Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q3 FY2024 Earnings Presentation
26 slides from Hibiscus Petroleum Bhd's earnings presentation, May 21, 2024
Slide 1: Q3 FY2024 Results
Q3 FY2024 RESULTS Briefing for Analysts and Fund Managers 21 May 2024
Slide 2: Disclaimer
DISCLAIMER The purpose of this presentation is to provide general information about Hibiscus Petroleum Berhad (the “Company”) to assist potential investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information that a prospective i
Slide 3: Q3 FY2024 Highlights
Q3 FY2024 HIGHLIGHTS Revenue of RM603.5m (-3.8% QoQ); YTD RM1,977.7m (+7.4% YoY) FINANCIALS EBITDA of RM300.2m (-7.7% QoQ); YTD RM1,018.5m (+8.0% YoY) FY2024 DIVIDEND TARGET OF AT Declared third interim dividend of 2.0 sen per share for FY2024 LEAST 7.5 SEN/SHARE Share buy-back of 6.4m shares and re
Slide 4: Operational & Financial Updates
OPERATIONAL & FINANCIAL UPDATES
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Lower average net production but higher realised oil price Average Realised Prices Average Net Production Rate Total Sales (USD per boe) (boe per day) (boe) Oil and condensate Oil, condensate, and gas Oil, condensate, and gas Q3FY24 91.20 Q2FY24 90.21 Q3FY24 21,096 Q3FY24 1,83
Slide 6: Highlights on Kinabalu
HIGHLIGHTS ON KINABALU Lower average OPEX/bbl and higher oil price Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate bbl Q3FY24 Oil 308,799 bbls @ USD93.13 /bbl RM136.4m 3,132 bbl/day USD16.83 Q2FY24 Oil 350,728 bbls @ USD89.84 /bbl RM147.2m 4,102 bbl/day USD23.40 OPERATIONAL COM
Slide 7: Highlights on PM3 CAA
HIGHLIGHTS ON PM3 CAA Higher offtake volumes and lower average OPEX/boe Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate boe Oil 314,237 bbls @ USD89.30 /bbl Q3FY24 RM239.2m 10,290 boe/day USD17.39 Gas 4,136 MMscf @ USD5.41 /Mscf Oil 291,218 bbls @ USD92.41 /bbl Q2FY24 RM240.5m
Slide 8: Highlights on North Sabah
HIGHLIGHTS ON NORTH SABAH Higher oil price and lower average OPEX/bbl Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate bbl Q3FY24 Oil 299,584 bbls @ USD93.54 /bbl RM133.7m 5,047 bbl/day USD20.90 Q2FY24 Oil 351,350 bbls @ USD92.83 /bbl RM153.0m 5,148 bbl/day USD30.69 OPERATIONAL
Slide 9: Highlights on United Kingdom
HIGHLIGHTS ON UNITED KINGDOM Higher production and lower average OPEX/boe Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate boe Oil 188,654 bbls @ USD87.68 /bbl Q3FY24 RM86.2m 2,315 boe/day USD25.59 Gas 142 MMscf @ USD8.61 – 9.59/Mscf Oil 173,996 bbls @ USD81.96 /bbl Q2FY24 RM76.
Slide 10: Selling at a Premium to Brent
SELLING AT A PREMIUM TO BRENT Oil sold in Q3FY24 was at a premium of between USD2-9 per barrel Brent Price vs Realised Oil Prices (USD) Weighted Average Premium: USD7.2/bbl 100 11% 11% 4% 2% 90 80 70 60 50 40 30 20 10 0 PM3 CAA Kinabalu North Sabah Anasuria Brent Price Premium 10
Slide 11: Financial Highlights
Others FINANCIAL HIGHLIGHTS United Kingdom North Sabah Exceeded RM100m PAT for a third consecutive quarter in the current financial year Peninsula Hibiscus Group Margin Margin -3.8% RM627.6m 51.8% 49.7% 16.3% 16.9% RM603.5m 12.3% 14.3% -7.7% RM325.3m 24.4% RM300.2m -0.6% 22.1% 11.6% RM102.4m RM101.8
Slide 12: Strong and Consistent EBITDA Margins
STRONG AND CONSISTENT EBITDA MARGINS • Proven track record in navigating downturns • Operational control over assets gives us flexibility to adapt expenditures PENINSULA NORTH SABAH ANASURIA 90 100% 120 120 100% 100% 80 90% 90% 90% 85 112 100 100 70 78 80% 80% 80% 98 97 97 97 70% 93 94 70% 92 70% 60
Slide 13: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (in RM million unless stated otherwise) As at 31 Mar 2024 As at 31 Dec 2023 As at 30 Sep 2023 As at 30 Jun 2023 Total assets 6,451.8 6,362.4 6,474.0 6,198.5 Shareholders’ funds A 3,013.2 2,860.7 2,852.1 2,689.8 Cash and bank balances 1,099.7 1,166.8 1,202.9 1,178.7 Unrestric
Slide 14: Outlook and Investment Merits
