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Q1 2016 Financial Presentation – Lundin Petroleum

Lundin Petroleum · May 11, 2016 · 22 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. Q1 2016 Financial Presentation – Lundin Petroleum – slide 1
    Financial Presentation First Quarter 2016 Alex Schneiter, President & CEO Mike Nicholson, CFO 11 May 2016 WF12209 10 May 16
  2. Q1 2016 Financial Presentation – Lundin Petroleum – slide 2
    First Quarter 2016 Financial Highlights First Quarter 2016 Production (boepd) 62,400 Average Brent oil price (USD/boe) 33.94 Cost of operations (USD/boe) 7.45 EBITDA (MUSD) 124.9 Operating cash flow (MUSD) 162.6 Net…
  3. Q1 2016 Financial Presentation – Lundin Petroleum – slide 3
    First Quarter 2016 Financial Results Production increase 142% Oil price decrease 37% 200 200 155.7 4% 162.6 150 150 124.9 45% 114.3 100 100 86.0 Million USD 50 50 0 0 -100 -100 -200 -200 -230.9 -300…
  4. Q1 2016 Financial Presentation – Lundin Petroleum – slide 4
    First Quarter 2016 Financial Results 240 Revenue 240 MUSD 191.3 Operating Costs 62.400 boepd MUSD 58.7 USD 33.07/boe Cost of Operations USD 7.45/boe 200 200 160 160 Tax Net Result MUSD -56.9 MUSD 114.3 Cash Margin 120 120…
  5. Q1 2016 Financial Presentation – Lundin Petroleum – slide 5
    First Quarter 2016 Netback (USD/boe) First Quarter 2016 Average Brent oil price USD/boe 33.94 Revenue 33.71 Cost of operations - Base -6.60 - Projects -0.85 Tariff & transportation -1.64 Production taxes -0.13 Inventory…
  6. Q1 2016 Financial Presentation – Lundin Petroleum – slide 6
    Forecast 2016 Cost of Operations Including E. Grieg additional equity(1) Including Projects Including Projects USD/boe Base Base USD/boe 10 10 9 9 8 8 Forecast 2016 Forecast 2016 Including Projects & Including Projects…
  7. Q1 2016 Financial Presentation – Lundin Petroleum – slide 7
    First Quarter 2016 Exploration Costs First 3 Months First 3 Months 2016 2016 after Tax MUSD MUSD Norway (PL700 Lorry, PL544 Fosen) 54.5 12.0 Malaysia (SB307/308 Bambazon & Maligan) 16.6 m 16.6 Exploration Costs 71.1 28.6…
  8. Q1 2016 Financial Presentation – Lundin Petroleum – slide 8
    First Quarter 2016 G & A / Financial Items First Quarter 2016 General & Administration Expenses MUSD General & administration 7.9 Long Term Incentive Plan 1.1 9.0 Net Financial Items Foreign exchange gain(1) -158.6 Interest…
  9. Q1 2016 Financial Presentation – Lundin Petroleum – slide 9
    First Quarter 2016 Tax First Quarter 2016 USD/boe Current tax credit 5.29 Deferred tax credit 4.73 10.02 WF12208 p10 04.16 Lundin Petroleum 9
  10. Q1 2016 Financial Presentation – Lundin Petroleum – slide 10
    First Quarter 2016 Debt Position Working Capital MUSD 144 4,200 4,200 Closing Net Debt 31 March 2016 4,100 G&A MUSD 7 4,100 MUSD 4,172 Financial MUSD 158 4,000 4,000 Million USD 3,900 3,900 Exploration & Appraisal…
  11. Q1 2016 Financial Presentation – Lundin Petroleum – slide 11
    2016 Funding Liquidity and Net Debt New 7 year RBL of up to USD 5.0 billion secured in February 2016 Current commitment USD 4.488 billion (increased by MUSD 185) Attractive margin: 315 bps 5 year grace period (no amortisation until…
