Horizon Oil Limited · ASX:HZN
Horizon Oil — FY2015 Earnings Presentation
13 slides from Horizon Oil's earnings presentation, Aug 25, 2015
Slide 1: Financial Year 2015 Financial Results
For personal use only Financial Year 2015 Financial Results 25 August 2015 ABN 51 009 799 455
Slide 2: Financial year highlights
Financial year highlights For personal use only 1,310,485 barrels produced, sales of 1,214,488 barrels at an average realised price (net of hedging) Performance of US$85.6 per barrel, generating revenue of US$104.0 million, with operating expenditure of US$60.0 million. US$61.3 million cash on hand
Slide 3: Operational results
Operational results For personal use only LTIFR of 0.0 (Lost Time Injury Frequency Rate), TRIFR of 0.9 (Total Reportable Injury Frequency Rate) at HSSE 30 June 2015 over a 12 month rolling ~1.1m manhours. No significant loss of containment incidents (<1 barrel of oil equivalent). Continued strong pr
Slide 4: Highlights for financial year ending June 2015
Highlights for financial year ending June 2015 For personal use only 70%
Slide 5: Five year financial year performance
Five year financial year performance For personal use only Completion of Maari Growth Project in July 2015 expected to increase The outlook for 2016 in the current oil price environment remains production in 2016. positive due to the benefit of oil price hedging Average cash cost of US$14.10/barrel
Slide 6: Profit and loss
Profit and loss For personal use only 12 Months to 12 Months to Change Change June 2015 June 2014 (US$ million) (US$ million) (US$ million) (%) Production 1.31 mmbo 1.43 mmbo (0.1) mmbo (9%) Sales 1.21 mmbo 1.36 mmbo (0.2) mmbo (11%) Realised oil price US$85.59/bbl US$102.10/bbl (US$16.5)/bbl (16%)
Slide 7: Profit and loss analysis
Profit and loss analysis For personal use only *Note - EBITDAX and EBIT are financial measures which are not prescribed by Australian Accounting Standards and represent the profit under Australian Accounting Standards adjusted for interest expense, taxation expense, depreciation, amortisation, and e
Slide 8: Cash flow
Cash flow For personal use only 12 months to 12 months to Change Change June 2015 June 2014 (US$ million) (US$ million) (US$ million) (%) Opening cash 98.9 19.0 79.9 421% Net cash from operating activities (excl 66.8 75.1 (8.3) (11%) G&A/other) General & Administrative (7.0) (8.2) 1.2 (15%) Other ex
Slide 9: Cash flow analysis
For personal use only Cash flow analysis 9
Slide 10: Forecast net production from Reserves + Contingent Resources
Forecast net production from Reserves + Contingent Resources as at 1 July 2015 For personal use only Assumptions Development of WZ 12-8E field with production commencing 2017 Development of 12-10-1 and -2 fields in Beibu Gulf in 2018 Stanley condensate start-up with gas sales to OTML commencin
Slide 11: Net Reserves, Contingent Resources and Prospective Resources as at 30 June 2015
Net Reserves1, Contingent Resources1 and Prospective Resources1 as at 30 June 2015 For personal use only RESERVES CONTINGENT RESOURCES PROSPECTIVE RESOURCES Proven + Probable Proven + Probable Best Estimate Total: 13.1 mmboe Total: 87.1 mmboe Total: 78 mmboe including 400 bcf Including 286 bcf Lon
Slide 12: Hedging position and risk management
Hedging position and risk management For personal use only Oil price hedge profile 397,500 bbls hedged through remainder 2015 to mid 2016 at average of over US$94/barrel Oil price hedging program protects revenue by mitigating the effect of low oil prices Oil production from multiple fields (c
Slide 13: Outlook for the next months
Outlook for the next 12 months For personal use only Corporate Outlook Barring unforeseen events, operating cashflows expected to be substantially maintained notwithstanding lower oil prices, following successful completion of the Maari Growth Projects, and forecast increase in China production en