Maersk Results Presentation Deck slide image

Maersk Results Presentation Deck

Maersk Group - Interim Report 03 2015 MAERSK OIL Contents Maersk Oil made a profit of USD 32m (USD 222m) with an un- derlying profit of USD 32m (USD 224m). ROIC was 2.1% (17.5%). The result was negatively impacted mainly by the lower oil price but positively impacted by increased production, cost savings and lower exploration costs. The entitlement production increased by 26% to 300,000 boepd (238,000 boepd), however at a 51% lower average oil price of USD 50 per barrel. The increased production was a result of improved operational performance and production from new projects in particular in the UK, as well as higher share of pro- duction from Qatar due to the lower oil price. Maersk Oil expects that the net operating costs excluding ex- ploration will be reduced by around 10% by the end of 2015 compared to the 2014 baseline. This is in line with the targeted 20% reduction by the end of 2016. MAERSK OIL HIGHLIGHTS Share of profit/loss in associated companies ............. Profit/loss before financial items (EBIT) Tax Net operating profit/loss after tax (NOPAT) Revenue Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Cash flow from operating activities Cash flow used for capital expenditure Invested capital ROIC, annualised As part of its effort to improve profitability, Maersk Oil an- nounced in October to reduce its overall global workforce by a further 10-12%, taking the total number of positions removed during 2015 to approximately 1,250. Exploration costs Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) Exploration costs were USD 82m (USD 210m) with the comple- tion of three (three) exploration/appraisal wells. Maersk Oil's exploration activities have been reduced in light of the oil price expectations and the disappointing exploration results over the past couple of years. Instead, short term focus is directed towards identifying inorganic growth opportunities and in- vesting in exploration acreage in order to rebuild the portfolio for reserves growth. The decrease in tax of USD 506m to USD 187m was mainly due to lower tax related to Denmark, Qatar and Algeria because of the lower average oil price. 03 2015 1,321 641 422 219 187 32 548 -515 5,965 2.1% 82 300 50 03 2014 2,174 1,238 323 915 693 222 726 -591 5,155 17.5% 210 238 102 USD MILLION 9 months 2014 2015 4,337 2,080 1,173 3 910 533 377 1,264 -1,511 5,965 8.6% 353 303 55 6,894 4,218 2,743 -5 1,470 2,299 -829 2,178 -1,616 5,155 -19.1% 555 243 107 11/40▶
View entire presentation