  12. Q1 2016 Financial Presentation – Lundin Petroleum – slide 12
    Hedges as at 31 March 2016 Currency BUY SELL Average rate MNOK MUSD NOK : USD Q2 2016 651.0 94.9 6.86 2H 2016 2,058.4 243.9 8.44 2017 1,839.2 217.3 8.46 2018 1,926.3 228.0 8.45 2019 1,672.4 200.4 8.35 8,147.3 984.5 8.28…
  13. Q1 2016 Financial Presentation – Lundin Petroleum – slide 13
    First Three Months 2016 Highlights Production Q1 2016: 62,400 boepd Record quarterly production 8% above mid-point guidance Record up-time performance from key producing assets Johan Sverdrup Development on-track over 10%…
  14. Q1 2016 Financial Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum 2016 Production Guidance Q1 2016 production of 62,400 boepd Q1 production at upper-end of guidance driven by Edvard Grieg outperformance Full year 2016 production guidance revised (1) Revised Guidance: 65,000 75,000…
  15. Q1 2016 Financial Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum World Class Operating Performance Facilities Uptime (%) 100 99% 98%(1) 98% 96%(2) Q1 Actual 80 60 40 20 0 Alvheim Hub Brynhild Edvard Grieg Bertam WF12158 p22 05.16 (1) Until commencement…
  16. Q1 2016 Financial Presentation – Lundin Petroleum – slide 16
    Edvard Grieg Schematic Norway Ivar Aasen Platform Edvard Grieg Development Edvard Grieg Platform Gas Export to SAGE Oil Export to Grane Lundin interest: 50% (1) (operator) OMV 20%, Wintershall 15%, Statoil 15% (1) Ivar…
  17. Q1 2016 Financial Presentation – Lundin Petroleum – slide 17
    Edvard Grieg Production Performance Q1 gross production 60,300 boepd Gas production commenced Project delivered ontime 28th November 2015 first oil Uptime since startup 96% Uptime excluding reservoir pressure build ups 99%…
  18. Q1 2016 Financial Presentation – Lundin Petroleum – slide 18
    Edvard Grieg Proposed Deal with Statoil Acquisition Consideration 15% Edvard Grieg + Pipelines 27.581 million shares for Edvard Grieg + Cash Million SEK Adds 31 MMboe 2P Reserves 1.735 million shares 252.8 Adds 10,000 boepd…
  19. Q1 2016 Financial Presentation – Lundin Petroleum – slide 19
    Revised 2016 Guidance Statoil / Edvard Grieg Deal (1) PRE DEAL POST DEAL (2) Production 2016 60 70,000 boepd 65 75,000 boepd 2P reserves 01.01.16 685.3 MMboe 716.2 MMboe Operational cost 2016 USD 9.25/boe USD 9.00/boe…
  20. Q1 2016 Financial Presentation – Lundin Petroleum – slide 20
    Norway Quality Assets Johan Sverdrup Largest Phase 1 development on the NCS Working Interest Johan Sverdrup Unit Major importance to all stakeholders Up to 40% of NCS oil production at plateau Statoil 40.0267% Lundin Petroleum…
  21. Q1 2016 Financial Presentation – Lundin Petroleum – slide 21
    Norway Utsira High Quality Assets Johan Sverdrup First oil Phase 1: Q4 2019 PDO submission for Phase 2: Q4 2017 First oil Phase 2: 2022 PRODUCTION CAPEX FX SPLIT Phase 1 Phase I Full Field Phase I Full Field 650 220(2)…
  22. Q1 2016 Financial Presentation – Lundin Petroleum – slide 22
    Loppa High Area Norway Southern Barents Sea Loppa High Exploration & Appraisal Norway Lundin Petroleum licences Operator Partner 609 Brselv Oil Gas 2016 programme Kramsn Prospect Alta-3 re-entry & test Neiden Prospect (WI…

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