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FINANCIAL PRESENTATION – Lundin Petroleum

Lundin Petroleum · Feb 5, 2014 · 50 slides

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Slides

  1. FINANCIAL PRESENTATION – Lundin Petroleum – slide 1
    Financial Presentation Year End 2013 C. Ashley Heppenstall, President & CEO; Mike Nicholson, CFO 5 February 2014
  2. FINANCIAL PRESENTATION – Lundin Petroleum – slide 2
    2 Financial Results - 2013 Highlights Fourth Quarter Full Year 2013 2013 Production (boepd) 31,100 32,700 Average Brent oil price (USD/boe) 109.24 108.66 Cost of operations (USD/boe) 11.39 9.60 EBITDA (MUSD) 218.6…
  3. FINANCIAL PRESENTATION – Lundin Petroleum – slide 3
    3 Financial Results EBITDA 1,200 1,144.1 1,100 -16% 1,000 960.9 900 800 700 MUSD 600 500 400 289.8 300 -25% 218.6 200 100 WF11714 p2 01.14 0 Full Year Full Year Fourth Quarter Fourth Quarter…
  4. FINANCIAL PRESENTATION – Lundin Petroleum – slide 4
    4 Financial Results Operating Cash Flow 1,000 975.6 17% 900 831.4 800 700 600 MUSD 500 400 300 237.4 -14% 204.8 200 100 0 WF11714 p3 01.14 Full Year Full Year Fourth Quarter Fourth Quarter 2012…
  5. FINANCIAL PRESENTATION – Lundin Petroleum – slide 5
    5 Financial Results Net Result 180 160 140 120 103.9 100 -30% 80 72.9 MUSD 60 40 23.0 20 -52.7 0 -20 -40 WF11714 p4 01.14 -60 Full Year Full Year Fourth Quarter Fourth Quarter 2012 2013 2012…
  6. FINANCIAL PRESENTATION – Lundin Petroleum – slide 6
    6 Financial Results Full Year 2013 1400 REVENUE 32,700 boepd 1300 USD 98.71/boe MUSD 1,195.8 OPERATING COSTS 1200 MUSD 195.8 Cost of operations USD 9.60/boe 1100 1000 DEPLETION & DECOMMISSIONING CASH MARGIN MUSD 174.2…
  7. FINANCIAL PRESENTATION – Lundin Petroleum – slide 7
    7 Financial Results Netback(1) (USD/boe) Fourth Quarter Full Year 2013 2013 Average Brent oil price USD/boe 109.24 108.66 Revenue 100.77 100.16 Cost of operations - Base -7.62 -7.44 - Projects -3.77 -2.16 Tariffs -2.05…
  8. FINANCIAL PRESENTATION – Lundin Petroleum – slide 8
    8 Financial Results Cost of Operations 15 14 including operational projects base 13 Alvheim well workovers 12 Alvheim/Volund shared water disposal USD/boe well workovers 11 10 ACTUAL 2013 USD 9.60/boe 9…
  9. FINANCIAL PRESENTATION – Lundin Petroleum – slide 9
    9 Financial Results Exploration Costs Fourth Quarter Full Year Fourth Quarter Full Year 2013 2013 2013 2013 after Tax after Tax MUSD MUSD MUSD MUSD Norway (1) 134.8 29.7 285.4 62.8 Others 0.2 0.1 2.4 2.0 Exploration…
  10. FINANCIAL PRESENTATION – Lundin Petroleum – slide 10
    10 Financial Results Impairment Costs Full Year 2013 Pre-tax Post-tax MUSD MUSD Norway - Peik, Skalle, Salina Q2 2013 81.7 30.4 Malaysia - PM308A (Janglau/Ara) Q3 2013 41.7 39.6 123.4 70.0 WF11714 p10 01.14
  11. FINANCIAL PRESENTATION – Lundin Petroleum – slide 11
    11 Financial Results G&A / Financial Items Fourth Quarter 2013 Full Year 2013 General & Administration Expenses MUSD MUSD General & administration cash charge 12.3 35.9 Non-cash provision - Long Term Incentive Plan -1.4 3.3…
  12. FINANCIAL PRESENTATION – Lundin Petroleum – slide 12
    12 Financial Results Tax Full Year 2013 MUSD Current tax charge 24.5 Deferred tax charge 190.6 215.1 Effective tax rate - Full Year 75% Operational tax rate 55% WF11714 p12 01.14
  13. FINANCIAL PRESENTATION – Lundin Petroleum – slide 13
