Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q2 FY2024 Earnings Presentation
27 slides from Hibiscus Petroleum Bhd's earnings presentation, Feb 20, 2024
Slide 1: Q2 FY2024 Results
Q2 FY2024 RESULTS Briefing for Analysts and Fund Managers 20 February 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: Q2 FY2024 Highlights
Q2 FY2024 HIGHLIGHTS Average production of 22,191 boe/day (+17.4% QoQ), above 22,000 for the first time OPERATIONAL ON TRACK TO HIT FY2024 SALES Sold 1.2 MMbbl of oil and condensate (-14.8% QoQ) TARGET OF 7.5 – 7.8 MMBOE Sold 0.7 MMboe of gas (+14.1% QoQ) YTD FY2024 3.9 MMboe Revenue of RM627.6m (-1
Slide 4: Operational & Financial Updates
OPERATIONAL & FINANCIAL UPDATES
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Higher average net production 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 Q2FY24 90.21 Q1FY24 96.94 Q2FY24 22,191 Q2FY24 1,886,251 Oil, condensate, and ga
Slide 6: Highlights on Kinabalu
HIGHLIGHTS ON KINABALU Higher offtake and production Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate bbl Q2FY24 Oil 350,728 bbls @ USD89.84 /bbl RM147.2m 4,096 bbl/day USD23.43 Q1FY24 Oil 287,701 bbls @ USD103.16 /bbl RM137.3m 2,704 bbl/day USD30.83 OPERATIONAL COMMENTARIES REC
Slide 7: Highlights on PM3 CAA
HIGHLIGHTS ON PM3 CAA Higher production and gas sales Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate boe Oil 291,218 bbls @ USD92.41 /bbl Q2FY24 RM240.5m 10,532 boe/day USD27.19 Gas 4,116 MMscf @ USD5.96 /Mscf Oil 364,900 bbls @ USD91.78 /bbl Q1FY24 RM256.6m 9,356 boe/day USD2
Slide 8: Highlights on North Sabah
HIGHLIGHTS ON NORTH SABAH Higher production and lower average OPEX/bbl Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate bbl Q2FY24 Oil 351,350 bbls @ USD92.83 /bbl RM153.0m 5,133 bbl/day USD30.77 Q1FY24 Oil 549,134 bbls @ USD97.03 /bbl RM246.4m 4,357 bbl/day USD36.01 OPERATIONAL
Slide 9: Highlights on United Kingdom
HIGHLIGHTS ON UNITED KINGDOM Successful execution of planned maintenance Average Net Net OPEX / Offtake Volume x Price Revenue Production Rate boe Oil 173,996 bbls @ USD81.96 /bbl Q2FY24 RM76.9m 2,118 boe/day USD32.97 Gas 130 MMscf @ USD13.43 – 15.21/Mscf Oil 203,194 bbls @ USD97.24 /bbl Q1FY24 RM98
Slide 10: Reserves and Resources
RESERVES AND RESOURCES 60.9 MMboe of 2P reserves and 59.1 MMbbl of 2C contingent oil resources present opportunity for monetisation 100 UK - Fyne UK - Sunflower Million Barrels of Oil Equivalent 75 UK - Teal West 59.1 UK - Marigold 49.9 4.0 5.1 Australia - VIC/RL17 50 4.3 0.2 Vietnam - Block 46 Cai
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS Offtake timing (lower oil sales volume) and lower prices impacted results Others Anasuria Cluster North Sabah Peninsula Hibiscus Group Margin Margin RM746.6m -15.9% 52.6% 51.8% 20.7% 16.3% 13.2% RM627.6m -17.2% 12.3% RM393.0m 33.0% 16.9% RM325.3m RM154.3m -33.6% 24.4% Revenue EB
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% 120 100% 120 100% 80 90% 90% 90% 85 112 100 100 70 78 80% 80% 80% 98 97 97 97 68 70% 90 93 70% 92 70%
Slide 13: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (in RM million unless stated otherwise) As at 31 Dec 2023 As at 30 Sep 2023 As at 30 Jun 2023 Total assets 6,362.4 6,474.0 6,198.5 Shareholders’ funds A 2,860.7 2,852.1 2,689.8 Cash and bank balances 1,166.8 1,202.9 1,178.7 Unrestricted cash 891.9 947.2 925.7 Total debt B (4
