Skip to main content Q2 2012 EARNINGS CALL – Lundin Petroleum Investor Presentation | Shale Experts
Loading...
Pm

Q2 2012 EARNINGS CALL – Lundin Petroleum

Lundin Petroleum · Aug 1, 2012 · 36 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. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 1
    Financial Presentation - First Six Months 2012 WF11500 C. Ashley Heppenstall, President & CEO Geoff Turbott, VP Finance & CFO
  2. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 2
    2 First Six Months 2012 Highlights Second Quarter Half Year 2012 2012 Production (boepd) 35,500 35,100 Average Brent oil price (USD/boe) 108.29 113.61 Cost of operations (USD/boe) 7.84 7.91 Net result (MUSD) 64.5…
  3. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 3
    3 Financial Results - First Six Months 2012 NET RESULT 160 NET RESULT 140 A First six months 2011 includes MUSD 30.0 non- 130.3 B taxable gain on sale of AOC loan conversion shares -14% 120 B First six months 2012…
  4. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 4
    4 Financial Results - First Six Months 2012 OPERATING CASH FLOW 400 390.3 -4% 375.6 350 300 250 6% 209.0 MUSD 200 196.7 150 100 50 0 Operating Cash Flow Operating Cash Flow Operating Cash Flow…
  5. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 5
    5 Financial Results - First Six Months 2012 EBITDA 600 580.6 550 15% 505.3 500 450 400 350 MUSD 300 266.9 2% 271.5 250 200 150 100 50 0 EBITDA EBITDA EBITDA EBITDA WF11475 p3 07.12 First Half…
  6. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 6
    6 Financial Results - First Six Months 2012 800 REVENUE 35,100 boepd USD 102.50/boe MUSD 680.1 700 OPERATING COSTS MUSD 100.5 Cost of operations USD 7.91/boe 600 CASH MARGIN DEPLETION MUSD 579.6 MUSD 87.7 EXPLORATION…
  7. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 7
    7 Netback - First Six Months 2012 (USD/boe) Second Quarter Half Year 2012 2012 Average Brent oil price USD/boe 108.29 113.61 Revenue 98.38 106.51 Cost of operations -7.84 -7.91 Tariffs -2.10 -2.14 Production taxes -4.50…
  8. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 8
    8 Cost of Operations - First Six Months 2012 USD/boe 11 - Well intervention Alvheim 10 GUIDANCE JAN 2012 USD 9.35/boe 9 HALF YEAR GUIDANCE USD 8.60/boe 8 7 Q1 2012 Q2 2012 Q3 2012 Q4 2012 actual actual…
  9. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 9
    9 Exploration Costs - First Six Months 2012 Half Year Half Year 2012 2012 MUSD after Tax MUSD Norway PL440S Clapton well 13.0 2.9 Indonesia Rangkas Block relinquishment 7.0 5.4 Other 2.9 2.5 Exploration Costs 22.9 10.8…
  10. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 10
    10 G & A / Financial Items - First Six Months 2012 Second Quarter 2012 Half Year 2012 General & Administration Expenses MUSD MUSD General & administration charge -4.3 -12.0 Non-cash provision - Long Term Incentive Plan 3.3…
  11. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 11
    11 Tax - First Six Months 2012 Half Year 2012 Effective USD/boe tax rate Current tax charge 31.95 46% Deferred tax charge 20.72 29% 52.67 75% WF11475 p8 07.12
  12. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 12
    12 Effective Tax Rate - First Six Months 2012 2012 Effective Tax Rate: 75% Financial Items - including impairment of ShaMaran shares 2012 Operational Tax Rate: 71% WF11475 p7 07.12
  13. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 13
    13 Liquidity [MUSD] at 30 June 2012 Debt Outstanding 200 Cash Balances 91 Net Debt Position 109 WF11475 p11 07.12
  14. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 14
    14 Debt Position - First Six Months 2012 OPERATING MUSD CASH FLOW 240 MUSD 376 WORKING CAPITAL OPENING LOAN MUSD 56 CLOSING LOAN 1 Jan 2012 200 30 June 2012 G&A MUSD 10 MUSD 200 MUSD 207 FINANCIAL MUSD 3 160 120 80…
  15. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 15
    15 New Financing Completed USD 2.5 billion seven year loan facility Syndicate of 25 international banks Secures medium term funding for ongoing Norwegian development projects and exploration programme Facility fully…
  16. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 16
    16 Six Months 2012 - Strong Performance Solid production and cash flow Six months production 35,100 boepd Continued strong production in Norway from Alvheim/Volund Production guidance narrowed to 33,000 37,000 boepd Gaupe field…
  17. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 17
    17 2012 Production Guidance Russia, 8% Six months production: 35,100 boepd Tunisia, 1% Strong production from Norway Indonesia, 2% Oudna field, offshore Tunisia, abandoned Netherlands, 6% Singa field, Indonesia, ongoing well…
  18. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 18
