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Q1 2012 Financial Presentation – Lundin Petroleum

Lundin Petroleum · May 9, 2012 · 39 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. Q1 2012 Financial Presentation – Lundin Petroleum – slide 1
    Financial Presentation - First Quarter 2012 WF11478 C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO
  2. Q1 2012 Financial Presentation – Lundin Petroleum – slide 2
    2 First Quarter 2012 Highlights First Quarter 2012 Production (boepd) 34,700 Average Brent oil price (USD/boe) 118.60 Cost of operations (USD/boe) 7.98 Net result (MUSD) 47.2 EBITDA (MUSD) 309.2 Operating cash flow…
  3. Q1 2012 Financial Presentation – Lundin Petroleum – slide 3
    3 Financial Results - First Quarter 2012 REVENUE 34,700 boepd 400 USD 107.40/boe MUSD 362.2 350 OPERATING COSTS MUSD 54.3 Cost of operations USD 7.98/boe CASH MARGIN 300 DEPLETION MUSD 307.9 MUSD 41.5 EXPLORATION COSTS…
  4. Q1 2012 Financial Presentation – Lundin Petroleum – slide 4
    4 Financial Results - First Quarter 2012 350 300 250 Net Result MUSD 200 First Quarter 2012 includes MUSD 18.6 non-cash impairment of ShaMaran shares 150 First Quarter 2011 includes MUSD 15.6 non-taxable gain…
  5. Q1 2012 Financial Presentation – Lundin Petroleum – slide 5
    5 Financial Results - First Quarter 2012 350 300 Operating Cash Flow First Quarter 2012 includes MUSD 141.3 of current tax 250 First Quarter 2011includes MUSD 58.7 of current tax 193.6 MUSD 200 -14% 166.6…
  6. Q1 2012 Financial Presentation – Lundin Petroleum – slide 6
    6 Financial Results - First Quarter 2012 350 Record EBITDA achieved in First Quarter 2012 309.2 300 30% 250 238.4 193.6 MUSD 200 -14% 166.6 150 100 53.4 -12% 47.2 50 0 Net Result Net Result…
  7. Q1 2012 Financial Presentation – Lundin Petroleum – slide 7
    7 Netback - First Quarter 2012 (USD/boe) First Quarter 2012 Average Brent oil price USD/boe 118.60 Revenue 114.84 Cost of operations -7.98 Tariffs -2.17 Production taxes -3.97 Stock movement -2.94 Other -0.17 Cash Margin…
  8. Q1 2012 Financial Presentation – Lundin Petroleum – slide 8
    8 Cost of Operations - First Quarter 2012 Average 2012 forecast cost of operations in line with guidance USD/boe 12 - Well intervention Alvheim/Volund 11 - Gaupe onstream - Alvheim FPSO planned shutdown 10 GUIDANCE…
  9. Q1 2012 Financial Presentation – Lundin Petroleum – slide 9
    9 Exploration Costs - First Quarter 2012 First Quarter First Quarter 2012 2012 MUSD after Tax MUSD Norway licence relinquishment 0.6 0.1 Congo (Brazzaville) ongoing costs 1.2 1.2 Indonesia Rangkas Block relinquishment 6.8…
  10. Q1 2012 Financial Presentation – Lundin Petroleum – slide 10
    10 G & A / Financial Items - First Quarter 2012 First Quarter 2012 General & Administration Expenses MUSD General & administration cash charge (7.7) Non-cash provision - Long Term Incentive Plan 8.2 0.5 Net Financial…
  11. Q1 2012 Financial Presentation – Lundin Petroleum – slide 11
    11 Tax - First Quarter 2012 First Quarter 2012 Effective USD/boe tax rate Current tax charge 44.80 61% Deferred tax charge 13.59 19% 58.39 80% WF11475 p8 05.12
  12. Q1 2012 Financial Presentation – Lundin Petroleum – slide 12
    12 Effective Tax Rate - First Quarter 2012 2012 Effective Tax Rate: 80% Exploration Costs 2012 Effective Tax Rate excluding One-off Items: 78% General & Administrative Financial Items - including impairment of ShaMaran…
  13. Q1 2012 Financial Presentation – Lundin Petroleum – slide 13
    13 Liquidity [MUSD] at 31 March 2012 Debt Outstanding 227 Cash Balances 138 Net Debt Position 89 Availability Under Credit Facility(1) 630 (1) Current loan facility MUSD 850 with reducing availability to 2014 WF11475…
