Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — Q1 2017 Earnings Presentation
20 slides from Dana Gas PJSC's earnings presentation, May 11, 2017
Slide 1: Clean Energy for the Future: Q1 2017 Financial Results
Clean Energy for the Future Q1 2017 –Financial Results 11 May 2017
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections abo
Slide 3: Contents
Contents 1 Headlines 2 Financial Update 3 Country Performance 4 Summary
Slide 4: 1. Headlines
1. Headlines
Slide 5: Highlights
Highlights Operations Financials Group production up 16% to 69,900 boepd Company reported 44% increase in revenue and 83% Q1 Egypt production up 24% increase in net profit reflecting increased production and First export of Condensate in Egypt completed in April 2017 improved realized prices
Slide 6: 2. Financial Update
2. Financial Update
Slide 7: Financial Highlights
Financial Highlights Gross Revenue (million USD) EBITDA (million USD) 150 100 118 100 75 69 82 47 50 50 25 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Gross Profit (million USD) Net Profit (million USD) 75 30 50 20 38 11 25 22 10 6 0 0 Q1 2016 Q1 2017 Q1 2016 Q1 2017 7
Slide 8: Production (boepd) & Realized Prices (USD/boe)
Production (boepd) & Realized Prices ( USD/boe) Average production Q1 2017 Vs Q1 2016 Average production Q1 2017 Vs Q4 2016 69,500 69,900 69,900 Q4 2016 60,500 Q1 2016 Q1 2017 Q1 2017 40,500 40,950 40,950 33,000 26,200 26,500 25,500 26,500 2,100 1,800 700 650 1,300* 1,800 700 650 Group Egypt KRI UAE
Slide 9: CAPEX & OPEX
CAPEX & OPEX G&A / OPEX (million USD) CAPEX (million USD) G&A OPEX 56 52 234 122 23 13 13 10 32 7 3 3 2015 2016 Q1 2016 Q1 2017 2015 2016 Q1 2016 Q1 2017 G&A / OPEX CAPEX Company continues to optimise costs Capex reduced by 78% in Q1 2017 OPEX down 23% due to further rationalisation of All n
Slide 10: Liquidity and Debt
Liquidity and Debt Gross Debt & Cash Balance (million USD) Free Cash Flow (million USD) 884 804 786 203 181 502 488 112 470 414 82 302 33 26 298 22 7 2015 2016 Q1 2017 2015 2016 Q1 2017 -30 Net Cash In (Operating) Net Cash Out (Capital expenditure) FCF Gross Debt Net Debt Cash and Cash equivalents
Slide 11: Receivables & Collections
Receivables & Collections 31 March 2017, total trade receivables is $999 million Egypt Kurdistan Region of Iraq 300 Billing 140% 300 Billing 140% 129% Collection Collection 121% % 119% % 120% 120% 225 111% 225 100% 100% Millions ($) Millions ($) 80% 80% 150 64% 150 60% 60% 40% 40% 75 42% 75 30% 20%
Slide 12: 3. Country Performance
3. Country Performance
Slide 13: Egypt: Strong production
Egypt: Strong production Sustaining production at maximum plant capacity, with production South Abu El Naga exceeding 40,000 boed, a 24% increase compared to Q1 2016 First shipment of international condensate loaded on 15 April 2017 Direct payment in US$ South El Manzala Planned shut-down of E
Slide 14: Egypt: Growth potential
Egypt: Growth potential BP-operated Mocha-1 (Block 3) Mocha-1 • Well drilling reached target depth • Gas not found in commercial quantities • Proven presence of a working petroleum system • No cost incurred by Dana Gas North El Arish (Block 6) • Substantial and material prospect inventory North
Slide 15: Kurdistan Region of Iraq
Kurdistan Region of Iraq Dana Gas share of production averaged 26,500 boepd, in-line with the 25,500 boepd in the first quarter 2016 • 309 MMscfd of natural gas (2016: 304) • 13,480 bbl/d of condensate (2016: 13,322) • 907 MT/d of LPG (2016: 737) Direct condensate sales to the KRG through the Ja
Slide 16: UAE
UAE Producing gas since February 2016 Production decline on a quarter-by- quarter basis: 1,800 boepd in Q1 2017 v 2,100 boepd in Q4 2016 Detailed geo-technical study being carried out to determine commercial options for well intervention activities to enhance production Any final decision on
Slide 17: Arbitration Update
Arbitration Update Kurdistan Region of Iraq Third award of 31 January 2017 KRG in breach of its obligations under the agreement and has delayed the Claimants’ rights to develop Khor Mor and Chemchemal Order for the KRG to pay US$121 million in respect of condensate and LPG lifted between 30 Ju
Slide 18: 4. Summary
Ly 4. Seomary ff i
Slide 19: Summary
Summary 1 Operations and cost efficiencies strong; collections weak Potential for exciting medium-term opportunities in Egypt and 2 development of world class assets in Kurdistan Region of Iraq Independent evaluation of Company’s maximum potential value of 3 assets at over US$29 billion Short-to-mid
Slide 20: Reach Us: Dana Gas PJSC
Reach Us: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : [email protected] Direct : +971 6 519 4401