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FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum

Lundin Petroleum · Feb 17, 2010 · 55 slides

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Slides

  1. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 1
    1 Financial Presentation - Year End 2009 C. Ashley Heppenstall, President and CEO WF10918 Geoff Turbott, VP Finance and CFO
  2. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 2
    3 Financial Results - Year End 2009 REVENUE 2009 2008 Production (boepd) 38,600 32,400 MSEK MSEK Oil Price Achieved (USD/boe) 57.16 87.29 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000…
  3. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 3
    4 Financial Results - Year End 2009 REVENUE 2009 2008 Production (boepd) 38,600 32,400 MSEK MSEK Oil Price Achieved (USD/boe) 57.16 87.29 6,000 OPERATING COSTS 2009 2008 6,000 Cost Of Operations (USD/boe) 16.40 21.44…
  4. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 4
    5 Financial Results - Year End 2009 REVENUE 2009 2008 Production (boepd) 38,600 32,400 MSEK MSEK Oil Price Achieved (USD/boe) 57.16 87.29 6,000 OPERATING COSTS 2009 2008 6,000 Cost Of Operations (USD/boe) 16.40 21.44…
  5. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 5
    6 Financial Results - Year End 2009 REVENUE 2009 2008 Production (boepd) 38,600 32,400 MSEK MSEK Oil Price Achieved (USD/boe) 57.16 87.29 6,000 OPERATING COSTS 2009 2008 6,000 Cost Of Operations (USD/boe) 16.40 21.44…
  6. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 6
    7 Financial Results - Year End 2009 REVENUE 2009 2008 Production (boepd) 38,600 32,400 MSEK MSEK Oil Price Achieved (USD/boe) 57.16 87.29 6,000 OPERATING COSTS 2009 2008 6,000 Cost Of Operations (USD/boe) 16.40 21.44…
  7. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 7
    8 Financial Results - Year End 2009 Result attributable Result Result Minority to Lundin Operating before tax Tax after tax interest Petroleum Cash Flow Net Result before adjustments 2,559.8 -1,576.0 983.8 -78.2 1,062.0…
  8. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 8
    9 Financial Results - Year End 2009 Result attributable Result Result Minority to Lundin Operating before tax Tax after tax interest Petroleum Cash Flow Net Result before adjustments 2,559.8 -1,576.0 983.8 -78.2 1,062.0…
  9. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 9
    10 Financial Results - Year End 2009 Result attributable Result Result Minority to Lundin Operating before tax Tax after tax interest Petroleum Cash Flow Net Result before adjustments 2,559.8 -1,576.0 983.8 -78.2 1,062.0…
  10. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 10
    11 Financial Results - Year End 2009 MSEK MSEK 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 MUSD MUSD 1,000 60 -537 1,000 310 Net Loss 0 Year End 2009 0 Net Profit -1,000 Year End 2008 -1,000 -2,000…
  11. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 11
    12 Financial Results - Year End 2009 MSEK MSEK MUSD MUSD 5,000 5,000 626 472 4,092 4,000 -12% 4,000 3,597 3,000 3,000 2,000 2,000 MUSD MUSD 1,000 60 -537 1,000 310 Net Loss 0 Year End 2009 0 Net Profit…
  12. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 12
    13 Financial Results - Year End 2009 MSEK MSEK MUSD MUSD 5,000 5,000 626 472 MUSD MUSD 592 483 4,092 4,000 -12% 3,878 4,000 -5% 3,679 3,597 3,000 3,000 2,000 2,000 MUSD MUSD 1,000 60 -537 1,000 310 Net…
  13. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 13
    14 Financial Results - Q4 2009 Result attributable Result Result Minority to Lundin Operating before tax Tax after tax interest Petroleum Cash Flow Net Result before adjustments 649.7 -374.7 275.0 -38.3 313.3 775.5…
  14. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 14
    15 Netback - Year End 2009 [USD/boe] Year End Q4 2009 2009 Average Brent oil price 61.67 74.53 Revenue 57.63 65.45 Cost of operations -16.40 -20.81 Tariffs -2.21 -2.48 Royalty and direct taxes -2.91 -3.37 Changes in…
  15. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 15
    16 Revenue Netback Reconciliation - Year End 2009 [USD/boe] Year End 2009 Average Brent oil price 61.67 Sales differential Russia -3.41 Gas price differential -1.67 Other 0.57 Sales price achieved 57.16 Adjustment…
  16. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 16
    17 Cost of Operations - Year End 2009 MMBOE USD/boe MUSD Year End 2009 14.09 X 16.40 = 231.1 2009 Cost of Operations Cost of Operations 22 22 22 22 21.44 20.81 20 20 20 20 USD/boe USD/boe USD/boe USD/boe…
  17. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 17
    18 Exploration Costs - Year End 2009 Year End 2009 Q4 2009 MSEK MSEK Norway 530 9 Russia 249 249 Cambodia 78 78 Vietnam 55 -2 UK 47 Indonesia 28 France 24 2 Congo (Brazzaville) 19 -6 Other 21 8 2009 Exploration…
