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2009 FINANCIAL OVERVIEW – Lundin Petroleum

Lundin Petroleum · Jan 30, 2009 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 1
    100 2009 Financial Overview Geoff Turbott, Chief Financial Officer WF10581 January 2009
  2. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 2
    101 2009 Forecast Margin Netback (USD/boe) 2009 2008 Forecast Forecast oil price 40.00 97.00 Production (mmboe) 14.60 11.90 before minority Revenue 39.00 81.75 Cost of operations -16.95 -21.00 Tariffs -2.20 -2.70…
  3. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 3
    102 2009 Forecast Revenue Netback [USD/boe] Forecast Forecast 2009 2008 Average Brent oil price 40.00 97.00 Sales differential Russia -2.25 -6.45 Gas price differential -0.35 -2.60 Other 0.65 -1.40 Sales price achieved…
  4. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 4
    103 2009 Forecast Cost of Operations FX rates 2009 2008 USD : GBP 1.75 1.85 2008 Forecast USD : EUR 1.40 1.47 2008 Forecast FX adjusted NOK : USD 6.00 5.59 2009 Forecast 50 50 41.05 39.20 38.60 38.40 40 40 30…
  5. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 5
    104 2009 Forecast Cost of Operations Forecast 2009 Average 20.00 20.00 19.00 19.00 18.00 18.00 USD/boe 17.00 17.00 USD/boe 16.00 16.00 15.00 15.00 14.00 14.00 13.00 13.00 Q1 Q2 Q3 Q4 WF10096 01.09
  6. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 6
    105 2009 Forecast Depletion 35 35 2008 2009 30 30 25 24.25 25.00 25 20 20 USD/boe 16.85 17.10 USD/boe 16.40 16.40 15 15 13.55 12.80 13.25 11.70 10.60 10 9.10 10 5.05 5.30 5.20 5.05 5 5 0 0 UK…
  7. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 7
    106 2009 Forecast Production & Sales Taxes Country Cost USD/boe % Russia 9.45 * 83% France 3.00 16% Tunisia 1.00 2% Total 1.80 100% * Mineral Resource Extraction Tax 4.80 Export Duty 4.65 9.45 Assumed Russia sales…
  8. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 8
    107 2009 Forecast Profit Netback USD/boe Margin 5.50 G&A -1.30 Financial Items, net -2.95 Profit Before Tax 1.25 Tax -2.35 Profit After Tax -1.10 WF10099a 01.08
  9. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 9
    108 2009 Forecast Operating Cash Flow Netback (USD/boe) 2009 Forecast Revenue 39.00 Cost of operations -16.95 Tariffs -2.20 Production taxes -1.80 Stock movements -0.85 Cash Margin Netback 17.20 Cash taxes 9.15 Operating…
  10. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 10
    109 2009 Forecast Cash Flow Available for Investment (USD/boe) 2009 Forecast Revenue 39.00 Cost of operations -16.95 Tariffs -2.20 Production taxes -1.80 Stock movements -0.85 Cash Margin Netback 17.20 Cash taxes 9.15…
  11. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 11
    110 2009 Forecast EBITDA Netback (USD/boe) 2009 Forecast Revenue 39.00 Cost of operations -16.95 Tariffs -2.20 Production Taxes -1.80 Stock movements -0.85 Cash Margin Netback 17.20 General & Administrative -1.30 EBITDA…
  12. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 12
    111 2009 Forecast Taxation Current tax charge (9.15) USD/boe Deferred tax charge 11.50 USD/boe 2.35 USD/boe Note: Norway 2009 exploration tax refund 9.80 USD/boe WF10099b 01.08
  13. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 13
    112 Norwegian Tax Considerations Norwegian Tax Savings from historic capex & E&A spend - NPV8 mm 400 350 NPV8 mm - net tax savings 300 250 200 150 100 50 0 (paid Dec 09) offset against offset against…
  14. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 14
    113 2009 Forecast Cash Flow MUSD Cash Flow available for investment 23.05 USD/boe x 14.60 MMboe 335 2009 Development expenditure -215 2009 Exploration expenditure -345 2009 forecast cash flow 40 USD/boe -225 WF10098b…
  15. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 15
    114 Oil Price Sensitivity + 10 USD per barrel from 40 USD per barrel USD/boe Profit 3.40 Operating Cash Flow 7.15* EBITDA 7.50 * Assuming no cash refund on Norway E&A expenditure WF10098a 01.09
  16. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 16
    115 Liquidity MUSD Secured Revolving Borrowing Base Facility 850 Unsecured Corporate Facility 150 Total Credit Facility 1,000 Borrowing Base Loan Drawn 31 December 2008 555 Approx. Cash Balances 31 December 2008 60 Net…
  17. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 17
    116 Liquidity - Borrowing Base Determination Availability amount recalculated every six months Based upon banks oil price and economic parameters Utilising cashflows from certain 2P reserves Borrowing base amounted to approx.…
  18. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 18
    117 Hedging as at 30 January 2009 Oil No Hedges Interest Rate Hedged amount Interest Rate Expires MUSD 200 3.75% 1/2012 Currency Hedged amount Average Rate Expires MGBP 78 USD 1.79 : GBP 12/2009 MNOK 192 NOK 5.70 : USD…
  19. 2009 FINANCIAL OVERVIEW – Lundin Petroleum – slide 19
    118 Share Capital 31 December 2008 Shares Issued 318 million Shares bought back 4.5 million Outstanding employee incentive warrants 6.3 million* None of the employee incentive warrants are currently in the money * 2006…

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