Presentation of second quarter 2022
OKEA ASA
13 July 2022
Cautionary statement
•This presentation contains forward looking information
•Forward looking information is based on management assumptions and analysis
•Actual experience may differ, and those differences may be material
•Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
•This presentation must be read in conjunction with the second quarter report and the disclosures therein
•A full disclaimer is included at the end of this presentation
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OKEA second quarter 2022 results
Highlights
Operations
- Production 16,039 boepd
- Solid production performance from Draugen and Gjøa in the quarter
- Planned shut-down for tie-ins/maintenance at Gjøa completed in April
- Ramp up of production plant and start-up of new wells at Yme progressing at slower pace than anticipated
Financials
- Operating income of NOK 1,332 million
- EBITDA of NOK 928 million
- Net profit of NOK 28 million
- Cash increase of NOK 289 million; dividend of NOK 93 million in June
Well-positioned for value-accretive growth
- Second dividend payment in September of NOK 1 per share
- Net debt free; full redemption of OKEA02 in July
- Acquisition of a substantial portfolio of assets from Wintershall Dea
- Discovery confirmed in the Hamlet exploration well; development project initiated with goal of FID by end 2022
- Hasselmus gas project and power from shore - progressing as planned
Draugen
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Turmoil in European gas markets
Growing difference between UK and European continental gas prices
Actuals (day-ahead) 2022 | Forwards (as per close 8 July 22) | |
- Since the beginning of the quarter NBP (UK) prices been sold to discount compared to TTF (Netherlands) o Appears to be driven by LNG import capacity, limited gas inventories, and restricted export capacity
- Forward prices converge by winter 2022/2023
- OKEA's current gas production (Gjøa and Ivar Aasen) is exported and sold to the UK
- Optionality to export gas to continental Europe and UK from Brage and Hasselmus
Source: Refintiv 6 July 2022 | 4 |
Production volumes and reliability
Strong performance from Draugen and Gjøa
Production (boepd)
20 000 | |
15 000 | 13 210 |
10 000 | 7 128 |
5 000 | |
5 828 | |
0 | 254 |
Q2 21 |
Draugen | |||||||
16 316 | 16 038 | 14 908 | 16 039 | Gjøa | |||
208 | Ivar Aasen | ||||||
6 735 | 7 060 | Yme | |||||
7 231 | 6 877 | ||||||
Gas | |||||||
32% | |||||||
9 348 | 8 367 | 6 478 | 7 107 | 60% | |||
Oil | |||||||
8% | |||||||
233 | 223 | 217 | 1 345 | 1 322 | 550 | NGL | |
Q3 21 | Q4 21 | Q1 22 | Q2 22 |
Production reliability (%)
99 | 100 | 99 | 100 | 99 | 99 | Draugen | ||
97 97 | 97 | 97 | Gjøa | |||||
Q2 21 | Q3 21 | Q4 21 | Q1 22 | Q2 22 |
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Okea ASA published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 04:13:02 UTC.