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November 2017 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Nov 20, 2017 · 37 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. November 2017 Corporate Presentation – Lundin Petroleum – slide 1
  2. November 2017 Corporate Presentation – Lundin Petroleum – slide 2
    90 80 70 60 50 40 30 20 10 0 Delivering Growth Lundin Petroleum 4 x Production WF12310 p14 08.17 Production Guidance Production (Mboepd) Cash operating cost (USD/boe) 2015 2016 2017 > 85…
  3. November 2017 Corporate Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum At a Glance Organic growth strategy Strong production growth with low operating costs Resource base of ~1 billion barrels Geographical Focus Norway pure play WF12310 p01 02.17 Lundin Petroleum 3
  4. November 2017 Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Key Metrics Net MMboe Grow resource base and production organically with a disciplined geographical focus 800 700 600 500 400 300 200 100 0 2P Reserves Production Cash Operating Costs 654 714 Net Mboepd…
  5. November 2017 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Financial Highlights - First Nine Months 2017 1,200 1,000 800 Operating Cash Flow from continuing operations Million USD Million USD 600 400 200 0 557.0 97% First Nine Months 2016 1095.5 First Nine…
  6. November 2017 Corporate Presentation – Lundin Petroleum – slide 6
    Norway Forecast Development Expenditure on Committed Projects Committed Projects Johan Sverdrup Phase 1 Johan Sverdrup Phase 2 Edvard Grieg drilling Alvheim Area infill drilling 1,000 Forecast Development Expenditure (Million…
  7. November 2017 Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Debt USD 5.0 billion RBL secured Attractive margin: 315 bps No amortisation until end 2020 MUSD 5,000 4,000 3,000 2,000 1,000 0 5,000 4,115 4,024 91 85 RBL RBL Cash Net Debt 30/09/17 Sources of…
  8. November 2017 Corporate Presentation – Lundin Petroleum – slide 8
    Norway Investment Framework Lundin Petroleum Organic Growth Signi?cant yet to ?nd resources Material acreage position in both the southern Barents Sea and the North Sea Building positions in the Norwegian Sea and the Mandal High…
  9. November 2017 Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Key Production Asset ? Edvard Grieg Lundin operated 2P reserves: 223 MMboe Increased facilities capacity: 145,000 bopd Gross Edvard Grieg Estimated Ultimate Recovery (MMboe) Cumulative Production 3P Reserves…
  10. November 2017 Corporate Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Continuous Reserves Growth ? Alvheim Area Strong reservoir performance Facilities well managed Production decline arrested by in?ll drilling ? keeps operating costs low Portfolio of good in?ll drilling…
  11. November 2017 Corporate Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum Johan Sverdrup Largest Phase 1 development on NCS Phase 1 progressing to schedule ? 60% complete Project metrics continue to get better Working Interest ? Johan Sverdrup Unit Statoil Lundin Petoro Aker BP…
  12. November 2017 Corporate Presentation – Lundin Petroleum – slide 12
    Johan Sverdrup Phase 1 ? Key Milestones Being Delivered on Schedule Riser platform jacket installed - July 2017 Drilling Platform Topsides assembled - September 2017 Riser Platform Jacket Johan Sverdrup Norway Haugesund Drilling…
  13. November 2017 Corporate Presentation – Lundin Petroleum – slide 13
