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2012 EARNINGS CALL – Lundin Petroleum

Lundin Petroleum · Feb 6, 2013 · 49 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. 2012 EARNINGS CALL – Lundin Petroleum – slide 1
    Financial Presentation - Full Year 2012 WF11669 C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO
  2. 2012 EARNINGS CALL – Lundin Petroleum – slide 2
    2 Financial Results 2012 Highlights Fourth Quarter Full Year 2012 2012 EBITDA (MUSD) 289.8 1,144.1 Operating cash flow (MUSD) 237.4 831.4 Net result (MUSD) -52.7 103.9 Production (boepd) 35,900 35,700 Average Brent…
  3. 2012 EARNINGS CALL – Lundin Petroleum – slide 3
    3 Financial Results - EBITDA 1,200 12% 1,144.1 1,100 1,012.1 1,000 900 800 700 600 MUSD 500 400 300 18% 289.8 244.8 200 100 WF11475 p4 01.13 0 Full Year Full Year Fourth Quarter Fourth…
  4. 2012 EARNINGS CALL – Lundin Petroleum – slide 4
    4 Financial Results - Operating Cash Flow 1,000 900 831.4 23% 800 700 676.2 600 MUSD 500 400 300 237.4 200 165% 89.4 100 WF11475 p3 01.13 0 Full Year Full Year Fourth Quarter Fourth Quarter 2011…
  5. 2012 EARNINGS CALL – Lundin Petroleum – slide 5
    5 Financial Results - Net Result 180 155.2 160 -33% 140 120 103.9 100 80 MUSD 60 40 20 0 -20 -14.0 -40 WF11475 p2 01.13 -60 -52.7 Full Year Full Year Fourth Quarter Fourth Quarter 2011 2012…
  6. 2012 EARNINGS CALL – Lundin Petroleum – slide 6
    6 Financial Results - Net Result Before Impairment 177.3 180 155.2 160 140 A A Post-tax impairment charge of MUSD 73.4 120 103.9 100 80 MUSD 60 40 20.7 20 A 0 -20 -14.0 -40 WF11475 p2 01.13…
  7. 2012 EARNINGS CALL – Lundin Petroleum – slide 7
    7 Financial Results - Full Year 2012 REVENUE 35,700 boepd USD 100.89/boe 1400 MUSD 1,345.1 OPERATING COSTS MUSD 172.5 Cost of operations USD 8.09/boe 1300 1200 DEPLETION + DECOMMISSIONING MUSD 191.4 CASH MARGIN MUSD…
  8. 2012 EARNINGS CALL – Lundin Petroleum – slide 8
    8 Financial Results - Netback [USD/boe] Fourth Quarter Full Year 2012 2012 Average Brent oil price USD/boe 110.08 111.67 Revenue 103.79 103.07 Cost of operations -8.86 -8.09 Tariffs -2.63 -2.27 Production taxes -3.73 -3.93…
  9. 2012 EARNINGS CALL – Lundin Petroleum – slide 9
    9 Financial Results - Cost of Operations USD/boe 10 France JAN 2012 Guidance workover operations USD 9.35/boe 9 Actual 2012 USD 8.09/boe 8 7 Q1 2012 Q2 2012 Q3 2012 Q4 2012 actual actual actual actual WF11475…
  10. 2012 EARNINGS CALL – Lundin Petroleum – slide 10
    10 Financial Results - Exploration Costs Full Year 2012 Full Year 2012 after Tax MUSD MUSD Norway Albert, Juksa, Clapton 103.1 22.7 Malaysia Merawan Batu, Tiga Papan 5 45.9 45.9 Indonesia Rangkas block relinquishment 7.4…
  11. 2012 EARNINGS CALL – Lundin Petroleum – slide 11
    11 Financial Results - Impairment Costs Full Year 2012 Full Year 2012 after Tax MUSD MUSD Norway Gaupe 205.8 45.3 Russia Onshore producing assets 31.7 28.1 Impairment Costs 237.5 73.4 Gaupe undepreciated capital tax…
  12. 2012 EARNINGS CALL – Lundin Petroleum – slide 12
    12 Financial Results - G & A / Financial Items Fourth Quarter 2012 Full Year 2012 General & Administration Expenses MUSD MUSD General & administration charge 7.3 22.6 Non-cash provision - Long Term Incentive Plan -2.0 9.1…
  13. 2012 EARNINGS CALL – Lundin Petroleum – slide 13
    13 Financial Results - Tax Full Year 2012 Effective USD/boe tax rate Current tax charge 26.15 65% Deferred tax charge 5.91 15% 32.06 80% Impairments -3% Non-taxable items -5% Operational tax rate 72% WF11475 p10 01.13
  14. 2012 EARNINGS CALL – Lundin Petroleum – slide 14
    14 Financial Results - Liquidity [MUSD] at 31 Dec 2012 Debt Outstanding 432 Cash Balances 97 Net Debt Position 335 WF11475 p11 01.13
  15. 2012 EARNINGS CALL – Lundin Petroleum – slide 15
    15 Financial Results - Debt Position End 2012 350 WORKING CAPITAL & OTHER CLOSING MUSD 84 300 NET DEBT 250 31 DEC 2012 OPERATING MUSD 335 CASH FLOW 200 MUSD 831 150 G&A MUSD 20 OPENING FINANCIAL MUSD 58 100 NET DEBT…
