Beach Energy Limited · ASX:BPT
Beach Energy — H1 FY2012 Earnings Presentation
18 slides from Beach Energy's earnings presentation, Feb 27, 2012
Slide 1: Half Year Results Presentation
Beach Energy Limited For personal use only Half Year Results Presentation 27 February 2012 Reg Nelson, Managing Director Kathryn Presser, Chief Financial Officer Neil Gibbins, Chief Operating Officer FY12 Half Year Results Slide 1
Slide 2: Compliance statements
Compliance statements For personal use only Disclaimer • This presentation contains forward looking statements that are subject to risk factors associated with oil, gas, geothermal and related businesses. It is believed that the expectations reflected in these statements are reasonable but they may
Slide 3: General overview
For personal use only General overview Reg Nelson Managing Director FY12 Half Year Results Slide 3
Slide 4: 1H12 Highlights
1H12 Highlights For personal use only • Renegotiation of Delhi royalty with Esso • 2Tcf booking of 2C contingent gas resource from unconventional wells • Successful gas flows of 2 MMscfd from Holdfast-1 • Continued exploration success, including the discovery of the Bauer oil field in PEL 91 on the
Slide 5: Renegotiation of the Delhi – Esso royalty
Renegotiation of the Delhi – Esso royalty • Legacy royalty from the acquisition of Delhi 35 Beach Group Royalties* For personal use only Petroleum Pty Ltd in 2006 • Original royalty agreement required Delhi to 30 pay Esso Resources Australia Pty Ltd (EARL) a 25 percentage of revenue from certain pro
Slide 6: Financial overview
For personal use only Financial overview Kathryn Presser Chief Financial Officer FY12 Half Year Results Slide 6
Slide 7: Financial overview
Financial overview For personal use only A significant NPAT improvement for the first half, primarily driven by Delhi royalty renegotiation with Esso and higher liquids prices FY12 Half Year Results Slide 7
Slide 8: Cash movement
Cash movement For personal use only Cash movement driven by Adelaide Energy acquisition and enhanced capital program FY12 Half Year Results Slide 8
Slide 9: Sales revenue up 11%
Sales revenue up 11% For personal use only • 1H12 sales revenue of $294 million, increased by 11% on 1H11, mainly due to: A$/bbl Oil Price – Higher oil prices; partly offset by 120 – A stronger Australian dollar; and 100 – Lower volumes 80 • 1H12 average gas/ethane price of 60 $5.72/GJ, up 9% 40 • 1
Slide 10: Sales revenue
Sales revenue For personal use only Sales Revenue Comparison 400 350 $18.0 $5.7 $15.4 $49.4 $28.6 Gas/ethane $294.3 300 Third Prices FX Rates $265.2 Party AUD/USD Volume / Mix 250 Liquids Prices Purchases A$/GJ 1H11 $0.95 1H11 $5.23 $ million US$/boe 1H12 $5.72 1H12 $1.03 200 1H11 $83 1H12 $113 150
Slide 11: Gross profit
Gross profit For personal use only Change in gross profit 120 $6.4 $13.7 $13.6 100 $90.7 $18.4 Depreciation 3rd party 80 Inventory purchases A$ million $29.0 60 Cash production costs $37.0 40 Sales revenue 20 $53.7 million total increase 0 1H11 1H12 FY12 Half Year Results Slide 11
Slide 12: Underlying net profit after tax
Underlying net profit after tax For personal use only FY12 Half Year Results Slide 12
Slide 13: Underlying NPAT
Underlying NPAT For personal use only Change in underlying NPAT 90 $7.0 $5.7 80 $53.7 $21.8 70 Other expenses Net financing and revenue costs 60 $51.8 50 $ million Tax 40 30 20 $18.6 Gross profit 10 $33.2 million total increase 0 1H11 1H12 FY12 Half Year Results Slide 13
Slide 14: Operational overview
For personal use only Operational overview Neil Gibbins Chief Operating Officer FY12 Half Year Results Slide 14
Slide 15: 1H12 Production overview
1H12 Production overview For personal use only FY12 Half Year Results Slide 15
Slide 16: Key operational activities for FY12
Key operational activities for FY12 For personal use only Operational activities delivering in line with expectations and key objectives FY12 Half Year Results Slide 16
Slide 17: FY12 Capital guidance
FY12 Capital guidance For personal use only Higher capex due to enhanced FY12 program with no flooding forecast FY12 Half Year Results Slide 17
Slide 18: Contact information
Contact information Beach Energy Limited – Head office For personal use only 25 Conyngham Street Glenside SA 5065 Tel: +61 8 8338 2833 Fax: +61 8 8338 2336 Website: www.beachenergy.com.au Chris Jamieson Investor Relations Manager Tel: +61 8 8338 2833 Mob: +61 8 (0)487 173 244 FY12 Half Year Results