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Q3 2013 EARNINGS CALL – Lundin Petroleum

Lundin Petroleum · Nov 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. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 1
    Financial Presentation - First Nine Months 2013 C. Ashley Heppenstall, President & CEO; Geoff Turbott, VP Finance & CFO 6 November 2013
  2. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 2
    2 First Nine Months 2013 Highlights Third Quarter First Nine Months 2013 2013 EBITDA (MUSD) 222.1 742.3 Operating cash flow (MUSD) 267.9 770.8 Net result (MUSD) 1.7 49.9 Production (boepd) 29,400 33,300 Average Brent…
  3. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 3
    3 Financial Results - First Nine Months 2013 EBITDA 900 854.3 850 800 -13% 742.3 750 700 650 600 550 500 MUSD 450 400 350 300 273.6 -19% 250 222.1 200 150 100 50 WF11714 q3 p18 10.13 0 EBITDA EBITDA…
  4. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 4
    4 Financial Results - First Nine Months 2013 OPERATING CASH FLOW 800 770.8 700 30% 594.0 600 500 MUSD 400 300 267.9 23% 218.4 200 100 WF11714 q3 p16 10.13 0 Operating Cash Flow Operating Cash…
  5. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 5
    5 Financial Results - First Nine Months 2013 NET RESULT 160 156.6 NET RESULT 140 A First Nine Months 2013 includes non-cash impairment charges of MUSD 70.0 post-tax B Third Quarter 2013 includes a non-cash 120 A…
  6. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 6
    6 Financial Results - First Nine Months 2013 REVENUE 1,000 33,300 boepd USD 98.32/boe MUSD 907.6 900 900 OPERATING COSTS MUSD 137.2 800 Cost of operations USD 9.03/boe 800 CASH MARGIN MUSD 770.4 700 DEPLETION 700…
  7. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 7
    7 Netback (1) - First Nine Months 2013 (USD/boe) Third Quarter First Nine Months 2013 2013 Average Brent oil price USD/boe 110.29 108.46 Revenue 103.48 99.96 Cost of operations -8.67 -9.03 Tariffs -2.39 -2.18 Production…
  8. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 8
    8 Cost of Operations - Quarterly 2013 USD/boe 16 Alvheim 15 well workovers including operational projects base 14 13 12 Alvheim/Volund shared water disposal well workovers 11 FORECAST 2013 USD 10.20/boe 10…
  9. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 9
    9 Exploration Costs - First Nine Months 2013 First Nine Months First Nine Months 2013 2013 MUSD after Tax MUSD Norway (1) 150.6 33.1 Others 2.2 1.9 Exploration Costs 152.8 35.0 (1) - PL453S (Ogna) - PL265…
  10. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 10
    10 Impairment Costs - First Nine Months 2013 First Nine Months 2013 Pre-tax Post-tax MUSD MUSD Norway - Peik, Skalle, Salina 81.7 30.4 Malaysia - PM308A (Janglau/Ara) 41.7 39.6 123.4 70.0 WF11714 q3 p19 10.13
  11. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 11
    11 G & A / Financial Items - First Nine Months 2013 Third Quarter 2013 First Nine Months 2013 General & Administration Expenses MUSD MUSD General & administration cash charge 7.0 23.6 Non-cash provision - Long Term Incentive…
  12. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 12
    12 Tax - First Nine Months 2013 First Nine Month 2013 USD/boe Current tax charge -0.04 Deferred tax charge 25.32 25.28 Effective tax rate - First Nine Months 82% - Third Quarter 98% WF11714 q3 p8 10.13…
  13. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 13
    13 Liquidity [MUSD] at 30 September 2013 Debt Outstanding 905 Cash Balances 97 Net Debt Position 808 Margin on Loan Facility: 2.75% Libor interest rate hedged on MUSD 500 for 3 years (2013-2015) at 0.57% per annum…
  14. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 14
    14 Debt Position - First Nine Months 2013 MUSD WORKING CAPITAL G&A MUSD 24 MUSD 7 900 FINANCIAL MUSD 17 CLOSING NET DEBT 30 SEP 2013 800 MUSD 808 700 600 OPERATING EXPLORATION 500 CASH FLOW & APPRAISAL MUSD 771 MUSD…
  15. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 15
    15 Nine Months 2013 Operational Highlights Production 33,300 boepd for the first nine months 2013 Full year 2013 guidance: 33,000 boepd Low end of guidance range of 33-38,000 boepd No contribution from Brynhild in 2013…
  16. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 16
    16 First Nine Months 2013 Production Actual First Nine Months 2013 France, 8% First nine months 2013 production: 33,300 boepd Norway, 74% Netherlands, 6% Alvheim/Volund Q3 planned shut-in Alvheim below expectation due to 3…
