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First Six Months 2013 – Lundin Petroleum

Lundin Petroleum · Aug 7, 2013 · 45 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. First Six Months 2013 – Lundin Petroleum – slide 1
    Financial Presentation - First Six Months 2013 C. Ashley Heppenstall, President & CEO; Geoff Turbott, VP Finance & CFO 7 August 2013
  2. First Six Months 2013 – Lundin Petroleum – slide 2
    2 First Six Months 2013 Highlights Second Quarter Half Year 2013 2013 EBITDA (MUSD) 244.0 520.2 Operating cash flow (MUSD) 242.9 502.9 Net result (MUSD) 1.2 48.2 Production (boepd) 34,800 35,200 Average Brent oil…
  3. First Six Months 2013 – Lundin Petroleum – slide 3
    3 Financial Results - First Six Months 2013 EBITDA 600 580.6 550 -10% 520.2 500 450 400 350 MUSD 300 271.5 -10% 250 244.0 200 150 100 50 0 WF11714 p18 07.13 EBITDA EBITDA EBITDA EBITDA First…
  4. First Six Months 2013 – Lundin Petroleum – slide 4
    4 Financial Results - First Six Months 2013 OPERATING CASH FLOW 600 502.9 500 34% 400 375.6 MUSD 300 242.9 16% 209.0 200 100 0 Operating Cash Flow Operating Cash Flow Operating Cash Flow Operating…
  5. First Six Months 2013 – Lundin Petroleum – slide 5
    5 Financial Results - First Six Months 2013 NET RESULT 120 111.7 NET RESULT A Second quarter 2013 includes a non-cash 100 impairment charge of MUSD 30.4 post-tax -57% 80 A 64.5 MUSD 60 48.2 -98% 40 A…
  6. First Six Months 2013 – Lundin Petroleum – slide 6
    6 Financial Results - First Six Months 2013 REVENUE 700 35,200 boepd 700 USD 97.23/boe MUSD 627.8 OPERATING COSTS MUSD 94.2 600 Cost of operations USD 9.19/boe 600 CASH MARGIN DEPLETION MUSD 533.6 500 MUSD 85.6…
  7. First Six Months 2013 – Lundin Petroleum – slide 7
    7 Netback (1) - First Six Months 2013 (USD/boe) Second Quarter Half Year 2013 2013 Average Brent oil price USD/boe 102.43 107.50 Revenue 94.74 98.47 Cost of operations -10.11 -9.19 Tariffs -2.17 -2.09 Production taxes -3.57…
  8. First Six Months 2013 – Lundin Petroleum – slide 8
    8 Cost of Operations Base - Quarterly 2013 USD/boe 12 Brynhild production start-up 11 10 9 FORECAST 2013 USD 8.75/boe (1) Alvheim/Volund 8 planned shutdown 7 6 Q1 2013 Q2 2013 Q3 2013 Q4 2013 actual actual…
  9. First Six Months 2013 – Lundin Petroleum – slide 9
    9 Cost of Operations - Quarterly 2013 USD/boe 16 15 including operational projects Alvheim base 3 well workovers 14 13 12 Alvheim/Volund shared water disposal well workovers FORECAST 2013 USD 11.00/boe (1)…
  10. First Six Months 2013 – Lundin Petroleum – slide 10
    10 Exploration Costs - First Six Months 2013 Half Year 2013 Half Year 2013 after Tax MUSD MUSD Norway (1) 133.4 29.3 Malaysia 0.5 0.5 Others 0.4 0.4 Exploration Costs 134.3 30.2 (1) - PL453S (Ogna) - PL338…
  11. First Six Months 2013 – Lundin Petroleum – slide 11
    11 Impairment Costs - First Six Months 2013 First Six Months 2013 Pre-tax Post-tax MUSD MUSD Norway - PL088 (Peik) 27.3 18.3 - PL438 (Skalle) 25.7 5.7 - PL533 (Salina) 22.5 5.0 - Other 6.2 1.4 81.7 30.4 WF11714 p19 07.13
  12. First Six Months 2013 – Lundin Petroleum – slide 12
    12 G & A / Financial Items - First Six Months 2013 Second Quarter 2013 Half Year 2013 General & Administration Expenses MUSD MUSD General & administration cash charge 8.6 18.6 Non-cash provision - Long Term Incentive Plan…
  13. First Six Months 2013 – Lundin Petroleum – slide 13
    13 Tax - First Six Months 2013 Half Year 2013 Second Quarter 2013 Effective Effective USD/boe tax rate tax rate Current tax charge 4.81 17% 23% Deferred tax charge 16.11 56% 73% 20.92 73% 96% Operational tax rate 67%…
  14. First Six Months 2013 – Lundin Petroleum – slide 14
    14 Liquidity [MUSD] at 30 June 2013 Debt Outstanding 685 Cash Balances 86 Net Debt Position 599 Margin on Loan Facility: 2.75% Libor interest rate hedged on MUSD 500 for 3 years (2013-2015) at 0.57% per annum Johan…
  15. First Six Months 2013 – Lundin Petroleum – slide 15
    15 Liquidity Operating cashflow for 2013 forecast in excess of USD 1 billion USD 2.5 billion borrowing base facility USD 2.2 billion development costs for Norway projects to first oil Edvard Grieg USD 0.5 billion…
