Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — Q1 2019 Earnings Presentation
17 slides from Dana Gas PJSC's earnings presentation, May 6, 2019
Slide 1: Clean Energy for the Future: Q1 2019 Financial Results
Clean Energy for the Future Q1 2019 –Financial Results 6 May 2019
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: Highlights
Highlights Operations Financials Group production avg. 68,700 boepd – up 6% $35mm in net profit – up 150% principally due to: Increase primarily result of KRI expansion Increase in KRI production (added $14mm) and KRI up 24% to 32,750 boepd Financing savings ($10mm) due to lower sukuk pr
Slide 6: 3. Production & Country Performance
3. Production & Country Performance
Slide 7: Production (boepd) & Realized Prices ($/boe)
Production (boepd) & Realized Prices ( $/boe) Average production Q1 2019 Vs Q1 2018 Average production Q1 2019 Vs Q4 2018 5% 6% 68,700 Q1 2018 65,450 68,700 Q4 2018 65,000 Q1 2019 1% 12% 7% 36,800 24% 34,450 34,300 34,300 32,750 32,750 29,200 26,300 1% 25% 1,100 1,050 700 600 1,400 1,050 500 600 Gro
Slide 8: Egypt: Programme Overview
Egypt: Programme Overview Block 6 Contracted ADES/Vantage to operate drill-ship (March) Merak On track to spud first multi-Tcf Merak well in May 60-days to drill, results expected in Q3 2019 GPEA condensate sales One cargo export in Q1 2019 collecting $9mm Second cargo sold post-Q1 for $9m
Slide 9: KRI: Expansion plans underway
KRI: Expansion plans underway Ambitious programme to increase daily production to 900 MMscf and 35,000 bbl by 2023 Gas Sales Agreements (GSA) between Pearl and KRG Signed a GSA in January 2018 to sell additional gas from debottlenecking project that came online in October 2018 Signed another 20-
Slide 10: Arbitration & Sukuk Update
Arbitration & Sukuk Update MOL (Pearl Petroleum shareholder) MOL expressing dissatisfaction with outcome – wanted to renegotiate terms with Pearl (namely certain contingent payments) Following the hearing scheduled last November 2018, a ruling is expected in Q2 2019 UAE Gas Project In October
Slide 11: 2. Financial Update
2. Financial Update
Slide 12: Financial Highlights
Financial Highlights Gross Revenue ($mm) EBITDA ($mm) 130 100 120 119 71 120 75 68 50 110 25 100 0 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Gross Profit ($mm) Net Profit ($mm) 60 40 35 45 40 30 40 20 14 20 10 0 0 Q1 2018 Q1 2019 Q1 2018 Q1 2019 12
Slide 13: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX ($mm) CAPEX ($mm) G&A OPEX 12 13 14 13 12 10 43 32 26 5 4 4 4 3 3 8 7 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q4 2018 Q1 2019 Q1 2016 Q1 2017 Q1 2018 Q4 2018 Q1 2019 CAPEX G&A / OPEX $6mm in Egypt and $20 mm in KRI Company continues to optimise costs $20-30mm annual maintenance
Slide 14: Cash Flow, Liquidity & Receivables
Cash Flow, Liquidity & Receivables $442mm cash Free Cash Flow ($mm) Cash Dividend of $104.5mm – to be paid in May 465 413 450 Positive FCF - $21mm $133mm of Sukuk buyback at nominal value 203 ($7mm in Q1 19) – reducing the outstanding 200 181 Sukuk to $397mm 82 112 21 52 48 34 25 27 Compan
Slide 15: 4. Summary
4. Summary
Slide 16: Summary
Summary Good, strong start to the year with tangible results coming through on our commitments from 2018. KRI output increase which contributed 1 $14mm and finance cost savings of $10mm. All of this is reflected in our net profit which more than doubled to $35mm Cash levels are robust even with a di
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