Skip to main content FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum | Shale Experts
Loading...
Pm

FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum

Lundin Petroleum · Feb 9, 2011 · 44 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 2010 – Lundin Petroleum – slide 1
    Financial Presentation - Year End 2010 C. Ashley Heppenstall, President and CEO WF11229 Geoff Turbott, VP Finance and CFO
  2. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 2
    3 Year End 2010 Highlights Year End Q4 2010 2010 Production (boepd) 32,700 32,600 Oil price achieved (USD/boe) 72.26 78.23 Cost of operations (USD/boe) 10.46 9.87 Profit after tax (MUSD) 498.5 86.3 Operating cash…
  3. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 3
    4 Financial Results - Year End 2010 850 800 REVENUE 750 30,500 boepd USD 71.92/boe 700 650 600 550 500 MUSD 450 400 350 300 250 200 150 100 50 0 WF11224 p2 02.11
  4. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 4
    5 Financial Results - Year End 2010 850 800 OPERATING COSTS 750 Cost of operations USD 8.63/boe 700 650 600 550 500 MUSD 450 400 350 300 250 200 150 100 50 0 WF11224 p2 02.11
  5. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 5
    6 Financial Results - Year End 2010 850 800 750 700 650 DEPLETION 600 MUSD 145.3 550 500 EXPLORATION COSTS MUSD 450 MUSD 127.5 400 350 300 250 200 150 100 50 0 WF11224 p2 02.11
  6. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 6
    7 Financial Results - Year End 2010 850 800 750 700 650 600 550 GAIN ON SALE OF ASSETS 500 Etrion MUSD 57.7 Salawatis MUSD 8.4 MUSD 450 400 350 TAX MUSD 251.9 G&A + Financial Effective rate 66% MUSD 53.6…
  7. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 7
    8 Financial Results - Year End 2010 850 800 750 700 650 600 550 NET PROFIT MUSD 498.5 500 MUSD 450 GAIN ON SALE OF UK MUSD 358.1 400 350 300 250 200 150 UK Q1 10 MUSD 10.9 100 NET PROFIT MUSD…
  8. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 8
    9 Financial Results - Year End 2010 498.5 CONTINUING OPERATIONS 200 180 Gain on sale of UK MUSD 358.1 160 140.4 140 UK Q1 129.5 120 100 MUSD 80 60 40 20 -545.8 0 Net Profit Year End 10 Net…
  9. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 9
    10 Financial Results - Year End 2010 CONTINUING OPERATIONS 700 650 598.6 600 UK Q1 573.4 550 498.5 500 49% 450 400 385.8 MUSD 350 Gain on sale of UK MUSD 358.1 300 250 200 150 140.4 UK Q1 129.5…
  10. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 10
    11 Financial Results - Year End 2010 CONTINUING OPERATIONS 700 650 635.6 598.6 UK Q1 600 UK Q1 601.1 573.4 550 498.5 500 54% 49% 450 400 385.8 390.2 MUSD 350 Gain on sale of UK MUSD 358.1 300 250 200…
  11. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 11
    12 Netback - Year End 2010 [USD/boe] CONTINUING OPERATIONS Year End 2010 Average Brent oil price 79.50 Revenue 70.93 Cost of operations -8.63 Tariffs -1.57 Royalty and direct taxes -3.74 Changes in inventory/overlift 0.31…
  12. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 12
    13 Cost of Operations 2010 [USD/boe] CONTINUING OPERATIONS USD/boe 11 GUIDANCE MAR 2010 USD 10.35/boe 10 17% 9 2010 ACTUAL USD 8.63/boe 8 7 Q1 2010 Q2 2010 Q3 2010 Q4 2010 actual actual actual actual…
  13. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 13
    14 Cost of Operations 2010 [USD/boe] CONTINUING OPERATIONS USD/boe 11 GUIDANCE MAR 2010 USD 10.35/boe 10 17% 9 2010 ACTUAL USD 8.63/boe USD 8.6/boe 8 7 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Forecast actual actual…
  14. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 14
    15 Exploration Costs - Year End 2010 [MUSD] Year End 2010 Norway 94.5 Vietnam 31.9 Other 1.2 Exploration Costs 127.6 Attributable to Lundin Petroleum after tax 49.5 WF11224 p7 02.11
  15. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 15
    16 2010 Gain on Sale of Assets Spin-off of UK into EnQuest (Q2) UK business spin-off in consideration for EnQuest shares MUSD 358 Gain on sale (non-taxable) EnQuest shares distributed to LUPE Shareholders Etrion…
