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FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum

Lundin Petroleum · Feb 8, 2012 · 38 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. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 1
    Financial Presentation - Year End 2011 WF11448 C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO
  2. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 2
    2 Year End 2011 Highlights Fourth Quarter Year End 2011 2011 Production (boepd) 34,700 33,300 Average Brent oil price (USD/boe) 109.35 111.26 Cost of operations (USD/boe) 8.89 8.43 Net result (MUSD) -14.0 155.2 EBITDA…
  3. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 3
    3 Financial Results - Fourth Quarter 2011 REVENUE 34,700 boepd 350 USD 99.33/boe MUSD 323.0 OPERATING COSTS 300 MUSD 46.9 Cost of operations USD 8.89/boe CASH MARGIN DEPLETION MUSD 276.1 250 MUSD 43.8 EXPLORATION…
  4. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 4
    4 Financial Results - Year End 2011 REVENUE 33,300 boepd USD 101.04/boe MUSD 1,269.5 OPERATING COSTS 1,200 MUSD 193.1 Cost of operations USD 8.43/boe CASH MARGIN MUSD 1,076.4 DEPLETION 1,000 MUSD 165.1 EXPLORATION…
  5. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 5
    5 Financial Results - Year End 2011 Net Result 180 160 155.2 20% 140 129.5 120 100 MUSD 86.6 80 60 40 -116% 20 0 -14.0 -20 WF11447 p3 02.12 Net Result Net Result Net Result Net Result Year…
  6. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 6
    6 Financial Results - Year End 2011 Operating Cash Flow 700 676.2 18% 600 573.4 500 400 MUSD 300 200 156.9 -43% 100 89.4 0 Operating Cash Flow Operating Cash Flow Operating Cash Flow Operating Cash…
  7. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 7
    7 Financial Results - Year End 2011 1,100 EBITDA 1,012.1 1,000 900 800 68% 700 603.5 MUSD 600 500 400 300 244.8 38% 200 177.7 100 0 EBITDA EBITDA EBITDA EBITDA Year End Year End Fourth Quarter…
  8. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 8
    8 Netback - Year End 2011 (USD/boe) Fourth Quarter Year End 2011 2011 Average Brent oil price USD/boe 109.35 111.26 Revenue 101.31 104.47 Cost of operations -8.89 -8.43 Tariffs -1.64 -1.88 Production taxes -4.03 -4.31…
  9. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 9
    9 Cost of Operations 2011 In line with forecast USD/boe 10 - Alvheim fire prevention maintenance - Tunisia FPSO recertification and subsea system inspection 9 GUIDANCE FEB 2011 USD 8.61/boe 2011 ACTUAL USD 8.43/boe…
  10. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 10
    10 Exploration Costs - Year End 2011 Year End Fourth Quarter Fourth Quarter 2011 2011 2011 MUSD MUSD after Tax MUSD Norway: EARB well + licence relinquishments 74 8 2 Congo (Brazzaville): 2 wells + associated costs 51 51…
  11. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 11
    11 G & A / Financial Items - Year End 2011 Fourth Quarter 2011 Year End 2011 General & Administration MUSD MUSD General & administration cash charge (5.1) (22.1) Non-cash provision - Long Term Incentive Plan (26.8) (44.9)…
  12. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 12
    12 Tax - Year End 2011 Fourth Quarter 2011 Year End 2011 USD/boe Effective USD/boe Effective tax rate tax rate Current tax charge 58.56 130% 32.93 55% Deferred tax charge -9.27 -20% 14.34 24% 49.29 110% 47.27 79% WF11447…
  13. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 13
    13 Effective Tax Rate - Year End 2011 2011 Effective Tax Rate: 79% Gain on AOC Shares Exploration Costs - Congo (Brazzaville), Malaysia 2011 Effective Tax Rate excluding One-off Items: 75% General & Administrative…
  14. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 14
    14 Liquidity [MUSD] at 31 December 2011 Debt Outstanding 207 Cash Balances 74 Net Debt Position 133 Availability Under Credit Facility(1) 630 (1) Loan facility MUSD 850 with reducing availability to 2014 WF11447…
  15. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 15
    15 Debt Position - Year End 2011 OPERATING G&A MUSD 20 MUSD WORKING CAPITAL CASH FLOW FINANCIAL MUSD 7 MUSD 147 500 MUSD 676 OPENING LOAN 1 Jan 2011 MUSD 459 400 Loan Reduction 300 MUSD 252 EXPLORATION & APPRAISAL…
  16. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 16
    16 Liquidity MUSD Development cost to be funded(1) 2,500 (over 4 years) Current exploration spend 300 - 400 (per annum) Operating cash flow generated 2011 675 Existing asset base(1) supports borrowings 2,500 New…
  17. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 17
    17 2011 - A Transformational Year for Lundin Petroleum Exploration and appraisal success in Norway and in Malaysia Johan Sverdrup - a new giant in Norway Oil and gas discoveries in Malaysia Development Brynhild PDO…
  18. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 18
