Q1 2016 DET NORSKE OLJESELSKAP ASA KARL JOHNNY HERSVIK, CEO ALEXANDER KRANE, CFO 29 APRIL 2016
DET NORSKE Highlights Production Q1-16 production of 60.6 mboepd, +12% from Q4-15 Finance Q1 EBITDA USD 129 million, EPS 0.16 (USD) USD 1.23 billion in cash and undrawn debt facilities Development projects Ivar Aasen development…
FINANCIALS Statement of income Income statement (USD mill) Q1 2016 Q1 2015 FY 2015 Revenues 205 329 1,222 Production costs 34 39 141 Other operating expenses 5 14 52 EBITDAX 165 275 1,029 Exploration expenses 36 15 76 EBITDA 129…
FINANCIALS Statement of financial position Assets Equity and liabilities (USD mill) 31.03.16 31.03.15 (USD mill) 31.03.16 31.03.15 Goodwill 739 1,134 Equity 371 654 Other intangible assets 924 940 Other provisions for liabilities…
FINANCIALS Cash flow and liquidity Cash flow (USDm) Liquidity (USDbn) Operating cash flow covered 80 percent of investments in the first quarter 2016 despite lower oil prices Undrawn credit Cash & cash equivalents 1,37 Net…
FINANCING Covenant amendment process progressing Leverage ratio Covenant amendment package accepted by bank consortium 7,0x with agreement to ease covenant levels to end 2019 6,0x 5,0x Company working to achieve an amicable…
PRODUCTION Oil and gas production Net production (boepd) and production efficiency Q1 2016 production of 60.6 mboepd Q1 2016 production efficiency of 99.3% Realized oil price of USD 37/bbl Production guidance reiterated 2016…
GREATER ALVHEIM AREA Further developing the Alvheim area Alvheim area New projects in the Alvheim area 3 new wells planned to come on stream in 2016 BoaKamNorth drilling completed in January Ahead of schedule and budget Well to be…
GREATER ALVHEIM AREA Viper-Kobra development Drilling program ongoing, first oil in Q4-2016 Viper Viper Pilot well confirmed regional drawdown and connection to aquifer Drilled and completed Q1 2016, 19 days ahead schedule…
IVAR AASEN (35%1) Ivar Aasen project on plan and budget Recent events Detailed timeline Construction of topside has reached 98% completion in 2012 2013 2014 2015 2016 Singapore H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Handover of sub-systems…
IVAR AASEN Upcoming milestones Load out of topside and sail away from Hook-up, commissioning, testing and Singapore Q2 2016 preparation for first oil Q3/Q4 2016 Topside installation July 2016 First oil December 2016 Subsea…
IVAR AASEN Offshore hook-up and commissioning Handover of subsystem to operations before sail-away to minimize offshore work scope Det norske and Aibel working as one integrated team with common KPIs and incentives to minimize…
JOHAN SVERDRUP (11.5733%) Progressing according to plan Pre-drilling with Deepsea Atlantic commenced in March 8 oil production wells and a similar number of water injection wells are planned to be pre-drilled 35 wells are planned to…
EXPLORATION Drilling campaign in Krafla/Askja area ongoing 2016 drilling campaign Map of Krafla/Askja area Gross proven resources of 140 220 mmboe in PL035/272 prior to 2016 drilling campaign Minor oil discovery at Madam Felle (1-3…
GROWTH Strengthened position in the North of Alvheim area North of Alvheim* area holds gross mean contingent resouces of 160-170 mmboe Further volume upside from exploration prospects in the area Acquisition of licenses from…
IMPROVEMENT Forward improvement program progressing well A large number of improvement initiatives are being Exploration Effectiveness implemented to reduce expenditures and increase quality Covering all disciplines - program…
OUTLOOK 2016 guidance Item Guidance 2016 CAPEX USD 925 975 million 2016 EXPEX USD 160 170 million 2016 Production cost USD 8 9 per boe* 2016 production 55 60 mboepd Based on USD/NOK 8.8 * From 2016, production cost…
OUTLOOK Summary and outlook Development projects Aasen topside heavy lift in July, first oil in December Johan Sverdrup drilling and construction First oil at BoaKamNorth in Q2, drilling of Kobra well Financing Available liquidity…
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