  16. First Six Months 2013 – Lundin Petroleum – slide 16
    16 Debt Position - First Six Months 2013 WORKING CAPITAL MUSD 79 MUSD CLOSING NET DEBT 30 JUNE 2013 600 G&A MUSD 17 MUSD 599 FINANCIAL MUSD 11 500 OPERATING CASH FLOW 400 MUSD 503 EXPLORATION OPENING NET DEBT &…
  17. First Six Months 2013 – Lundin Petroleum – slide 17
    17 Six Months 2013 Solid Performance Production 35,200 boepd for the first six months 2013 maintain production guidance for 2013 Operating Cashflow USD 0.5bn for first six months 2013, up 34% on same period last year…
  18. First Six Months 2013 – Lundin Petroleum – slide 18
    18 First Six Months 2013 Production ACTUAL 1H 2013 Russia, 7% First six months 2013 production: 35,200 boepd Indonesia, 4% Netherlands, 6% Strong production from Volund France, 8% Alvheim below expectation due to 3 wells…
  19. First Six Months 2013 – Lundin Petroleum – slide 19
    19 Greater Alvheim Area Gross Alvheim Estimated Ultimate Recovery 350 2C Contingent Resources Cumulative ProductionPEIK Alvheim Field 24* 300 End of Year 2P Reserves 137 108 80 250 Lundin Petroleum 15% 49 15 223 215…
  20. First Six Months 2013 – Lundin Petroleum – slide 20
    20 Development Activity 2013 NORWAY USD 1,080 million Edvard Grieg USD 550 million - Jacket - Topside - Export pipelines NETHERLANDS Brynhild USD 470 million Infill drilling - Drilling production and injection wells -…
  21. First Six Months 2013 – Lundin Petroleum – slide 21
    21 Norway Developments Brynhild Development (Lundin 90% operator) North Sea PDO approved 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 220 Operated Tie-back to Haewene Brim FPSO located 6108…
  22. First Six Months 2013 – Lundin Petroleum – slide 22
    22 Brynhild Project - First Oil Q4 2013 Subsea template and manifold installation Critical line Development drilling commenced (Maersk Guardian) Subsea template and manifold installed Controls equipment to Egersund 15.01.2013…
  23. First Six Months 2013 – Lundin Petroleum – slide 23
    23 Utsira High Area - Edvard Grieg Development Ivar Aasen Platform Edvard Grieg Platform Lundin Petroleum interest: 50% (operator) Gas Export to SAGE OMV 20%, Wintershall 15%, Statoil 15% Oil Export to Grane 2P reserves:…
  24. First Six Months 2013 – Lundin Petroleum – slide 24
    24 Production to Quadruple from Ongoing Projects Other existing contingent and Johan prospective resources not Sverdrup included in production forecast. Bertam not included in production forecast +100% increase in…
  25. First Six Months 2013 – Lundin Petroleum – slide 25
    25 Appraisal Activity 2013 NORWAY USD 140 million Johan Sverdrup - 4 appraisal wells on PL501 - 2 appraisal wells on PL265 PL338 - 1 appraisal well on Edvard Grieg 1 appraisal well on Luno II MALAYSIA USD 10 million…
  26. First Six Months 2013 – Lundin Petroleum – slide 26
    26 Norway Johan Sverdrup Appraisal Progress 2010 2011 2012 Year to date 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…
  27. First Six Months 2013 – Lundin Petroleum – slide 27
    27 Norway - Johan Sverdrup 2013 Appraisal Programme Edvard Grieg Working Interest PL501 PL265 Lundin Petroleum 40% (OP) 10% Torvastad Statoil 40% 40% (OP) Maersk 20% PL338 16/2-9S Det norske 20% PL265 16/2-18S 16/2-12 Petoro…
  28. First Six Months 2013 – Lundin Petroleum – slide 28
    28 Johan Sverdrup - Possible Topside Layout Schematic ion sion elect is ce pt S S ubm 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 2013 2014 2015 2016 2017 2018 Example of Johan…
  29. First Six Months 2013 – Lundin Petroleum – slide 29
    29 Exploration Activity 2013 NORWAY USD 330 million 10 exploration wells - 5 wells Utsira High - 2 well in Barents Sea - 1 well in Norwegian Sea NETHERLANDS - 2 wells in Southern North Sea 2 exploration wells 3D…
  30. First Six Months 2013 – Lundin Petroleum – slide 30
    30 Operated Rig Capacity for Exploration & Appraisal Activity 2013 2014 2015 2016 2017 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bredford Dolphin 5 1 1 1 1 4 2 1 Transocean Artic 1 1 1 NORWAY Island 3 6 2 4 6 3…