    Johan Sverdrup Lundin Petroleum PRODUCTION CAPACITY Phase I 440 Mbopd 207 Bn NOK Current PDO (1) Full Field 660 Mbopd FULL FIELD - GROSS CAPEX (2) 132?147 Bn NOK TOTAL SAVING 30-35% Saving since PDO submission (1)…
  14. November 2017 Corporate Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Big Fields Get Bigger Gr os s MMboe 3,200 3,000 2,800 2,600 2,400 2,200 600 500 400 300 200 100 0 98% PDO End 2016 Alvheim Area 36% PDO End 2016 Edvard Grieg EG South West 16% PDO End 2016 Johan…
  15. November 2017 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Low Carbon Footprint Norway has one of the lowest carbon emission rates per barrel in the world Carbon mitigation technology and improved emissions management e / b o e Lundin Petroleum low carbon intensity…
  16. November 2017 Corporate Presentation – Lundin Petroleum – slide 16
    Appraisal Focus Lundin Petroleum MMboe Signi?cant resource upside in existing ?eld areas Alta/Gohta appraisal drilling in 2017 - Completed Possible Alta EWT in 2018 Rolvsnes appraisal drilling/testing in 2018 De-risks larger area…
  17. November 2017 Corporate Presentation – Lundin Petroleum – slide 17
    Exploration Strategy Lundin Petroleum Focus on organic growth 3 high impact trends in southern Barents Sea Continuous activity 2017 exploration drilling 2 further exploration wells on Filicudi Trend in the southern Barents…
  18. November 2017 Corporate Presentation – Lundin Petroleum – slide 18
    (1) Southern Barents Sea 3 High Impact Exploration Trends Filicudi Discovery 35?100 MMboe Hurri Prospect 218 MMboe gross Hufsa Prospect Filicudi Trend Loppa High Trend >1 Bn bo Johan Castberg Gross contingent plus…
  19. November 2017 Corporate Presentation – Lundin Petroleum – slide 19
    Lundin Petroleum Key Messages Production Guidance 20.7 (Mboepd) 59.3 2015 2016 > 85 2017 Guidance >150 >120 J. Sverdrup Phase 1 J. Sverdrup Plateau 10.7 2015 2016 2017 Guidance Strong production growth with low…
  20. November 2017 Corporate Presentation – Lundin Petroleum – slide 20
    Lundin Petroleum Appendix Lundin Petroleum 20
  21. November 2017 Corporate Presentation – Lundin Petroleum – slide 21
    2017 Guidance Update Production Guidance (boepd) Cash operating costs (USD/boe) CAPEX (MUSD) E&A Expenditure (MUSD) New 85,000
  22. November 2017 Corporate Presentation – Lundin Petroleum – slide 22
    Financial Performance MUSD 1,800 2,000 1,600 1,400 1,200 1,000 800 600 400 200 0 Operating Cash Flow EBITDA Total Capex 2010 2011 2012 2013 2014 2015 2016 EBITDA (MUSD) Operating cash flow (MUSD) Production (boepd)…
  23. November 2017 Corporate Presentation – Lundin Petroleum – slide 23
    Lundin Petroleum Funding and Liquidity - 2017 Guidance USD/boe 80 70 60 50 40 30 20 10 0 YTD Actuals Brent 50 USD/bbl Forecast Tax Pools of USD 2.7 33 Liquidity Headroom start 2017 (3) 46 OCF (2) 39 8 Capex/ E&A…
  24. November 2017 Corporate Presentation – Lundin Petroleum – slide 24
    Net 2P Reserves 31 December 2016 Johan Sverdrup, 551.4 Total 714.1 MMboe Numbers in chart may not add up due to rounding Edvard Grieg, 127.0 Ivar Aasen, 2.4 Alvheim Area, 29.3 Brynhild, 3.9 (1) (2) End 2015 - 2016 Production…
  25. November 2017 Corporate Presentation – Lundin Petroleum – slide 25
    Lundin Petroleum Peer Comparison ? Reserves Life Index Y ea r s 30 25 20 15 10 5 0 (1) Lundin Petroleum?s growth pro?le better than peers (1) Data Source: based on latest 2P reserves and production data disclosed by peer…
  26. November 2017 Corporate Presentation – Lundin Petroleum – slide 26
