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Q3 2015 Investor Presentation – Lundin Petroleum

Lundin Petroleum · Nov 4, 2015 · 34 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 2015 Investor Presentation – Lundin Petroleum – slide 1
    Financial Presentation Third Quarter 2015 Alex Schneiter, President & CEO Mike Nicholson, CFO 4 November 2015 WF12058 3 Nov 15
  2. Q3 2015 Investor Presentation – Lundin Petroleum – slide 2
    First Nine Months 2015 Financial Highlights Third Quarter First 9 Months 2015 2015 Production (boepd) 36,000 30,300 Average Brent oil price (USD/boe) 50.47 55.31 Cost of operations (USD/boe) 9.80 10.68 EBITDA (MUSD) 98.7…
  3. Q3 2015 Investor Presentation – Lundin Petroleum – slide 3
    First 9 Months 2015 Financial Results - EBITDA 550 550 506.9 500 500 450 450 400 400 350 350 291.1 300 300 Million USD 250 250 200 200 157.6 150 150 100 98.7 100 50 50 0 0 WF12061 p21 07.15…
  4. Q3 2015 Investor Presentation – Lundin Petroleum – slide 4
    First Nine Months 2015 Financial Results - Operating Cash Flow 900 900 804.0 800 800 700 700 600 600 524.3 Million USD 500 500 400 400 307.0 300 300 177.0 200 200 100 100 0 0 WF12061 p03…
  5. Q3 2015 Investor Presentation – Lundin Petroleum – slide 5
    First 9 Months 2015 Financial Results - Net Result 100 100 50 50 Million USD 5.1 4.3 0 0 -50 -50 -200 -200 -201.6 -250 -250 -300 -300 -350 -350 -372.6 -400 -400 Net Result Net Result WF12061 p22…
  6. Q3 2015 Investor Presentation – Lundin Petroleum – slide 6
    First Nine Months 2015 Financial Results Revenue MUSD 433.3 Operating Costs 500 30,300 boepd MUSD 114.6 500 USD 53.1/boe Cost of Operations USD 10.7/boe 400 400 300 300 Cash Margin Depletion MUSD 318.7 MUSD 193.1 200…
  7. Q3 2015 Investor Presentation – Lundin Petroleum – slide 7
    First Nine Months 2015 Third Quarter First 9 Months Netback (USD/boe) 2015 2015 Average Brent oil price USD/boe 50.47 55.31 Revenue 46.6 52.4 Cost of operations - Base -8.1 -8.9 - Projects -1.7 -1.8 Tariff & transportation -0.7…
  8. Q3 2015 Investor Presentation – Lundin Petroleum – slide 8
    Forecast 2015 Cost of Operations Including Projects Base USD/boe USD/boe 14 Alvheim workover 14 13 13 Edvard Grieg onstream 12 12 Forecast 2015 11 11 USD 10.80/boe Including Projects (Q2 Guidance USD 11.75/boe) 10…
  9. Q3 2015 Investor Presentation – Lundin Petroleum – slide 9
    First Nine Months 2015 Exploration Costs First 9 Months First 9 Months 2015 2015 after Tax MUSD MUSD Norway (PL338C Gemini, PL674BS Zulu, 115.3 25.4 PL579 Morkel and PL734 Zeppelin) Others 1.0 0.6 Exploration Costs 116.3…
  10. Q3 2015 Investor Presentation – Lundin Petroleum – slide 10
    First Nine Months 2015 G & A / Financial Items Third Quarter 2015 First 9 Months 2015 General & Administration Expenses MUSD MUSD General & administration 5.9 25.3 Long Term Incentive Plan 0.9 5.9 6.8 31.2 Net Financial Items…
  11. Q3 2015 Investor Presentation – Lundin Petroleum – slide 11
    First Nine Months 2015 Tax Third Quarter First 9 Months 2015 2015 USD/boe USD/boe Current tax credit -21.9 -24.9 Deferred tax charge 13.9 12.4 -8.0 -12.5 WF12061 p10 07.15 Lundin Petroleum 11
  12. Q3 2015 Investor Presentation – Lundin Petroleum – slide 12
