Horizon Oil Limited · ASX:HZN
Horizon Oil — H1 2019 Earnings Presentation
11 slides from Horizon Oil's earnings presentation, Feb 20, 2019
Slide 1: Half Year Results Presentation 2019
HORIZON OIL LIMITED / ABN 51 009 799 455 Half Year Results Presentation 2019 20 February 2019
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: 2019 Half Year Highlights
2019 Half Year Highlights • Oil sales volume of 1.0 million barrels 54% higher than HY 2018, with calendar year sales volumes of 2.0 million barrels • Sales revenue before hedge settlements of US$70.3 million 88% higher than HY 2018, with calendar year sales revenue of US$139.1 million • Low operati
Slide 4: Operational Results - China
Operational Results ‐ China • Production from the Group’s interest in the Beibu Gulf fields increased 26% on the prior half year to 523,141 barrels of oil, with crude Gross reserves and resources at 2P 2C oil sales increasing 35% to 716,731 barrels 30/6/18 (mmbo) • Two infill wells were drilled on t
Slide 5: Operational Results - New Zealand
Operational Results – New Zealand • Production from the Group’s interest in the Maari/Manaia fields increased 100% on the prior half year to 278,763 barrels of oil, with crude oil sales increasing 130% to 304,487 barrels following the acquisition of an additional 16% interest effective 31 December 2
Slide 6: Operational Results - Papua New Guinea
Operational Results – Papua New Guinea • Horizon Oil holds material interests in all four fields that will supply the proposed Western LNG project and has an ~30% interest in the total gross audited resources including 64 mmbbls of condensate and ~2,200 PJ of sales gas • Proposed PNG Gas Policy to e
Slide 7: Financial Overview
Financial Overview (US$ million) HY 2019 HY 2018 ∆ ∆ (%) Sales Volume (mbbl) 1,021.2 662.1 359.1 54% • Material increase in sales and production Production Volume (mbbl) 801.9 556.1 245.8 44% volumes Revenue 63.6 36.4 27.2 75% • Robust and material increases in revenue, EBITDAX, profit and cashflow
Slide 8: Key Half Year Cashflow Drivers
Key Half Year Cashflow Drivers 8
Slide 9: Full Year Performance
Full Year Performance Horizon Oj] | Oil sales incl China cost recovery oil (mmbbls) Revenue, incl hedging and China cost recovery (US$m) fag CY 2018 127.2 2018 73.4 2017 2017 2016 2016 66.3 92.0 2015 2015 126.8 204 2014 Os 1.0 Ls 2.0 - 40 80 120 160 = Maari = Beibu Cost recovery entitlement Net oper
Slide 10: 2019 Outlook
2019 Outlook Financial • Continued strong operating cash flows supported by developed, low cost, conventional oil fields • Progressive reduction in debt, forecast in excess of US$30 million in CY19 Block 22/12, China • Continued higher production entitlement (~35% share of production) through the re
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