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 7.7 MMboe Sales of oil, condensate, 7.5 to 7.8 MMboe • Q1 & Q2 FY24 at 3.9 MMboe (~51% of full year midpoint target) and gas (7.1 MMboe in FY2023) • Projected offtake volumes: 1.8 MMboe
Slide 16: Offtake Schedule
OFFTAKE SCHEDULE Total FY2024 sales volumes estimated at 7.7 MMboe - on track to meet target of 7.5 to 7.8 MMboe Total oil, condensate and gas sales volume (boe) Q3 FY2024 F Q4 FY2024 F Latest Q1 & Q2 Estimate FY2024 A Jan 24 A Feb 24 F Mar 24 F Total Apr 24 F May 24 F Jun 24 F Total – FY2024 Oil &
Slide 17: Growth Strategy
GROWTH STRATEGY Three-pronged strategy to more than double production rate by 2026 Overview FY2024 Focus On the look out for attractive Potential acquisition of Acquire producing assets and bid for new FY2026 producing assets and licenses licenses 35k-50k boe/day Convert 59.1 MMbbl 2C Oil To progres
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 backed by strong 2C oil resources Operation Track record of operational excellence, skilled in continuously enhancing efficiencie
Slide 19: Thank You!
THANK YOU! For more information please contact [email protected]
Slide 20: Q2FY24 Operational Highlights
Q2FY24 OPERATIONAL HIGHLIGHTS North Sabah Anasuria Cluster Peninsula Hibiscus Group1 Total or Average Average uptime % 93 83 91 - Average gross oil & condensate production bbl/day 13,874 5,525 30,365 49,764 Average net oil & condensate production bbl/day 5,133 1,882 7,490 14,505 Average gross gas ex
Slide 21: Q2FY24 Profit or Loss (by Segment)
Q2FY24 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 147,244 4,732 240,523 - 392,499 152,984 76,935 5,132 627,550 Cost Of Sales (41,102) (2,130) (99,528) - (1
Slide 22: Highlights on Kinabalu
HIGHLIGHTS ON KINABALU (in RM million unless stated otherwise) 2QFY24 1QFY24 Q-o-Q • Higher production rate in 2QFY24: - Full quarter of production from the KNWD-18 infill well that achieved first Total oil sold (bbls) 350,728 287,701 +21.9% oil in August 2023; and - First oil achieved for the KNWD-
Slide 23: Highlights on PM3 CAA
HIGHLIGHTS ON PM3 CAA • Higher production rate in 2QFY24 due to: (in RM million unless stated otherwise) 2QFY24 1QFY24 Q-o-Q - Stable gas lift operations; - Continuous positive impact from both sustained oil production from the H4 Total oil sold (bbls) 291,218 364,900 -20.2% reservoirs; and Average
Slide 24: Highlights on North Sabah
HIGHLIGHTS ON NORTH SABAH (in RM million unless stated otherwise) 2QFY24 1QFY24 Q-o-Q Total oil sold (bbls) 351,350 549,134 -36.0% • The average net oil production and OPEX/bbl in 1Q FY24 were adversely impacted by the annual planned major maintenance campaign for calendar Average realised oil price
Slide 25: Highlights on United Kingdom
HIGHLIGHTS ON UNITED KINGDOM (in RM million unless stated otherwise) 2QFY24 1QFY24 Q-o-Q Total oil sold (bbls) 173,996 203,194 -14.4% Average realised oil price (USD / bbl) 81.96 97.24 -15.7% Total gas sold (MMscf) 130 138 -5.8% Average realised gas price (USD / Mscf) 13.43∞ / 15.21# 9.24∞ / 10.74#
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
Slide 27: Estimated Net Oil & Gas Production CY2023-2026
ESTIMATED NET OIL & GAS PRODUCTION CY2023-2026 50 45 2026 Mission: The 2026 Mission production levels will be 35,000-50,000 40 met through one or a few of the following: boe/day 35 30 27 kboe/d Exploration and development of 25 21 22 opportunities in our existing PSCs 20 19 15 Future acquisitions of
Hibiscus Petroleum Berhad — Q2 FY2024 Earnings Presentation on 6ix