Dana Gas PJSC · ADX:DANA
Dana Gas PJSC — H1 2024 Earnings Presentation
20 slides from Dana Gas PJSC's earnings presentation, Aug 8, 2024
Slide 1: H1 2024 – Financial Results
H1 2024 – FINANCIAL RESULTS 8 AUGUST 2024 CLEANER ENERGY FOR THE FUTURE
Slide 2: Contents
CONTENTS I. Headlines II. Operational Performance III. Financial Update IV. Summary 2
Slide 3: 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 4: Headlines
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Slide 5: Snapshot – H1 2024
SNAPSHOT – H1 2024 OPERATIONS FINANCIALS ▪ Q2 production down 4% at 53,700 boepd vs 56,750 in 2023; ▪ Q2 Net Profit of $34m – 3% increase compared to Q2 2023, driven by ▪ KRI production up 7%; Egypt production down 24% improved gross profit margins; Revenue of $93m vs $100m in 2023. ▪ ▪ H1 Group pro
Slide 6: Operational Performance
© jc d_ila DANAGAS OPERATIONAL PERFORMANCE
Slide 7: KRI: Energising the Country
KRI: ENERGISING THE COUNTRY OPERATIONS ▪ Produced 37,600 boepd (Net) in H1 24 (168 MMscf of gas; 5,273 bbl/d of condensate and 369 MTPD of LPG) vs 36,400 boepd in H1 2023 – 3% increase, despite temporary suspension in April. ▪ Q2 2024 production up 7% from 34,150 boepd in 2023 to 36,500 boepd in Q2
Slide 8: Egypt: Operations Overview
EGYPT: OPERATIONS OVERVIEW OPERATIONS ▪ Produced 17,650 boepd during H1 2024 (86 MMscf of gas; 1706 bbl/d of condensate and 141 MTPD of LPG); 25% drop compared to H1 2023 as a result of natural field declines and absence of meaningful investments. ▪ The decline is within the 20-30% production decrea
Slide 9: Production (boepd)
PRODUCTION (BOEPD) AVERAGE PRODUCTION H1 2023 VS H1 2024 (KBOE/D) AVERAGE PRODUCTION Q2 2023 VS Q2 2024 (KBOE/D) 56.8 53.7 59.8 55.3 7.2 36.5 6.7 7.7 34.1 36.4 37.6 7.0 5.0 22.6 5.0 5.3 23.4 5.3 17.7 43.8 17.2 2.4 45.9 42.3 2.3 41.2 27.0 27.9 1.7 25.5 27.3 1.6 18.9 14.4 18.3 14.0 KRI Egypt Group KRI
Slide 10: Realized Prices (USD/boe)
REALIZED PRICES ( USD/BOE) AVERAGE REALIZED PRICE - CONDENSATE (USD/BBL) AVERAGE REALIZED PRICE - LPG (USD/BOE) H1 2023 H1 2024 Q2 2023 Q2 2024 H1 2023 H1 2024 Q2 2023 Q2 2024 $84 $85 $84 $85 $80 $78 $79 $77 $80 $78 $72 $70 $56 $53 $53 $49 $45 $45 $44 $45 $44 $43 $37 $34 $34 $33 $34 $33 $28 $29 $28
Slide 11: Financial Update
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Slide 12: Revenue Highlights
REVENUE HIGHLIGHTS REVENUE BREAKDOWN ($M) – H1 2023 VS H1 2024 REVENUE BREAKDOWN ($M) – Q2 2023 VS Q2 2024 220 188 41 99 91 36 18 113 79 18 107 109 56 49 50 35 53 21 20 23 79 26 8 11 38 48 31 32 13 10 24 15 15 7 100 96 21 11 45 47 44 55 54 42 27 27 19 20 KRI Egypt Total KRI Egypt Total KRI Egypt Tot
Slide 13: Profit Highlights
PROFIT HIGHLIGHTS GROSS PROFIT & EBITDA ($M) NET PROFIT ($M) 150 2023 2024 100 130 2023 2024 83 125 115 72 103 75 100 94 50 75 33 34 56 54 44 47 50 25 25 0 0 H1 Q2 H1-Gross profit Q2- Gross profit H1-EBITDA Q2-EBITDA 13
Slide 14: G&A / OPEX Highlights
G&A / OPEX HIGHLIGHTS G&A / OPEX ($M) G&A OPEX G&A/boe ($/boe) Opex/boe ($/boe) 4 31 30 26 27 26 3 ▪ OPEX increased by $4m mainly due to costs 2.68 2.59 2.35 2.35 22 related to maintenance, security, and staff. 20 2.03 ▪ Company OPEX and G&A costs remain 2 extremely competitive on an industry wide b
Slide 15: CAPEX Highlights
CAPEX HIGHLIGHTS CAPEX ($M) 72 58 ▪ Total $31m (H1 2024) vs $72m (H1 2023). 50 ▪ $4m in Egypt and $27m in the KRI. 31 ▪ Limited CAPEX in Egypt amid finalization of 25 concession consolidation. ▪ Reduced CAPEX in the KRI as a result of the suspension of KM250. H1 2020 H1 2021 H1 2022 H1 2023 H1 2024
Slide 16: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES DEBT AND CASH BALANCE ($M) ▪ Improvement in Company’s balance sheet with 300 lower debt and better cash position. 252 250 ▪ $140m cash balance vs. $131m at FY2023; 216 199 ▪ $110m cash balance held at Pearl Petroleum. 200 182 163 185 ▪ As of 31 June 2024, Company’s
Slide 17: Cash Flow, Liquidity & Receivables
CASH FLOW, LIQUIDITY & RECEIVABLES BILLINGS AND COLLECTIONS ($M) ▪ Collected $152m in H1 2024; ▪ $131m, Company’s share of Pearl’s collections in the KRI ▪ Company’s share of KRI trade receivables down to $81m ($103m at YE 2023) with a collection realization of 120% ▪ With Pearl resuming dividend pa
Slide 18: Summary
© jc d_ila DANAGAS SUMMARY
Slide 19: Summary
SUMMARY ▪ Dana Gas recorded a net profit of AED 124 million ($34 million) in Q2 2024, reflecting strong operational performance in the KRI, despite challenges from lower realized prices and temporary suspension of production in April. ▪ The KM250 expansion project, currently suspended, aims to incre
Slide 20: Reach Us
REACH US: Dana Gas PJSC P. O. Box 2011, Sharjah, UAE www.danagas.com E-mail : [email protected] Direct : +971 6 519 4401 20