  18. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 18
    19 Russia - Lagansky Impairment(1) MUSD Pre-Impairment Lagansky carrying value 725 Russian goodwill 119 Write down MUSD 450 844 Post Impairment Lagansky carrying value 393 (1) Attributable to the shareholders of…
  19. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 19
    20 Tax - Year End 2009 [USD/boe] Year End 2009 CMD - Jan 2010 Current tax charge 2.74 2.15 Deferred tax charge 6.87 7.35 9.61 9.50 Deferred tax release - Lagansky impairment (6.17) 3.44 9.50 Effective tax rate 62%…
  20. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 20
    21 Balance Sheet - 31 December 2009 31 December 2009 31 December 2008 Fixed Assets 19,045 23,129 Net Current Assets (excluding cash) -424 -346 Net Bank Debt 3,330 3,869 Shareholder Equity 8,136 11,438 Net Debt/Equity…
  21. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 21
    22 Liquidity MUSD Total Credit Facility 850 Borrowing Base Loan Drawn 31 December 2009 544 Cash Balances 31 December 2009 54 (1) Net Debt Position 31 December 2009 490 (1) excludes approx. MUSD 23 held by Etrion…
  22. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 22
    23 2009 Cash Flow MUSD Loan Drawn 31 December 2008 554 Operating Cash Flow 472 Development Capex (209) Exploration Capex (311) Working Capital, G&A, Financial Items 38 Loan Drawn 31 December 2009 544 WF10915 p12…
  23. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 23
    24 Lundin Petroleum AB - Presentational Currency From 2010, the financial statements will be presented in the following currencies: Group USD Parent Company SEK WF10915 P15 02.09
  24. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 24
    25 Key Highlights 2009 Lundin Petroleum continues to increase its resource base through organic growth 2P reserves : 218 - 256 MMboe 26% reserves increase Reserve replacement ratio 400% Production 2009: 38,200 boepd Up 20%…
  25. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 25
    26 Reserves Growth Reserves Replacement Ratio of 361% (cumulative production: 76.3 MMBOE) 300 250 200 Russia MMboe 150 U.K. Norway Tunisia Venezuela 100 Netherlands Indonesia France 50 0 1.1.2003…
  26. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 26
    27 2010 Proven & Probable Reserves Gas 14.5% Russia (16.9) France (21.9) Indonesia (13.7) Oil 85.5% Netherlands (3.4) U.K. (78.8) PSC 5% Tax Royalty 95% Total 255.9 MMboe 01.01.2009 MMboe 217.5 - Produced 13.9 + New…
  27. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 27
    28 2010 Contingent Resources Contingent Resources net Lundin Petroleum 285 MMboe Norway, 44.6* Russia, 163.3 UK, 54.3 France, 9.6 Other 13.6 WF10891 p1 02.10 * Excludes Ragnarrock and Luno South discoveries in…
  28. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 28
    29 2009 Production Performance France 3,400 boepd Netherlands 2009 production guidance 35,000 - 42,000 boepd 2,000 boepd 2009 actual: 38,200 boepd* Indonesia 2,500 boepd Norway 14,000 boepd Russia 50,000 4,700 boepd…
  29. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 29
    30 2010 Production Forecast France 8% Norway 2010 production guidance 38,000 - 44,000 boepd Netherlands 4% 40% Indonesia Norway 9% Volund onstream 1H 2010 Russia Indonesia 11% Singa onstream 1H 2010 Tunisia 2% UK UK…
  30. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 30
    31 Norway Production - Greater Alvheim Area Alvheim Field LundinPetroleum Operator LundinPetroleum Partner PL413 PL088 Lundin Petroleum 15% 2009 APA Award P090 PL088 Marathon 65% (operator), ConocoPhillips 20% 9/14a-6…
  31. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 31
    32 Greater Alvheim Area - Alvheim Reserve Growth Cumulative Production Alvheim net Lundin 2P reserves End of Year Reserves 40 40 35 2.3 35 7.3 33.4 Hydrocarbon Volume [MMboe] 30 32.2 30 29.7 28.4 25 25 25.1 20…
  32. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 32
    33 Greater Alvheim Area - Alvheim Field Drilling Phase 2 The 3rd Kameleon well and two branch producers at East Kameleon Drilling start summer 2010 EKAM 02 BOA 12 East Kameleon Boa BOA 11 EKAM 01 KAM 02 KAM 03…
  33. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 33
    34 Greater Alvheim Area - Further Discoveries LundinPetroleum Operator LundinPetroleum Partner PL413 2009 APA Award PL088 PL088 9/14a-6 P090 PL413 0 KM 4 PL088 bs PL036C PL340 (15%) 9/15a-1 P090 PL088…
  34. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 34
    35 Greater Luno Area - Luno Field Development Lundin Petroleum interest: 50% (operator) PL413 Wintershall 30%, RWE 20% PL088 PL363 Peik field P090 Discovered in 2007 Alvheim field PL036c Discovery 16/1-8 Volund field PL203…
  35. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 35
    36 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…
  36. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 36