  16. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 16
    17 General & Administration - Year End 2010 [MUSD] Year End 2010 General & Administration total 42.0 Less Etrion (11.8) 30.2 Less non-cash LTIP (10.3) 19.9 WF11224 p10 02.11
  17. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 17
    18 Tax - Year End 2010 [USD/boe] Year End Effective 2010 tax rate* Current tax charge 6.12 22% Deferred tax charge 16.51 58% 22.63 80% * as a percentage of pre-tax result excluding gain on sale of assets WF11224 p8…
  18. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 18
    19 Effective Forecast Tax Rate Reconciliation Excluding UK 2010 effective tax rate: 66% Gain on sale of Etrion Gain on sale of Salawatis 2010 effective tax rate excluding one-off items: 80% General & administrative…
  19. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 19
    20 Liquidity [MUSD] at 31 December 2010 Debt Outstanding 459 Cash Balances 49 Net Debt Position 410 Total Credit Facility 850 WF11224 p11 02.11
  20. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 20
    21 2010 Cash Flow / Liquidity Includes UK for Q1 10 only OPERATING +100 CASH FLOW MUSD 600 MUSD 0 DEVELOPMENT MUSD 160 100 EXPLORATION MUSD 225 200 WORKING CAPITAL MUSD 52 300 G&A MUSD 15 FINANCIAL MUSD…
  21. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 21
    22 2010 - A Defining Year for Lundin Petroleum Value Crystallisation Spin-off of UK business into Enquest Spin-off of shareholding in Etrion Sale of non-core Indonesia production assets WF11215 p1 01.11
  22. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 22
    23 2010 - A Defining Year for Lundin Petroleum Value Crystallisation Spin-off of UK business into Enquest Spin-off of shareholding in Etrion Sale of non-core Indonesia production assets Exploration success in Norway…
  23. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 23
    24 2010 - A Defining Year for Lundin Petroleum Value Crystallisation Spin-off of UK business into Enquest Spin-off of shareholding in Etrion Sale of non-core Indonesia production assets Exploration success in Norway…
  24. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 24
    25 2010 - A Defining Year for Lundin Petroleum Value Crystallisation Spin-off of UK business into Enquest Spin-off of shareholding in Etrion Sale of non-core Indonesia production assets Exploration success in Norway…
  25. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 25
    26 2010 Production Performance France 3,200 boepd Netherlands Strong 2010 production: 32,700 boepd 2,050 boepd Norway 18,200 boepd driven by Alvheim and Volund Indonesia 2,400 boepd Volund on stream Q2 2010 Russia 3,600…
  26. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 26
    27 2011 Production Guidance France 11% 2011 production guidance 28,000 - 33,000 boepd Netherlands 8% Norway 2010 production excluding divested 64% Indonesia assets 28,400 boepd 3% Norway - production factors Minimum Volund…
  27. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 27
    28 Proven & Probable Reserves Gas 16% Tunisia Russia 0.5 16.7 Oil 84% Alvheim France PSC 2% 29.4 22.3 Tax Royalty 98% Volund Indonesia 13.2 4.3 Nemo Netherlands 10.2 3.6 Total 186.7 MMboe Gaupe End 2009 MMboe 255.9…
  28. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 28
    29 Reserves Growth 383% reserves increase in Norway No decline in French reserves 200 200 150 150 Russia MMboe 100 100 Norway Tunisia Netherlands Indonesia 50 50 France 0 0 2002 2003 2004 2005 2006 2007…
  29. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 29
    30 Contingent Resources Total 259.2 MMboe Gas 10% Oil 90% Russia 110.1 Avaldsnes 80.1 Norway 139.9 Apollo 17.5 Krabbe Others 9.8 32.5 France 7.3 Indonesia 1.9 WF11210 p4 01.11 End year 2010
  30. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 30
