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2017 First Quarter Financial Presentation – Lundin Petroleum

Lundin Petroleum · May 3, 2017 · 29 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. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 1
    Financial Presentation First Quarter 2017 Alex Schneiter, President & CEO Teitur Poulsen, CFO 3 May 2017 WF12329 2 May 17
  2. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 2
    First Quarter 2017 Financial Highlights from Continuing Operations First Quarter 2017 Production (boepd) 82,600 Average Brent oil price (USD/boe) 53.69 Cash operating costs (USD/boe) 4.04 EBITDA (MUSD) 355.8 Operating cash…
  3. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 3
    First Quarter 2017 Financial Results from Continuing Operations Production increase 72% 400 Oil price increase 58% 365.9 355.8 350 350 300 300 174% 250 250 265% Million USD Includes net fx gain of MUSD 167.9 200…
  4. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 4
    First Quarter 2017 Financial Results from Continuing Operations Revenue MUSD 421.5 (1) Operating Costs and other cost of sales 82.600 boepd MUSD 55.4 (2) USD 51.14/boe Cash operating costs USD 4.04/boe 440 440 400 400 360 360…
  5. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 5
    First Quarter 2017 Netback (USD/boe) from continuing operations First Quarter 2017 Average Brent oil price USD/boe 53.69 Revenue 51.14 Cost of operations - Base -3.36 - Projects -0.20 Tariff & transportation -0.48 Inventory…
  6. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 6
    Forecast 2017 Cash Operating Costs from Continuing Operations USD/boe Cash operating costs USD/boe 6.0 6.0 5.5 5.5 5.0 5.0 Forecast 2017 Revised FY Guidance USD 4.90/boe 4.9 USD/boe (CMD Guidance USD 5.30/boe) 4.5…
  7. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 7
    First Quarter 2017 G&A / Financial Items from Continuing Operations First Quarter 2017 General & Administration Expenses MUSD General & administration 9.9 Long Term Incentive Plan 1.1 11.0 Net Financial Items Foreign exchange…
  8. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 8
    First Quarter 2017 Tax from Continuing Operations First Quarter 2017 USD/boe Current tax 0.04 Deferred tax 18.24 18.28 WF12329 Q1 p07 04.17 Lundin Petroleum 8
  9. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 9
    First Quarter 2017 Debt Position from Continuing Operations 4,500 4,500 4,400 4,400 Million USD 4,300 4,300 G&A MUSD 9 4,200 Exploration & Appraisal Financial MUSD 53 4,200 MUSD 55 Opening Net Debt 4,100 4,100 1 Jan…
  10. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 10
    2017 Funding Liquidity and Net Debt New 7 year USD 5.0 billion RBL secured in February 2016 - fully committed Attractive margin: 315 bps 5 year grace period (no amortisation until end 2020) 5,000 5,000 4,085 56 4,029 77…
  11. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 11
    Hedges as at 31 March 2017 Currency BUY SELL Average rate MNOK MUSD NOK : USD Q2Q4 2017 2,618.0 317.4 8.25 2018 3,493.0 424.2 8.23 2019 1,672.4 200.4 8.35 7,783.4 942.0 8.26 Interest rate Borrowings Floating LIBOR MUSD…
  12. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 12
    Spin-off IPC Assets MUSD 31 Mar 2017 Net assets held for distribution 398 Net result Q1 2017 from discontinued operations 4 Expected result on spin-off IPC assets 60 To be booked in Q2 2017 WF12329 Q1 p11 04.17…
  13. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 13
    First Three Months 2017 Highlights Production Q1 2017: 82.6 Mboepd upper end of guidance range Edvard Grieg facilities performing 15% above design capacity Increased production guidance of 7585 Mboepd Operating Efficiency Q1…
  14. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Production vs Cost of Operations 90 82.6 Mboepd 80 Production (Mboepd) 70 60 50 40 30 20 Cost of operations (USD/boe) 10 4.04 USD/boe 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 WF12206 p04 04.17 2015…
  15. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 15
