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Q3 2016 Results – Lundin Petroleum

Lundin Petroleum · Nov 2, 2016 · 28 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 2016 Results – Lundin Petroleum – slide 1
  2. Q3 2016 Results – Lundin Petroleum – slide 2
    F12208 Q3 p01 07.16 First Nine Months 2016 Financial Highlights Production (boepd) Average Brent oil price (USD/boe) Cost of operations (USD/boe) Net result (MUSD)(1) Operating cash flow (MUSD) EBITDA (MUSD) Third Quarter 2016…
  3. Q3 2016 Results – Lundin Petroleum – slide 3
    WF12208 Q3 p17 07.16 First Nine Months 2016 Financial Results - EBITDA EBITDA EBITDA Million USD Million USD 100 0 200 300 400 500 600 700 100 0 200 300 400 500 600 700 291.1 584.7 101% First 9 Months 2015 First…
  4. Q3 2016 Results – Lundin Petroleum – slide 4
    First Nine Months 2016 Financial Results - Operating Cash Flow Million USD Million USD 100 0 200 300 400 500 600 700 100 0 200 300 400 500 600 700 524.3 667.8 27% First 9 Months 2015 First 9 Months 2016…
  5. Q3 2016 Results – Lundin Petroleum – slide 5
    WF12208 Q3 p18 07.16 First Nine Months 2016 Financial Results - Net Result Million USD 50 100 -100 -200 -100 -200 0 150 200 250 300 350 400 50 100 0 150 200 250 300 350 400 -300 -400 -400 -300 -372.6 239.8…
  6. Q3 2016 Results – Lundin Petroleum – slide 6
    WF12208 Q3 p02 10.16 First Nine Months 2016 Financial Results 0 100 300 200 400 500 600 700 800 0 100 300 200 400 500 600 700 800 Million USD Revenue(1) MUSD 774.0 68,900 boepd USD 39.47/boe Exploration Costs…
  7. Q3 2016 Results – Lundin Petroleum – slide 7
    WF12208 Q3 p06 10.16 First Nine Months 2016 Netback (USD/boe) Revenue Cost of operations - Base - Projects Tariff & transportation Production taxes Cash operating costs Inventory movements Other Cash Margin Cash taxes…
  8. Q3 2016 Results – Lundin Petroleum – slide 8
    Forecast 2016 Cost of Operations 7 6 5 7 6 5 Q1 2016 actual Q2 2016 actual Q3 2016 actual Q4 2016 forecast Forecast 2016 Including Projects USD 6.50/boe (Q2 Guidance USD 7.10/boe) Base Forecast 2016 USD 5.85/boe (Q2…
  9. Q3 2016 Results – Lundin Petroleum – slide 9
    First Nine Months 2016 Exploration Costs Norway (PL700 Lorry and PL544 Fosen) Malaysia (SB307/308 Bambazon and Maligan) Other Exploration Costs First 9 Months 2016 MUSD 57.8 13.1 -0.6 First 9 Months 2016 after Tax MUSD…
  10. Q3 2016 Results – Lundin Petroleum – slide 10
    First Nine Months 2016 G & A / Financial Items General & administration Long Term Incentive Plan Net Financial Items General & Administration Expenses Foreign exchange loss/(gain)(1) (1) Includes MUSD 31.3 loss on settled currency…
  11. Q3 2016 Results – Lundin Petroleum – slide 11
    First Nine Months 2016 Tax Current tax (credit) Deferred tax (credit)/charge (3.03) 5.58 2.55 Third Quarter 2016 MUSD (3.45) 1.53 (1.92) First 9 Months 2016 MUSD USD/boe USD/boe
  12. Q3 2016 Results – Lundin Petroleum – slide 12
    First Nine Months 2016 Debt Position 0 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 0 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 Million USD Opening Net Debt 1 Jan 2016 MUSD 3,786 Closing Net…
  13. Q3 2016 Results – Lundin Petroleum – slide 13
    WF12208 Q3 p21 07.16 2016 Funding Liquidity and Net Debt 4,105 251 ~ USD 1 billion 4,307 49 267 RBL ERF RBL ERF Cash Net Debt 30/09/16 Sources of Liquidity 0 1,000 2,000 3,000 4,000 5,000 6,000 MUSD Available…
  14. Q3 2016 Results – Lundin Petroleum – slide 14
    Hedges as at 30 September 2016 Q4 2016 2017 2018 2,000 1,500 1,000 1.50% 2.32% 3.06% Borrowings MUSD Floating LIBOR rate per annum Interest rate Q4 2016 2017 2018 2019 997.8 3,492.6 3,493.0 1,672.4 118.5 423.6…
  15. Q3 2016 Results – Lundin Petroleum – slide 15
