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Cairn Energy's (CRNCY) CEO Simon Thomson on Full Year 2019 Results - Earnings Call Transcript

Mar. 10, 2020 11:08 AM ETCapricorn Energy PLC (CRNCY), CRNZF
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Cairn Energy PLC (OTCPK:CRNCY) Full Year 2019 Earnings Conference Call March 10, 2020 5:00 AM ET

Company Participants

Simon Thomson – Chief Executive

James Smith – Chief Financial Officer

Paul Mayland – Chief Operating Officer

Eric Hathon – Director of Exploration

Conference Call Participants

Sasikanth Chilukuru – Morgan Stanley

Al Stanton – RBC

Simon Thomson

Good morning, everybody, and welcome to Cairn’s results presentation. I’m Simon Thomson, Chief Executive. With me are James Smith, CFO; Paul Mayland, COO; and Eric Hathon, Exploration Director. So as an usual way, we’ve got a presentation to run through with you this morning, and we’d be happy to take questions at the end. It is being webcast, so there will be microphones available if you have a question, and please state your name.

For those who are listening on the webcast, we have a lower attendance than usual in the room for obvious coronavirus-related reasons. So I know that a couple of people have e-mailed in questions. And we will attempt to deal with them during the course of the presentation. But please, if there are follow-up questions, don’t hesitate to get in contact with us and we will answer them.

I guess, just a brief word before launching into the presentation in respect of the current volatile price environment. Back in 2013, after the last big return of cash when we rebuilt the company, we designed a company that had balance sheet strength and financial flexibility. We can’t predict the oil price, but we wanted to ensure that we could remain relatively strong through cycles.

And as you all know, we’ve been here before. It was the beginning of 2016, I think that the oil price hit $27 a barrel, and we were in the middle of two major developments in the North Sea, which are now obviously on

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