  16. 2012 EARNINGS CALL – Lundin Petroleum – slide 16
    16 Financial Results - Forecast Development Expenditure Forecast Development Expenditures (MUSD) 1,800 1,600 1,400 1,200 1,000 Million USD 800 600 400 Development Capex Spend 200 - 2013 2014 2015…
  17. 2012 EARNINGS CALL – Lundin Petroleum – slide 17
    17 Financial Results - Forecast Capital Expenditure Forecast Capital Expenditures (MUSD) 1,800 1,600 1,400 1,200 1,000 Million USD 800 600 Appraisal Spend 400 Exploration Spend Development Capex Spend 200…
  18. 2012 EARNINGS CALL – Lundin Petroleum – slide 18
    18 Financial Results - Funding USD 2.5 billion seven year facility signed 25 June 2012 USD 830 million operating cashflow 2012 Capital expenditure requirements fully funded from cash flow and existing bank facilities…
  19. 2012 EARNINGS CALL – Lundin Petroleum – slide 19
    19 Operational Highlights Record Production = 35,700 boepd Q4 production 35,900 boepd Continued outperformance from Alvheim/Volund 2013 production guidance 33,000 38,000 boepd Forecast exit rate 2013 at 40,000 boepd…
  20. 2012 EARNINGS CALL – Lundin Petroleum – slide 20
    20 2012 Production Actual 2012 Russia, 8% Tunisia, 0% Indonesia, 3% 2012 production: 35,700 boepd Netherlands, 5% Met production guidance for four consecutive years Q4 2012 production 35,900 France, 8% Strong production from…
  21. 2012 EARNINGS CALL – Lundin Petroleum – slide 21
    21 1 January 2013 2P Reserves PSC, 8% Total 201.5 MMboe Gas, 9% Tax/Royalty, 92% Malaysia, 12.7 France, 23.8 Oil, 91% Russia, 6.9 Indonesia, 2.7 Netherlands, 3.7 Bo MMboe yla ,3 .3 End 2011 210.7 Brynhild,…
  22. 2012 EARNINGS CALL – Lundin Petroleum – slide 22
    22 2P Reserves Growth New reserves from Malaysia (12.7 MMboe) No decline in French reserves 250 200 Malaysia Russia 150 Norway MMBoe Tunisia Netherlands 100 Indonesia France 50 WF11612 p2 11.12 0 03 04…
  23. 2012 EARNINGS CALL – Lundin Petroleum – slide 23
    23 2013 Production Guidance Russia, 6.9% 2013 production guidance: 33,000 - 38,000 boepd Indonesia, 4.8% Forecast exit rate 2013 at 40,000 boepd Netherlands, 5.8% Norway - production factors France, 8.6% Alvheim FPSO uptime…
  24. 2012 EARNINGS CALL – Lundin Petroleum – slide 24
    24 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)…
  25. 2012 EARNINGS CALL – Lundin Petroleum – slide 25
    25 Norway - Gaupe Lundin Petroleum 40% 0 1 KM 4 15/12-4 15/12-8 BG Norge 60% (operator) 15/12-15 REV 15/12-8 A 15/12-13 0015 016 Gaupe Field 15/12-17 A 2P gross remaining reserves of 2.3 MMboe 15/12-12 15/12-17…
  26. 2012 EARNINGS CALL – Lundin Petroleum – slide 26
    26 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…
  27. 2012 EARNINGS CALL – Lundin Petroleum – slide 27
    27 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 -…
  28. 2012 EARNINGS CALL – Lundin Petroleum – slide 28
    28 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…
  29. 2012 EARNINGS CALL – Lundin Petroleum – slide 29
    29 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 Oct…
  30. 2012 EARNINGS CALL – Lundin Petroleum – slide 30
    30 Appraisal Activity 2013 NORWAY USD 140 million Johan Sverdrup - 2 appraisal wells on PL501 - 2 appraisal wells on PL265 PL338 - 1 appraisal well on Edvard Grieg - 1 appraisal well on Apollo MALAYSIA USD 10 million…
  31. 2012 EARNINGS CALL – Lundin Petroleum – slide 31
    31 Johan Sverdrup Appraisal Programme 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 Edvard Grieg Torvastad PL338…
  32. 2012 EARNINGS CALL – Lundin Petroleum – slide 32
    32 Exploration Activity 2013 NORWAY USD 330 million 10 exploration wells - 6 wells Utsira High - 1 well in Barents Sea - 1 well in Norwegian Sea NETHERLANDS - 2 wells in Southern North Sea 2 exploration wells 3D seismic…
  33. 2012 EARNINGS CALL – Lundin Petroleum – slide 33
    33 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…
  34. 2012 EARNINGS CALL – Lundin Petroleum – slide 34
