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Q2 2015 Earnings Call – Lundin Petroleum

Lundin Petroleum · Aug 5, 2015 · 33 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 2015 Earnings Call – Lundin Petroleum – slide 1
    Financial Presentation 5 August 2015 C. Ashley Heppenstall, President & CEO Mike Nicholson, CFO Second Quarter 2015
  2. Q2 2015 Earnings Call – Lundin Petroleum – slide 2
    07.15 Production (boepd) Average Brent oil price (USD/boe) Cost of operations (USD/boe) EBITDA (MUSD) Operating cash flow (MUSD) Net result (MUSD) Second Quarter 2015 28,900 61.87 13.10 106.5 191.6 59.9 First Half 2015…
  3. Q2 2015 Earnings Call – Lundin Petroleum – slide 3
    Million USD WF12061 p21 07.15 First Six Months 2015 Financial Results - EBITDA 50 100 0 150 200 250 300 400 350 50 100 0 150 200 250 300 400 350 106.5 171.5 Second Quarter 2014 Second Quarter 2015 EBITDA…
  4. Q2 2015 Earnings Call – Lundin Petroleum – slide 4
    50 100 0 150 200 250 300 550 500 450 400 350 Million USD 497.0 First Half 2014 Operating First Six Months 2015 Financial Results - Operati
  5. Q2 2015 Earnings Call – Lundin Petroleum – slide 5
    WF12061 p22 07.15 Million USD -25 -50 -150 -175 100 75 50 25 0 -25 -50 -150 -175 100 75 50 25 0 59.9 -2.4 Second Quarter 2014 Second Quarter 2015 Net Result -171.0 0.8 First Half 2014 First Half 2015 Net…
  6. Q2 2015 Earnings Call – Lundin Petroleum – slide 6
    First Six Months 2015 Financial Results Million USD Million USD 0 50 -50 100 -100 150 -150 200 -200 -250 250 300 0 50 -50 100 -100 150 -150 200 -200 -250 250 300 Revenue MUSD 279.1 27,400 boepd USD 56.8/boe…
  7. Q2 2015 Earnings Call – Lundin Petroleum – slide 7
    WF12061 p06 07.15 First Six Months 2015 Netback (USD/boe) Revenue Cost of operations - Base - Projects Tariff & transportation Production taxes Inventory movements Other Cash Margin Cash taxes Operating Cash Flow General and…
  8. Q2 2015 Earnings Call – Lundin Petroleum – slide 8
    WF12061 p04 05.15 Forecast 2015 Cost of Operations 10 9 8 7 12 13 14 11 10 9 8 7 12 13 14 11 USD/boe USD/boe Q1 2015 actual Q2 2015 actual Q3 2015 forecast Q4 2015 forecast Base Forecast 2015 USD 9.90/boe (Q1…
  9. Q2 2015 Earnings Call – Lundin Petroleum – slide 9
    WF12061 p07 07.15 Norway Others Exploration Costs First Half 2015 after Tax MUSD 23.3 0.7 First Half 2015 MUSD 105.9 1.0 106.9 24.0 (PL338C Gemini, PL674BS Zulu and PL579 Morkel) First Six Months 2015 Exploration Costs…
  10. Q2 2015 Earnings Call – Lundin Petroleum – slide 10
    WF12061 p05 07.15 First Six Months 2015 G & A / Financial Items General & administration Long Term Incentive Plan Net Financial Items General & Administration Expenses Foreign exchange loss(1) (1) 1H 2015 includes MUSD 79.8 loss…
  11. Q2 2015 Earnings Call – Lundin Petroleum – slide 11
    First Six Months 2015 Tax -27.8 -1.9 -29.7 USD/boe Second Quarter 2015 -26.8 11.4 -15.4 USD/boe First Half 2015 Current tax credit Deferred tax charge Lundin Petroleum 11
  12. Q2 2015 Earnings Call – Lundin Petroleum – slide 12
    First Six Months 2015 Liquidity MUSD (1) Includes MUSD 36 drawn under the Norwegian exploration refund facility Debt Outstanding 3,589 (1) Cash Balances Full access to USD 4 billion under low oil price sensitivity Margin on Loan…
  13. Q2 2015 Earnings Call – Lundin Petroleum – slide 13
    WF12061 p09 05.15 Firs De Opening N 1 Jan 201 MUSD 2,6
  14. Q2 2015 Earnings Call – Lundin Petroleum – slide 14
    WF11894 p23 07.15 Hedges as at 30 June 2015 Apr 2013 - Mar 2016 2015 Q1 2016 Q2-Q4 2016 2017 2018 500 1,500 1,500 2,000 1,500 1,000 0.57% 0.52% 1.50% 1.50% 2.32% 3.06% Borrowings MUSD Floating LIBOR rate per annum…
  15. Q2 2015 Earnings Call – Lundin Petroleum – slide 15
    First Six Months 201 Highlights Production Performan 1H 2015: 27,400 boep 2Q 2015: 28,900 boep Alta: Successful appr Edvard Grieg: 2nd ap Production Guidance FY 2015 guidance rev Brynhild underperfo Edvard Grieg first oi…
  16. Q2 2015 Earnings Call – Lundin Petroleum – slide 16
    WF12010 p4 07.15 Lundin Petroleum Production Other production Full year guidance 32,000 boepd Norway production 0 20 30 10 40 50 Q2 2015 production: 28,900 boepd Alvheim underperformed (gas compressor) Brynhild…
