Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — Q1 2023 Earnings Presentation
17 slides from Dana Gas PJSC's earnings presentation, May 10, 2023
Slide 1: Clean Energy for the Future: Q1 2023 Financial Results
Clean Energy for the Future Q1 2023 –Financial Results 10 May 2023
Slide 2: 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 3: Contents
Contents 1 Headlines 2 Production & Country Performance 3 Financial Update 4 Summary
Slide 4: 1. Headlines
1. Headlines —
Slide 5: Snapshot – Q1 2023
Snapshot – Q1 2023 Operations Financials ▪ Group operations continued un-interrupted ▪ Net Profit of $50mm – 7% lower despite a 22% ▪ Q1 2023 Group production at 62,900 boepd decrease in average realized prices • 1% up vs Q1 2022 ▪ Revenue of $122mm –13% lower • 7% up vs Q4 2022 ▪ Decline in Profita
Slide 6: 3. Production & Country Performance
3. Production & Country Performance
Slide 7: Production (boepd) & Realized Prices ($/boe)
Production (boepd) & Realized Prices ( $/boe) Average production Q1 2022 Vs Q1 2023 Average production Q4 2022 Vs Q1 2023 Q1 2022 Q4 2022 62,400 62,900 62,900 Q1 2023 Q1 2023 58,600 38,700 38,700 35,400 34,000 27,000 24,200 24,600 24,200 Group KRI Egypt Group KRI Egypt FY15 VS FY 16 Average Realized
Slide 8: KRI: Energising the country
KRI: Energising the country Operations ▪ 9% increase in production, averaging 38,700boepd compared to 35,400 boepd in Q1 2022 ▪ Production increase was mainly due to the completion of the debottlenecking project in H2 2022 ▪ Produced 171 MMscf/d of gas; 5,690 bbl/d of condensate and 383 MTPD of LPG
Slide 9: Egypt: Operations Overview
Egypt: Operations Overview Operations ▪ Produced 24,200 boepd in Q1 2023 (117 MMscf of gas; 2,561 bbl/d of condensate and 185 MTPD of LPG); 10% drop compared to FY 2022 as a result of limited investment and natural field declines ▪ The decline is lower than the 20% production decrease that is expect
Slide 10: Arbitration Update
Arbitration Update UAE Gas Project ▪ The final award for the first arbitration (First Award) was made against NIOC by the international arbitration tribunal in September 2021, and Dana Gas recognized the damages sum of US$607.5 million (AED 2.23 billion) as Current Receivables on its Statement of Fi
Slide 11: 2. Financial Update
2. Financial Update
Slide 12: Financial Highlights
Financial Highlights Gross Revenue ($mm) EBITDA ($mm) 150 140 125 140 100 91 130 81 74 122 75 120 114 50 110 25 100 0 Q1 2022 Q4 2022 Q1 2023 Q1 2022 Q4 2022 Q1 2023 Gross Profit ($mm) Net Profit ($mm) 80 60 54 67 50 50 59 60 47 40 40 30 21 20 20 10 0 0 Q1 2022 Q4 2022 Q1 2023 Q1 2022 Q4 2022 Q1 202
Slide 13: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX ($mm) CAPEX ($m) G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 2.6 2.5 2.2 2.3 2.1 1.9 13 15 12 14 13 40 12 25 26 23 0.7 0.6 0.5 0.5 0.5 0.5 13 4 4 8 3 3 3 3 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 G&A / OPEX CAPEX ▪ Company
Slide 14: Cash Flow, Liquidity & Receivables
Cash Flow, Liquidity & Receivables ▪ Positive FCF - $9mm Free Cash Flow ($mm) ▪ $148mm of cash (31 March 2023) 80 Net Cash In (Operating) Net Cash Out (Capital expenditure) FCF • $102mm of cash held at Pearl Petroleum • Cash Dividend of $86mm – to be paid in May 60 51 36 ▪ Company’s total borrowings
Slide 15: 4. Summary
4. Summary
Slide 16: Summary
Summary ▪ Delivered strong set of operational and financial results • $50mm net profit highlights success in increasing production in KRI; which helped in addition to a 14% reduction in operating costs to offset decline in profitability by only 7% as opposed to a 22% pullback in energy prices from h
Slide 17: Reach Us: Dana Gas PJSC
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