  14. Q1 2012 Financial Presentation – Lundin Petroleum – slide 14
    14 Debt Position - First Quarter 2012 MUSD 280 WORKING CAPITAL OPERATING CLOSING LOAN MUSD 63 240 CASH FLOW 31 Mar 2012 MUSD 167 OPENING LOAN MUSD 227 1 Jan 2012 200 MUSD 207 G&A MUSD 7 FINANCIAL MUSD 2 160…
  15. Q1 2012 Financial Presentation – Lundin Petroleum – slide 15
    15 Liquidity Discussions well advanced for new financing facility to be completed by mid-2012 MUSD Development cost to be funded(1) 2,500 (over 4 years) Current exploration spend 400 (per annum) Operating cash flow…
  16. Q1 2012 Financial Presentation – Lundin Petroleum – slide 16
    16 First Quarter 2012 - Record EBITDA Solid production and cash flow 34,700 boepd production Record EBITDA USD 309.2 Million Gaupe field onstream Appraisal success in Norway Johan Sverdrup - Second appraisal well…
  17. Q1 2012 Financial Presentation – Lundin Petroleum – slide 17
    17 2012 Production Guidance Russia, 9% Q1 production: 34,700 boepd Tunisia, 1% Alvheim: 12,300 boepd Indonesia, 6% Volund: 13,200 boepd Netherlands, 6% 2012 production guidance maintained: France, 8% 32,000 - 38,000 boepd 45…
  18. Q1 2012 Financial Presentation – Lundin Petroleum – slide 18
    18 Greater Alvheim Area Alvheim Alvheim Field PEIK Lundin Petroleum 15% Marathon 65%, ConocoPhillips 20% Gross 2P reserves: 174 MMboe Additional well 2011 Production at 11,200 boepd net Alvheim cost of operations USD 5/boe…
  19. Q1 2012 Financial Presentation – Lundin Petroleum – slide 19
    19 Gaupe - Onstream 31 March 2012 Lundin Petroleum 40% BG Norge 60% (operator) 0 1 KM 4 15/12-4 15/12-8 2P gross reserves of 31.3 MMboe 15/12-15 REV 15/12-8 A 15/12-13 0015 Two subsea wells tied back to Armada…
  20. Q1 2012 Financial Presentation – Lundin Petroleum – slide 20
    20 Production to Double from Ongoing Development Projects All fields fully appraised Development plans submitted or to be submitted in 2012 Johan Sverdrup Apollo Skalle Edvard Grieg Caterpillar Byla Tarap Cempulut Brynhild…
  21. Q1 2012 Financial Presentation – Lundin Petroleum – slide 21
    21 Utsira High Area - Edvard Grieg Development 0 KM 20 Lundin Petroleum interest: 50% (operator) PL036c Wintershall 30%, RWE Dea 20% PL203 Alvheim Area PL150B PL150 PL505BS 008 009 Development plan approved by the PL505…
  22. Q1 2012 Financial Presentation – Lundin Petroleum – slide 22
    22 Edvard Grieg Development Project Production startup Oct 2015 Capital costs: 24 NOK billion Drilling 15 wells from jack-up rig 11 producers and 4 water injectors Contract award to Rowan companies Platform PdQ Jacket and…
  23. Q1 2012 Financial Presentation – Lundin Petroleum – slide 23
    23 Johan Sverdrup - A New Giant in Norway PL501 licence operated by Lundin Petroleum (40%) Partners: Statoil 40%, Maersk 20% Gross contingent resources end 2011 Norway Sweden on block 800 1,800 MMbo 505 Mapped area )…
  24. Q1 2012 Financial Presentation – Lundin Petroleum – slide 24
    L * L * * L L 24 * L L L Johan Sverdrup Appraisal Programme* L L * L L L Edvard Grieg 16/2-9S Aldous Major North Discovery PL338 PL265 16/2-10 (1st appr.) Discovery 16/2-8 PL265 Discovery 16/2-11 & 11A…
  25. Q1 2012 Financial Presentation – Lundin Petroleum – slide 25
    25 Pre-Unit Agreement for Johan Sverdrup Pre-Unit Agreement signed in first quarter 2012 Johan Sverdrup to be developed as one field Statoil working operator for pre-unit period Lundin Petroleum, operator PL501 and…
  26. Q1 2012 Financial Presentation – Lundin Petroleum – slide 26
    26 Exploration Licence - Budget 2012 NORWAY - 14 firm wells* (including 11 in the Utsira High Area and 1 in the Barents Sea Area) - 3D seismic NETHERLANDS - Ongoing development studies - 3 exploration wells on Byla and Johan…
