Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — Dana Gas — Q3 2014 Earnings Presentation
25 slides from Dana Gas PJSC's earnings presentation, Nov 12, 2014
Slide 1: Dana Gas Capital Markets Presentation 9M / 3Q 2014 Financial Results
Clean Energy For the MENASA Region’s Tomorrow Dana Gas Capital Markets Presentation 9M / 3Q 2014 Financial Results 12 November 2014 www.danagas.com 1
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking Forward-looking statements are based on certain statements which may be identified by their use of assumptions and expectations of future events. The words like “plans,” “expects,” “will,” “anticipates,” Company, its subsidiaries a
Slide 3: Presentation Outline
Presentation Outline 9M 2014 Performance Highlights 3Q 2014 Performance Highlights Quarter-on-Quarter Financial Performance Egypt Performance KRI and Zora Project Summary www.danagas.com 3
Slide 4: Performance Highlights
Performance Highlights Dr Patrick Allman-Ward Chief Executive Officer www.danagas.com 4
Slide 5: Delivery of long-term strategic plan driving robust performance
Delivery of long-term strategic plan driving robust performance Continued delivery of medium term strategy of focusing on operational excellence and continued production increases through execution of prudent growth projects Solid quarter on quarter and year to date performance underpinned by: –
Slide 6: Delivery of long term strategic plan driving robust performance (contd)
Delivery of long term strategic plan driving robust performance (contd) Recommencement of income generation in KRI – Pearl Petroleum CL, the consortium in which DG holds 40% interest made first sale of liquid products locally – Cash advance of $18m received from local trading company against futur
Slide 7: Financial Performance
Financial Performance Azfar Aboobakar Head - Financial Control & Reporting www.danagas.com 7
Slide 8: Financial Highlights: 9M 2014 vs 9M 2013
Financial Highlights: 9M 2014 vs 9M 2013 (In $ million) 9M – 2014 9M – 2013 Change Gross Revenue 541 466 16% Gross Profit 251 209 20% Net Profit 129 121 7% EBITDAX 316 261 21% Increase in revenue mainly due to increased production in Egypt and resumption of LPG production in Kurdistan which remain
Slide 9: Financial Performance - 3Q 2014 versus 3Q 2013
Financial Performance - 3Q 2014 versus 3Q 2013 Revenue: +2% Y-o-Y Gross Profit: +11% Y-o-Y 200 100 186 187 170 180 174 174 87 85 150 170 79 79 152 144 75 79 71 71 63 $m $m 100 50 50 - - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q3 2013 2013 2013 2013 2014 2014 2014 2013 2014 2013 2013 2013
Slide 10: Profit After Tax Bridge – 9M 2014 Vs 9M 2013
Profit After Tax Bridge – 9M 2014 Vs 9M 2013 (all figures in $ million) 200 (3) (35) 13 (14) 160 78 (40) 5 2 (3) 5 120 129 121 80 40 0 9M 2013 Revenue - Revenue - Increase in Decrease in Increase in Decrease in Decrease in Increase in Decrease in Decrease in 9M 2014 Profit Quantity Price effect Roya
Slide 11: Profit After Tax Bridge – 3Q 2014 Vs 3Q 2013
Profit After Tax Bridge – 3Q 2014 Vs 3Q 2013 (all figures in $ million) 45 40 (3) (1) (1) 4 35 (7) 6 1 11 30 25 20 38 15 28 10 5 0 Q3 2013 Profit Revenue - Revenue - Decrease in Decrease in Decrease in Increase in Increase in Decreaes in Q3 2014 Profit Quantity Price effect Cost of sales Investment
Slide 12: Production Performance (BOEPD)
Production Performance (BOEPD) Rounded to nearest hundred 3Q 2013 Vs 3Q 2014 2014 2013 9M 2013 Vs 9M 2014 Includes Gas Includes Gas production of 20,00 production of boepd (3Q13 – 21,300 boepd 21,700 Boepd) (9M 2013 – www.danagas.com 21,700 Boepd) 12
