m ichael b aker c orporation ipaa oil and gas investment symposium new york city april 28, 2003...
TRANSCRIPT
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MICHAEL BAKER CORPORATIONIPAA Oil and Gas Investment Symposium
New York CityApril 28, 2003
Engineering & Energy
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Summary / Highlights
• Leader in Professional Services– Transportation and Civil Infrastructure Engineering– Oil & Gas Production O&M
• 10% Growth Estimated for 2003• Energy Segment Refocused and Aligned With
New Market Dynamics• Record Engineering Backlog at 12/31/02• Leverageable Balance Sheet• Currently Valued at 3x EBITDA
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Safe Harbor
Note with respect to Forward-Looking Statements:This presentation of Financial Review and Operations Review
contains forward-looking statements concerning future operations and performance of the Company. Forward-looking
statements are subject to market, operating and economic risks and uncertainties that may cause the Company’s actual results
in future periods to be materially different from any future performance suggested herein. Factors that may cause such differences include, among others: increased competition,
increased costs, changes in general market conditions, changes in industry trends, changes in the regulatory
environment, changes in anticipated levels of government spending on infrastructure, and changes in loan relationships or sources of financing. Such forward-looking statements are
made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Note with respect to Forward-Looking Statements:This presentation of Financial Review and Operations Review
contains forward-looking statements concerning future operations and performance of the Company. Forward-looking
statements are subject to market, operating and economic risks and uncertainties that may cause the Company’s actual results
in future periods to be materially different from any future performance suggested herein. Factors that may cause such differences include, among others: increased competition,
increased costs, changes in general market conditions, changes in industry trends, changes in the regulatory
environment, changes in anticipated levels of government spending on infrastructure, and changes in loan relationships or sources of financing. Such forward-looking statements are
made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
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Performance of Core Businesses
$162 $165 $179$203
$228 $244 $242
$43 $55$69
$80
$121
$158 $163
$115 $134$127$150
$42
$72 $45$39
$405
$179$157
$199
$402
$210$205
$349
$248
$283
$189
$0
$100
$200
$300
$400
$500
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Dollars in Millions
Engineering Energy
Co
nti
nu
ing
Bu
sin
es
s R
ev
en
ue
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Global Reach
Bangkok, ThailandBangkok, Thailand
Abu Dhabi, UAEAbu Dhabi, UAE
London, EnglandLondon, England
Caracas, VenezuelaCaracas, Venezuela
Mexico City, MexicoMexico City, Mexico
Lagos, NigeriaLagos, Nigeria
Pittsburgh, Pa.(Headquarters)Pittsburgh, Pa.(Headquarters)
TrinidadTrinidad
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Key Customer Relationships
• Engineering• Engineering• Energy• Energy
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Our Strategy
• Maximize …The Growth Potential of the Energy Segment
• Optimize …Our Engineering Segment … Grow Faster Than the Market
• Innovate …Our Service Delivery Methods
• Leverage …The Skills, Resources and Relationships of the Entire Organization
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Core Energy Service Offerings
• Oil & Gas– Operations & Maintenance– Operations Engineering– Competency-Based Training– Supply Chain Management– Total Asset Management
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Markets and Services
HoustonHouston
LafayetteLafayette
LondonLondon
LagosLagos
CaracasCaracas
BangkokBangkok
AnchorageAnchorageSupply Chain ManagementSupply Chain Management
O&M ServicesO&M Services
ManpowerManpower
TrainingTraining
RecruitingRecruiting
Major and Large Independent Oil & GasU.S. Electric Utilities
Major and Large Independent Oil & GasU.S. Electric Utilities
LOC
ATIO
N
LOC
ATIO
N
SE
RV
ICE
S
SE
RV
ICE
S
CUSTOMERSCUSTOMERS
Abu DhabiAbu Dhabi
Operations EngineeringOperations Engineering
Total Asset ManagementTotal Asset Management
TrinidadTrinidad
AlgeriaAlgeria
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Energy Differentiation of ServicesEnergy Differentiation of Services
• Integrated Services and Solutions for Global O&G Upstream Production Operations
• OPCO® and Total Asset Management (TAM)
• Competency-Based Training and Nationalization Programs
• Integrated Services and Solutions for Global O&G Upstream Production Operations