    2017 Forecast Lundin Petroleum Other 3% 2017 Production Alvheim Area 18% Q1 2017 production of 82,6 Mboepd Q1 production at upper end of guidance range Reservoir and facilities outperformance Edvard Grieg 79% Increased Edvard…
  16. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 16
    Edvard Grieg Schematic Edvard Grieg Ivar Aasen Platform Edvard Grieg Platform Oil Export to Grane Gas Export to SAGE Ivar Aasen Facilities able to produce 15% above design capacity level 5 producing wells on stream Edvard…
  17. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 17
    Edvard Grieg Southwest Appraisal Success Drilled Producer Drilled WI Prior OWC Edvard Grieg Latest OWC 15m gross oil column OP5 ONGOING Top reservoir 9m deep, but oil-water contact WI1 (A02) 9m deep to prognosis…
  18. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 18
    Greater Alvheim Area Alvheim Area PL203b BoA PL203 PL036c PL088BS 2 infill wells Online 2018 Alvheim Field Q1 2017 operating costs USD 3.24/boe Alvheim Viper/Kobra producing above expectations Volund Field Kobra 2 BOA…
  19. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 19
    Johan Sverdrup Phase 1 Construction ongoing at 22 sites 10 development wells completed Project on schedule 40% complete Capex reduced by 30% compared to PDO(1) Riser Platform Jacket installation Q3 Gross resources increased to 2.0…
  20. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 20
    Johan Sverdrup Phase 2 Concept Selection Concept Selection (DG2) decided upon Costs 50% reduced from original Phase 1 PDO FEED contracts awarded Phase 2 PDO 2H 2018 and First Oil 2022 Full field breakeven oil price < 25 USD/bbl…
  21. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 21
    Norway Searching for the next Elephant Korpfjell Hufsa Filicudi (Discovery) Hurri Neiden Johan Sverdrup Alta / Gohta Brselv Edvard Grieg Alvheim WF12326 Q1 p08 04.17 WF12326 Q4 p08 10.16 Lundin Petroleum 21
  22. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum Exploration Strategy Southeastern Trend Loppa High & Filicudi Trends Barents Sea Hammerfest Focus on organic growth 3 high impact trends in Southern Barents Sea Continuous activity Utsira High, Alvheim Area…
  23. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 23
    Lundin Petroleum 3 High Impact Exploration Trends in the Southern Barents Sea Loppa High Trend 1 Bn bo(1) Southeastern Trend Multi billion barrel Potential PL715(3) Brselv Prospect Krktind 244 MMboe gross Brselv Korpfjell…
  24. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 24
    Southern Barents Sea Filicudi Trend 2017 Drilling Hurri prospect: Kramsn Nunatak Skrugard Johan Castberg Adjacent to the recent Filicudi discovery Skavl Havis EM anomaly Drivis Bjrnyrenna Fault complex 7219/9-1 Hufsa…
  25. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 25
    Southern Barents Sea Area Southern Barents Sea Alta / Gohta Norway Alta Discovery Gohta-3 Appraisal Well Poor reservoir quality Downgrades resource estimate update at year end Alta-4 Appraisal Alta-3 Gohta considered as…
  26. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 26
    Southern PL859 Southeastern Barents Sea Barents Sea Korpfjell Prospect PL859 (Statoil operator, Lundin 15%) Norway Prospects mapped on new 3D seismic drill-ready Multi-billion barrel resource potential Structure aerial closures…
  27. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 27
    2017 Drilling Schedule Well LUPE 2017 Licence - Prospect type Operator WI % Q1 Q2 Q3 Q4 1 PL533 - Filicudi exp Lundin 35.00 Discovery 2 PL492 - Gohta-3 app Lundin 40.00 Completed 3 PL609 - Alta-4 app Lundin 40.00 4 PL609 -…
  28. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 28
    First Quarter 2017 Summary Record quarterly production of 82.6 Mboepd Increased production guidance of 7585 Mboepd Record low quarterly operating costs of 4.04 USD/boe Edvard Grieg southwest appraisal success increased…
  29. 2017 First Quarter Financial Presentation – Lundin Petroleum – slide 29
    www.lundin-petroleum.com

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