Horizon Oil Limited · ASX:HZN
Horizon Oil — FY2018 Earnings Presentation
11 slides from Horizon Oil's earnings presentation, Aug 23, 2018
Slide 1: Full Year Results Presentation 2018
HORIZON OIL LIMITED / ABN 51 009 799 455 Full Year Results Presentation 2018 23 August 2018
Slide 2: Disclaimer
Disclaimer Statements contained in this material, particularly those regarding the possible or assumed future performance, costs, dividends, returns, production levels or rates, prices, reserves, potential growth of Horizon Oil Limited, industry growth or other trend projections and any estimated
Slide 3: 2018 Full Year Highlights
2018 Full Year Highlights • Oil sales volume of 1.65 million barrels 16% higher than FY 2017 • Sales revenue of US$100.0 million 46% higher than FY 2017 • EBITDAX of US$68.5 million 52% higher than FY 2017 • Net cashflow from operating activities of US$57.6 million 62% higher than FY 2017 • Low oper
Slide 4: Operational Results - China
Operational Results ‐ China • Production from the Group’s interest in the Beibu Gulf fields increased 8% on the prior year to 863,608 barrels of oil, Gross reserves and resources at 2P 2C 30/6/18 (mmbo) with crude oil sales increasing 6% to 1,170,022 barrels Produced 18.5 Remaining 17.1 11.8 • Two i
Slide 5: Operational Results – New Zealand
Operational Results – New Zealand • Production from the Group’s interest in the Maari and Manaia fields increased 49% on the prior year to 454,193 barrels of oil, with crude oil sales increasing 50% to 479,604 barrels • Acquisition of 16% interest in the producing Maari and Manaia fields effective 1
Slide 6: Operational Results – Papua New Guinea
Operational Results – Papua New Guinea • Horizon Oil holds material interests in all four fields that will supply the proposed Western LNG project and has an ~30% interest in the total gross audited resources including 64 mmbbls of condensate and ~2,200 PJ of sales gas • Planning for the proposed We
Slide 7: Financial Overview
Financial Overview (US$ million) FY 2018 FY 2017 ∆ ∆ (%) • Material increase in sales volumes Sales Volume (mmbbl) 1.65 1.42 0.23 16% • Robust and increasing EBITDAX and cashflow generation at field Revenue 100.0 68.5 31.5 46% level EBITDAX 68.5 45.2 23.3 52% • Underlying profit before tax of Underl
Slide 8: Key Cashflow Drivers
Key Cashflow Drivers 140 US$m 120 100 (25) 75 (8) 100 (9) 58 (17) 80 (13) 60 (8) (17) 40 24.5 27.6 20 0 Opening Revenue Opex Net Corporate & Interest Net cash Acquisition Investment Exploration Debt Closing cash cash balance operating tax inflows from of oil & gas in oil & gas expenditure repayment
Slide 9: Full Year Performance and 2019 Forecast
Full Year Performance and 2019 Forecast 9
Slide 10: 2019 Outlook
2019 Outlook Financial • Continued strong operating cash flows supported by developed, low cost, conventional oil fields • Progressive reduction in debt Block 22/12, China • Continued higher production entitlement (~35% share of production) and increased production following completion of infill wel
Slide 11: For more information please contact
For more information please contact: Horizon Oil Limited T: +61 2 9332 5000 Level 6, 134 William St Michael Sheridan Chief Executive Officer F: +61 2 9332 5050 Woolloomooloo NSW 2011 E: info@horizonoil.com.au horizonoil.com.au Media enquiries M: +61 419 372 210 Gavan Collery ResourceComms Pty Ltd E: