Japan Petroleum Exploration Co., Ltd. · TSE:1662
Japan Petroleum Exploration — FY2012 Earnings Presentation
29 slides from Japan Petroleum Exploration's earnings presentation, May 14, 2012
Slide 1: Presentation of Consolidated financial results for the fiscal year ended March 31, 2012
Note: The following report is an English translation of the Japanese-language original. Presentation of Consolidated financial results for the fiscal year ended March 31, 2012 May 14 , 2012 Japan Petroleum Exploration Co., Ltd. copyright©2012 JAPAN PETROLEUM EXPLORATION Co.,LTD. All rights reserved.
Slide 2: Cautionary statement
Cautionary statement Any information contained herein with respect to JAPEX’s plans, estimates, strategies and other statements that are not historical facts are forward-looking statements about the future performance of JAPEX. Readers should be aware that actual results and events may differ substa
Slide 3: Contents
Contents １．Business Overview ２．Actual results for FY2012 ３．Estimates for FY2013 3
Slide 4: Business Overview
Business Overview President Osamu Watanabe 4
Slide 5: JAPEX's Perception of the Business Environment
JAPEX’s Perception of the Business Environment An increasingly competitive Intense competition in the resource development environment domestic natural gas business Aggressive natural gas infrastructure development by Growing nationalism in oil and gas producing countries competitive compani
Slide 6: Corporate Vision and Basic Strategies for JAPEX Expansion
Corporate Vision and Basic Strategies for JAPEX Expansion While positioning E&P at the Company’s main activities, endeavor to increase business opportunities by shifting to E&P activities overseas and pursuing new investment in domestic natural gas as well as environment and innovative technology
Slide 7: Production volume and Proved reserves
Production volume and Proved reserves ■ Actual production volume of FY2012: 38,000 BOE/D ⇒ Decreased 5% YOY. Main reason was the change of conversion factor* for natural gas. ■ Actual proved reserves of FY2012: 224 million BOE ⇒ Decreased 13% YOY. Main reasons were the decrease due to production and
Slide 8: Trends in Crude oil prices and Foreign exchange rates
Trends in Crude oil prices and Foreign exchange rates $140 ¥120 $130 ¥115 $120 ¥110 [Price] $denominated $/bbl $110 ¥105 $ denominated price $/bbl (left axis) $100 ¥100 $90 ¥95 $80 ¥90 $70 ¥85 Exchange rate \/$(right axis) $60 ¥80 $50 ¥75 $40 ¥70 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-
Slide 9: Actual results for FY2012 and Estimate for FY2013 (Highlight)
Actual results for FY2012 and Estimate for FY2013 (Highlight) ■ Actual results for FY2012 ( vs FY2011) Billion ￥ FY2011 FY2012 60 235 [ Billion ￥] change 230.6 (a) (a) 55 Net Sales (right axis) 230 Net Sales 199.6 230.6 30.9 16% 50 225 Operating income 13.8 15.0 1.2 9% Ordinary income 17.1 22.1 5.0
Slide 10: Domestic exploration plan for FY2013
Domestic exploration plan for FY2013 ●Extention well: 4wells ●Extention well drilling schedule ■Seismic survey : 2 sites FY2013 Total 1Q 2Q 3Q 4Q Depth 4 5 6 7 8 9 10 11 12 1 2 3 Numanohata(T1) East C2 2,100m Akebono（T1) A5 (1,700m) Akebono(T1) A5 1,700m 4,830m Numanohata(T1) East C2 (2,100m) Kataka
Slide 11: CAPEX plan for FY2013
CAPEX plan for FY2013 Billion ￥ Billion ￥ FY13 [ Billion ￥] FY09 FY10 FY11 FY12 (e) 40 45 CAPEX 30.9 28.8 21.9 23.8 33.4 Depreciation 35 40 and 21.5 23.2 24.5 23.9 18.0 amortization 0.7 35 30 4.7 30 25 24.5 23.9 25 Main items of CAPEX for FY2013 25.6 20 3.1 23.2 7.8 21.5 18.0 20 Domestic CAPEX ¥ 7.8
Slide 12: Overseas business: Basic strategy
Business Overview Overseas business : Basic strategy Oil sands development (production & prepare for development) Sakhalin 1 Project Canada (production) Sakhalin Iraq : Garraf oil field (development) Middle East North Africa Southeast Asia -Kangean Block (production & development) -Ache Block A (dev
Slide 13: Current status of overseas business ① Canada oil sands
Business Overview Current status of overseas business ① Canada oil sands ■ Areas in which JACOS holds interest in oil sands leases Canada Oil Sands Co., Ltd. (CANOS) Project company (86.64% owned by JAPEX ) Japan Canada Oil Sands Ltd. (JACOS) Operator (Local subsidiary, wholly owned by CANOS) Block
Slide 14: Current status of overseas business ② Iraq
Business Overview Current status of overseas business ② Iraq Garraf development project North Oil PETRONAS Contractors JAPEX Company Development and Production Service Contract (Operator) Contract Type (NOC) Counterparty South Oil Company (SOC) Payment share 60% 40％ - 20 years Contract term Particip
Slide 15: Current status of overseas business ③ Sakhalin 1 Project