    Net Contingent Resources 31 December 2016 Gohta, 51.3 Barents Sea, 156.5 End 2016 Total 249.4 MMboe Salina, 7.6 Neiden, 8.5 Alta, 89.1 Alvheim Area, 7.7 Numbers in pie chart may not add due to rounding. Does not include…
  27. November 2017 Corporate Presentation – Lundin Petroleum – slide 27
    2017 Production Lundin Petroleum First nine months production of 87.1 Mboepd Q3 production of 89.2 Mboepd Reservoir and facilities outperformance Increased Edvard Grieg facilities capacity Updated full year production…
  28. November 2017 Corporate Presentation – Lundin Petroleum – slide 28
    Lundin Petroleum 2017 Development Activity Norway 2017 Budget 980 MUSD Alvheim Area Other Johan Sverdrup Phase 1 Edvard Grieg Utsira High Johan Sverdrup Phase 1 Facilities construction Development drilling Edvard Grieg…
  29. November 2017 Corporate Presentation – Lundin Petroleum – slide 29
    Lundin Petroleum 2017 Exploration & Appraisal Activity 2017 Budget 210 MUSD Appraisal, ~60% Exploration, ~40% 10 E&A wells in 2017 UK UK Norwegian Sea North Sea Edvard Grieg Alvheim Area SW appraisal well Johan Sverdrup…
  30. November 2017 Corporate Presentation – Lundin Petroleum – slide 30
    Southern Barents Sea Alta / Gohta Gohta-3 appraisal well Poor reservoir quality Downgrades resource estimate ? update at year end Gohta considered as satellite to larger Alta discovery No impact on Alta appraisal and…
  31. November 2017 Corporate Presentation – Lundin Petroleum – slide 31
    Edvard Grieg Reservoir Performance WF12378 p19 10.17 31 OP3 OP6 EG Southwest appraisal OP10 OP5 OP4 OP1 OP2 WI1 WI5 WI3 WI2 Southwest appraisal well 10?30 MMboe gross resource upside Potential resource upside in…
  32. November 2017 Corporate Presentation – Lundin Petroleum – slide 32
    MMboe Utsira High Lundin Petroleum 1,200 1,000 800 600 (1) (2) 0 Significant resource upside in existing field areas Rolvsnes appraisal drilling/testing in 2018 De-risks larger potential of Goddo Luno II concept studies…
  33. November 2017 Corporate Presentation – Lundin Petroleum – slide 33
    Lundin Petroleum The Most Successful Explorer 60 55 50 45 40 35 30 25 20 15 10 5 Second most active explorer No. exploration wells (wildcat) Commercial discovery Non-commercial discovery Dry hole commercial…
  34. November 2017 Corporate Presentation – Lundin Petroleum – slide 34
    Southern Barents Sea Filicudi Trend Bj?rn?yrenna Fault complex Iskrystall Kramsn? 7219/9-1 Hurri Prospect 218 MMboe CoS 25% (1) Nunatak Havis Skrugard Drivis Hurri prospect Skavl ? Johan Castberg Kayak Discovery Rufsa…
  35. November 2017 Corporate Presentation – Lundin Petroleum – slide 35
    2017 Drilling Schedule 1 3 2 4 5 6 7 8 9 10 3 2 1 2017 Q1 Q2 Q3 Q4 Licence - Prospect Operator PL533 - Filicudi Alvheim Area JS Unit - Johan Sverdrup PL338 - Edvard Grieg Well type exp Lundin PL492 - Gohta-3 app…
  36. November 2017 Corporate Presentation – Lundin Petroleum – slide 36
    Creating Shared Value from Responsible Energy Management Lundin Petroleum Norwegian oil and gas sector is #1 in the Resource Governance Index (RGI) Operating in the world class governance environment of Norway gives Lundin Petroleum…
  37. November 2017 Corporate Presentation – Lundin Petroleum – slide 37
    WF11003 p01 01.17 37 Lundin Petroleum?s Shareholders Number of shares in issue: 340.4 million Average traded volume per trading day in 2016: ~1.2 million shares (1) Part of OMX30, NASDAQ Stockholm Shares in free-?oat approx.…

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