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1Q 2018 Operational and Financial Update – Lundin Petroleum

Lundin Petroleum · May 2, 2018 · 24 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. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 1
    Operations & Financial Update First Quarter 2018 Alex Schneiter, President & CEO Teitur Poulsen, CFO 2 May 2018 WF123439 30 Apr 18
  2. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 2
    First Three Months 2018 Highlights Strong Production Q1 production 83.1 Mboepd 4% above mid-point and top of the guidance range Low Operating Costs Record low operating costs 3.82 USD/boe 7% below guidance Strong Financial…
  3. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 3
    Lundin Petroleum Production vs Operating Costs 90 83.1 Mboepd 80 Production (Mboepd) 70 60 Production Guidance 50 40 30 20 Operating cost (USD/boe) 10 3.82 USD/boe 0 WF12437 Q1 p03 04.18 Q1 Q2 Q3 Q4 Q1 Q2…
  4. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 4
    Lundin Petroleum 2018 Production Q1 2018 production of 83.1 Mboepd 4% above mid-point and top of guidance range 2018 Production Efficiency (%) Underpinned by strong facilities and reservoir performance Edvard Grieg 2018 production…
  5. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 5
    Edvard Grieg Update Q1 2018 operating costs 3.59 USD/boe (1) Best estimate ultimate gross recovery increased to 274 MMboe 47% increase from original PDO 13 of the 14 PDO planned wells completed 9 producers and 4 water injectors…
  6. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 6
    Alvheim Area Update Q1 2018 production exceeds expectations 2 Boa infill wells hooked-up and online Q1 2018 Q1 2018 operating costs 4.22 USD/boe 2 further infill wells planned during 2018 Frosk exploration success Q1 2018 Alvheim…
  7. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 7
    Johan Sverdrup Phase 1 Update PROJECT SCHEDULE COST REDUCTION RESOURCE INCREASE PRE-DRILLED WELLS KEY DATE Drilling ahead of schedule 70% Capex reduced to 2.13.1 First oil 8 producers complete 88 Bn NOK (1) billion boe late 2019…
  8. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 8
    Johan Sverdrup Phase 1 - Key Milestones Being Delivered on Schedule Target Phase 1 Phase 2 First Oil 2017 2018 2019 PDO Late 2019 Process LQ Topsides Riser Drilling Installation Schedule Jacket Riser Process LQ…
  9. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 9
    Johan Sverdrup Phase 2 Update FEED COMPLETED COSTS BREAK EVEN PRICE KEY DATES Key contracts Phase 2 PDO - 50% reduction Full Field before September 2018 awarded from Phase 1…
  10. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 10
    Lundin Petroleum Loppa High Southern Appraisal - Progressing Resources to Reserves Alta/Gohta Barents Sea Hammerfest Luno II appraisal success Resources increased to 40100 MMboe (2) PDO around end 2018 Harstad Rolvsnes…
  11. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 11
    Lundin Petroleum Southern Barents Sea - Drill Out & Build 4 exploration wells in 2018 Exploration Strategy - Large under-explored basin 8 Bn boe(1) - Drill out material prospects 2018 wells targeting 1.5 Bn boe(2) 2018 exploration…
  12. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 12
    Lundin Petroleum Proposed Dividends 2018 2019 2020+ Ability to further 4 SEK/share MUSD 350 increase Dividend with J. Sverdrup onstream WF12416 p12 04.18 Lundin Petroleum 12
  13. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 13
    First Quarter 2018 Financial Highlights First Quarter 2018 Actual Production (Mboepd) 83.1 Average Brent oil price (USD/boe) 66.82 Operating costs (USD/boe) 3.82 EBITDA (MUSD) 456.5 Operating cash flow (MUSD) 461.8 Free…
  14. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 14
    First Quarter 2018 Financial Results Oil Price +26% Production + 1% 500 500 461.8 456.5 +26% +28% 400 400 365.9 355.8 300 300 Million USD 228.8(1) 200 200 +286% 100 100 59.2 0 0 Operating Cash Flow EBITDA…
  15. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 15
    First Quarter 2018 Financial Results Revenue & Other income MUSD 499.5 (1) 83,100 boepd Production costs USD 64.53/boe MUSD 38.6 500 Financial items 500 MUSD 123.4 450 450 Cash Margin Margin on oil from Depletion MUSD 462.1…
  16. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 16
    First Quarter 2018 Realised Prices 70 Brent 66.23 64.53 Oil price achieved Blended oil & gas 62.41 price achieved 60 58.87 USD/bbl 52.63 52.82 51.14 51.57 50 48.43 46.70 40 0 Q1 2017 Q2 2017 Q3 2017 Q4…
  17. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 17
    First Quarter 2018 Operating Costs 50 5 4.54 4.27 4.14 41.9 4.04 40.6 40 38.6 3.82 4 36.2 34.1 30 3 USD/boe MUSD 20 2 Unit operating cost after tariff income netting 10 1 Tariff and transportation OPEX…
  18. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 18
    First Quarter 2018 G&A / Financial Items (MUSD) Q1 2018 General & Administration Expenses MUSD General & administration 5.3 Long Term Incentive Plan 1.0 6.3 Net Financial Items Foreign exchange (gain) (1) -162.1 Interest…
  19. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 19
    First Quarter 2018 Income Taxes INCOME STATEMENT ADJUSTED FOR NON-TAXABLE FX GAIN 461.0 461.0 298.9 -162.1 MUSD MUSD -232.2 Effective tax rate 50% Tax rate -232.2 adjusted 78% for FX Profit Income Profit…
  20. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 20
    First Quarter 2018 Cash Flow, Debt Position and Liquidity 402.6 Facility Size 5 Bn USD Available Liquidity 1.3 3.9 Bn USD 3.7 Headroom -230.8 MUSD Bn USD Free Cashflow MUSD 171.8 -130.0 27.5 -14.3 Cash Flows…
  21. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 21
    2018 Latest Guidance Compared to CMD Latest CMD Guidance Production Guidance (Mboepd) 74.0-82.0 74.0-82.0 Operating costs (USD/boe) 4.15 4.15 CAPEX (MUSD) 800 800 E&A Expenditure (MUSD) 250 300 WF12441 p08 04.18 Lundin…
  22. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 22
    Lundin Petroleum 2018 Dividend Payment Dividend of 4 SEK/share proposed to the 2018 AGM Right to receive dividend upto and including 3 May 2018 Ex-dividend 4 May 2018 Record date 7 May 2018 Expected pay-out date 11 May 2018…
  23. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 23
    First Quarter 2018 Summary Q1 2018 production of 83.1 Mboepd Record low Q1 operating costs of 3.82 USD/boe Generated free cash f low of approximately 170 MUSD Proposed inaugural cash dividend payment of 4 SEK/share and…
  24. 1Q 2018 Operational and Financial Update – Lundin Petroleum – slide 24
    www.lundin-petroleum.com

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