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2014 EARNINGS CALL – Lundin Petroleum

Lundin Petroleum · Feb 4, 2015 · 25 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. 2014 EARNINGS CALL – Lundin Petroleum – slide 1
    Financial Presentation Year End 2014 C. Ashley Heppenstall, President & CEO Mike Nicholson, CFO 4 February 2015 WF12029 01.15
  2. 2014 EARNINGS CALL – Lundin Petroleum – slide 2
    Year End 2014 Financial Highlights Fourth Quarter Full Year 2014 2014 Production (boepd) - including Russia 22,000 24,900 - excluding Russia 22,000 23,800 Average Brent oil price (USD/boe) 76.6 99.0 Cost of operations…
  3. 2014 EARNINGS CALL – Lundin Petroleum – slide 3
    Year End 2014 Financial Results - EBITDA 1,000 1,000 955.7 900 900 800 800 700 671.3 700 600 600 Million USD 500 500 400 400 300 300 218.0 200 200 164.4 100 100 WF11981 p02 01.15 0 0 EBITDA…
  4. 2014 EARNINGS CALL – Lundin Petroleum – slide 4
    Year End 2014 Financial Results - Operating Cash Flow 1,200 1,200 1,138.5 1,100 1,100 1,000 967.9 1,000 900 900 800 800 700 700 Million USD 600 600 500 500 400 400 334.5 300 300 203.3 200 200 100 100…
  5. 2014 EARNINGS CALL – Lundin Petroleum – slide 5
    Year End 2014 Financial Results - Net Result 80 77.6 80 75 70 70 65 60 60 55 50 50 45 40 40 35 30 30 Million USD 23.7 25 20 20 15 10 10 5 -431.9 -437.0 0 0 -100 -100 -200 -200 -300 -300 -400 -400 -500…
  6. 2014 EARNINGS CALL – Lundin Petroleum – slide 6
    Year End 2014 Financial Results 800 Operating Costs 800 MUSD 66.5 Cost of Operations USD 10.9/boe 700 Cash 700 Margin Depletion MUSD 718.7 MUSD 131.6 600 600 Revenue MUSD 785.2 Exploration 23,800 boepd MUSD 386.4 USD…
  7. 2014 EARNINGS CALL – Lundin Petroleum – slide 7
    Year End 2014 Fourth Quarter Full Year Netback (USD/boe) 2014 2014 Average Brent oil price USD/boe 76.6 99.0 Revenue 66.8 90.4 Cost of operations - Base -9.6 -8.3 - Projects -1.4 -2.6 Tariff & transportation -1.7 -2.1 Production…
  8. 2014 EARNINGS CALL – Lundin Petroleum – slide 8
    Year End 2014 Cost of Operations (USD/boe) Including Projects Base USD/boe Alvheim workovers Alvheim/Volund shutdown Brynhild start up USD/boe 14 14 13 13 12 12 11 11 USD 10.86/boe Actual 2014 Including Projects (Q3…
  9. 2014 EARNINGS CALL – Lundin Petroleum – slide 9
    Year End 2014 Exploration & Impairment Costs Fourth Quarter Full Year Fourth Quarter 2014 Full Year 2014 2014 after Tax 2014 after Tax MUSD MUSD MUSD MUSD Norway 197.9 43.6 272.1 59.9 PL631 Vollgrav, PL555 Storm, PL584…
  10. 2014 EARNINGS CALL – Lundin Petroleum – slide 10
    Year End 2014 G & A / Financial Items Fourth Quarter 2014 Full Year 2014 General & Administration Expenses MUSD MUSD General & administration 9.8 43.3 Long Term Incentive Plan 0.4 8.9 10.2 52.2 Net Financial Items Foreign…
  11. 2014 EARNINGS CALL – Lundin Petroleum – slide 11
    Year End 2014 Tax Fourth Quarter Full Year 2014 2014 USD/boe USD/boe Current tax credit -79.5 -48.3 Deferred tax credit/charge -117.5 19.1 -197.0 -29.2 Effective tax rate 37% Operational tax rate (1) 47% WF11981 p10…
  12. 2014 EARNINGS CALL – Lundin Petroleum – slide 12
    Year End 2014 Liquidity MUSD at 31 December 2014 Debt Outstanding 2,690 Cash Balances 81 Net Debt Position 2,609 Financing facility increased to USD 4 billion in Feb 2014 under similar terms Margin on Loan Facility:…
  13. 2014 EARNINGS CALL – Lundin Petroleum – slide 13
