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Q2 2016 Financial Presentation – Lundin Petroleum

Lundin Petroleum · Aug 3, 2016 · 27 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 2016 Financial Presentation – Lundin Petroleum – slide 1
    Financial Presentation First Six Months 2016 Alex Schneiter, President & CEO Mike Nicholson, CFO 3 August 2016 WF12209 2 Aug 16
  2. Q2 2016 Financial Presentation – Lundin Petroleum – slide 2
    First Six Months 2016 Financial Highlights Second First Quarter Half 2016 2016 Production (boepd) 63,900 63,100 Average Brent oil price (USD/boe) 45.59 39.81 Cost of operations (USD/boe) 7.12 7.28 Operating cash flow (MUSD)…
  3. Q2 2016 Financial Presentation – Lundin Petroleum – slide 3
    First Six Months 2016 Financial Results 450 450 400 400 350 350 330.9 300 300 72% Million USD 250 250 206.1 200 192.4 200 94% 150 150 106.5 100 100 50 50 0 0 WF12208 p17 07.16 EBITDA EBITDA…
  4. Q2 2016 Financial Presentation – Lundin Petroleum – slide 4
    First Six Months 2016 Financial Results 450 450 400 386.0 400 11% 350 347.3 350 300 300 Million USD 250 250 223.4 17% 200 191.6 200 150 150 100 100 50 50 0 0 WF12208 p16 07.16 Operating Cash…
  5. Q2 2016 Financial Presentation – Lundin Petroleum – slide 5
    First Six Months 2016 Financial Results 300 300 250 250 200 200 150 150 Million USD 100 100 66.0 59.9 50 50 -171.0 -48.3 0 0 -100 -100 -200 -200 -300 -300 WF12208 p18 07.16 Net Result Net…
  6. Q2 2016 Financial Presentation – Lundin Petroleum – slide 6
    First Six Months 2016 Financial Results 500 500 450 450 Revenue Operating Costs MUSD 456.6 MUSD 113.3 63.100 boepd Cost of Operations USD 7.28/boe USD400 37.72/boe 400 350 350 Cash Margin Depletion MUSD 343.3 MUSD…
  7. Q2 2016 Financial Presentation – Lundin Petroleum – slide 7
    First Six Months 2016 Netback (USD/boe) Second Quarter First Half 2016 2016 Average Brent oil price USD/boe 45.59 39.81 Revenue 45.63 39.74 Cost of operations - Base -6.39 -6.49 - Projects -0.73 -0.79 Tariff & transportation -1.58…
  8. Q2 2016 Financial Presentation – Lundin Petroleum – slide 8
    Forecast 2016 Cost of Operations Including Projects Base USD/boe USD/boe 8 8 Forecast 2016 Including Projects USD 7.10/boe 7 7 (Q1 Guidance USD 7.35/boe) Base Forecast 2016 USD 6.35/boe 6 6 (Q1 Guidance USD…
  9. Q2 2016 Financial Presentation – Lundin Petroleum – slide 9
    First Six Months 2016 Exploration Costs First Half First Half 2016 2016 after Tax MUSD MUSD Norway (PL700 Lorry and PL544 Fosen) 55.8 12.3 Malaysia (SB307/308 Bambazon and Maligan) 13.1 13.1 Exploration Costs 68.9 25.4…
  10. Q2 2016 Financial Presentation – Lundin Petroleum – slide 10
    First Six Months 2016 G & A / Financial Items Second Quarter First Half 2016 2016 General & Administration Expenses MUSD MUSD General & administration 4.6 12.5 Long Term Incentive Plan 1.0 2.1 5.6 14.6 Net Financial Items…
  11. Q2 2016 Financial Presentation – Lundin Petroleum – slide 11
    First Six Months 2016 Tax Second Quarter First Half 2016 2016 MUSD MUSD USD/boe USD/boe Current tax (credit) -2.19 -3.72 Deferred tax (credit)/charge 2.50 -1.07 0.31 -4.79 WF12208 p10 07.16 Lundin Petroleum 11
  12. Q2 2016 Financial Presentation – Lundin Petroleum – slide 12
    First Six Months 2016 Debt Position 4,800 4,800 4,600 4,600 4,400 Working Capital & Other 4,400 MUSD 96 Closing Net Debt 30 June 2016 MUSD 4,224 4,200 4,200 Million USD G&A MUSD 10 4,000 Financial MUSD 235 4,000…
  13. Q2 2016 Financial Presentation – Lundin Petroleum – slide 13
    2016 Funding Liquidity and Net Debt New 7 year RBL of up to USD 5.0 billion secured in February 2016 Commitments increased to USD 5.0 billion (up from USD 4.5 billion) Attractive margin: 315 bps 5 year grace period (no amortisation…
  14. Q2 2016 Financial Presentation – Lundin Petroleum – slide 14
