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
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