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Q1 2010 Financial Presentation – Lundin Petroleum

Lundin Petroleum · May 5, 2010 · 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 2010 Financial Presentation – Lundin Petroleum – slide 1
    Financial Presentation - First Three Months 2010 C. Ashley Heppenstall, President and CEO WF10977 Geoff Turbott, VP Finance and CFO
  2. Q1 2010 Financial Presentation – Lundin Petroleum – slide 2
    3 First Quarter 2010 Highlights Oil price achieved 70.43 USD/boe Production in line with guidance 35,900 boepd Cost of operations under guidance 15.34 USD/boe One of our best quarters with an operating cashflow of 145…
  3. Q1 2010 Financial Presentation – Lundin Petroleum – slide 3
    4 Financial Results - First Three Months 2010 REVENUE MUSD 35,900 boepd MUSD MUSD USD 70.43/boe 240 240 240 220 220 220 200 200 200 REVENUE 180 180 39,300 boepd* 180 USD 43.47/boe 160 160 160 140 140 140 120 120…
  4. Q1 2010 Financial Presentation – Lundin Petroleum – slide 4
    5 Financial Results - First Three Months 2010 MUSD MUSD MUSD 240 240 240 220 220 220 200 OPERATING COSTS 200 200 Cost of operations USD 15.34/boe 180 Production costs USD 22.00/boe 180 180 160 160 160 OPERATING COSTS 140…
  5. Q1 2010 Financial Presentation – Lundin Petroleum – slide 5
    6 Financial Results - First Three Months 2010 MUSD MUSD MUSD 240 240 240 220 220 220 200 200 200 180 180 180 160 160 160 DEPLETION 140 USD 12.93/boe 140 140 120 120 120 100 100 DEPLETION 100 USD 11.86/boe 80 80…
  6. Q1 2010 Financial Presentation – Lundin Petroleum – slide 6
    7 Financial Results - First Three Months 2010 MUSD MUSD MUSD 240 240 240 220 220 220 200 200 200 180 180 180 160 160 160 140 140 140 120 120 120 G&A + Financial 100 MUSD 10.3 100 100 80 80 80 TAX MUSD 49.6 G&A +…
  7. Q1 2010 Financial Presentation – Lundin Petroleum – slide 7
    8 Financial Results - First Three Months 2010 MUSD MUSD MUSD 240 240 240 220 220 220 200 200 200 180 180 180 160 160 160 140 140 140 120 120 120 100 100 100 80 80 80 60 60 60 40 40 40 20 NET PROFIT 20 20…
  8. Q1 2010 Financial Presentation – Lundin Petroleum – slide 8
    9 Financial Results - First Three Months 2010 160 160 151.0 145.7 140 140 41% 66% 120 120 103.0 100 100 91.0 MUSD MUSD 80 80 60 60 40 40 24.5 113% 20 20 11.5 0 0 Net Profit Net Profit…
  9. Q1 2010 Financial Presentation – Lundin Petroleum – slide 9
    10 Netback - First Three Months 2010 [USD/boe] First 3 months 2010 2010 Guidance Average Brent oil price 76.36 60.00 Revenue 71.37 55.05 Cost of operations -15.34 -16.35 Tariffs -1.89 -2.00 Royalty and direct taxes -3.28…
  10. Q1 2010 Financial Presentation – Lundin Petroleum – slide 10
    11 Exploration Costs - First Three Months 2010 [MUSD] First 3 months 2010 Norway: PL359, PL476 wells 22.6 Norway: Licence relinquishments 8.5 Other 2.5 Exploration Costs 33.6 Attributable to Lundin Petroleum after tax…
  11. Q1 2010 Financial Presentation – Lundin Petroleum – slide 11
    12 Cost of Operations - First Three Months 2010 [USD/boe] First 3 months First 3 months 2010 2010 Guidance Cost of operations 15.34 18.30 Cost of operations excluding UK 8.59 10.85 Cost of operations in 2010 going…
  12. Q1 2010 Financial Presentation – Lundin Petroleum – slide 12
    13 Tax - First Three Months 2010 [USD/boe] First 3 months 2010 Current tax charge 4.37 Deferred tax charge 10.94 15.31 Effective tax rate 67% from total operations Effective cash tax rate 19% WF10985 p5 04.10
  13. Q1 2010 Financial Presentation – Lundin Petroleum – slide 13
    14 Liquidity - 31st March 2010 [MUSD] Drawn Debt 569 Cash Balances 69 (1) Net Debt Position 500 (1) excludes approx. MUSD 17 held by Etrion Corp. Total Credit Facility 850 Borrowing base currently being recalculated…