    13 Q3 p01 07.16 Highlights First Nine Months 2016 First nine months 2016: 68,900 boepd ~5% ahead of mid-point guidance Q3 2016: 80,400 boepd ~2% below mid-point guidance Full-year 2016 guidance revised upwards to 70,000 - 75,000…
  16. Q3 2016 Results – Lundin Petroleum – slide 16
    WF12213 Q3 p02 07.16 2016 Production Lundin Petroleum First nine months 2016 production of 68,900 boepd Q3 2016 production of 80,400 boepd Positively impacted by Edvard Grieg and Alvheim reservoir performance and uptime Negative…
  17. Q3 2016 Results – Lundin Petroleum – slide 17
    WF12213 Q3 p03 10.16 Lundin Petroleum Excellent Operating Performance 0 40 20 80 60 100 Facilities Uptime (%) Alvheim Hub 9M Q3 9M Q3 9M Q3 9M Q3 Brynhild Edvard Grieg Bertam 98% 70% 97% 96% 99% 58% 97% 100% Excludes…
  18. Q3 2016 Results – Lundin Petroleum – slide 18
    WF12213 Q3 p09 07.16 First Nine Months Net Production: 38,600 boepd Norway - Edvard Grieg (1) Excluding project Edvard Grieg Platform Luno South Ivar Aasen Platform Gas Export to SAGE Edvard Grieg Ivar Aasen Oil Export to…
  19. Q3 2016 Results – Lundin Petroleum – slide 19
    WF12213 Q3 p05 10.16 Norway - Edvard Grieg Resource Potential Resource Upside indicated by Pressure depletion significantly lower than modelled Water injector 1 ?> Reservoir 23m shallow to prognosis Water injector 2 ?> Reservoir 13m…
  20. Q3 2016 Results – Lundin Petroleum – slide 20
    WF12213 Q3 p12 05.16 Boa Infill Volund West Volund Infills PL736 S PL150 PL150b PL203b PL203 PL036c PL088BS Kobra Viper Alvheim Field Greater Alvheim Area Volund Field PL304 PL304BS B?yla Field Norway ? Greater Alvheim…
  21. Q3 2016 Results – Lundin Petroleum – slide 21
    Johan Sverdrup Norway Gross Resources: 1.9 - 3.0 billion boe(3) Construction of all four phase 1 platforms has commenced Project on schedule >26%(1) complete 6 development wells completed - ahead of schedule Breakeven oil price 26…
  22. Q3 2016 Results – Lundin Petroleum – slide 22
    Quality Assets ? Johan Sverdrup Norway ? Utsira High First oil Phase 1: Q4 2019 PDO submission for Phase 2: 2H 2018 First oil Phase 2: 2022 NOK 60% USD 15% Other 25% Gross NOK billion Gross Mbopd Phase I (1) Cost…
  23. Q3 2016 Results – Lundin Petroleum – slide 23
    3 p14 10.16 To Year End 2017 Norway Exploration and Appraisal Campaign 6 Exploration wells targeting net unrisked : >500 MMboe Rigs secured for operated southern Barents Sea, Alvheim area and Johan Sverdrup wells 4 Appraisal wells…
  24. Q3 2016 Results – Lundin Petroleum – slide 24
    3 drilling operations in 2016 Successfull re-entry of Alta-3 appraisal well 2nd Well: Re-enter suspended Neiden exploration well ? similar target to Alta discovery - ongoing 3rd Well: Filicudi exploration well on-trend with Johan…
  25. Q3 2016 Results – Lundin Petroleum – slide 25
    Korpfjell Prospect WF12176 p27 06.16 Norway Southeastern Barents Sea Norway - Southeastern Barents Sea High Impact Exploration Prospects mapped on new 3D seismic ? drill-ready Multi-billion barrel resource potential Structure…
  26. Q3 2016 Results – Lundin Petroleum – slide 26
    WF12210 p16 01.16 Malaysia ? Bertam First Nine Months Net Production: 8,700 boepd Good reservoir and facilities performance 100% Uptime in Q3 2016 A15 well completed with excellent results Commenced production in May 2016 540m net…
  27. Q3 2016 Results – Lundin Petroleum – slide 27
    10.16 2016-2017 Drilling Schedule 2016 2017 Q3 Q4 Q1 Q2 Q3 Q4 Netherlands exploration wells not included No rig secured 1 2 3 2 3 4 Norway JS Unit - Johan Sverdrup Norway PL338 - Edvard Grieg Norway PL609 - Alta-3 test Norway…
  28. Q3 2016 Results – Lundin Petroleum – slide 28
    Summary First Nine Months 2016 Record quarterly production with excellent operational uptime performance Revised full year 2016 production guidance upwards to 70,000 - 75,000 boepd Record low operating costs per barrel Material and…

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