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Q1 2013 EARNINGS CALL – Lundin Petroleum

Lundin Petroleum · May 7, 2013 · 41 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 2013 EARNINGS CALL – Lundin Petroleum – slide 1
    Financial Presentation - First Three Months 2013 C. Ashley Heppenstall, President & CEO; Geoff Turbott, VP Finance & CFO Stockholm, 7th May 2013
  2. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 2
    2 First Quarter 2013 Highlights First Quarter 2013 EBITDA (MUSD) 276.2 Operating cash flow (MUSD) 260.0 Net result (MUSD) 47.0 Production (boepd) 35,600 Average Brent oil price (USD/boe) 112.57 Cost of operations…
  3. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 3
    3 Financial Results - First Quarter 2013 350 309.2 300 -11% 276.2 260.0 250 56% MUSD 200 166.6 150 100 47.2 47.0 50 0 Net Result Net Result Operating Cash Flow Operating Cash Flow EBITDA EBITDA…
  4. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 4
    4 Financial Results - First Quarter 2013 REVENUE 360 35,600 boepd 360 USD 101.58/boe MUSD 327.6 320 OPERATING COSTS 320 MUSD 44.0 Cost of operations USD 8.28/boe 280 CASH MARGIN MUSD 283.6 DEPLETION MUSD 43.0 240…
  5. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 5
    5 Netback - First Quarter 2013 (USD/boe) First Quarter 2013 Average Brent oil price USD/boe 112.57 Revenue 102.16 Cost of operations -8.28 Tariffs -2.02 Production taxes -3.70 Stock movement 0.28 Cash Margin 88.44 Cash…
  6. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 6
    6 Cost of Operations - Quarterly 2013 USD/boe 13 12 Additional Alvheim workovers Q3 & Q4 11 Alvheim/Volund shutdown FORECAST 2013 USD 10.25/boe 10 GUIDANCE JAN 2013 USD 9.25/boe 9 WF11714 p6 05.13 8 Q1…
  7. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 7
    7 Exploration Costs - First Quarter 2013 First 3 Months First 3 Months 2013 2013 after Tax MUSD MUSD Norway PL453S Ogna well / licence costs 71.4 15.7 & PL338 Jorvik well Malaysia 0.4 0.4 Others 0.2 0.2 Exploration…
  8. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 8
    8 G & A / Financial Items - First Quarter 2013 First Quarter 2013 General & Administration Expenses MUSD General & administration cash charge 10.0 Non-cash provision - Long Term Incentive Plan -1.7 8.3 Net Financial…
  9. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 9
    9 Tax - First Quarter 2013 First Quarter 2013 Effective USD/boe tax rate Current tax charge 7.34 16% Deferred tax charge 25.01 53% 32.35 69% Operational tax rate 65% WF11714 p8 05.13
  10. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 10
    10 Liquidity [MUSD] at 31 March 2013 Debt Outstanding 535 Cash Balances 125 Net Debt Position 410 Margin on Loan Facility: 2.75% Libor interest rate hedged on MUSD 500 for 3 years at 0.57% per annum Johan Sverdrup not…
  11. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 11
    11 Liquidity Operating cashflow for 2013 forecast in excess of USD 1 billion USD 2.5 billion borrowing base facility USD 2.2 billion development costs for Norway projects to first oil Edvard Grieg USD 0.5 billion…
  12. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 12
    12 Debt Position - First Quarter 2013 MUSD 560 WORKING CAPITAL MUSD 8 480 G&A MUSD 9 FINANCIAL MUSD 6 CLOSING NET DEBT OPERATING 31 MAR 2013 400 CASH FLOW MUSD 410 MUSD 260 OPENING NET DEBT 1 JAN 2013 320 MUSD 335…
  13. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 13
    13 Norway Proposed Tax Changes Tax Rates New(1) Old (1) To be effective 1st January 2014 Corporation Tax 27% 28% Special Petroleum Tax 51% 50% 78% 78% Uplift for Special Petroleum Tax(2) (2) With immediate effect…
  14. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 14
    14 First Quarter 2013 - Highlights Q1 2013 Production 35,600 boepd - Operating cash flow USD 260 million Q1 2013 Cost of operations USD 8/boe All three Norwegian development projects on schedule and within budget Luno…
  15. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 15
    15 First Three Months 2013 Production ACTUAL Q1 2013 Russia, 7% Q1 2013 production: 35,600 boepd Indonesia, 4% Netherlands, 6% Strong production from Volund France, 8% Alvheim below expectation due to 2 wells shut-in Retain…
  16. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 16
    16 Greater Alvheim Area PEIK Alvheim Field Gross Alvheim Estimated Ultimate Recovery 300 Lundin Petroleum 15% 250 Cumulative Production End of Year Reserves 80 108 137 Additional infill targets (not in 2P Reserves)…
  17. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 17
    17 Development Activity 2013 NORWAY USD 1,080 million Edvard Grieg USD 550 million - Jacket - Topside - Export pipelines NETHERLANDS Brynhild USD 470 million Infill drilling - Drilling production and injection wells -…
  18. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 18
    18 Norway Developments Brynhild Development (Lundin 90% operator) North Sea PDO approved 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 220 Operated Tie-back to Haewene Brim FPSO located 6108…
  19. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 19
    19 Brynhild Subsea Template and Manifold Installed WF11555 p27 01.13
  20. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 20
    20 Utsira High Area - Edvard Grieg Development Lundin Petroleum interest: 50% (operator) OMV 20%, Wintershall 15%(1), Statoil 15%(1) 2P reserves: 186 MMboe gross Plateau production: 100,000 boepd gross Production startup Q4…
  21. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 21