Slide 13: Average Realized Prices
Average Realized Prices 3Q 2013 vs 3Q 2014 2014 2013 9M 2013 vs 9M 2014 120 120 108 106 100 104 100 100 80 80 68 70 65 66 60 60 40 40 20 20 0 0 Condensate (USD/boe) LPG (USD/boe) Condensate (USD/boe) LPG (USD/boe) * Liquids benchmarked to Brent www.danagas.com 13
Slide 14: Trade Receivables
Trade Receivables (all figures in US$ ‘mm) In Egypt, the cash collections were $ 81 million Q4 2013 Q3 2014 in 9M 2014. In 3Q 2014, Dana Gas collected 800 $ 53 million, out of which $ 36 million was in 712 700 Egyptian Pounds, which is earmarked to settle payables to service providers for its Egyp
Slide 15: Egypt Operations
Egypt Operations Dr Mark Fenton General Manager www.danagas.com 15
Slide 16: Egypt: Nile Delta Operations
Egypt: Nile Delta Operations Development Leases: El Wastani Onshore acreage consisting of 13 Development Leases in the prolific Nile Delta region One additional DL (Begonia) is under discussion with the government Production: 40,500 boepd ( 3Q 2014 Avg) is slightly lower than 2Q 2014 but continues t
Slide 17: Gas Production Enhancement Agreement helps Egypt increase production
Gas Production Enhancement Agreement helps Egypt increase production while delivering long term value to Dana Gas GPEA initiative allows Dana Gas to optimise Investment highlights: core Nile Delta asset • Drilling includes 21 new wells and equivalent number of work-over wells over a 7 year period in
Slide 18: Block 6 – North El Arish Offshore Opportunity
Block 6 – North El Arish Offshore Opportunity G&G studies prior to commencing seismic acquisition in 4Q 2014 / 2Q 2015 Environmental Impact Assessment to be completed prior to seismic operations Seismic reprocessing of vintage 2D seismic data across the block 4Q 2014 The initial seismic acqu
Slide 19: Newly awarded exploration blocks in Nile Delta
Newly awarded exploration blocks in Nile Delta enables Dana Gas to build on its core area production and utilising existing infrastructure Blocks 1 & 3 located adjacent to Dana Gas’ • Awarded the North El Salhiya (Block 1) and El prolific Nile Delta development leases Matariya (Block 3) onshore conc
Slide 20: KRI and Zora Project Update
KRI and Zora Project Update Paul Gayton Technical Director www.danagas.com 20
Slide 21: Operations in Kurdistan Region of Iraq
Operations in Kurdistan Region of Iraq DG share of production (40%) averaged 27,705 boepd during 3Q 2014: 120 MMscfd (40%) of natural gas 5,202 bbl/d (40%) and 206 tons/d (40%) of condensate and LPG, respectively Production of LPG continued to ramp up during 3Q 2014 with potential for furthe
Slide 22: UAE: Zora Project Update
UAE: Zora Project Update Overall project progress is in line with plans for first gas in 1H 2015 with a capacity of 40 mmscfd (6,650 boepd ) All major facilities contracts now awarded Offshore platform fabrication progress 70% Line Pipe manufactured and transported to Abu Dhabi and coating s
Slide 23: Summary
Summary www.danagas.com 23
Slide 24: Summary – Dana Gas is a company that can deliver
Summary – Dana Gas is a company that can deliver Significant investment and drilling programme in Egypt starting Q1 2015, which will be fully funded from project finance and retained earnings, will result in free cash flow by 2017 and result in a reduction of receivables from the Egyptian governme
Slide 25: Reach us: Dana Gas
Reach us: Dana Gas P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : [email protected] Direct : +971 6 519 4401 Fax : +971 6 556 6522 www.danagas.com