  17. Q2 2015 Earnings Call – Lundin Petroleum – slide 17
    WF11820 p20 07.14 Alvheim Q2 2015 production negatively impacted by gas compression issues 1 new well commenced production in April 1 worked-over well commenced production in May 2 further wells expected to start-up in late 2015 and…
  18. Q2 2015 Earnings Call – Lundin Petroleum – slide 18
    WF11889 p25 07.14 Norway - Brynhild Field First Six Months Net Production 3,200 boepd Lundin Petroleum interest 90% (operator) Repsol 10% Subsea tie-back to Pierce field, UK Poor facilities uptime and water handling constraints has…
  19. Q2 2015 Earnings Call – Lundin Petroleum – slide 19
    WF11667 p13 07.15 Peninsular Malaysia - Bertam Field First Six Months Net Production: 2,200 boepd Kuala Lumpur Singapore Indonesia Malaysia Malaysia Indonesia 0 100KM Bertam Bertam Field Facilities PM307 - Lundin Petroleum 75%…
  20. Q2 2015 Earnings Call – Lundin Petroleum – slide 20
    WF11383 p1 07.14 Norway & Malaysia Development Projects Brynhild (Lundin 90% operator) Ongoing Norwegian developments Edvard Grieg (Lundin 50% operator) Johan Sverdrup (Lundin 22.6%) (1) B?yla (Lundin 15%) Ivar Aasen Unit (Lundin…
  21. Q2 2015 Earnings Call – Lundin Petroleum – slide 21
    WF11585 p01 04.15 Lundin Norway Edvard Grieg Development Lundin Petroleum interest: 50% (operator) OMV 20%, Wintershall 15%, Statoil 15% 2P reserves: 187 MMboe gross Plateau production: 100,000 boepd gross Engineering/Procurement…
  22. Q2 2015 Earnings Call – Lundin Petroleum – slide 22
    WF1xxxx p02 aa.aa Development Projects Edvard Grieg Work Status Edvard Grieg topsides installation by heavy lift vessel Thialf Lundin Petroleum 22
  23. Q2 2015 Earnings Call – Lundin Petroleum – slide 23
    WF1xxxx p03 aa.aa Development Projects Edvard Grieg Work Status Edvard Grieg bridge linked to Safe Boreas flotel Edvard Grieg offshore commissionin underway Safe Boreas flotel bridge-linked to the platform Approximately 450 people…
  24. Q2 2015 Earnings Call – Lundin Petroleum – slide 24
    WF11585 p02 07.15 Lundin Norway Edvard Grieg Area Upside Potential Full partner aligned between PL338 and PL359 Lundin Petroleum 50%, OMV 20%, Statoil 15%, Wintershall 15% Material upside potential in the Edvard Grieg Area where…
  25. Q2 2015 Earnings Call – Lundin Petroleum – slide 25
    WF11602 p04 07.15 Norway Johan S Phase parlia The M ? Lund PDO fo
  26. Q2 2015 Earnings Call – Lundin Petroleum – slide 26
    Riser platform Wellhead & Drilling platform Johan Sverdrup Phase I Topside Layout Contract awards for Phase 1 All major topside contracts awarded Drilling contract awarded Contract for the installation of three platforms using…
  27. Q2 2015 Earnings Call – Lundin Petroleum – slide 27
    Prod From WF12010 p1 07.15 boep
  28. Q2 2015 Earnings Call – Lundin Petroleum – slide 28
    WF11796 p10 07.15 4 exploration wells remaining 4 operated wells Targeting ~295 MMboe net unrisked prospective resources Fosen moved to 2016 1 exploration well Targeting ~16 MMboe net unrisked prospective resources 4 exploration…
  29. Q2 2015 Earnings Call – Lundin Petroleum – slide 29
    Norway - Barents Sea South Overview Barents Sea Russia Sweden Finland Norway Svalbard 70?0\'0\"N 0 KM 400 Norway United Kingdom Ireland Germany Netherlands North Sea Denmark 0 KM 400 Barents Sea Underexplored ~ 100 wells…
  30. Q2 2015 Earnings Call – Lundin Petroleum – slide 30
    WF11786 p02 06.15 Norway - Southern Barents Sea Loppa High Exploration Troms? Basin Bj?rn?ya Bassenget Bj?rn?yrenna Fault Complex Veslem?y High Polheim Ringvass?y-Loppa Fault Complex 533 438 492 6 Johan Castberg Kramsn?…
  31. Q2 2015 Earnings Call – Lundin Petroleum – slide 31
    Norway Explorati WF11421 p13 01.15 2015 Expl PL609 - N Gross p PL708 - ? Gross p
  32. Q2 2015 Earnings Call – Lundin Petroleum – slide 32
    2015 Exploration & Drilling Schedule WF11117 p1 31.07.15 Licence - Prospect Country (1) Net Unrisked Prospective Resources (MMb (2) Chance of Geological Success (3) Net Risked Prospective Resources (MMboe Norway Norway Norway 1…
  33. Q2 2015 Earnings Call – Lundin Petroleum – slide 33
    www.lundin-petroleum.com

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