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First Nine Months 2017 Operations & Financial Update – Lundin Petroleum

Lundin Petroleum · Nov 1, 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. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 1
  2. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 2
    First Nine Months 2017 First Nine Months: 87.1 Mboepd Q3: 89.2 Mboepd Expect full year at top or exceeding 80-85 Mboepd guidance range Facilities & Reservoir outperformance Significant reserves upgrade anticipated Strong Production…
  3. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 3
    Lundin Petroleum Production vs Operating Costs 10 0 20 30 40 50 60 70 80 90 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 Cash operating cost (USD/boe) Production (Mboepd) Production Guidance 4.27 USD/boe 89.2 Mboepd…
  4. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 4
    Lundin Petroleum First Nine Months Production Efficiency (%) Alvheim Area 97% Annual CMD, 93% Annual CMD, 95% First nine months production of 87.1 Mboepd Q3 production of 89.2 Mboepd Reservoir and facilities outperformance…
  5. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 5
    1 Combined for Edvard Grieg and Ivar Aasen Edvard Grieg Platform Rolvsnes Ivar Aasen Platform Gas Export to SAGE Edvard Grieg Ivar Aasen Oil Export to Grane Edvard Grieg Schematic Facilities capacity increased 15% above design…
  6. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 6
    Southwest appraisal well 10?30 MMboe gross resource upside Potential resource upside in other areas of the field Fourth water injection well currently drilling Latest drilling results inline with prognosis Communication with rest of…
  7. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 7
    Volund 2 infill wells Online 3Q 2017 Boa 2 infill wells Online 2018 Alvheim Field Alvheim FPSO Alvheim Area Alvheim Area Volund Field Volund Field First nine months production exceeds expectations First nine months 2017…
  8. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 8
    Over 40 million man-hours worked Project on schedule and over 60% complete Pre-drilled wells ahead of schedule 8 producers completed 9 of 10 water injectors drilled Phase 1 Capex further reduced by 5 Bn NOK to 92 Bn NOK (nominal)…
  9. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 9
    Johan Sverdrup Phase 1 ? Key Milestones Being Delivered on Schedule Riser platform jacket installed - July 2017 Drilling Platform Topsides assembled - September 2017 Norway Drilling Platform Topsides Riser Platform Jacket Oslo…
  10. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 10
    Johan Sverdrup Phase 2 Concept Selected ? FEED ongoing Phase 2 PDO 2H 2018 and First Oil 2022 Costs ~50% reduced from original Phase 1 PDO Full field breakeven oil price < 25 USD/bbl
  11. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 11
    Lundin Petroleum Significant resource upside in existing field areas Alta/Gohta appraisal drilling in 2017 - Completed Possible Alta EWT in 2018 Rolvsnes appraisal drilling/testing in 2018 De-risks larger area potential Luno II…
  12. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 12
    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 Sea 175 MMboe net unrisked…
  13. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 13
    Southern Barents Sea 3 High Impact Exploration Trends 0 KM 100 Johan Castberg Sn?hvit Goliat Wisting Filicudi Alta Gohta Hammerfest Vadso Troms? Southeastern Trend Multi billion barrel Potential Korpfjell (3) First…
  14. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 14
    First Nine Months 2017 Financial Highlights from Continuing Operations Production (boepd) Average Brent oil price (USD/boe) Cash operating costs (USD/boe) Net result (MUSD) EBITDA (MUSD) Operating cash flow (MUSD) Third Quarter…
  15. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 15
    First Nine Months 2017 Operating Cash Flow from Continuing Operations 200 400 0 600 800 1000 1200 389.6 557.0 1095.5 97% 60% 243.0 Third Quarter 2016 Third Quarter 2017 First Nine Months 2016 First Nine Months 2017…
  16. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 16
    First Nine Months 2017 EBITDA from Continuing Operations 200 0 400 600 800 1,000 1,200 200 0 400 600 800 1,000 1,200 382.4 475.8 1,071.7 125% 78% 215.3 Third Quarter 2016 Third Quarter 2017 First Nine Months…
  17. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 17
    First Nine Months 2017 Net Results from Continuing Operations 64% 34% Third Quarter 2016 Third Quarter 2017 First Nine Months 2016 First Nine Months 2017 Net Result from continuing operations Net Result from continuing…
  18. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 18
    First Nine Months 2017 Financial Results from Continuing Operations 0 100 200 Million USD Million USD 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 0 100 200 300 400 500 600 700 800 900 1,000…
  19. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 19
    First Nine Months 2017 Netback (USD/boe) from Continuing Operations Revenue Cost of operations - Base - Projects Tariff & transportation Inventory movements Other Cash Margin Cash taxes Operating Cash Flow General and…
  20. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 20
    Norway (Mainly PL859 Korpfjell, PL 609 B?rselv, PL492 Gohta-3 & PL150B Volund West) Russia Exploration Costs First Nine Months 2017 MUSD 41.1 1.1 First Nine Months 2017 after Tax MUSD 9.0 1.1 42.2 10.1 Impairment Costs…
  21. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 21
    First Nine Months 2017 G&A / Financial Items from Continuing Operations General & administration Long Term Incentive Plan Net Financial Items General & Administration Expenses Foreign exchange gain (1) Includes MUSD 2.9 loss on…
  22. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 22
    First Nine Months 2017 Tax from Continuing Operations 0.03 13.32 13.35 -0.03 13.84 13.81 Third Quarter USD/boe 2017 First Nine Months 2017 Current tax Deferred tax
  23. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 23
    First Nine Months 2017 Debt Position from Continuing Operations Million USD Million USD 3,500 4,000 4,100 4,200 4,300 4,400 3,600 3,700 3,300 3,200 3,200 3,100 3,000 3,100 3,000 3,400 3,300 3,400 3,800 3,900 3,500…
  24. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 24
    2017 Funding Liquidity and Net Debt 4,115 ~ USD 1 billion 91 4,024 85 RBL RBL Cash Net Debt 30/09/17 Tax refund Sources of Liquidity Nov 2017 0 1,000 2,000 3,000 4,000 5,000 MUSD Available Liquidity Headroom 7 year USD…
  25. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 25
    2017 Guidance Update Production Guidance (boepd) Cash operating costs (USD/boe) CAPEX (MUSD) E&A Expenditure (MUSD) New 85,000
  26. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 26
    Hedges Currency Q4 2017 2018 2019 872.1 3,493.0 1,672.4 105.6 424.2 200.4 8.26 8.23 8.35 BUY MNOK SELL MUSD Average rate NOK : USD 6,037.5 730.2 8.27 2020 2021 2022 1,000 750 500 130.0 98.3 65.6 7.69 7.63…
  27. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 27
    Hedges as at 30 September 2017 Subsequent events Interest Rates Q4 2017 2018 2019 3,000 3,000 3,000 1.66% 1.87% 1.42% Borrowings MUSD Floating LIBOR rate per annum 2020 2021 2022 1,750 1,000 1,000 2.01% 2.17% 2.37%
  28. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 28
    First Nine Months 2017 Record First Nine Months production of 87.1 Mboepd Expect full year at top or exceeding 80-85 Mboepd guidance range Record low First Nine Months operating costs of 4.15 USD/boe Expect full year operating costs…
  29. First Nine Months 2017 Operations & Financial Update – Lundin Petroleum – slide 29

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