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June 2018 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Jun 1, 2018 · 31 slides

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  1. June 2018 Corporate Presentation – Lundin Petroleum – slide 1
    Corporate Presentation June 2018 29 May 18 WF12414
  2. June 2018 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum A Leading European Independent E&P Company Dividend Announcement 4 SEK/share 280 10 Bn USD 1Bn boe 260 240 IPC Spin-off Market Cap Resource base 220 200 410 MUSD 180 160 Mboepd Industry Leading…
  3. June 2018 Corporate Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum Norway Pure Play Organic growth strategy NCS ranks in top 10 worldwide exploration areas(1) Significant yet to find resources 16 billion barrels(2) Track record of company-making discoveries 0.7USD/boe Lundin…
  4. June 2018 Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Key Metrics Strong track record of growth and delivery over the years 2P Reserves Production Cash Operating Costs Operating Cash Flow 800 726 90 86 12 2,000 714 7482 10.7 80 700 654 10 70 1,530 Net…
  5. June 2018 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Long-term Production Growth Production Guidance (Mboepd) Opex Guidance (USD/boe) 10.70 160(1) 130(1) 6.80 86 74-82 4.25 4.15 3.90 59 to 4.40 21 2015 2016 2017 2018 J. Sverdrup J. Sverdrup 2015…
  6. June 2018 Corporate Presentation – Lundin Petroleum – slide 6
    Lundin Petroleum Financial Transformational Years Ahead 5 70 USD/bbl + 2% pa escalation 55 USD/bbl + 2% pa escalation Dividends 4 2018 EBITDA Billion USD 161 MUSD 3 2019 2 1.8 350 MUSD 1.5(1) 1.4 2020+ 1 0.8(1)…
  7. June 2018 Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Commitment to Carbon Emission Reductions Norway highest carbon taxes Proactive pursuit of emission reductions in support of NCS industry roadmap targets Significant reduction at Edvard Grieg from 2022 through power…
  8. June 2018 Corporate Presentation – Lundin Petroleum – slide 8
    Alvheim Area Lundin Petroleum Key Assets Alvheim Volund Production Development Byla Production Edvard Grieg Johan Sverdrup WF12414 p18 02.18 Utsira High Area Lundin Petroleum 8
  9. June 2018 Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Edvard Grieg Significant Reserve Increase 2018 production efficiency guided at 95% OPEX 3.59 USD/boe(1) 2017 year-end reserves increase (+51 MMboe gross) Recovery rate increased from 38% to 50% (2P only)…
  10. June 2018 Corporate Presentation – Lundin Petroleum – slide 10
    Edvard Grieg Production Plateau Extended by 2 Years Potential for production plateau to continue to shift to the right Gross Production (Mboepd) End Plateau 2P Reserves 3P Reserves PDO Plateau to end 2019 Plateau to mid-2021…
  11. June 2018 Corporate Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum Alvheim Area Continuous Reserves Growth Strong reservoir performance OPEX 4.22 USD/boe (2) Portfolio of good infill drilling opportunities Infill opportunities breakeven Exploration opportunities Frosk discovery…
  12. June 2018 Corporate Presentation – Lundin Petroleum – slide 12
    Lundin Petroleum Johan Sverdrup - Key Numbers GROSS RESOURCES PRODUCTION CAPACITY BREAK EVEN PRICE GROSS CAPEX(1) Phase 1 Full Field Phase 1 Phase 2 Full Field 2.1-3.1 billion boe First oil late 2019 First oil…
  13. June 2018 Corporate Presentation – Lundin Petroleum – slide 13
    Johan Sverdrup Phase 1 on Schedule On track for Phase 1 Phase 2 First Oil 2017 2018 PDO 2019 Late 2019 Process LQ Topsides Riser Drilling Installation Schedule Jacket Riser Process LQ Installation Schedule Drilling…
  14. June 2018 Corporate Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Big Fields Get Bigger 3,200 3P Reserves(3) 2C Contingent Resources 3,000 Cumulative Production 2,800 Remaining 2P Reserves(2) 2,600 2,400 10% 2,200 600 Gross MMboe 500 400 86% 300 47%…
  15. June 2018 Corporate Presentation – Lundin Petroleum – slide 15
    Southeastern Trend Lundin Petroleum Southern Barents Sea 7.3 billion barrels(1) Organic Growth Strategy Loppa High Hammerfest 6 50% core increase in exploration acreage footprint Harstad from last year areas Norwegian Sea…