    18 1 January 2012 2P Reserves Gas, 16% Total 210.7 MMboe Oil, 84% PSC, 2% Russia, 16.0 France, 24.7 Tunisia, 0.3 Netherlands, 3.6 Tax/Royalty, 98% B yla Br Indonesia, 3.9 , 3. yn MMboe 2 hi ld ,1 4.3…
  19. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 19
    19 Reserves Growth 347% reserves increase in Norway No decline in French reserves 300 250 200 Russia 150 Norway MMBoe Tunisia Netherlands 100 Indonesia France 50 0 03 04 05 06 07 08…
  20. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 20
    20 Contingent Resource Growth More than ten times resources increase in Norway 900 800 700 600 500 MMBoe 400 Malaysia 300 Russia 200 Others 100 Norway (1) 0 1.1.2006 1.1.2007 1.1.2008 1.1.2009…
  21. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 21
    21 Reserves and Resources Increase End 2011 Reserves & Contingent Resources (1) End 2010 9% es Reserves & Contingent Resources +22nt Resourc o nt inge C +21% Reserves 446 MMboe 1,062 MMboe WF11210 p7 10.11…
  22. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 22
    22 2011 Production Performance Russia, 9.4% Tunisia, 2.2% Indonesia, 3.5% Netherlands, 5.9% Q4 2011 production: 34,700 boepd France, 9.2% 2011 production: 33,300 boepd 40 40 Norway, 69.8% 35 35 33,300 boepd 30 30…
  23. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 23
    23 2012 Production Guidance Russia, 9% 2012 production guidance: 32,000 - 38,000 boepd Tunisia, 1% Indonesia, 6% Mid range equals 5% increase from 2011 Netherlands, 6% France, 8% 45 45 Norway, 70% 40 40 35 35 30…
  24. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 24
    24 Future Increase of Production All fields fully appraised Development plans submitted or to be submitted in 2012 Johan Sverdrup Luno/Tellus Apollo Skalle Onstream Caterpillar Byla Tarap Onstream Cempulut Brynhild…
  25. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 25
    25 Greater Luno Area - Luno Development 0 KM 20 PL036c Lundin Petroleum interest: 50% (operator) Alvheim Area Wintershall 30%, RWE Dea 20% PL203 PL505BS PL150B PL150 008 009 PL547S Development Plan submitted 0025 0026…
  26. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 26
    26 Luno Development Project Execution starting Jan 2012 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…
  27. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 27
    27 Exploration Licence Activity 2012 NORWAY - 14 firm wells* (including 10 in the Greater Luno Area and 1 in the Barents Sea Area) - 3D seismic NETHERLANDS - Ongoing development studies - 3 exploration wells on Byla and Johan…
  28. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 28
    28 Norway 2012 Drilling Programme 2012 Norway exploration budget: MUSD 364 Barents Sea 8 exploration & 6 appraisal wells in 2012 in 4 core areas Norway North Sea 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin…
  29. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 29
    29 Johan Sverdrup - A New Giant in Norway PL501 licence operated by Lundin Petroleum (40%) Partners: Statoil 40%, Maersk 20% Norway Sweden Gross contingent resources end 2011 505 Mapped area ) on block 800 - 1,800…
  30. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 30
    30 Johan Sverdrup Further Appraisal Programme Luno Johan Sverdrup PL501 & PL265 will be developed as one field Pre-Unit Agreement 16/2-9S Aldous Major North Discovery discussions ongoing PL338 PL265 16/2-10 (1st appr.)…
  31. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 31
    31 Greater Luno Area Exploration 2012 Exploration Drilling 0 4 KM 16 PL359 (Lundin 40% operated) 0024 0025 Lundin Petroleum Operator Luno II prospect Lundin Petroleum Partner Gross unrisked prospective resources: 139 MMboe…
  32. FINANCIAL PRESENTATION YEAR END 2011 – 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. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 33
    33 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…
  34. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 34
    34 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…
  35. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 35
    35 Peninsular Malaysia Lundin Petroleum Licences Operated PM308A (Lundin 35% operated) Non-operated Janglau oil discovery Hydrocarbon fields/discoveries Oil Gas Sotong PM307 (Lundin 75% operated) Prospect / lead Field…
  36. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 36
    36 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 2 Norway PL519 - Albert 6201/11-3 Lundin 40.00 71 26% 18 3…
  37. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 37
    37 2012 - Continued Growth Exploration focus to continue 24 wells. Budget USD 460 million 5 well appraisal programme in the Johan Sverdrup discovery 8 exploration wells in Norway Drilling to continue in the Barents Sea 5…
  38. FINANCIAL PRESENTATION YEAR END 2011 – Lundin Petroleum – slide 38
    39 WWW.LUNDIN-PETROLEUM.COM

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