  31. First Six Months 2013 – Lundin Petroleum – slide 31
    31 Norway - 2013 Exploration Drilling 2 exploration wells 4 exploration wells drilled year to date Ogna - Dry Barents Sea Area Jorvik - Oil shows, uncommercial Luno II - Discovery, commercial Norway Utgard High Area…
  32. First Six Months 2013 – Lundin Petroleum – slide 32
    32 Luno II Discovery 0 4 KM 16 PL359, Lundin Petroleum 40% (operator ) 0024 Lundin Petroleum Operator 0025 Lundin Petroleum Partner PL410, Lundin Petroleum 70% (operator ) PL673 Apollo discovery Aldous Major North…
  33. First Six Months 2013 – Lundin Petroleum – slide 33
    33 Norway - Utsira High Exploration Drilling 2013 2 exploration wells drilled so far in 2013 024 025 Kopervik Exploration PL338 Jorvik (50%) Oil shows PL625 PL546 PL359 Luno II (40%) PL501 Oil Discovery Torvastad…
  34. First Six Months 2013 – Lundin Petroleum – slide 34
    34 Barents Sea Overview Longyearbyen 0 KM 400 Faroe Is. 00'0 100'0E 200'0E 300'0E 400'0E 500'0E 600'0E 100'0W 00'0 100'0E 0 KM 400 Svalbard 600'0N 600'0N Russia Norway Barents Sea North Sea Hammerfest Basin…
  35. First Six Months 2013 – Lundin Petroleum – slide 35
    35 Acreage Position in the Barents Sea 0 KM 40 PL609 One of the largest independant acreage position Johan Castberg in the Barents Sea 7215 7216 7217 (formerly 7218 Skrugard/Havis) 7223 7219 7220 7221 7222 400-600 MMboe…
  36. First Six Months 2013 – Lundin Petroleum – slide 36
    36 Norway - Norwegian Sea Exploration - Utgard High 0 5 10 20 KM Leads/Prospects New area with large potential Sverdrup prospect Aasta Hansten PL330 PL330 (Lundin 30% ) Sverdrup prospect PL654 Partners: RWE Dea 40% (OP),…
  37. First Six Months 2013 – Lundin Petroleum – slide 37
    37 South East Asia Overview Thailand Laos Bangkok Manila TOTAL Cambodia Vietnam Exploration Licences: 11 Myanmar Phnom Penh Vietnam Production Licences: 1 Peninsular Malaysia Philippines SB303 0 KM 800 Cakalang Sabah…
  38. First Six Months 2013 – Lundin Petroleum – slide 38
    38 Peninsular Malaysia PM307 (Lundin 75% operated) Kuala Terengganu Lundin Petroleum Licences Operated Bertam PDO submitted in July 2013 Lundin (75%) Non-operated Hydrocarbon fields/discoveries PM307 (Lundin 75% operated)…
  39. First Six Months 2013 – Lundin Petroleum – slide 39
    39 Peninsular Malaysia Bertam Development PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO submitted in July 2013 2P gross reserves: 17.0 MMbo Estimated gross plateau production: 0 KM 20 approximately…
  40. First Six Months 2013 – Lundin Petroleum – slide 40
    40 Malaysia - Sabah Area Lundin Petroleum Licences Operated Non-operated Tarap/Cempulut/Titik-Terang/ Hydrocarbon fields/discoveries Berangan discoveries Oil Gross contingent resources: 350 Bcf Gas Prospect / lead SB303…
  41. First Six Months 2013 – Lundin Petroleum – slide 41
    41 Indonesia Natuna Sea Exploration - 2013 Drilling Lundin Petroleum Licences 0 KM 40 Operated Non-operated Baronang (Lundin 90%(1)) Hydrocarbon fields/discoveries Oil Baronang Gas 1 exploration well plus sidetrack…
  42. First Six Months 2013 – Lundin Petroleum – slide 42
    42 Indonesia Cendrawasih VII (CVII) 0 KM 100 Lundin Petroleum Operator PACIFIC OCEAN Biak CVII Lundin Petroleum interest 100% Numfoor Block area: 5,545 km2 Block history Yapen 3 wells drilled on 2D seismic 950 km2…
  43. First Six Months 2013 – Lundin Petroleum – slide 43
    43 2013 Exploration and Appraisal Drilling Schedule 2013 Country Licence - Prospect Operator LUPE% NUPR (1) CoS % NRPR (2) Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-5 App. 6 Lundin 40.00 Completed successfully 2 Norway…
  44. First Six Months 2013 – Lundin Petroleum – slide 44
    44 First Six Months 2013 Continued stable production and record operating cash flow Forecast 2013 exit rate 40,000 boepd Brynhild, Byla and Edvard Grieg developments progressing on schedule and within budget Lifting group…
  45. First Six Months 2013 – Lundin Petroleum – slide 45
    46 WWW.LUNDIN-PETROLEUM.COM

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