Transportadora De Gas Del Sur Sa Class B · BCBA:TGSU2
Transportadora De Gas Del Sur Sa Class B — TGS — Q3 2022 Earnings Presentation
32 slides from Transportadora De Gas Del Sur Sa Class B's earnings presentation, Oct 27, 2022
Slide 1: Q3 2022 Financial Results
Q3 2022 Financial Results Kristian Johansen Sven Børre Larsen CEO CFO 27 October 2022
Slide 2: Forward-looking Statements
Forward-looking Statements All statements in this presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may no
Slide 3: Highlights
Highlights • Late sales of USD 65 million in Q3 2022 compared to USD 31 million in Q3 2021 • Total revenue of USD 135 million compared to USD 200 million in Q3 2021 • POC revenue of USD 119 million compared to USD 61 million in Q3 2021 • Robust order inflow of USD 140 million compared to USD 30 mill
Slide 4: Executing on strategy of being a leading energy data company
Executing on strategy of being a leading energy data company Maximize shareholder returns Improve and expand seismic Position for energy evolution offering • Relentless focus on costs • Position data library in high growth • Utilizing core competencies to build areas offering across energy value cha
Slide 5: Recent Highlights
Recent Highlights
Slide 6: U.S. sets date for March lease sale in Gulf of Mexico
U.S. sets date for March lease sale in Gulf of Mexico • The Bureau of Ocean Energy Management (BOEM) announced next steps for oil and gas leasing on the GOM Outer Continental Shelf (OCS) to comply with provisions in the Inflation Reduction Act of 2022 (IRA) • BOEM published a Proposed Notice of Sale
Slide 7: Capreolus Phase 2 – Australia
Recently announced projects Capreolus Phase 2 – Australia • Capreolus Phase 2 will comprise 4,500 km2 of 3D of multi-client seismic data • Located in the underexplored Beagle sub- basin in Carnarvon basin off the coast of North-West Australia • Renewed exploration interest since the discovery of lig
Slide 8: Amendment II – Gulf of Mexico
Recently announced projects Amendment II – Gulf of Mexico • Amendment Phase II will add ~3,500 km2, of long-offset OBN data to US GOM library • Data acquisition to commence in December 2022 using Magseis capacity • Brings TGS’ catalogue of long-offset OBN data in US GOM to more than 13,000 km2 • The
Slide 9: Swanson 3D – Canada onshore
Recently announced projects Swanson 3D – Canada onshore • The Swanson 3D project will add over 100 km2 of high-quality seismic data, complimenting the extensive 3D seismic coverage within the core area of the Montney Basin in Canada • Phase IV of TGS' low-impact source testing will be applied throug
Slide 10: Magseis Acquisition
Magseis Acquisition Status update • TGS acquired 75.4% of outstanding shares in Magseis through voluntary offer, which expired on 28 September 2022 • Mandatory cash offer for remaining shares to be announced shortly • Intention to propose statutory merger if voluntary offer fails to bring holding to
Slide 11: ION and Prediktor Acquisitions
ION and Prediktor Acquisitions ION Geophysical • Acquisition of ION’s multi-client business, data processing activities and Gemini low-frequency source • Transaction closed in late August 2022 • About 60 employees moved to TGS as part of the transaction • Integration into TGS about to be completed P
Slide 12: Financials
Financials
Slide 13: Operating Revenues
Operating Revenues Early Sales Revenue Late Sales Revenue 180 120 160 100 140 120 80 MUSD MUSD 100 60 80 164 97 60 127 40 105 112 73 76 65 40 52 55 20 41 20 38 40 28 26 30 31 28 0 0 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 202
Slide 14: Operating Result and Cash Flow
Operating Result and Cash Flow Operating Expenses 1 Amortization and Impairments 35 180 30 160 140 25 120 MUSD 20 MUSD 100 15 31 80 165 161 27 27 147 144 24 26 22 60 10 20 40 89 90 14 60 62 5 20 0 0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 20
Slide 15: Multi-client Library
Multi-client Library Operational Investments Net Book Value Multi-Client Library 90 1,200 80 1,000 70 60 800 50 600 40 79 MUSD MUSD 966 915 893 30 56 400 805 54 705 688 20 39 45 43 570 576 34 33 200 10 0 0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2020 Q1 2021 Q2 2021 Q3 202