• OPCO® and Total Asset Management (TAM)
• Competency-Based Training and Nationalization Programs
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Energy Growth DriversEnergy Growth Drivers
ClientBaker• Fixed Fee Income• Annual Performance Bonus• Shared Cost Savings
• Reduced Operating Costs• Increased Revenues• Better Efficiencies
OPCO®
Value CreationShared Savings
Leveraged Economies of Scale
• Flexibility• Reliability• Innovation• Asset Utilization• Information• Regulatory Compliance• Safety
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Energy Market Dynamics and Transitions
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D E E P W A T E R
Energy Market Dynamics and TransitionsGulf of Mexico
• Major and Large Independents Moving from Shelf to Deepwater and/or International
S H E L F
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– GenesisGenesis– Horn MountainHorn Mountain– ThunderhorseThunderhorse– AtlantisAtlantis– Mad DogMad Dog– HolsteinHolstein– NakikaNakika– MarlinMarlin– PompanoPompano
D E E P W A T E R
Energy Market Dynamics and TransitionsGulf of Mexico
• Major and Large Independents Moving from Shelf to Deepwater and/or International
S H E L F
Baker’s Deepwater ProjectsBaker’s Deepwater Projects
– PetroniusPetronius– TyphoonTyphoon– NeptuneNeptune– GunnisonGunnison– BoomvangBoomvang– MorpethMorpeth– AlleghenyAllegheny– Canyon StationCanyon Station
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Small – Mid-Size
Energy Market Dynamics and TransitionsGulf of Mexico
• Major and Large Independents Moving from Shelf to Deepwater and/or International
• Small and Mid-Size Independents Purchasing Shelf Properties
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Energy Market Dynamics and TransitionsGulf of Mexico
D E E P G A S
D E E P W A T E R
• Major and Large Independents Moving from Shelf to Deepwater and/or International
• Small and Mid-Size Independents Purchasing Shelf Properties
• Some Majors and Large Independents Returning to Shelf for Deep Gas
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Energy Market Dynamics and TransitionsOnshore Opportunities
OPCO OPCO
OPCO
San Juan Basin
Panhandle
Permian Basin
• Major and Large Independents Moving from Shelf to Deepwater and/or International
• Small and Mid-Size Independents Purchasing Shelf Properties
• Some Majors and Large Independents Returning to Shelf for Deep Gas
• Onshore Presents New Opportunities for OPCO
– Huber Panhandle Contract– Concentration of Assets in
Key Areas
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Energy Market Dynamics and TransitionsInternational Opportunities
TrinidadTrinidad
AlgeriaAlgeria
ChadChad
NigeriaNigeria
AngolaAngola
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Target Business ModelTarget Business Model
72.00% 70.0%76.0%
40.0%
28.0% 24.0%30.0%
60.0%
0.0%
25.0%
50.0%
75.0%
100.0%
2000 2001 2002 Targets
% o
f E
ne
rgy
To
tal C
on
tra
ct
Re
ve
nu
es
OPCO All Other Services (Dom. & Int'l.)
OPCO/TAM@ 10-14%Margins
All Others@ 5-8%Margins
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The Energy Value StepsThe Energy Value Steps
Ops. Eng.
Training
Contract Labor
Supply Chain Management
OPCO / TAMV
AL
UE
TIME
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Core Engineering Service OfferingsCore Engineering Service Offerings• Transportation Engineering Services
– Highways– Bridges (Structures)– Program Management– Asset Management
• Civil InfrastructureServices– DoD / Federal Markets– Water/Waste Water– Cold Region Pipelines– Asset Management
• Transportation Engineering Services– Highways– Bridges (Structures)– Program Management– Asset Management
• Civil InfrastructureServices– DoD / Federal Markets– Water/Waste Water– Cold Region Pipelines– Asset Management
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Federal Budget ImpactFederal Budget Impact
1999 2000 2001 2002 2003 (E) 2004 (E)
?
Transportation Funding (Highways, Transit, Aviation)
Funding Redirects (Homeland Security, Emergency Response, FEMA, EPA, INS, etc.)
TEA-21 Reauthorization
• Baker Strengths: Highways, Bridges, Transit, Aviation
• Baker Strengths: CCMP, DoD, FEMA, Pipelines (OPS), Aviation (TSA)
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2003 Outlook – Engineering
• Continuing to Win Transportation Work– New Jersey DOT – Bridge Design– Mississippi DOT – CM & I– Colorado Springs BRT Corridor Study– Piedmont (NC) Aviation Authority
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• Department of Defense– U.S. Army Communications – Electronics
Command ID/IQ– 8 Contracts with U.S. Coast Guard and
Corps of Engineers– 2 ID/IQ Contracts with U.S. Navy– TAC - Afghanistan
2003 Outlook – Engineering (Con’t.)
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• Homeland Security– INS– Coast Guard– FEMA