    13 Financial Results Liquidity [MUSD] at 31 December 2013 Debt Outstanding 1,275 Cash Balances 93 Net Debt Position 1,182 WF11714 p13 01.14
  14. FINANCIAL PRESENTATION – Lundin Petroleum – slide 14
    14 Financial Results Debt Position 1,200 1,100 CLOSING WORKING CAPITAL NET DEBT EXPLORATION G&A MUSD 36 MUSD 33 31 Dec 2013 1,000 & APPRAISAL MUSD 1,182 FINANCIAL MUSD 22 MUSD 570 900 800 700 DEVELOPMENT 600…
  15. FINANCIAL PRESENTATION – Lundin Petroleum – slide 15
    15 Financial Results - Funding Increased existing credit facility from USD 2.5 billion to USD 4.0 billion Strong support from all 25 banks in the facility Pricing unchanged: LIBOR + 2.75% to 3.25% Strong operating cash…
  16. FINANCIAL PRESENTATION – Lundin Petroleum – slide 16
    16 Operational Highlights Full Year 2013 Production = 32,700 boepd Q4 2013 production 31,100 boepd 2014 production guidance 30,000 35,000 boepd Forecast 2015 at 50,000 boepd Developments Malaysia Bertam development…
  17. FINANCIAL PRESENTATION – Lundin Petroleum – slide 17
    17 2013 Production 2013 Actual France, 9% 2013 production: 32,700 boepd Russia, 7% Slightly below guidance due to Netherlands, 6% delayed Brynhild startup Indonesia, 5% Strong performance from Volund offset impact of 3 wells…
  18. FINANCIAL PRESENTATION – Lundin Petroleum – slide 18
    18 31 December 2013 2P Reserves Total 194.1 MMboe Gas, 8% Malaysia, 13.7 France, 22.5 Russia, 6.1 Byla, 3.3 Indonesia, 1.9 Netherlands, 3.4 Oil & NGL, 92% MMboe Brynhild, 20.7 Alvheim, 21.7 End 2012 201.5 Gaupe, 0.2 -…
  19. FINANCIAL PRESENTATION – Lundin Petroleum – slide 19
    19 2P Reserves 250 200 Malaysia 150 Russia Norway MMboe Tunisia 100 Netherlands Indonesia France 50 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 WF11866 p6 01.14 Year End
  20. FINANCIAL PRESENTATION – Lundin Petroleum – slide 20
    20 2014 Production Guidance 2014 Guidance Russia, 7% 2014 production guidance: Netherlands, 6% 30,000 - 35,000 boepd Indonesia, 5% Norway - production factors Alvheim & Volund reservoir performance France, 10% Brynhild…
  21. FINANCIAL PRESENTATION – Lundin Petroleum – slide 21
    21 2015 Production Forecast 2015 average approximately 50,000 boepd Byla first oil Q1 2015 To exceed 75,000 boepd Bertam field first oil in Q2 2015 by end 2015 Edvard Grieg first oil Q4 2015 2014 Production Guidance…
  22. FINANCIAL PRESENTATION – Lundin Petroleum – slide 22
    22 Norway - Continued Solid Production Greater Alvheim Area 2013 Net Production: 22,700 boepd 2P Reserves (net): 21.7 MMboe 2C Contingent Resources (net): 6.2 MMboe 2P reserves - 2014/15 drilling 2013 net production : 10,500…
  23. FINANCIAL PRESENTATION – Lundin Petroleum – slide 23
    23 Development Projects Norway - North Sea 0 25 KM 100 Ongoing Norwegian Developments Bergen Bergen Brynhild (Lundin 90% operator) Byla Byla (Lundin 15%) Norway Stavanger Edvard Grieg (Lundin 50% operator)…
  24. FINANCIAL PRESENTATION – Lundin Petroleum – slide 24
    16/4-3 D B 24 359 Edvard Grieg Project Overview Lundin Petroleum interest PL338: 50% (operator) OMV 20%, Wintershall 15%, Statoil 15% 2P reserves: 186 MMboe gross Plateau production: 100,000 boepd gross Jacket: 13,000…
  25. FINANCIAL PRESENTATION – Lundin Petroleum – slide 25
    25 Edvard Grieg Project Schedule Project on schedule Main Achievements in 2014 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PDO Approved by Authorities Decision Gate / PDO Jacket Execution…