    18 Greater Alvheim Area Alvheim Field PEIK Lundin Petroleum 15% Marathon 65%, ConocoPhillips 20% Six months 2012 production: 12,000 boepd net Alvheim cost of operations USD 5/boe Kameleon Kameleon development well…
  19. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 19
    19 Gaupe - Production Commenced 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 2P gross reserves of 31.3 MMboe 15/12-13 0015 016 Gaupe Field 15/12-17 A 15/12-12…
  20. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 20
    20 Production to Double from Ongoing Development Projects Johan Sverdrup Apollo Skalle Edvard Grieg Caterpillar Byla Tarap Cempulut Brynhild Bertam Janglau +100% increase in Discoveries not production included in…
  21. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 21
    21 Utsira High Area - Edvard Grieg Development 0 KM 20 Lundin Petroleum interest: 50% (operator) PL036c Wintershall 30%, RWE Dea 20% PL203 Alvheim Area PL150B PL150 PL505BS 008 009 PL340 Plan of Development approved…
  22. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 22
    22 Edvard Grieg Development Project 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 Platform PdQ Jacket and…
  23. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 23
    23 Johan Sverdrup Appraisal Programme Edvard Grieg Johan Sverdrup PL501 & PL265 will be developed PL338 16/2-9S Aldous Major North Discovery as one field PL265 16/2-12 Geitungen Pre-Unit Agreement currently drilling signed…
  24. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 24
    24 Johan Sverdrup - A New Giant in Norway PL501 licence operated by Lundin Petroleum (40%) Partners: Statoil 40%, Maersk 20% Gross contingent resources end 2011 Norway Sweden on block 800 1,800 MMbo 505 Mapped area )…
  25. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 25
    25 2012 Exploration and Appraisal Drilling Schedule 2012 (1) (2) Country Licence - Prospect Operator LUPE% NUPR CoS % NRPR Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/2-11 App. Lundin 40.00 Discovery 2 Norway PL265 -…
  26. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 26
    26 Norway Exploration Drilling Programme Barents Sea Five remaining exploration wells in 2012 Norway North Sea 6205 6204 6203 216 217 218 219 6201 6202 6203 6204 Lundin Petroleum Licences 6108 6107 6103 PL519 - Albert 220…
  27. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 27
    NORWAY 7221 27 7220 Barents Sea Area 7219 6915 6917 Tromso PL532 0 5 KM 20 PL609 6916 Rauto 6914 2012 Exploration Drilling PL533 Pulk (Salinas) Bieksu & Geres PL533 (Lundin 20%) PL609B Rein Pulk (Salinas) prospect 7317…
  28. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 28
    28 PL533 Pulk Pulk on trend with Statoil discoveries PL659 April 2011 PL609 Skrugard Discovery 200300 MMboe PL609B PL438 PL490 PL492 Januray 2012 Havis Discovery 200300 MMboe Pulk (Salinas) Skalle S PL533…
  29. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 29
    29 PL490 - Prospect Juksa and Snurrevad Reservoir: Jurassic (Snurrevad) Cretaceous (Juksa) Water Depth: 330m Cretaceous play confirmed by Skalle discovery Skalle Skalle Discovery Loppa High Juksa 09 PL6 33 PL5…
  30. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 30
    30 Utsira High Exploration Area 2012 Exploration Drilling Johan Sverdrup discovery PL359 (Lundin 40% operated) Luno II prospect N Johan Sverdrup play type Edvard Grieg discovery So Reservoir: Upper Jurassic ut he Gross…
  31. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 31
    31 Mre Basin Area - A New Core Area Lundin operated block Lundin non-operated block 2012 Exploration Drilling PL519 Lundin 40% (Operator) PL555 Lundin 60% (Operator) PL519 (Lundin 40% operated) PL579 Lundin 50% (Operator) PL631…
  32. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 32
    32 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…
  33. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 33
    33 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…
  34. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 34
    34 Peninsular Malaysia - Three Exploration Wells in 2012 PM308A (Lundin 35% operated) Lundin Petroleum Licences Operated Janglau oil discovery Non-operated Hydrocarbon fields/discoveries PM307 (Lundin 75% operated) Oil…
  35. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 35
    35 2012 - Continued Growth Strong balance sheet and operating cash flow to fund continued growth Continued strong operating cash flow USD 2.5 billion bank financing completed Production to increase Production guidance narrowed…
  36. Q2 2012 EARNINGS CALL – Lundin Petroleum – slide 36
    37 WWW.LUNDIN-PETROLEUM.COM

From the store

Browse maps, data & reports in the Shale Experts store