIONS OVERVIEW OPERATIONS ▪ Produced 17,100 boepd during 9M 2024 (83 MMscf of gas; 1615 bbl/d of condensate and 138 MTPD of LPG); 24% drop compared to 9M 2023 as a result of natural field declines and absence of meaningful investments. ▪ The decline is within the 20-30% production decrea
Slide 9: Production (boepd)
PRODUCTION (BOEPD) AVERAGE PRODUCTION 9M 2023 VS 9M 2024 (KBOE/D) AVERAGE PRODUCTION Q3 2023 VS Q3 2024 (KBOE/D) 59.6 59.7 55.3 55.3 7.7 7.3 39.4 37.1 38.2 7.0 38.6 6.7 5.4 22.5 5.3 5.3 5.3 17.1 21.0 2.3 45.8 42.3 45.6 15.9 42.7 27.6 28.5 1.6 2.0 18.3 28.6 29.7 1.4 13.8 17.0 13.0 KRI Egypt Group KRI
Slide 10: Realized Prices (USD/boe)
REALIZED PRICES ( USD/BOE) AVERAGE REALIZED PRICE - CONDENSATE (USD/BBL) AVERAGE REALIZED PRICE - LPG (USD/BOE) 9M 2023 9M 2024 Q3 2023 Q3 2024 9M 2023 9M 2024 Q3 2023 Q3 2024 $87 $87 $82 $83 $80 $82 $83 $80 $78 $74 $75 $72 $53 $51 $48 $50 $44 $45 $44 $44 $46 $35 $33 $36 $36 $34 $34 $34 $28 $29 $28
Slide 11: Financial Update
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Slide 12: Revenue Highlights
REVENUE HIGHLIGHTS REVENUE BREAKDOWN ($M) – 9M 2023 VS 9M 2024 REVENUE BREAKDOWN ($M) – Q3 2023 VS Q3 2024 283 99 96 220 56 18 19 41 168 82 60 113 107 79 35 115 49 50 35 27 12 36 21 49 21 10 8 20 17 31 33 145 15 7 48 21 10 50 100 84 45 55 61 27 31 44 19 19 KRI Egypt Total KRI Egypt Total KRI Egypt T
Slide 13: Profit Highlights
PROFIT HIGHLIGHTS GROSS PROFIT & EBITDA ($M) NET PROFIT ($M) 2023 2024 201 126 2023 2024 112 175 153 141 43 40 71 60 50 47 9M Q3 9M-Gross profit Q3- Gross profit 9M-EBITDA Q3-EBITDA 13
Slide 14: G&A / OPEX Highlights
G&A / OPEX HIGHLIGHTS G&A / OPEX ($M) 50 G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 4 45 42 40 41 40 37 ▪ OPEX increased by $3m mainly due to costs 2.64 3 2.54 at Pearl level related to maintenance, 2.61 2.38 2.27 security, and staff. 30 2 ▪ Company OPEX and G&A costs remain extremely competitive on
Slide 15: CAPEX Highlights
CAPEX HIGHLIGHTS CAPEX ($M) 110 91 85 ▪ Total $43m (9M 2024) vs $110m (9M 2023). ▪ $4m in Egypt and $39m in the KRI. 43 ▪ Limited CAPEX in Egypt amid finalization of 37 concession consolidation. ▪ Reduced CAPEX in the KRI as a result of the suspension of KM250. 9M 2020 9M 2021 9M 2022 9M 2023 9M 202
Slide 16: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES DEBT AND CASH BALANCE ($M) 300 ▪ Improvement in Company’s balance sheet with 252 lower debt and better cash position. 250 216 199 ▪ $151m cash balance vs. $131m at FY2023; 200 144 163 185 ▪ $118m cash balance held at Pearl Petroleum. 150 151 151 ▪ As of 30 Septembe
Slide 17: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES BILLINGS AND COLLECTIONS ($M) ▪ Collected $238m in 9M 2024; Egypt collection KRI collection realization realization ▪ $202m, Company’s share of Pearl’s collections in the KRI ▪ Company’s share of KRI trade receivables down to $69m ($103m at YE 2023) with a collecti
Slide 18: Summary
© jc d_ila DANAGAS SUMMARY
Slide 19: Summary
SUMMARY ▪ Dana Gas recorded a net profit of AED 410 million ($112 million) for 9M 2024, driven by strong operational performance in the KRI despite ongoing challenges from lower realized prices and production declines in Egypt. ▪ The KM250 project, with construction set to resume soon, aims to incre
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