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Pacific E&P corporate report

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01 October 2015

Pacific E&P corporate report

Report summary

Pacific E&P has been hit hard by the oil price collapse, and faces a challenging operational and financial outlook.It has reacted by suspending the dividend, slashing investment, deferring project spend, and reducing its cost base. However, debt remains unsustainably high and the company's portfolio of development projects is limited. It faces the tough balancing act of reducing debt, while replenishing its growth opportunity set.

Table of contents

  • Executive summary
    • Difficult outlook following failed takeover attempt by Alfa/Harbour Energy
    • Oil price collapse exacerbates existing pressures
      • Strategic action to date
      • Near-term debt covenant pressures loom large, longer term pressures remain
      • A limited development hopper, and a weak operational outlook
    • The next steps – debt reduction and re-engagement in business development
      • Options to release additional capital
      • Re-energising the portfolio – business development options
    • Wood Mackenzie Corporate Service: our response to low oil prices
    • Economic assumptions

Tables and charts

This report includes 20 images and tables including:

  • Executive summary: Table 1
  • Relative share price performance
  • Benchmark: value sensitivity to oil price
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Benchmark: capital budget cuts y-o-y over 2014/2015
  • Benchmark: 3-yr (2014-2017) production CAGR
  • Projected cash flow breakeven (Brent)
  • Projected cash flow
  • Gearing evolution - Focused Internationals
  • Projected year-end net debt
  • Wood Mackenzie forecast total production
  • NPV before and after oil price fall
  • Benchmark - top companies by exploration acreage
  • Top ten assets by value

What's included

This report contains:

  • Document

    Pacific E and P Interim Report.xls

    XLS 482.00 KB

  • Document

    Pacific E&P corporate report

    PDF 347.30 KB

  • Document

    Pacific E&P corporate report

    ZIP 1.30 MB

  • Document

    Pacific E and P Corporate Report.xls

    XLS 3.53 MB