    First Nine Months 2015 Liquidity MUSD Full access to USD 4 billion under low oil price sensitivity Conservative leverage on Johan Sverdrup Available liquidity of USD 700 million under existing facilities 6,000 530 4,000…
  13. Q3 2015 Investor Presentation – Lundin Petroleum – slide 13
    First Nine Months 2015 Debt Position Working Capital 3,900 MUSD 408 3,900 Closing Net Debt 3,800 3,800 30 Sep 2015 3,700 3,700 MUSD 3,844 3,600 3,600 G&A MUSD 22 3,500 Financial MUSD 199 3,500 3,400 3,400 3,300 3,300…
  14. Q3 2015 Investor Presentation – Lundin Petroleum – slide 14
    Hedges as at 30 September 2015 Currency BUY SELL Average rate MNOK MUSD NOK : USD 2015 unsettled 632.4 99.1 6.38 1H 2016 1,251.8 182.5 6.86 2H 2016 2,058.4 243.9 8.44 2017 (1) 1,839.2 217.3 8.46 2018 1,928.0 228.0 8.46 2019…
  15. Q3 2015 Investor Presentation – Lundin Petroleum – slide 15
    First Nine Months 2015 Highlights Production Performance First nine months 2015: 30,300 boepd 24% increase on first nine months 2014 Third quarter 2015: 36,000 boepd 68% increase on Q3 2014 Full year 2015 guidance retained at…
  16. Q3 2015 Investor Presentation – Lundin Petroleum – slide 16
    2015 Forecast Lundin Petroleum Production Malaysia, 19% Indonesia, 5%(1) Netherlands, 5% Q3 2015 production: 36,000 boepd France, 9% vs guidance 34,900 boepd Norway, 62% Brynhild uptime outperformance 2015 Production…
  17. Q3 2015 Investor Presentation – Lundin Petroleum – slide 17
    Norway - Greater Alvheim Area First Nine Months Net Production: 15,400 boepd Production 2015 Cost of operations 2015 (1) 9 months Q3 9 months Alvheim 8,100 boepd 8,200 boepd < USD 5.0 / boe Volund 5,200 boepd 4,800 boepd < USD 4.0…
  18. Q3 2015 Investor Presentation – Lundin Petroleum – slide 18
    Norway - Brynhild Field First Nine Months Net Production 4,200 boepd Brynhild Pierce Sub-sea tie back to Pierce K AY U Lundin Petroleum interest 90% (operator) W R O N Repsol 10% Subsea tie-back to Pierce field,…
  19. Q3 2015 Investor Presentation – Lundin Petroleum – slide 19
    Peninsular Malaysia - Bertam Field First Nine Months Net Production: 4,200 boepd Peninsular Malaysia Licences PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% Malaysia Tie-back to Bertam Facilities Production…
  20. Q3 2015 Investor Presentation – Lundin Petroleum – slide 20
    Norway Utsira High Development Projects Norway Utsira High Area Ongoing Norwegian developments Edvard Grieg (Lundin 50% operator) Norway developments Ivar Aasen Unit (Lundin 1.385%) Johan Sverdrup (Lundin 22.60%) United…
  21. Q3 2015 Investor Presentation – Lundin Petroleum – slide 21
    Edvard Grieg Schematic Lundin Norway Edvard Grieg Development Edvard Grieg Platform Ivar Aasen Platform Gas Export to SAGE Oil Export to Grane Lundin Petroleum interest: 50% (operator) OMV 20%, Wintershall 15%, Statoil 15%…
  22. Q3 2015 Investor Presentation – Lundin Petroleum – slide 22
    Development Projects Edvard Grieg Work Status Installation completed by Thialf crane barge Safe Boreas flotel Edvard Grieg platform Rowan Viking drilling rig WF12112 pt1 p15 09.15 Lundin Petroleum 22
  23. Q3 2015 Investor Presentation – Lundin Petroleum – slide 23
    Development Projects Edvard Grieg Work Status Edvard Grieg bridge linked to Safe Boreas flotel Edvard Grieg offshore commissioning underway Safe Boreas flotel bridge-linked to the platform Approximately 600 people offshore…