    34 2012 Exploration Success NORWAY Geitungen - PL265 (10%) Salina - PL533 (20%) NETHERLANDS Vinkega - Gorredijk (7.75%) France Amaltheus - Paris Basin MALAYSIA Tembakau - PM307 (75%) Berangan - SB303 (75%) WF11433…
  35. 2012 EARNINGS CALL – Lundin Petroleum – slide 35
    35 Geitungen Discovery (16/2-12) PL546 PL501 PL265 (Lundin 10%) 16/2-2 Discovery well 16/2-12 Gross contingent resources: 140 to 270 MMboe(1) Aldous Major North 16/2-9S 35 meter gross oil column in Jurassic sandstone…
  36. 2012 EARNINGS CALL – Lundin Petroleum – slide 36
    36 Peninsular Malaysia - Tembakau Discovery Ho Chi Minh City Vietnam Thailand Phuket Brunei Malaysia Mapped Area Malaysia Bandar Seri Begawan Malaysia PM307 (Lundin 75% operated) Medan Kuala Lumpur Tembakau…
  37. 2012 EARNINGS CALL – Lundin Petroleum – slide 37
    37 Sabah Area Malaysia - Berangan Discovery Ho Chi Minh City Vietnam Thailand Mapped Area Phuket Brunei Malaysia Malaysia Bandar Seri Begawan Malaysia Medan Kuala Lumpur Singapore Indonesia SB303 (Lundin…
  38. 2012 EARNINGS CALL – Lundin Petroleum – slide 38
    38 Norway - 2013 Exploration Drilling 1 exploration well 10 exploration wells Barents Sea Area 6 wells on the Utsira High Area 1 well in the Barents Sea 2 wells in the Southern NCS Area Norway Utgard High Area 1 well in…
  39. 2012 EARNINGS CALL – Lundin Petroleum – slide 39
    39 Norway - Utsira High Exploration 2013 6 exploration wells to be drilled 024 025 Kopervik PL359 Luno II (40%) Gross Prospective Resources: 139MMboe PL625 PL546 PL501 PL625 Kopervik (40%) Torvastad Gross Prospective…
  40. 2012 EARNINGS CALL – Lundin Petroleum – slide 40
    40 Norway - Barents Sea Area Exploration April 2011 0 KM 40 Skrugard Discovery PL609 200-300 MMboe 6914 PL438 (Lundin 25%, operated) 7215 7216 January 2012 7217 7218 Havis Discovery 7219 7220 7221 7222 7223 7224 Skalle gas…
  41. 2012 EARNINGS CALL – Lundin Petroleum – slide 41
    41 Norway - Norwegian Sea Exploration - Utgard High 0 5 10 20 KM Leads/Prospects New area with large potential PL330 (Lundin 30% ) Sverdrup prospect Aasta Hansten PL330 Sverdrup prospect Drilling in 2013 PL654 PL653 Gross…
  42. 2012 EARNINGS CALL – Lundin Petroleum – slide 42
    42 Norway - APA 2012 Award Barents Sea Area 7 new Licences Barents Sea Greater Alvheim Area PL203B PL695 Lundin Petroleum 15% Marathon Oil 65% (OP), Norske ConocoPhillips 20% Utsira High Area PL673 Lundin Petroleum 60%…
  43. 2012 EARNINGS CALL – Lundin Petroleum – slide 43
    43 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…
  44. 2012 EARNINGS CALL – Lundin Petroleum – slide 44
    44 Peninsular Malaysia PM307 (Lundin 75% operated) Lundin Petroleum Licences Tembakau gas discovery Kuala Terengganu Operated Lundin (75%) 60 m gas pay Non-operated Hydrocarbon fields/discoveries Likely commercial discovery…
  45. 2012 EARNINGS CALL – Lundin Petroleum – slide 45
    45 Indonesia Natuna Sea Exploration - 2013 Drilling Lundin Petroleum Licences 0 KM 40 Operated Non-operated Baronang (Lundin 100% ) Hydrocarbon fields/discoveries Oil Baronang Gas Balqis & Boni prospects Prospect / lead…
  46. 2012 EARNINGS CALL – Lundin Petroleum – slide 46
    46 Corporate Responsibility Commitments Lundin Petroleum - Endorsement of UN Guiding Principles on Business & Human Rights To fulfill our Global Compact commitment To follow best practice in human rights New Human Rights…
  47. 2012 EARNINGS CALL – Lundin Petroleum – slide 47
    47 2012-13 Exploration and Appraisal Drilling Schedule 2012 2013 Country Licence - Prospect Operator LUPE% NUPR (1) CoS % NRPR (2) Q4 Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-5 App. 6 Lundin 40.00 Ongoing 2 Norway PL359…
  48. 2012 EARNINGS CALL – Lundin Petroleum – slide 48
    48 Concluding Remarks Record production has resulted in continued strong cashflow and EBITDA Solid balance sheet to fund ongoing and future developments Existing discoveries will quadruple production Continued focus on…
  49. 2012 EARNINGS CALL – Lundin Petroleum – slide 49
    50 WWW.LUNDIN-PETROLEUM.COM

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