Full Year 2024 Cooper Energy Ltd Earnings Call Transcript
Key Points
- Cooper Energy Ltd (COPJF) achieved record production rates, with a notable 11% increase in the second half of FY24 compared to the same period in FY23.
- The company successfully completed the decommissioning of the BMG wells, realizing $10.5 million in annualized net savings through its transformation program.
- The East Coast supply project remains on track, with the drilling rig expected to arrive in mid-2025 and commence drilling in FY26.
- Cooper Energy Ltd (COPJF) maintained exemplary environmental performance with no reportable incidents and retained its carbon-neutral certification.
- The company reported record financial results, including a 17% increase in underlying EBITDAX and a 20% rise in adjusted cash generated from operations.
- Despite improvements, the company still faces challenges with plant reliability, having experienced a 27% production loss last year.
- The total recordable injury frequency rate, although slightly improved, still recorded one lost-time injury in FY24.
- The company's 2P reserves reduced by 33 million barrels of oil equivalent, mainly due to FY24 production.
- Cooper Energy Ltd (COPJF) continues to face legal challenges, including a Supreme Court claim against Pertamina for a share of the BMG decommissioning costs.
- The company anticipates additional nonrecurring costs of up to $12 million for general visual inspections of offshore pipelines in FY25.
Good morning, and thank you for joining the Cooper Energy FY24 results webcast and presentation. My name is Jane Norman, and I'm the Managing Director and CEO of Cooper Energy and I'm joined by Chief Financial Officer, Dan Young, and Chief Operating Officer, Chad Wilson. After the presentation, we will be hosting a Q&A session, and we welcome your questions.
The presentation and announcement were released to the ASX this morning and are available on the Cooper Energy website. Today's webcast is being recorded and the playback will be available on our website later today. Please note the disclaimer information on slide 2 of the presentation before moving on to slide 3, I'll start today by reflecting on the accomplishments we have achieved through FY24. FY24 was a pivotal year for our business. We delivered on our commitments to refresh the executive team and rolled out our new vision strategy, purpose and values. We have now set the direction for the business going forward and reset our company
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