    Hedges as at 30 June 2016 Currency BUY SELL Average rate MNOK MUSD NOK : USD 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 7,496.3 889.6 8.43 Interest rate Borrowings…
  15. Q2 2016 Financial Presentation – Lundin Petroleum – slide 15
    First Six Months 2016 Highlights Production performance 1H 2016: 63,100 boepd 12% ahead of mid-point guidance Q2 2016: 63,900 boepd 15% ahead of mid-point guidance Full-year 2016 guidance retained at between 65,000 and 75,000…
  16. Q2 2016 Financial Presentation – Lundin Petroleum – slide 16
    Lundin Petroleum 2016 Production 1H 2016 production of 63,100 boepd Q2 2016 production of 63,900 boepd Q2 production exceeding upper-end of guidance driven by Edvard Grieg outperformance Full year 2016 production guidance retained…
  17. Q2 2016 Financial Presentation – Lundin Petroleum – slide 17
    Lundin Petroleum Excellent Operating Performance 1H Actual Excludes planned shutdowns Facilities Uptime (%) 98% 96% 98% 100 80 76% 60 40 20 0 Alvheim Hub Brynhild Edvard Grieg Bertam WF12158 p22 07.16…
  18. Q2 2016 Financial Presentation – Lundin Petroleum – slide 18
    Edvard Grieg Schematic Norway - Edvard Grieg Ivar Aasen Platform First Six Months Net Production: 32,200 boepd (1) Edvard Grieg Platform Oil Export to Grane Gas Export 1H 2016 gross production 64,400 boepd to SAGE Ivar…
  19. Q2 2016 Financial Presentation – Lundin Petroleum – slide 19
    Edvard Grieg Transaction Deal Completed 30 June 2016 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…
  20. Q2 2016 Financial Presentation – Lundin Petroleum – slide 20
    Revised 2016 Guidance Statoil / Edvard Grieg Deal PRE DEAL POST DEAL Production 2016 60 70,000 boepd 65 75,000 boepd 2P reserves 01.01.16 685.3 MMboe 716.2 MMboe Operating costs 2016 USD 9.25/boe USD 9.00/boe Development…
  21. Q2 2016 Financial Presentation – Lundin Petroleum – slide 21
    Norway Greater Alvheim Area Greater Alvheim Area First Six Months Net Production: 14,400 boepd PL203b PL203 PL036c PL088BS 1H 2016 operating costs USD 5.3/boe Alvheim Field Alvheim Drilling of Viper/Kobra wells completed in…
  22. Q2 2016 Financial Presentation – Lundin Petroleum – slide 22
    Norway 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 22.6000%…
  23. Q2 2016 Financial Presentation – Lundin Petroleum – slide 23
    Loppa High Area Norway Southern Barents Sea Lundin Petroleum licences 23rd Operator Loppa High Drilling 2016 Norway Partner Oil 609 Gas Brselv Prospect Kramsn Leiv Eiriksson drilling rig commenced operations in July Neiden…
  24. Q2 2016 Financial Presentation – Lundin Petroleum – slide 24
    Norway - Southern Barents Sea 23rd Licensing Round (WI 15%) PL859 Highly successful licensing round for Lundin Petroleum 5 licences awarded 3 operatorship Multi-billion barrel prospects on (WI 60%) PL853 Wisting discovery…
  25. Q2 2016 Financial Presentation – Lundin Petroleum – slide 25
    695 764 Hammerfest Southeastern Vadso Barents Sea Norway - Southeastern Barents Sea High Impact Exploration Vadso Norway Prospects mapped on new 3D seismic drill-ready Multi-billion barrel resource potential Structure aerial…
  26. Q2 2016 Financial Presentation – Lundin Petroleum – slide 26
    Malaysia Bertam First Six Months Net Production: 8,600 boepd Bertam field Bertam-3 Good reservoir and facilities performance Field Extension A15 well completed with excellent results Commenced production in May 2016 A15 infill…
  27. Q2 2016 Financial Presentation – Lundin Petroleum – slide 27
    First Six Months 2016 Summary Record quarterly production with excellent operational uptime performance Continued low operating costs per barrel Financial position remains strong with USD 1 billion liquidity USD 5.0 billion in…

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