  26. FINANCIAL PRESENTATION – Lundin Petroleum – slide 26
    26 ' Brynhild Project Overview ' ' ' ' h' ' ' ' ' ' ' 0015 F ' 0 5 KM 20 016 E' 0016 0017 F E F ' ' E 292 & 292B ' E 0006 Norway ' Licence: PL148 (Brynhild development)…
  27. FINANCIAL PRESENTATION – Lundin Petroleum – slide 27
    27 Brynhild Development Brynhild Depth Map Completed top-hole for horizontal A2 producer 7/7-A-3 A1 Ongoing completion of 7/7-A-2 H (A2) Brynhild Horizontal Well - Preliminary A2 W 9 7/8 casing 3,571 MD E 360 0…
  28. FINANCIAL PRESENTATION – Lundin Petroleum – slide 28
    28 Byla Development Lundin Petroleum Operator PL203B Lundin Petroleum Partner PL088 PL088 9/14a-6 PL413 Lundin Petroleum interest: 15% 0 KM 4 P090 9/15a-1 PL088 bs PL036C Marathon 65% (Operator), Core Energy 20%…
  29. FINANCIAL PRESENTATION – Lundin Petroleum – slide 29
    29 Bertam Development - Peninsular Malaysia PM307 - Lundin Petroleum 75% (operator), PETRONAS Carigali 25% Field Development Plan (FDP) approved September 2013 Facilities installation and initial pre-drilling in 2014 Bertam…
  30. FINANCIAL PRESENTATION – Lundin Petroleum – slide 30
    30 Bertam Development Schedule 2012 2013 2014 2015 Appraisal Drilling Concept Selection Development Planning Well Head Platform Jacket Well Head Platform Topsides FPSO Upgrade Development Drilling First oil WF11852…
  31. FINANCIAL PRESENTATION – Lundin Petroleum – slide 31
    31 Appraisal Programme 2014 - 6 Wells Norway - Utsira High Norway - 5 wells 0 4 KM 16 PL501 PL167 IVAR AASEN ALDOUS MAJOR NORTH DISCOVERY PL673 GEITUNGEN DISCOVERY Utsira High 1 well on Edvard Grieg EDVARD GRIEG 2 wells on…
  32. FINANCIAL PRESENTATION – Lundin Petroleum – slide 32
    32 Targetted Contingent Resources to Reserves Aggressive 2014 drilling programme Low range High range 400 90-180 MMboe of resources to reserves through appraisal of Gohta, Luno II 350 Net Reserves/Resources (MMboe) &…
  33. FINANCIAL PRESENTATION – Lundin Petroleum – slide 33
    33 Norway 2014 Appraisal Activities Luno II PL359, 40% (operator ) 0 4 0024 KM 0025 16 Lundin Petroleum Operator Lundin Petroleum Partner Tested over 2,000 boepd PL673 Apollo discovery Aldous Major North discovery Good…
  34. FINANCIAL PRESENTATION – Lundin Petroleum – slide 34
    34 Barents Sea Norway 2014 Appraisal Activities Gohta Appraisal 0 KM 40 PL609 JOHAN CASTBERG PL659 PL533 PL609B Gohta discovery Gohta Discovery PL492 PL438 767 PL767 PL708 PL563 Barents Sea SNHVIT PL490 GOLIAT…
  35. FINANCIAL PRESENTATION – Lundin Petroleum – slide 35
    35 Malaysia 2014 Appraisal Activities Tembakau Appraisal PM307 - Lundin Petroleum 75% operator (Petronas Carigali 25%) Discovered November 2012 0 KM 20 Gross 2C gas resources 306 Bcf 32 PM319 PM307 Appraisal…
  36. FINANCIAL PRESENTATION – Lundin Petroleum – slide 36
    36 Johan Sverdrup Appraisal 2010 2011 2012 2013 PL501 PL501 PL501 PL501 16/2-9S 16/2-12 16/2-10 16/2-16S & 16A & 16 T2 16/2-14 16/2-13S & 13A 16/2-6 & 6 T2 16/3-6 16/2-8 16/3-4 & 4A 16/2-11 & 11A 16/2-17S 16/2-7 &…
  37. FINANCIAL PRESENTATION – Lundin Petroleum – slide 37
    37 Johan Sverdrup - Ongoing and Planned 2014 Exploration and Appraisal Programme Torvastad (16/2-20S and 20A) exploration - investigate the presence of hydrocarbon bearing Jurassic reservoir rocks north of the established Johan…
  38. FINANCIAL PRESENTATION – Lundin Petroleum – slide 38