Slide 16: Income Statement
Income Statement See the energy at TGS.com - 16 -
Slide 17: Balance Sheet
Balance Sheet See the energy at TGS.com - 17 -
Slide 18: Q3 2022 Cash Flow Statement
Q3 2022 Cash Flow Statement See the energy at TGS.com - 18 -
Slide 19: Dividends and Share Buybacks
Dividends and Share Buybacks Dividend per share1 Dividend yield2 1.6 6.0 % NOK 8.5 NOK 8.0 5.2% 1.4 4.9% 5.0 % 4.6% NOK 8.5 4.5% 1.2 4.4% USD 1.08 4.0% 4.0% 3.9% USD per share NOK 6.0 4.0 % 3.7% 1.0 NOK 5.0 3.5% 3.6% USD 0.8 0.8 USD 0.75 3.0 % 2.8% USD 0.6 2.6% NOK 4.0 USD 0.6 0.6 USD 0.56 0.14 2.0
Slide 20: Market Outlook
Market Outlook
Slide 21: A successful energy transition requires a balanced approach
A successful energy transition requires a balanced approach • Availability – Affordability - Sustainability • Low spare capacity, underinvestment and call for energy security • Europe’s energy crisis may last for a while • Oil & Gas activity picking up - Renewables growing even faster • Data remains
Slide 22: Energy security requires higher exploration activity
Energy security requires higher exploration activity Offshore Exploration Spending • 8-years of under-investments Past 15 years 80 70 • Energy security concerns 60 50 • Improved success rate USDbn 40 30 • Frontier is recovering 20 • Gas is becoming more attractive 10 0 2007 2008 2009 2010 2011 2012
Slide 23: Oil market remaining tight
Oil market remaining tight Brent oil price World liquid fules stock build/(draw) 140 7.00 6.00 120 5.00 Change mbbl/day 100 4.00 80 3.00 USD 2.00 60 1.00 40 0.00 -1.00 20 -2.00 0 -3.00 03/07/19 03/01/17 03/04/17 03/07/17 03/10/17 03/01/18 03/04/18 03/07/18 03/10/18 03/01/19 03/04/19 03/10/19 03/01/2
Slide 24: License Round Activity
License Round Activity Africa Europe Angola: North America Norway: • 2021 round – May 2022 (awards) • 2022 APA Round – Q1 2023 (award) • 2023 round – 8 blocks Canada: • 2025 round – 10 blocks • Flemish Pass/Grand Banks/Jeanne d’Arc - UK: • Out of Round direct awards legally decreed Q4 2022 (close) •
Slide 25: Growing demand for OBN data
Growing demand for OBN data Estimated Total Market Revenue OBN 900 • Growth in demand for OBN data driven by infrastructure-led exploration 800 (ILX) and production seismic (4D) 700 600 Other • 2023 market backlog already at par 500 Southeast Asia with secured 2022 revenues MUSD India West Africa 40
Slide 26: Contract Backlog & Inflow
Contract Backlog & Inflow Contract Backlog 600 500 Timing of expected recognition of contract backlog 400 MUSD 300 543 468 446 20% 200 334 276 293 100 220 225 35% 0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Contract Inflow 180 160 140 120 45% MUSD 100 80 163 156 140 60 107 91 Q
Slide 27: Highlights
Highlights • Late sales of USD 65 million in Q3 2022 compared to USD 31 million in Q3 2021 • Total revenue of USD 135 million compared to USD 200 million in Q3 2021 • POC revenue of USD 119 million compared to USD 61 million in Q3 2021 • Robust order inflow of USD 140 million compared to USD 30 mill
Slide 28: Thank you
Thank you TGS?
Slide 29: Appendix
Appendix
Slide 30: TGS’ Industry-Leading ESG Performance
TGS’ Industry-Leading ESG Performance OBX ESG Index OBX Included on Euronext Group’s OBX ESG Index as one of 40 blue-chip companies listed in Norway demonstrating best ESG ESG practices *As of May 2022 Sustainalytics Since 2016, TGS has been committed to the State Street UN Global Compact corporate
Slide 31: Q3 2022 Multi-client Operations
Q3 2022 Multi-client Operations Swanson 3D Cameron Canyon 3D3 NOAKA22 OBN • • 318 sqkm of OBN data located • Initial project planning commenced Approximately 6,800 sqkm of 3D data within the APA area between during Q3 • Oseberg and Alvheim in the • Recording operations of 100 sqkm Fast-track data re
Slide 32: Magseis Fairfield project schedule
Magseis Fairfield project schedule Q3’22 Q4’22 Q1’23 Crew July Aug Sep Oct Nov Dec Jan Feb March ZXPLR Crew 1 ZXPLR Crew 2 Z700 Crew MASS Crew RM Source Crew 1 RM Source Crew 2 RM Source Crew 3 Renewables projects US Gulf of Mexico Latin America North Sea Mediterranean Asia Available / maintenance S