  17. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 17
    17 Greater Alvheim Area New award, APA2012 PEIK North Kameleon Prospect Alvheim Field 2P Reserves (net): 23.1 MMboe Drilling in 2014 Lundin Petroleum 15% 2C Contingent Resources (net): 3.6 MMboe Marathon 65% (operator),…
  18. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 18
    18 Development Projects Norway - North Sea 0 25 KM 100 Ongoing Norwegian Developments Bergen Bergen Brynhild (Lundin 90% operator) Byla Byla (Lundin 15%) Norway Stavanger Edvard Grieg (Lundin 50% operator)…
  19. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 19
    19 Norway - Brynhild Development Brynhild Subsea Template PL148 (90%, Operator) Subsea tie-back to Pierce field, UK Subsea installations successfully completed First development well successfully reached final TD reservoir as…
  20. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 20
    20 Brynhild Project - First Oil Q2 2014 Subsea template and manifold installation Critical line First development well completed (Maersk Guardian) Subsea template and manifold installed Controls equipment to Egersund…
  21. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 21
    21 Edvard Grieg Development Ivar Aasen Platform Edvard Grieg Platform Lundin Petroleum interest: 50% (operator) Gas Export to SAGE OMV 20%, Wintershall 15%, Statoil 15% Oil Export to Grane 2P reserves: 186 MMboe gross…
  22. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 22
    22 Norway - Edvard Grieg Project Schedule Project on schedule 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PDO Approved by Authorities Decision Gate / PDO Jacket Execution Topside Execution…
  23. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 23
    23 Edvard Grieg - Construction Progress 09.13 Flotel Living Quarter Block Fabrication of Pile Cluster Jacket at Verdal WF11790 p8 10.13
  24. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 24
    24 Peninsular Malaysia Bertam Development PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO approved in October 2013 Gross 2P reserves: 17.0 MMbo Bertam Development Facilities Gross plateau production:…
  25. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 25
    25 Production to Quadruple from Ongoing Developments 10-15 exploration wells per year Johan Other existing contingent and Sverdrup prospective resources not included in production forecast. +100% increase in…
  26. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 26
    26 Appraisal Programme 2013/2014 - 7 Wells Norway - Utsira High Norway - 6 wells 0 4 KM 16 PL501 PL167 Low range High range IVAR AASEN ALDOUS MAJOR NORTH DISCOVERY 400 PL673 GEITUNGEN DISCOVERY Utsira High 1 well on Edvard…
  27. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 27
    27 Norway Johan Sverdrup Appraisal 2010 2011 2012 Year to date 2013 PL501 PL501 PL501 PL501 16/2-9S 16/2-12 16/2-10 16/2-16S & 16A & 16 T2 16/2-14 16/2-13S & 13A 16/2-6 & 6 T2 16/3-6 16/2-8 16/3-4 & 4A 16/2-11 &…
  28. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 28
    28 Norway - Johan Sverdrup 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 16/2-18S Geitungen Appraisal…
  29. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 29
    29 Johan Sverdrup - Possible Topside Layout Schematic ion sion ect is Sel ubm cept S 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 Conceptual…
  30. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 30
    30 Luno II - Appraisal Programme 2013/14 PL359, 40% (operator ); PL410, 70% (operator ) 0 4 0024 KM 0025 16 Lundin Petroleum Operator Lundin Petroleum Partner Tested over 2,000 boepd PL673 Apollo discovery Aldous Major…
  31. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 31
    31 Barents Sea Gohta Appraisal Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects Gohta Discovery Bjrnya Bassenget PL492 (Lundin 40%, operated) 609 Gross Contingent Resources: 105-235 MMboe…
  32. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 32
    32 Peninsular Malaysia - Tembakau Appraisal Songkhla 0 KM 100 Pattani Satun Thailand Yala Kangar Narathiwat Alor Setar Kota Baharu Tembakau Cakalang PM319 Gas Discovery Pinang Kuala Terengganu Baronang Ipoh…
  33. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 33
