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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Oil Search Limited    OSH   PG0008579883

OIL SEARCH LIMITED

(OSH)
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Oil Search : 2020 Interim Result Presentation

08/31/2020 | 07:49pm EST

O i l S e a r c h

2020 interim result presentation

2 5 A u g u s t 2 0 2 0

Disclaimer and important notice

While every effort is made to provide accurate and complete information, Oil Search Limited does not warrant that the information in this presentation is free from errors or omissions or is suitable for its intended use. Subject to any terms implied by law which cannot be excluded, Oil Search Limited accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice.

This presentation also contains forward-looking statements which are subject to particular risks associated with the oil and gas industry. Oil Search Limited believes there are reasonable grounds for the expectations on which the statements are based. However actual outcomes could differ materially due to a range of factors including oil and gas prices, demand for oil, currency fluctuations, drilling results, field performance, the timing of well work-overs and field development, reserves depletion, progress on gas commercialisation, fiscal and other government issues and approvals, and the impact of COVID-19.

EBITDAX (earnings before interest, tax, depreciation, impairment and exploration costs expensed) and Core Profit After Tax (net loss after tax before impairment and the one-off derecognition of certain deferred tax assets) are non-IFRS measures that are presented to provide a more meaningful understanding of Oil Search's underlying financial performance. These non-IFRS financial measures are derived from the financial statements, which have been subject to review by the Group's auditor. See slide 26 for a reconciliation to net loss after tax.

Oil Search | 2020 Half Year Results | 25 August 2020

2

F i r s t h a l f o v e r v i e w

Keiran Wulff

Oil Search | 2020 Half Year Results | 25 August 2020

3

First half 2020 operational and financial performance

Operational Performance

  • Production of 14.7 mmboe
    • Best oil production since 2018 earthquake
    • Second highest half on record for PNG LNG
  • Unit production costs of
    US$10.38 per boe, down 20% on 1H19
  • FY20 unit production cost guidance revised down to US$9.50 - 10.50 per boe
  • Zero Tier 1 & 2 process safety events

Financial Results

  • Core profit after tax1 of US$25 million
  • Non-cash,after-tax impairment of US$260 million, largely reflecting portfolio prioritisation
  • Net loss after tax of US$266 million
  • Balance sheet strengthened and liquidity increased to US$1.67 billion

Key Actions

  • Proactive COVID-19 response to ensure business continuity
  • Material cost reductions with 2020 capex cut by ~40%
  • US$700 million2 equity raise
  • Major restructuring
  • Initiatives to reduce breakeven costs of all projects well advanced

1Core profit after tax excludes the impact of asset impairments and the one-offde-recognition of deferred tax assets. Refer to Appendix for a reconciliation to net loss after tax.

4

2Net of transaction costs

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Oil Search Limited published this content on 25 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2020 23:49:01 UTC


© Publicnow 2020
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Financials
Sales 2020 1 532 M 1 133 M 1 133 M
Net income 2020 -367 M -271 M -271 M
Net Debt 2020 3 335 M 2 466 M 2 466 M
P/E ratio 2020 -24,0x
Yield 2020 0,15%
Capitalization 7 688 M 5 660 M 5 685 M
EV / Sales 2020 7,20x
EV / Sales 2021 6,42x
Nbr of Employees 1 607
Free-Float 99,2%
Chart OIL SEARCH LIMITED
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Technical analysis trends OIL SEARCH LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 3,99 AUD
Last Close Price 3,70 AUD
Spread / Highest target 50,0%
Spread / Average Target 7,71%
Spread / Lowest Target -16,2%
EPS Revisions
Managers
NameTitle
Kieran Wulff Managing Director & Director
Richard John Lee Chairman
Stephen W. Gardiner Chief Financial Officer
Beth White Executive VP-Sustainability & Technology
Kostas Goerge Constantinou Independent Non-Executive Director
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