Business Overview Current status of overseas business ③ Sakhalin 1 Project Sakhalin 1 Consortium Interest Exxon Neftegas Ltd. 30% Sakhalin Oil and Gas Development Co., Ltd. (SODECO) 30% Odoptu Minister of Economy, Trade and Industry : 50.00% JAPEX : 14.46% ITOCHU Corp. : 14.46% Marubeni Corp. : 11.6
Slide 16: Current status of overseas business ④ Indonesia: Kangean Block
Business Overview Current status of overseas business ④ Indonesia: Kangean Block Jakarta Kangean Energy Indonesia Ltd. (KEI) Project Surabaya and two other companies. Java Island company (Equity-method affiliates) Pagerungan Utara oil field (Development) West Kangean gas field (Exploration) Kangean
Slide 17: Current status of overseas business ⑤ Indonesia: Block A Aceh
Business Overview Current status of overseas business ⑤ Indonesia: Block A Aceh Project company Japex Block A Ltd. Interest 16.67% Block A Aceh Block (northern Sumatra) Block A Aceh Operator Medco Gross Around 100 million cf/d production (around 20,000 boe/d in crude oil equivalent ） Jakarta 2010 Ap
Slide 18: Current status of overseas business ⑥ Indonesia: Buton Block
Business Overview Current status of overseas business ⑥ Indonesia: Buton Block Project company Japex Buton Ltd. Interest 40% Block Buton Block (onshore/offshore block on Buton Island, Southeast Sulawesi) Airborne gravity and magnetic surveys 2008 2D seismic surveys 2009 Selected the exploration well
Slide 19: Actual results for FY2012
Actual results for FY2012 Executive Vice President Hiroshi Sato 19
Slide 20: Actual results for FY2012 (Highlight)
Actual results for FY2012 ( Highlight ) FY2011 FY2012 Actual Initial Revised Revised Actual [ Million ￥] estimate estimate ① estimate ② (May 2011) (Nov. 2011) (Feb. 2012) Net Sales 199,651 223,479 229,031 226,227 230,638 Operating income 13,849 11,757 8,365 12,214 15,045 Ordinary income 17,122 15,63
Slide 21: Actual sales of Natural gas in FY2012 (vs FY2011)
Actual sales of Natural gas in FY2012(vs FY2011) FY2011 FY2012 change 1H (a) Full (a) 1H (a) Full (a) 1H Full Sales volume million M3 696 1,553 742 1,730 45 176 Natural gas: Net sales million ￥ 27,039 61,090 31,170 74,957 4,130 13,867 Of which, Domestically produced gas: Sales volume million M3 529
Slide 22: Actual sales of Crude oil in FY2012 (vs FY2011)
Actual sales of Crude oil in FY2012 (vs FY2011) Sales volume : Thousand KL FY 2011 FY 2012 change Net sales : Million ￥ 1H (a) Full (a) 1H (a) Full (a) 1H Full Sales volume 946 1,899 896 1,778 (50) (120) Crude oil: Net sales 38,242 77,629 46,649 89,891 8,406 12,262 Breakdown of equity oil Domestical
Slide 23: Actual results for FY2012 (vs FY2011)
Actual results for FY2012 (vs FY2011) ≪Causes of increase(+) or decrease(-) ≫ FY2011 FY2012 [ Million ￥] change Gross profit (a) (a) Domestic crude oil and natural gas Net sales 199,651 230,638 30,986 + ¥5.8 billion LNG substitution expence - ¥2.3 billion Transportation fee of natural gas Gross prof
Slide 24: Estimates for FY2013
Estimates for FY2013 Executive Vice President Hiroshi Sato 24
Slide 25: Estimates for FY2013 (Point)
Estimates for FY2013 (Point) FY2012 FY2013 change [ Million ￥] 1H (a) Full (a) 1H (e) Full (e) 1H Full Net Sales 104,596 230,638 95,823 214,653 (8,773) (15,985) Operating income 6,219 15,045 4,858 10,003 (1,361) (5,042) Ordinary income 7,887 22,159 5,503 16,819 (2,385) (5,341) Net income 6,333 17,02
Slide 26: Estimated Natural gas sales in FY2013
Estimated Natural gas sales in FY2013 FY2012 FY2013 change 1H (a) Full (a) 1H (e) Full (e) 1H Full Sales volume Million M3 742 1,730 698 1,501 (45) (229) Natural gas: Net sales Million ￥ 31,170 74,957 31,385 67,225 215 (7,733) Of which, Domestically produced gas: Sales volume Million M3 522 1,194 51
Slide 27: Estimated Crude oil sales in FY2013
Estimated Crude oil sales in FY2013 Sales volume : Thousand KL FY 2012 FY 2013 change Net sales : Million ￥ 1H (a) Full (a) 1H (e) Full (e) 1H Full Sales volume 896 1,778 804 1,763 (92) (15) Crude oil: Net sales 46,649 89,891 37,577 81,603 (9,072) (8,288) Breakdown of equity oil Domestically produce
Slide 28: Estimates for FY2013
Estimates for FY2013 ≪Causes of increase(+) or decrease(-) ≫ FY2012 FY2013 [ Million ￥] change (a) (e) Gross profit Net sales 230,638 214,653 (15,985) Domestic crude oil and natural gas - ¥4.0 billion Gross profit 56,278 54,865 (1,413) Transportation on consignment income + ¥2.1 billion Exploration
Slide 29: Oil price and Exchange rate assumptions and impact on profits
Oil price and Exchange rate assumptions and impact on profits JCC price Exchange rate Bitumen price Assumption CAD 52.91 /bbl USD 100 /bbl Yen 80 /USD （ Yen 80 /CAD ） USD 1 /bbl increase in A weakening in the yen to CAD 1/bbl increase in Impact on Profits crude oil prices would push Yen 5/USD would
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