2003 Outlook – Engineering (Con’t.)
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Financial Review
Engineering & Energy
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Total Contract Revenues
$390.7$403.2 $405.3
$228.4$243.6 $242.6
$120.7
$158.2 $162.6
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
Total Reported Engineering Energy2000 2001 2002
$405.2$405.2$401.8$401.8
$349.1$349.1
(in millions)
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Income From Operations
$10.7
$20.4
$17.2
$11.5
$12.7
$10.3
$8.1
$10.1
$6.6
$0
$5
$10
$15
$20
$25
Total Reported Engineering Energy
2000 2001 2002
$16.9$16.9
$22.8$22.8
$19.6$19.6
(in millions)
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Operating Performance
2000 2001 2002TOTAL CONTRACT REVENUES
Total Reported $390,710 $403,222 $405,264Less Non-Core 41,625 1,372 50
ENERGY 120,708 158,236 162,612ENGINEERING 228,377 243,614 242,602
Total Core $349,085 $401,850 $405,214
TOTAL OPERATING INCOME (Pre-Corp. O/H)Total Reported $17,543 $31,436 $28,207
ENERGY 9,754 12,836 9,494% of Energy Revenues 8.1% 8.1% 5.8%ENGINEERING 15,114 17,668 14,800% of Engineering Revenues 6.6% 7.3% 6.1%
Total Core $24,868 $30,504 $24,294
(in thousands)
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Balance Sheet
2000 2001 2002ASSETSCash $9.1 $18.5 $9.9Short-Term Investment 9.0 - -A/R 67.7 67.6 65.7Cost in Excess of Billing 20.5 25.3 29.7
PP&E 10.1 10.3 17.5Intangibles 10.8 9.8 9.5Other 10.2 20.1 12.8
$137.4 $151.6 $145.1LIABILITIESCurrent Portion LTD 2.2 - -Trade A/P 25.7 21.9 20.4Accrued Other 59.1 68.2 53.3
Long-Term Debt 0.1 - -
Owners’ Equity 50.3 61.5 71.4$137.4 $151.6 $145.1
(in millions)
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Cash Flow
2000 2001 2002
NET INCOME $5.4 $11.2 $9.6Depreciation & Amortization 7.1 5.2 4.0Other (0.1) 3.2 (22.7)
Cash Provided by/(Used in) Operations 12.4 19.6 (9.1)
Capital Expenditures (2.9) (4.1) (11.4)Acquisition/(Investments) (9.0) 9.0 (1.0)Receipt/(Funding) of Litigation Escrow - (12.7) 12.3Share Repurchase - (0.4) -Proceeds from Sale of Assets/Stock Options 15.0 0.3 0.6Net Borrowings/(Repayments) (10.1) (2.3) -
Net Increase (Decrease) in Cash $5.4 $9.4 $(8.6)
(in millions)
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Earnings Per Share
2000 2001 2002Reported
EPS $.65 $1.33 $1.12
Pro Forma EPSCore Operating Income 24,868 30,504 24,294Less Corporate Overhead (6,818) (11,058) (10,980)Operating Income 18,050 19,446 13,314
Tax Rate 51.0% 45.5% 45.0%Provisions for Income Tax 9,206 8,848 5,991
Net Income 8,844 10,598 7,323
Outstanding Shares (Diluted) 8,238 8,425 8,515
PRO FORMA EPS $1.07 $1.26 $0.86
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Stock Performance (24 Months)
$10.00
$13.60$14.25$14.00
$15.00$15.20 $15.48
$14.90
$13.38
$12.26
$12.70
$14.00$13.85
$11.55
$15.00$14.25
$13.75
$10.30
$10.00$9.78
$10.95
$8.60
$8.65
$8.62
$8.66
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
Closing Share Price
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Financial Highlights
• Added 8 New Institutional Holders
• Added to Russell 2000®
• Reactivated Stock Repurchase Program in 1st QTR, 2003
• Implemented Certain Modules of a New Enterprise Resource Planning (ERP) System
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Our Strategy
• Maximize …The Growth Potential of the Energy Segment
• Optimize …Our Engineering Segment … Grow Faster Than the Market
• Innovate …Our Service Delivery Methods
• Leverage …The Skills, Resources and Relationships of the Entire Organization
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ConclusionConclusion• Energy Segment Refocused and Aligned With New
Market Dynamics
• Rapidly Changing Energy Market Favoring Increased Outsourcing
• Record Engineering Backlog at 12/31/03
• Transportation Infrastructure and DoD/Federal Markets Providing Significant Opportunity
• Leverageable Balance Sheet
• Currently Valued at 3x EBITDA
• Energy Segment Refocused and Aligned With New Market Dynamics
• Rapidly Changing Energy Market Favoring Increased Outsourcing
• Record Engineering Backlog at 12/31/03
• Transportation Infrastructure and DoD/Federal Markets Providing Significant Opportunity
• Leverageable Balance Sheet
• Currently Valued at 3x EBITDA
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MICHAEL BAKER CORPORATIONIPAA Oil and Gas Investment Symposium
New York CityApril 28, 2003
Engineering & Energy