    38 Johan Sverdrup - Possible Topside Layout Schematic ion elect al pt S p rov ce A p t Oil Con PDO Firs Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016 2017 2018 2019…
  39. FINANCIAL PRESENTATION – Lundin Petroleum – slide 39
    39 Exploration Activity 2014 NORWAY USD 285 million 7 exploration wells - 2 wells Utsira High - 2 wells in Barents Sea - 2 wells in Norwegian Sea NETHERLANDS - 1 well in Mre Basin 5 exploration wells 3D seismic FRANCE…
  40. FINANCIAL PRESENTATION – Lundin Petroleum – slide 40
    40 Operated Rig Capacity for Exploration & Appraisal Activity 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bredford Dolphin 1 1 1 4 2 1 Transocean Artic 1 1 1 NORWAY Island 6 6 6 3 Innovator Rowan…
  41. FINANCIAL PRESENTATION – Lundin Petroleum – slide 41
    41 Norway - 2014 Exploration Drilling 2 exploration wells 7 exploration wells Barents Sea Area 6 operated wells 1 non-operated wells Rigs secured for all wells Norway Targeting 390 MMboe net unrisked prospective…
  42. FINANCIAL PRESENTATION – Lundin Petroleum – slide 42
    42 Utsira High Area - Luno II North / Fignon / Kopervik Field Discovery Prospect PL359 (40%, operator) 25/10-12 Kopervik Luno II North / Fignon Prospect Drilling in Q3 2014 Kopervik Gross prospective resources: Hanz 46…
  43. FINANCIAL PRESENTATION – Lundin Petroleum – slide 43
    43 Barents Sea - Diversity of Play Models on the Loppa High Wisting Discovery (115MMboe) Lundin operator Lundin partner Discovery Prospect Langlitinden LO H A PP M AH M ER IGH PL659 FE…
  44. FINANCIAL PRESENTATION – Lundin Petroleum – slide 44
    44 Barents Sea Gohta Discovery & PL609 Prospects/Leads Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects Gohta Discovery 0 KM 20 PL492 (Lundin 40%, operated) Bjrnya Bassenget Gross Contingent…
  45. FINANCIAL PRESENTATION – Lundin Petroleum – slide 45
    45 Norway - 2013 APA Awards 0 KM 60 609 Barents Sea APA 2013, 9 new licences 533 659 Barents Sea for Lundin Petroleum 492 609 B 438 4 as operator: PL148B, PL764, PL766, PL767 563 490 PL767 PL767 PL766 5 as partners:…
  46. FINANCIAL PRESENTATION – Lundin Petroleum – slide 46
    46 South East Asia 2014 Highlights Thailand Laos Bangkok Manila TOTAL Cambodia Vietnam Exploration Licences: 11 Myanmar Phnom Penh Natuna Sea Core Area Vietnam wells 2 exploration Production Licences: 1 Philippines SB303…
  47. FINANCIAL PRESENTATION – Lundin Petroleum – slide 47
    47 Malaysia Sabah Area SB307/308 Prospects SB307/308 (42.5%, Operator) Prospect: Kitabu Prospect: Maligan Drilling in Q3 2014 Drilling in Q4 2014 Gross prospective resources: 71 MMboe Gross prospective resources: 133 MMboe…
  48. FINANCIAL PRESENTATION – Lundin Petroleum – slide 48
    48 2014 Exploration & Appraisal Drilling Schedule 2013 2014 Country Licence - Prospect Well type Operator LUPE% NUPR(1) CoGS%(2) NRPR(3) Q4 Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-7 app Lundin 40.00 Completed…
  49. FINANCIAL PRESENTATION – Lundin Petroleum – slide 49
    49 Conclusion Solid production has resulted in continued strong cashflow and EBITDA Ongoing developments will double production Existing discoveries will quadruple production Continued focus on exploration. Drilling 19…
  50. FINANCIAL PRESENTATION – Lundin Petroleum – slide 50
    51 WWW.LUNDIN-PETROLEUM.COM

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