    37 Greater Luno Area - Luno South Discovery PL501 (Lundin 40%) PL167 (Lundin 20%) PL338 (50%) Luno South discovery Luno appraisal well Exploration well completed as discovery Fractured basement reservoir with potential…
  37. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 37
    38 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…
  38. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 38
    39 United Kingdom North Sea 2009 production 10,200 boepd 2P reserves 79 MMboe Contingent resources 54 MMboe Sea End 2009Actual WF10893 p1 01.10
  39. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 39
    40 UK Strategy Control infrastructure Heather and Thistle acquired in 2003 Facilitate hubcentric developments Broom on stream in 2004 SW Heather Attract third party business Don production via Thistle in 2010 Put new…
  40. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 40
    41 UK North Sea - Growing Business 100 90 Reserves History Cumulative Production 80 Broom 2P 70 Thistle 2P Heather 2P MMboe 60 50 40 30 20 10 0 01.01.2005 01.01.2006 01.01.2007 01.01.2008 01.01.2009 01.01.2010…
  41. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 41
    42 Thistle Redevelopment No drilling since 1988 2010 drilling and workover campaign Drill 3 new producers and 1 workover USD 7.5/bbl development costs 2011+ Phase II drilling Third party income - Don Tariff Agreement USD…
  42. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 42
    43 Russia - Lagansky - Morskaya Discovery 0 KM 20 Lundin Northern Caspian Concession Oil Field Petrovskaya-1 Morskaya Discovery Gas Field Prospects Laganskaya-1 Morskaya-1 COC well Rakushechnoye Field Severo- 4.4 TCF…
  43. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 43
    44 Lagansky Morskaya Conceptual Development Production Licence Application submitted Sets timeline for appraisal strategy and Development Plan 3D seismic acquisition completed 2009 Pre-Feed Development studies ongoing…
  44. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 44
    45 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 19% of total comprising approximately 90% of…
  45. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 45
    46 Norway - Exploration Major position built through organic growth Further 7 new licences in APA 2009 licensing round Production licences Exploration licences Norway number of licences Number of licences per Company pre…
  46. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 46
    47 Focused Exploration - 3 Key Areas Barents Sea Area Greater Alvheim Area 2010 drilling 1 well - PL340 Marihne B Greater Luno Area 2010 drilling 4 wells - PL359 Luno High - PL501 Avaldsnes - PL410 Luno 3 - PL409…
  47. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 47
    48 Greater Alvheim Area - Exploration LundinPetroleum Operator LundinPetroleum Partner PL413 2009 APA Award PL088 PL088 9/14a-6 P090 PL413 0 KM 4 Alvheim Deep PL088 bs Prospect PL036C PL340/PL340 bs (15%) 9/15a-1…
  48. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 48
    49 Greater Luno Area - Further Exploration Potential UK PL304 PL546 0 KM 20 PL 359 (40%) (Currently drilling) Exploration well in 2010 targeting Luno High in the north east corner of the licence Luno and Luno South 16/2-1…
  49. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 49
    50 Greater Luno Area - Regional Oil Water Contact PL546 16/1-13 1940m Regional OWC All wells drilled on southern Utsira High OWC 1940m MSL above 1940m MSL proved an oil/gas column Oil shows to 1943.5m MSL 16/2-5 1852m MSL GOC…
  50. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 50
    51 Barents Sea - Drilling in 2011 22E 21E Prospect Oil field Gas field Licenced Area (NPD) Rauto 4 drillable prospects matured in Lundin Petroleum portfolio Lundin Norway Licences Operated Non-Operated Pulk 2009 APA award…
  51. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 51
    52 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…
  52. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 52
    53 5 Year Work Programme 2009 2010 2011 2012 2013 Blocks Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 well 2 wells Vietnam Block 06/94 3D 1 well Indonesia Rangkas PSC 2D 2 wells 2 wells Malaysia Block…
  53. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 53
    54 Russia - Lagansky - Further Exploration Potential shallow water drilling unit (SEP) 2010 Construction of shallow water drilling unit (SEP) 2011 exploration well Petrovskaya-1 Morskaya-1 WF10896 p4 01.10
  54. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 54
    55 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…
  55. FINANCIAL PRESENTATION YEAR END 2009 – Lundin Petroleum – slide 55
    56 Financial Presentation - Year End 2009 www.lundin-petroleum.com WF10918

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