  16. June 2018 Corporate Presentation – Lundin Petroleum – slide 16
    Lundin Petroleum Creating Value Through Subsurface Innovation New Reservoirs Technology & Plays Expertise Maximising Recovery WF12414 p19 02.18 Lundin Petroleum 16
  17. June 2018 Corporate Presentation – Lundin Petroleum – slide 17
    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…
  18. June 2018 Corporate Presentation – Lundin Petroleum – slide 18
    Southern Barents Sea - Drill Out & Build Lundin Petroleum 4 exploration wells in 2018 Exploration Strategy - Large under-explored basin 7.3 Bn boe(1) - Drill out material prospects 2018 wells targeting 1.5 Bn boe(2) 2018…
  19. June 2018 Corporate Presentation – Lundin Petroleum – slide 19
    Lundin Petroleum Key Messages Strong production growth from committed projects Double production levels when Johan Sverdrup Phase 2 on stream Industry leading low operating costs Strong cash flow generation Strong liquidity -…
  20. June 2018 Corporate Presentation – Lundin Petroleum – slide 20
    Lundin Petroleum Key Messages Lundin Petroleum 10.7 OPEX Production Guidance Appendix (USD/boe) (Mboepd) 150 120 6.8 86.1 4.5 59.3 4.25 20.7 32 2015 2016 2017 J. Sverdrup J. Sverdrup 2015 2016 2017 J. Sverdrup Phase 1…
  21. June 2018 Corporate Presentation – Lundin Petroleum – slide 21
    Lundin Petroleum Financial Highlights - 2017 Operating Cash Flow EBITDA from continuing operations from continuing operations 1,600 1,600 1,530 1,501.5 1,400 1,400 Net Result from continuing operations 1,200 1,200 78% 100%…
  22. June 2018 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum Forecast Development Expenditure Forecast Development Expenditure (Million USD) (1) 1'200 Committed Projects Only 1'000 800 Million USD 600 400 200 CMD 2017 CMD 2018 0 2018 2019 2020 2021…
  23. June 2018 Corporate Presentation – Lundin Petroleum – slide 23
    Lundin Petroleum Cash Flow, Debt Position and Liquidity Q1 2018 Actual 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…
  24. June 2018 Corporate Presentation – Lundin Petroleum – slide 24
    Lundin Petroleum Funding and Liquidity - 2018 Guidance 2018 Guidance, Brent 65 USD/boe 100 60 80 USD/boe 60 39 9 45 40 39 6 20 0 Liquidity OCF(1) Capex/ Finance/ 2017 Liquidity Headroom E&A G&A Dividends…
  25. June 2018 Corporate Presentation – Lundin Petroleum – slide 25
    Lundin Petroleum 2018 Development Activity Barents Sea 2018 Budget 800 MUSD Other Alvheim Area Edvard Grieg Norwegian Sea Utsira High Johan Sverdrup Phase 1 Facilities construction/installation Molde Development…
  26. June 2018 Corporate Presentation – Lundin Petroleum – slide 26
    Korpfjell Deep Prospect Lundin Petroleum 2018 Exploration & Appraisal Activity Barents Sea Alta EWT Svanefjell Prospect Gjksen Shallow Prospect 2018 Budget 300 MUSD Gjksen Deep Southern Barents Sea Area Prospect…
  27. June 2018 Corporate Presentation – Lundin Petroleum – slide 27
    Lundin Petroleum Year-end 2017 Net Reserves and Resources (MMboe) 3P RRR(3): 99% 3P RLI(4): 28 Years 2P RRR(3): 144% 2P RLI(4): 23 Years (1) 2P Reserves is Proved plus Probable remaining reserves (2) 3P Reserves is…
  28. June 2018 Corporate Presentation – Lundin Petroleum – slide 28
    Southern Barents Sea Exploration - Early Days 2017 Wells Fields 2018 Prospects Lundin Norway Licenses Large underexplored area 120 wildcat wells drilled 7.3 Bn boe yet to find (1) 5 significant discoveries to date 2.5 Bn boe…
  29. June 2018 Corporate Presentation – Lundin Petroleum – slide 29
    Rungne Norwegian North Sea 69 MMboe(1) Bergen Exploration - Significant Potential Alvheim Area Gekko appraisal Significant remaining prospectivity Frosk Oil Discovery Lille Prinsen 4.6 Bn boe yet to find(2) 55 MMboe(1) 3060…
  30. June 2018 Corporate Presentation – Lundin Petroleum – slide 30
    Lundin Petroleum Shareholder Structure Listed on Nasdaq Stockholm Shares in free-float approx. 51% Rest of the World 11% Sweden Lundin Family 29% 21% Institutional USA 23% Scandinavia 340.4 million 34% Investors 10%…
  31. June 2018 Corporate Presentation – Lundin Petroleum – slide 31
    www.lundin-petroleum.com

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