    31 Historic Contingent Resources 300 300 250 250 200 200 Russia 150 150 Congo MMBoe Indonesia France 100 100 Norway 50 50 0 0 2005 2006 2007 2008 2009 2010 (end of year) WF11210 p5 01.11
  31. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 31
    32 Increase of Production Avaldsnes Apollo Luno Onstream Krabbe Onstream Marihone Nemo Onstream Onstream +100% Gaupe increase Onstream in production boepd 28-33,000 28,400 2010 2011 2012 2013 2014 2015…
  32. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 32
    33 Greater Luno Area - Luno Field PL304 0 KM 20 Lundin Petroleum interest: 50% (operator) Oil Gas Wintershall 30%, RWE 20% PL546 PL501 Subsurface work completed Draupne Certified 2P reserves of 148 MMboe gross Plateau…
  33. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 33
    34 Exploration 2011 Drilling 2011 exploration drilling - 21 wells 10 wells in Norway 5 wells in Malaysia 4 wells in Netherlands 2 wells in Congo (Brazzaville) LUPE 2011 Net Unrisked Exploration Targets Netherlands, 3…
  34. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 34
    35 Norway - Significant Oil Discoveries in the Last 5 Years Significant Oil discoveries on NSC 250 200 MMbbl 150 100 50 0 de es lia o p r Dr ia Gr e Gr g ak 8/1 ta 4 o o pn ter…
  35. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 35
    36 Norway Exploration - 2011 Exploration WP & Budget Greater Luno Area Total: MUSD 116 5 wells (3 appraisal + 2 expl. wells) 10 exploration wells Greater Alvheim Area Barents Sea Area Total: MUSD 35 2 wells Barents Sea…
  36. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 36
    37 Greater Luno Area - Major Discoveries Oil PL304 LundinPetroleum Operator LundinPetroleum Partner Gas 2010 APA Award Prospect Lead PL546 PL501 Draupne Apollo discovery Contingent resource range: 15-65 MMboe Luno…
  37. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 37
    38 Greater Luno Area Additional Exploration Potential Oil PL304 LundinPetroleum Operator LundinPetroleum Partner Gas 2010 APA Award Prospect Tellus Prospect Lead Prospective resources gross: 40 MMboe Drilling: ongoing PL546…
  38. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 38
    6916 6914 39 Barents Sea - Drilling 6813 to6814Commence in 2011 SWEDEN 22E 21E 63 Lead Prospect Oil field Gas field Rauto Numerous multi-stacked prospects matured in the portfolio Licenced Area (NPD) Lundin Norway…
  39. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 39
    40 Norway Exploration - Greater Alvheim Area LundinPetroleum Operator LundinPetroleum Partner PL088 PL088 2010 APA Award 9/14a-6 0 KM 4 Alvheim Deep 9/15a-1 PL088 bs Prospect PL036C P090 PL088 BS PL340…
  40. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 40
    41 Exploration - South East Asia - Building a New Core Area THAILAND TOTAL CAMBODIA Exploration Licences: 10 VIETNAM Direct Joint Studies: 1 WI 33.3% WI 75% Production Licences: 1 Block 06/94 SB303 Basin Margin Play WI 100%…
  41. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 41
    42 Malaysia 2011 Drilling Programme Bertam 1 Kemaman Harbor B 5 exploration wells to be drilled in 2011, total PM308B-A prospect Beli net unrisked potential resources 136 MMboe COS18%, P50 25 MMbbl Rhu 1A Sembilan…
  42. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 42
    43 Targeted Prospective Resources 2011 Drilling Schedule 2011 (1) (2) Country Licence - Prospect Operator LUPE% NURPR CoS% NRPR Q1 Q2 Q3 Q4 1 Norway PL340 - Caterpillar Marathon 15.00 2 45 1 2 Norway PL505 - Earb South Marathon…
  43. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 43
    44 Lundin Petroleum 2011 - Continued Growth Exploration focus to continue - 21 wells 2011 Development activity to increase - with doubling of production over next 5 years Reserves up 18% in 2010, further increases in 2011…
  44. FINANCIAL PRESENTATION YEAR END 2010 – Lundin Petroleum – slide 44
    45 Financial Presentation - Year End 2010 www.lundin-petroleum.com WF11229

From the store

Browse maps, data & reports in the Shale Experts store