  27. Q1 2012 Financial Presentation – Lundin Petroleum – slide 27
    27 2012 Drilling Schedule 2012 (1) (3) Country Licence - Prospect Operator LUPE% NUPR CoS % NRPR Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/2-11 App. Lundin 40.00 Discovery 2 Norway PL519 - Albert 6201/11-3 Lundin 40.00 71…
  28. Q1 2012 Financial Presentation – Lundin Petroleum – slide 28
    28 Norway Exploration Drilling Programme Barents Sea 4 Core Areas Norway North Sea 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 6108 6107 6103 PL519 - Albert 220 Operated 6106 Non-operated…
  29. Q1 2012 Financial Presentation – Lundin Petroleum – slide 29
    29 Utsira High Area Exploration 2012 Exploration Drilling PL359 (Lundin 40% operated) 0 4 KM 16 Luno II prospect Lundin Petroleum Operator 0024 0025 Lundin Petroleum Partner Gross unrisked prospective resources: 139…
  30. Q1 2012 Financial Presentation – Lundin Petroleum – slide 30
    30 Luno II Prospect - PL359 2012 Exploration Drilling Johan Sverdrup discovery PL359 (Lundin 40% operated) Luno II prospect N Johan Sverdrup play type Edvard Grieg discovery So Reservoir: Upper Jurassic ut he Gross…
  31. Q1 2012 Financial Presentation – Lundin Petroleum – slide 31
    31 Mre Basin Area - A New Core Area 2012 Exploration Drilling PL519 (Lundin 40% operated) Albert prospect 0 KM 20 Gross unrisked prospective resources: 177 MMboe PL639 Drilling: Ongoing Albert PL519 Norway Further…
  32. Q1 2012 Financial Presentation – Lundin Petroleum – slide 32
    NORWAY 7221 32 7220 Barents Sea Area 7219 6915 6917 Tromso PL532 0 5 KM 20 PL609 2012 Exploration 6916 Drilling Rauto 6914 PL533 Pulk (Salinas) PL533 (Lundin 20%) Bieksu & Geres Pulk (Salinas) prospect PL609B Rein Gross…
  33. Q1 2012 Financial Presentation – Lundin Petroleum – slide 33
    33 Barents Sea Pulk on trend with Statoil discoveries PL659 April 2011 PL609 Skrugard Discovery 200300 MMboe PL609B PL438 PL490 PL492 Januray 2012 Havis Discovery 200300 MMboe Pulk (Salinas) Skalle S…
  34. Q1 2012 Financial Presentation – Lundin Petroleum – slide 34
    34 PL490 - Prospect Juksa and Snurrevad Reservoir: Jurassic (Snurrevad) Cretaceous (Juksa) Water Depth: 330m Cretaceous play confirmed by Skalle diskovery Skalle Skalle Discovery Loppa High Juksa 09 PL6 33 PL5…
  35. Q1 2012 Financial Presentation – Lundin Petroleum – slide 35
    35 South East Asia - 2012 Exploration Drilling THAILAND TOTAL Peninsular Malaysia CAMBODIA Exploration Licences: 11 VIETNAM Production Licences: 1 SB303 Cakalang Sabah Area Baronang SB307/308 PM307 SABAH BRUNEI…
  36. Q1 2012 Financial Presentation – Lundin Petroleum – slide 36
    36 Malaysia - Sabah Area Tarap/Cempulut discoveries 0 15 KM 60 in 2011 + Titik-Terang discovery. Gross contingent resources 250 bcf. SB303 Potential cluster development. South China Cempulut Discovery Sea Tarap Discovery…
  37. Q1 2012 Financial Presentation – Lundin Petroleum – slide 37
    37 Peninsular Malaysia PM308A (Lundin 35% operated) Lundin Petroleum Licences Janglau oil discovery Operated Non-operated Hydrocarbon fields/discoveries PM307 (Lundin 75% operated) Oil Successful Bertam appraisal Gas Prospect…
  38. Q1 2012 Financial Presentation – Lundin Petroleum – slide 38
    38 2012 - Continued Growth Strong balance sheet and operating cash flow to fund continued growth Record EBITDA New financing progressing well Production to increase Production guidance 32-38,000 boepd. Mid point 5% increase…
  39. Q1 2012 Financial Presentation – Lundin Petroleum – slide 39
    40 WWW.LUNDIN-PETROLEUM.COM

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