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Cairn Energy corporate report

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Report summary

The year 2017 will be a watershed for Cairn with the expected start up of two North Sea projects delivering the company s first production since 2011. Cash on the balance sheet has funded activity over recent years but new cash flow will support reinvestment in new growth opportunities. But despite the positive outlook Cairn trades at one the largest discounts in our corporate coverage. In this report we analyse Cairn s portfolio and consider investor concerns.

What's included

This report contains

  • Document

    Cairn Energy corporate report

    PDF 445.32 KB

  • Document

    Cairn Energy corporate report

    ZIP 1.12 MB

  • Document

    Cairn Energy Corporate report.xls

    XLS 3.01 MB

Table of contents

  • Other Cairn Research
  • Executive summary
  • Valuation
  • Financial health
  • Resources, reserves and production
  • Exploration
  • Portfolio summary
  • Economic assumptions

Tables and charts

This report includes 23 images and tables including:

Images

  • Benchmark: share price performance
  • Market rating to WM base case NPV,10
  • WM exploration value creation (Focused International)
  • WM exploration success rate (Focused International)
  • Cashflow breakevens
  • Net debt outlook and liquidity
  • Capex by development status
  • Pre-FID impact on net debt outlook
  • Cairn forecast production profile
  • Benchmark:- Focused International production
  • Cairn: WM reserves and resources detail
  • Benchmarking: Focused International total resource
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)

Tables

  • Mature (North Sea)/Barents exploration acreage summary
  • Emerging / frontier / other exploration acreage
  • Portfolio - overview of key positions
  • Executive summary: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

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