    33 Exploration 2013-2014 NORWAY - 9 exploration wells NETHERLANDS - 5 exploration wells FRANCE - 1 exploration well MALAYSIA - 2 exploration wells INDONESIA (1) - 3 exploration wells 20 exploration…
  34. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 34
    34 Operated Rig Capacity for Exploration & Appraisal Activity 2013 2014 2015 2016 2017 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bredford Dolphin 5 1 1 1 1 1 3 2 1 Transocean Artic 1 1 1 NORWAY Island 2 6 2 4 6 3…
  35. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 35
    35 Norway - 2013 Exploration Drilling Gohta Discovery 7 exploration wells drilled year to date Ogna - Dry Jorvik - Oil shows, uncommercial Barents Sea Area Luno II - Oil discovery Carlsberg - Dry Norway Biotitt - Dry Gohta…
  36. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 36
    36 Norway - 2013/2014 Exploration Drilling 2 exploration wells 9 exploration wells Barents Sea Area 7 operated wells 2 non-operated wells Rig secured for all wells Norway Targeting 390 MMboe (1) net unrisked prospective…
  37. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 37
    37 Norway Utsira High E & A Drilling 2013/2014 25/10-12 16/2-20 16/2-19 16/3-8 Kopervik Exploration - 3 wells 16/3-7 PL 501 (40%): 16/2-20 Torvastad (ongoing) Hanz Torvastad Geitungen PL625 (40%): 25/10-12 Kopervik Johan…
  38. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 38
    38 Barents Sea Overview 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 Russia Norway Barents Sea Under explored < 100 wells Hammerfest…
  39. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 39
    39 Barents Sea Gohta Appraisal Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects Gohta Discovery Bjrnya Bassenget 609 PL492 (Lundin 40%, operated) ex 7222/6-1 S Neiden pl Gross…
  40. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 40
    40 Barents Sea 2013/2014 Exploration 0 KM 40 PL609 Johan Castberg (formerly Skrugard/Havis) 400-600 MMboe 7215 PL659 (20%, non-operated) 7216 7217 7218 7219 7220 7221 7222 7223 Alta PL659 Langlitiden prospect PL533…
  41. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 41
    41 Norway - Other Exploration 2014 0 20 KM 80 PL584 (60%, Operator) PL584 Lindarormen Lindarormen Prospect Drilling in Q4 2014 Bredford Dolphin Gross prospective resources: 143 MMboe Trap: Structural closure Reservoir:…
  42. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 42
    42 South East Asia Overview Thailand Laos Bangkok Manila TOTAL Cambodia Vietnam Exploration Licences: 11 Myanmar Phnom Penh Vietnam Production Licences: 1 Peninsular Malaysia Philippines SB303 0 KM 800 Cakalang Baronang…
  43. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 43
    43 Malaysia - Sabah Area Lundin Petroleum Licences Operated Non-operated Tarap/Cempulut/Titik-Terang/ Hydrocarbon fields/discoveries Berangan discoveries Oil Gross contingent resources: 350 Bcf Gas Prospect / lead SB303…
  44. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 44
    44 Malaysia - Sabah Area - SB307/308 Prospects SB307/308 (42.5%, Operator) Prospect: Kitabu Prospect: Maligan Drilling in Q3 2014 Drilling in Q4 2014 Gross prospective resources: 71 MMboe Gross prospective resources: 132 MMboe…
  45. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 45
    45 Indonesia Natuna Sea Exploration - 2013/14 Drilling Lundin Petroleum Licences 0 KM 40 Operated Non-operated Baronang (Lundin 90%(1)) Hydrocarbon fields/discoveries Oil Baronang Gas 1 exploration well plus sidetrack…
  46. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 46
    46 2013-14 Exploration & Appraisal Drilling Schedule 2013 2014 Country Licence - Prospect Operator LUPE% NUPR(1) CoGS%(2) NRPR(3) Q4 Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-7 (SE Location) Lundin 40.00 Ongoing 2…
  47. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 47
    47 First Nine Months 2013 Strong operating cashflow USD 1 billion forecast for 2013 On track to double production by end 2015 from existing projects Good progress with Edvard Grieg has derisked this projection Johan Sverdrup…
  48. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 48
    48 Management Change - New CFO Geoff Turbott Mike Nicholson Lundin Petroleum AB Lundin Petroleum AB CFO (2002 2013) MD SE Asia (2010 2013) Financial Controller (2001 2002) General Manager Malaysia (2008 2010) Group…
  49. Q3 2013 EARNINGS CALL – Lundin Petroleum – slide 49
    50 WWW.LUNDIN-PETROLEUM.COM

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