  14. Q1 2010 Financial Presentation – Lundin Petroleum – slide 14
    15 2010 Forecast Netback 70 USD/bbl Brent Forward [USD/boe] 2010 Forecast Revenue 63.20 Cost of operations -11.40 Tariffs -1.30 Royalty and direct taxes -3.35 Changes in inventory/overlift -0.45 Other -0.20 Cash Margin…
  15. Q1 2010 Financial Presentation – Lundin Petroleum – slide 15
    16 Impact of EnQuest Deal To Lundin Petroleum Value of distribution 657 MUSD UK carrying value at distribution date 300 MUSD Gain on disposal 357 MUSD To Lundin Petroleum shareholders Distribution 1.3474 EnQuest shares…
  16. Q1 2010 Financial Presentation – Lundin Petroleum – slide 16
    17 Lundin Petroleum - Continued Focused Growth Norway 3 production licences, Russia 1 development licence, 2 producing licences, 37 exploration licences 1 exploration licence Ireland 1 exploration licence Netherlands 18…
  17. Q1 2010 Financial Presentation – Lundin Petroleum – slide 17
    18 Key Highlights - First Three Months 2010 UK spin-off through EnQuest 55% of EnQuest shares distributed to Lundin Petroleum shareholders Initial market cap of USD 1.2 Bn. Value to Lundin Petroleum shareholders MUSD 660…
  18. Q1 2010 Financial Presentation – Lundin Petroleum – slide 18
    19 Spin-off of UK Assets Completed in April 2010 Lundin Petroleum Petrofac Shareholders Shareholders 55% 45% Petrofac UK Assets UK Assets EnQuest shares listed on main board of London Stock Exchange and secondary…
  19. Q1 2010 Financial Presentation – Lundin Petroleum – slide 19
    20 Spin-off of UK Assets - Deal Rationale Crystallise value for Lundin Petroleum shareholders BY Exposure to a new UK North Sea focused Company WITH Critical mass, strong balance sheet & proven management team TO Grow…
  20. Q1 2010 Financial Presentation – Lundin Petroleum – slide 20
    21 Value of Distribution to Lundin Petroleum Shareholders Value of Distribution to LUPE shareholders SEK/share 31.1 28.0 24.9 21.8 Distribution value 15.16/LUPE share 18.7 15.6 12.5 9.3 6.2 3.1 0.0 750 1,000…
  21. Q1 2010 Financial Presentation – Lundin Petroleum – slide 21
    22 Reserves Growth 300 Reserves Replacement Ratio of 361% (cumulative production: 76.3 MMBOE) * 250 200 U.K. MMboe 150 Russia Norway Tunisia Venezuela 100 Netherlands Indonesia France 50 0 1.1.2003…
  22. Q1 2010 Financial Presentation – Lundin Petroleum – slide 22
    23 2010 Proven & Probable Reserves Gas 14.5% UK Russia (16.9) Oil 85.5% PSC 5% 78.8 MMboe France (21.9) Tax Royalty 95% Indonesia (13.7) Total 255.9 MMboe Netherlands 01.01.2009 MMboe 217.5 (3.4) - Produced 13.9 + New…
  23. Q1 2010 Financial Presentation – Lundin Petroleum – slide 23
    24 Lundin Petroleum - Post Spin-off Continued focus on organic driven growth Norway, SE Asia & Russia pre UK spin-off 2P Reserves Contingent Resources Unrisked Prospective Resources 256 MMboe 285 MMboe 1,736 MMboe UK Russia…
  24. Q1 2010 Financial Presentation – Lundin Petroleum – slide 24
    25 Lundin Petroleum 2010 Production Forecast France 11% Norway 2010 production guidance 38,000 - 44,000 boepd Netherlands 50% 6% Updated 2010 production guidance excluding UK 29,000 - 33,000 boepd Indonesia 10% Norway Volund…
  25. Q1 2010 Financial Presentation – Lundin Petroleum – slide 25
    26 Norway Production - Volund Onstream Volund Field Lundin Petroleum 35% Marathon 65% (operator) Gross reserves 49 MMboe Achieved first oil in April 2010 from one production well Subsea tie-back to Alvheim Phase II…
  26. Q1 2010 Financial Presentation – Lundin Petroleum – slide 26
    27 Norway Production - Alvheim Field 40 Alvheim net Lundin 2P reserves Cumulative Production Lundin Petroleum 15% 35 2.3 Hydrocarbon Volume [MMboe] End of Year Reserves 7.3 33.4 30 32.2 Marathon 65% 28.4 29.7 25…