    21 Production to Quadruple from Ongoing Projects Other contingent and Johan future discoveries Sverdrup resources not included in production forecast +100% increase in production Edvard Grieg Byla +100% Brynhild…
  22. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 22
    22 Appraisal Activity 2013 NORWAY USD 140 million Johan Sverdrup - 3 appraisal wells on PL501 - 2 appraisal wells on PL265 PL338 - 1 appraisal well on Edvard Grieg PL359 - 1 appraisal well on Luno II MALAYSIA USD 10…
  23. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 23
    23 Norway - Johan Sverdrup 2013 Appraisal Programme Edvard Grieg Working Interest PL501 PL265 Lundin Petroleum 40% (OP) 10% Torvastad Statoil 40% 40% (OP) Maersk 20% PL338 16/2-9S Det norske 20% PL265 Cliffhanger North…
  24. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 24
    24 Johan Sverdrup - Possible Topside Layout Schematic ion sion elect is ce pt S S ubm t Oil Con PDO Firs Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016 2017 2018 Example of Johan…
  25. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 25
    25 Exploration Activity 2013 NORWAY USD 330 million 10 exploration wells - 5 wells Utsira High - 2 well in Barents Sea - 1 well in Norwegian Sea NETHERLANDS - 2 wells in Southern North Sea 2 exploration wells 3D…
  26. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 26
    26 Rig Capacity 2013 & Beyond 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Transocean Winner 1 Bredford Dolphin 5 1 1 1 1 3 2 1 Transocean Artic 1 1 1 NORWAY Maersk 2 Guardian…
  27. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 27
    27 Norway - 2013 Exploration Drilling 2 exploration wells 3 exploration wells drilled year to date Ogna - Dry Barents Sea Area Jorvik - Oil shows, uncommercial Luno II - Discovery, commercial Norway Utgard High Area 7…
  28. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 28
    28 Luno II Discovery 0 4 KM 16 TD reached Oil discovery 0024 Lundin Petroleum Operator 0025 Lundin Petroleum Partner Tested over 2,000 boepd Apollo discovery PL673 Aldous Major North discovery Geitengun…
  29. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 29
    29 Norway - Utsira High Exploration 2013 2 exploration wells drilled so far in 2013 024 025 Kopervik PL338 Jorvik (50%) PL625 PL546 Oil shows PL501 Torvastad PL359 Luno II South (40%) 16/1-16 (Asha) Oil Discovery PL673…
  30. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 30
    30 Barents Sea A New Oil Province in Norway Longyearbyen 0 KM 400 Faroe Is. 00'0 100'0E 200'0E 300'0E 400'0E 500'0E 600'0E 100'0W 00'0 100'0E 0 KM 400 Svalbard 600'0N 600'0N Russia Norway Barents Sea North Sea…
  31. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 31
    31 Acreage Position in the Barents Sea Largest Independant Acreage Position 0 in the Barents Sea PL609 Johan Castberg 3 wells drilled 7215 7216 7217 (formerly 7218 Skrugard/Havis) 7219 7220 7221 7222 7223 400-600…
  32. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 32
    32 Norway - Norwegian Sea Exploration - Utgard High 0 5 10 20 KM Leads/Prospects New area with large potential Sverdrup prospect Aasta Hansten PL330 PL330 (Lundin 30% ) Sverdrup prospect PL654 Partners: RWE Dea 40% (OP),…
  33. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 33
    33 Norway - Southern North Sea 2013 Exploration PL495 (Lundin 60%, operator) Carlsberg prospect Gross unrisked prospective resource: 67 MMboe Drilling ongoing PL495B 0 KM 20 PL495 Carlsberg Brynhild (PL148) PL453S…
  34. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 34
    34 Norway - APA 2012 Award Barents Sea Area 7 new Licences Barents Sea Greater Alvheim Area PL203B PL695 Lundin Petroleum 15% Marathon Oil 65% (OP), ConocoPhillips 20% Utsira High Area PL673 Lundin Petroleum 60% Utgard…
  35. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 35
    35 South East Asia - 2013 Exploration Drilling Thailand Laos Bangkok Manila TOTAL Cambodia Vietnam Exploration Licences: 11 Myanmar Phnom Penh Vietnam Production Licences: 1 Peninsular Malaysia Philippines SB303 0 KM 800…
  36. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 36
    36 Malaysia - Sabah Area Lundin Petroleum Licences Operated Non-operated Hydrocarbon fields/discoveries Oil SB303 Gas 75% WI Prospect / lead Tarap/Cempulut/Titik-Terang/ 3D seismic already acquired Cempulut Discovery…
  37. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 37
    37 Peninsular Malaysia PM307 (Lundin 75% operated) Kuala Terengganu Lundin Petroleum Licences Operated Tembakau gas discovery Lundin (75%) Non-operated 60 m gas pay Hydrocarbon fields/discoveries Likely commercial…
  38. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 38
    38 Indonesia Natuna Sea Exploration - 2013 Drilling Lundin Petroleum Licences 0 KM 40 Operated Non-operated Baronang (Lundin 100% ) Hydrocarbon fields/discoveries Oil Baronang Gas 1 exploration well plus sidetrack…
  39. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 39
    39 2013 Exploration and Appraisal Drilling Schedule 2013 Country Licence - Prospect Operator LUPE% NUPR (1) CoS % NRPR (2) Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-5 App. 6 Lundin 40.00 Discovery 2 Norway PL359 - Luno…
  40. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 40
    40 Concluding Remarks Continued stable production Q1 2013 of 35,600 boepd Forecast 2013 exit rate 40,000 boepd Brynhild, Byla and Edvard Grieg developments progressing on schedule and within budget Lifting group…
  41. Q1 2013 EARNINGS CALL – Lundin Petroleum – slide 41
    42 WWW.LUNDIN-PETROLEUM.COM

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