  24. Q3 2015 Investor Presentation – Lundin Petroleum – slide 24
    Lundin Norway Edvard Grieg Area Upside Potential Present prospect Full partner aligned between PL338 and PL359 Lundin Petroleum 50%, OMV 20%, Statoil 15%, Wintershall 15% PL779 PL501 Johan Sverdrup Luno II North discovery Unit…
  25. Q3 2015 Investor Presentation – Lundin Petroleum – slide 25
    Norway Johan Sverdrup Development Working Interest Johan Sverdrup Unit Phase 1 PDO approved in August 2015 Lundin Norway 22.6000% Statoil 40.0267% The Minister determined final Tract Participation agreement in July 2015 Maersk…
  26. Q3 2015 Investor Presentation – Lundin Petroleum – slide 26
    Norway Utsira High Johan Sverdrup Development PDO Submitted Phase I PDO Approval Phase I PDO Submission Phase II First Oil Phase I First Oil Phase II Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2016 2017 2018…
  27. Q3 2015 Investor Presentation – Lundin Petroleum – slide 27
    Production and Cash Flow Generation Step-Change Production Guidance (Mboepd) 200 150 150 00% 1 100 75 0% 13 50 32 0 2015 Revised 2015 Exit J. Sverdrup Guidance Guidance Plateau production growth Production Costs(1)…
  28. Q3 2015 Investor Presentation – Lundin Petroleum – slide 28
    Exploration wells drilled Barents Sea Appraisal wells drilled Alta (2) 2015 Exploration & Appraisal Southern Barents Sea Area Norwegian Sea 2015 activity completed to date Sweden Drilled wells 2015 Exploration Appraisal…
  29. Q3 2015 Investor Presentation – Lundin Petroleum – slide 29
    2015/2016 Barents Sea Neiden ongoing prospects 4Q 2015 & 2016 Appraisal wells Alta (2) rnen Exploration & Appraisal Drilling Southern Barents Sea Area At least one additionnal exploration well Maintaining geographical focus:…
  30. Q3 2015 Investor Presentation – Lundin Petroleum – slide 30
    Southern Barents Sea Area Norway Southern Barents Sea Norway Southern Barents Sea Lundin Petroleum licences Underexplored 100 wells Operator Oil Partner Gas Prospect Licenced Area 5 recent oil discoveries 23rd Round Blocks +…
  31. Q3 2015 Investor Presentation – Lundin Petroleum – slide 31
    Norway Southern Barents Sea Loppa High Exploration & Appraisal Lundin Petroleum licences Operator Partner 609 Brselv Oil Gas Kramsn Prospect Gohta/Alta discoveries opens up the area for significant new discoveries Neiden…
  32. Q3 2015 Investor Presentation – Lundin Petroleum – slide 32
    Norway Southern Barents Sea Loppa High Existing Discoveries Alta total resources: 125 400 MMboe Alta Discovery: 125 400 MMboe (1) Development options are being reviewed PL609 (Lundin 40% operated) Discovery well (2014): 57m gross…
  33. Q3 2015 Investor Presentation – Lundin Petroleum – slide 33
    Malaysia 3D Seismic over Sabah Licences Sabah Area Exploration Barton Maligan 80 MMbbls 110 MMbbls (1) Area under-explored - no drilling since Shell oil discoveries in 1980s 2 billion bbls discovered on trend Sth Furious 130…
  34. Q3 2015 Investor Presentation – Lundin Petroleum – slide 34
    2015/2016 Exploration & Appraisal Drilling Schedule Well LUPE CoGS(2) 2015 2016 Country Licence - Prospect type Operator WI % NUPR(1) NRPR(3) Q4 Q1 1 Norway PL338C - Rolvsnes exp Lundin 50.00 54 35% 19 Ongoing 2 Norway PL609 -…

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