    Year End 2014 2,700 Working Capital/Other MUSD 411 2,700 Debt Position 2,600 2,600 Closing Net Debt 31 Dec 2014 2,500 2,500 MUSD 2,609 2,400 2,400 G&A MUSD 40 2,300 Financial MUSD 80 2,300 2,200 2,200 2,100 2,100 2,000…
  14. 2014 EARNINGS CALL – Lundin Petroleum – slide 14
    Other Items Hedges as at 31 December 2014 Currency BUY SELL Average rate MNOK MUSD NOK : USD 2015 4,425 691 6.40 2016 1,252 183 6.86 Interest rate Borrowings Floating LIBOR MUSD rate per annum Apr 2013 Mar 2016 500 0.57%…
  15. 2014 EARNINGS CALL – Lundin Petroleum – slide 15
    2014 Highlights 2014 production 24,900 boepd Q4 2014 production 22,000 boepd Development projects Brynhild onstream in December 2014 Byla onstream in January 2015 Edvard Grieg / Bertam progressing on schedule Capital…
  16. 2014 EARNINGS CALL – Lundin Petroleum – slide 16
    Lundin Petroleum 2014 Production 2014 Netherlands, 8% Russia, 5% Aq u. 2014 production: 24,900 boepd France, 12% Ba si n Alvheim outperformed, Volund underperformed Pa risB asi n Sold onshore Russian production July 2014…
  17. 2014 EARNINGS CALL – Lundin Petroleum – slide 17
    Lundin Petroleum 2015 Forecast Production Guidance 2015 Malaysia, 16% Indonesia, 4% 2015 production guidance: 41,000 - 51,000 boepd Netherlands, 3% Production guidance impacted by: France, 7% Start-up date for Bertam, Edvard…
  18. 2014 EARNINGS CALL – Lundin Petroleum – slide 18
    Peninsular Malaysia Bertam Development Facilities Bertam Development PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO approved in October 2013 Gross 2P reserves: 18.4 MMbo Gross plateau production: 15,000 bopd…
  19. 2014 EARNINGS CALL – Lundin Petroleum – slide 19
    Lundin Norway Norway - Southern Utsira High Edvard Grieg Development 0 KM 20 UK PL625 PL779 PL546 PL167 & PL167B PL501 PL673 Lundin Petroleum interest: 50% (operator) Ivar Aasen Unit PL674 OMV 20%, Wintershall 15%, Statoil…
  20. 2014 EARNINGS CALL – Lundin Petroleum – slide 20
    Asset Overview 2015 Development Activity NORWAY USD 750 million Edvard Grieg USD 490 million - Topside installation & commissioning - Oil Export pipelines - Drilling Brynhild USD 150 million - Drilling Byla USD 10 million -…
  21. 2014 EARNINGS CALL – Lundin Petroleum – slide 21
    Asset Overview 2015 Appraisal Activity Norway Edvard Grieg - Edvard Grieg SE well Alta - 2 wells 2015 Budget 150 MUSD WF11997 p2 01.15 3 appraisal wells in 2015 21
  22. 2014 EARNINGS CALL – Lundin Petroleum – slide 22
    Norway - Barents Sea Loppa High Exploration Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects Alta Discovery 0 KM 20 PL609 (Lundin 40%, operated) Bjrnya Bassenget 46 metres gross oil column / 11 metres gross…
  23. 2014 EARNINGS CALL – Lundin Petroleum – slide 23
    Asset Overview 2015 Exploration Activity Norway 7 exploration wells - 4 in Utsira High/GAA Netherlands - 2 in Barents Sea - 1 in Northern North Sea 2 exploration wells Malaysia - PM307: 2 exploration wells - PM328: 3D…
  24. 2014 EARNINGS CALL – Lundin Petroleum – slide 24
    Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Other existing contingent and Sverdrup prospective resources not included in production forecast Ivar Aasen Edvard Grieg Byla Bertam…
  25. 2014 EARNINGS CALL – Lundin Petroleum – slide 25
    www.lundin-petroleum.com

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