OUTLOOK AND INVESTMENT MERITS
Slide 15: FY2024 Guidance Snapshot
FY2024 GUIDANCE SNAPSHOT On track to fulfill FY2024 guidance Guidance Commentary • Estimated total sales volume of 7.8 MMboe Sales of oil, condensate, 7.5 to 7.8 MMboe • Q1, Q2 & Q3 FY24 at 5.8 MMboe (~75% of full year midpoint target) and gas (7.1 MMboe in FY2023) • Projected offtake volumes: 2.1 M
Slide 16: Offtake Schedule
OFFTAKE SCHEDULE Total FY2024 sales volumes estimated at 7.8 MMboe - on track to meet target of 7.5 to 7.8 MMboe Total oil, condensate and gas sales volume (boe) Q4 FY2024 F Latest Q1 FY2025 F Q1, Q2 & Q3 Estimate FY2024 A April 24 A May 24 F June 24 F Total Jul 24 F Aug 24 F Sep 24 F Total – FY2024
Slide 17: 3-Year Growth Strategy
3-YEAR GROWTH STRATEGY Three-pronged approach to double production rate and grow 2P reserves to 100MMboe by 2026 Est. Net Production (boe/day) ~2x 35k to 50k 24k 22k 22k Convert development assets to Develop 3-pronged Growth Strategy producing assets 2023 2024 2025 2026 Enhance output and extend Pen
Slide 18: Investment Merits
INVESTMENT MERITS Growth target supported by untapped resources and strong capital position to support development Growth Strategy to double daily production rate by 2026 Operation Track record of operational excellence, skilled in continuously enhancing efficiencies of current assets Capital Strong
Slide 19: Thank You!
THANK YOU! For more information please contact faq@hibiscuspetroleum.com
Slide 20: Q3FY24 Operational Highlights
Q3FY24 OPERATIONAL HIGHLIGHTS North Sabah Peninsula Hibiscus Group1 Anasuria Cluster Total or Average Average uptime % 96 90 93 - Average gross oil & condensate production bbl/day 13,642 28,992 6,088 48,722 Average net oil & condensate production bbl/day 5,047 6,396 2,054 13,497 Average gross gas ex
Slide 21: Q3FY24 Profit or Loss (by Segment)
Q3FY24 PROFIT OR LOSS (BY SEGMENT) Malaysia - Kinabalu and others Subtotal Malaysia - North United Total RM'000 CAA Vietnam Others1 Kinabalu Others (PHSB Group) Sabah Kingdom (HPB Group) Revenue 136,371 3,549 239,196 - 379,116 133,665 86,220 4,510 603,511 Cost Of Sales (28,585) (979) (72,960) - (102
Slide 22: Highlights on Kinabalu
HIGHLIGHTS ON KINABALU (in RM million unless stated otherwise) 3QFY24 2QFY24 Q-o-Q Production in 3QFY24 was impacted by KN-114 well integrity issues which limited flow, an outage encountered at a high pressure gas compressor in January 2024 Total oil sold (bbls) 308,799 350,728 -12.0% and reservoir
Slide 23: Highlights on PM3 CAA
HIGHLIGHTS ON PM3 CAA (in RM million unless stated otherwise) 3QFY24 2QFY24 Q-o-Q Lower production rate in 3QFY24 was mainly due to the impact of shutting down Total oil sold (bbls) 314,237 291,218 +7.9% the Bunga Orkid-D platform (for about a week) to facilitate the PV DRILLING III rig Average real
Slide 24: Highlights on North Sabah
HIGHLIGHTS ON NORTH SABAH (in RM million unless stated otherwise) 3QFY24 2QFY24 Q-o-Q Total oil sold (bbls) 299,584 351,350 -14.7% The average net oil production was fairly consistent in both quarters. Average realised oil price (USD / bbl) 93.54 92.83 +0.8% Average net production rate (bbl /day) 5,
Slide 25: Highlights on United Kingdom
HIGHLIGHTS ON UNITED KINGDOM (in RM million unless stated otherwise) 3QFY24 2QFY24 Q-o-Q Total oil sold (bbls) 188,654 173,996 +8.4% Average realised oil price (USD / bbl) 87.68 81.96 +7.0% Total gas sold (MMscf) 142 130 +9.2% • Higher OPEX/boe in 2QFY24 due to the following activities carried out w
Slide 26: Estimated Capex for FY2024 & FY2025
ESTIMATED CAPEX FOR FY2024 & FY2025 Funded through current cash balances, operating cashflows and existing debt facilities 250 202 207 200 18 80 48 150 UK - Teal West USD million Malaysia - Kinabalu 24 18 Malaysia-Vietnam CAA - PM3 CAA 100 Malaysia - North Sabah 39 UK - Anasuria 98 50 60 14 10 0 FY2
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