  27. Q1 2010 Financial Presentation – Lundin Petroleum – slide 27
    28 Greater Luno Area - Luno Field Development Lundin Petroleum interest: 50% (operator) PL413 Wintershall 30%, RWE 20% PL363 Peik field PL036c Discovery 16/1-8 (2007) Alvheim field Major light oil discovery Volund field…
  28. Q1 2010 Financial Presentation – Lundin Petroleum – slide 28
    29 Greater Luno Area - Successful Second Appraisal Well 16/1-8 16/1-13 16/1-10 16/1-12 (Luno discovery well) (Luno appraisal well) (Luno appraisal well) (Luno South discovery well) 50 metres Tested Tested of excellent 4,000…
  29. Q1 2010 Financial Presentation – Lundin Petroleum – slide 29
    30 Subsea Tieback Development Opportunities - PL292 Pi 1 10b 15 29c 29cF1 7 12a 0015 8 0015/12 (Area 8) 0016 12f REV 016 12g PL292 is located in Blocks 6/3 and 15/12 9 PL292b 10a 29aF1 12e 12c Lundin Petroleum 40%…
  30. Q1 2010 Financial Presentation – Lundin Petroleum – slide 30
    31 Subsea Tieback Development Opportunities * Lundin Initial Production Net Resources Forecast Net Project Sanction First Oil Field MMboe Production* boepd date date Nemo 8.9 6,000 2Q10 2013 Krabbe 9.1 4,800 3Q10 2014 Pi…
  31. Q1 2010 Financial Presentation – Lundin Petroleum – slide 31
    32 Indonesia - Singa Development, Lematang Block Lundin Petroleum 25.88% Gross reserves 123 bcf Gas Sales Agreement at 48 mmcfd for 5 years Gas sold to PT PLN (Indonesian electricity company) Lematang Block Gas sales price in…
  32. Q1 2010 Financial Presentation – Lundin Petroleum – slide 32
    33 Exploration 2010 Drilling 2010 exploration drilling 11 exploration wells in 2010 2010 drilling is targeting 332 MMboe 8 of the 11 wells will be drilled in Norway, which represents 20% of total comprising approximately 90% of…
  33. Q1 2010 Financial Presentation – Lundin Petroleum – slide 33
    34 Greater Luno Area - Further Exploration Potential PL 359 (40%) UK PL304 PL546 0 KM 20 Exploration well completed in March 2010 - dry hole PL 409 (70%) Luno and Luno South 16/2-1 16/2-3 Norall exploration well in 2010…
  34. Q1 2010 Financial Presentation – Lundin Petroleum – slide 34
    35 Greater Alvheim Area - Exploration LundinPetroleum Operator LundinPetroleum Partner PL413 2009 APA Award PL088 PL088 9/14a-6 PL413 2009 Discoveries 0 KM 4 9/15a-1 PL088 bs PL036C PL340 (15%) P090 PL088…
  35. Q1 2010 Financial Presentation – Lundin Petroleum – slide 35
    36 Barents Sea - Drilling in 2011 22E 21E Lead Prospect Numerous prospects matured in Lundin Petroleum portfolio Oil field Gas field Rauto Licenced Area (NPD) PL438 Lundin Norway Licences Operated Lundin Petroleum 25%…
  36. Q1 2010 Financial Presentation – Lundin Petroleum – slide 36
    37 South East Asia - Building a Core Area THAILAND TOTAL CAMBODIA VIETNAM Exploration Licences: 8 Direct Joint Studies: 1 Block 06/94 SB303 Production Licences: 3 Total Prospective Resources: 426 MMboe Baronang Sabah Area…
  37. Q1 2010 Financial Presentation – Lundin Petroleum – slide 37
    38 Targeted Prospective Resources 2010 Drilling Schedule (1) (2) Country Licence - Prospect Operator LUPE% NURPR CoS% NRPR Q1 Q2 Q3 Q4 1 Norway PL476 - Frusalen Det norske 30.00 14.3 27 3.9 P&A dry 2 Norway PL359 - Luno High…
  38. Q1 2010 Financial Presentation – Lundin Petroleum – slide 38
    39 Lundin Petroleum Strategy Continued organic reserves growth Production growth Norway - Volund onstream Indonesia - Singa onstream Norway - Pi, Peik, Luno, Nemo, Krabbe to provide further production growth Exploration…
  39. Q1 2010 Financial Presentation – Lundin Petroleum – slide 39
    40 Lundin Petroleum www.lundin-petroleum.com

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