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July 2018 Investor Presentation – Lundin Petroleum

Lundin Petroleum · Jul 31, 2018 · 26 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. July 2018 Investor Presentation – Lundin Petroleum – slide 1
    Operations & Financial Update First Six Months 2018 Alex Schneiter, President & CEO Teitur Poulsen, CFO 31 July 2018 WF12451 30 Jul 18
  2. July 2018 Investor Presentation – Lundin Petroleum – slide 2
    First Six Months 2018 Highlights Strong Production Low Operating Costs 1H 2018: 82.1 Mboepd 1H 2018: 3.30 USD/boe Q2 2018: 81.2 Mboepd Reduced…
  3. July 2018 Investor Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum Production vs Operating Costs 90 82.1 Mboepd 80 Production (Mboepd) 70 60 Production Guidance 50 40 30 20 Operating cost (USD/boe) 10 3.30 USD/boe 0 WF12451 Q2 p03 07.18 2015 2016 2017 1H…
  4. July 2018 Investor Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum 2018 Production 1H 2018 production of 82.1 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. July 2018 Investor Presentation – Lundin Petroleum – slide 5
    Edvard Grieg Update 14 PDO planned wells completed Rig de-mobilised Reservoir performance continues to exceed expectations No material water production Infill drilling planned in 2020 4D seismic survey in Q3 2018 Johan…
  6. July 2018 Investor Presentation – Lundin Petroleum – slide 6
    Alvheim Area Update 2 Boa infill wells hooked-up and online Q1 2018 Frosk exploration success Q1 2018 - 2 follow-up wells OPEX 4.22 USD/boe (2) Kameleon infill well currently drilling 1 appraisal well in 2018 Alvheim FPSO…
  7. July 2018 Investor Presentation – Lundin Petroleum – slide 7
    Johan Sverdrup Phase 1 Update PROJECT SCHEDULE COST REDUCTION RESOURCE LEVEL PRE-DRILLED WELLS KEY DATE Drilling ahead of schedule 75% Capex reduced to 2.13.1 First oil 8 producers complete 88 Bn NOK (1) billion boe late 2019 10…
  8. July 2018 Investor Presentation – Lundin Petroleum – slide 8
    Johan Sverdrup Phase 1 - Key Milestones Being Delivered on Schedule On track for Phase 1 2017 2018 2019 Phase 2 First Oil PDO Late 2019 Drilling Process LQ Topsides Riser Installation Schedule Process LQ Jacket Riser…
  9. July 2018 Investor Presentation – Lundin Petroleum – slide 9
    Johan Sverdrup Phase 2 Update FEED COMPLETED COSTS BREAK EVEN PRICE KEY DATES Key contracts 50% reduction Full Field Phase 2 PDO - from Phase 1 PDO before September 2018…
  10. July 2018 Investor Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Loppa High Southern Appraisal - Progressing Resources to Reserves Alta/Gohta Barents Sea Hammerfest Luno II appraisal success Gross resources increased to 40100 MMboe Harstad PDO early 2019 Rolvsnes…
  11. July 2018 Investor Presentation – Lundin Petroleum – slide 11
    Alta/Gohta Appraisal Alta EWT DRILLING WELL RESULTS TESTING Horizontal well for Better reservoir quality Two month production EWT completed than prognosed test ongoing WF12451 Q2 p15 07.18 Lundin Petroleum 11
  12. July 2018 Investor Presentation – Lundin Petroleum – slide 12
    Southern Barents Sea Lundin Petroleum 3 exploration wells in 2018 Exploration Programme 2018 programme - 11 wells Targeting net unrisked resources of 600 MMboe 2 oil discoveries out of 3 wells drilled - Frosk and Lille Prinsen…
  13. July 2018 Investor Presentation – Lundin Petroleum – slide 13
    First Six Months 2018 Financial Highlights Second First Quarter Half 2018 2018 Production (boepd) 81.2 82.1 Average Brent oil price (USD/boe) 74.39 70.58 Operating costs (USD/boe) 2.78 3.30 EBITDA (MUSD) 507.7 964.2…
  14. July 2018 Investor Presentation – Lundin Petroleum – slide 14
    First Six Months 2018 Financial Results Price/boe +40% Production -5% 1,000 967.6 1,000 900 900 37% 800 800 705.9 700 700 Price/boe +53% 600 Production -9% 600 Million USD 505.8 500 500 49% 400 400 340.0 300…
  15. July 2018 Investor Presentation – Lundin Petroleum – slide 15
    First Six Months 2018 Financial Results 1,000 964.2 1,000 900 900 40% 800 800 700 689.3 700 Million USD 600 600 507.7 500 500 52% 400 400 333.5 300 300 200 200 100 100 0 0 WF12451 Q2 p03 07.18…
  16. July 2018 Investor Presentation – Lundin Petroleum – slide 16
    First Six Months 2018 Financial Results 300 300 264.8 (1, 3) 250 250 29% 204.8 200 200 Million USD 157.1 150 145.6 150 100 100 90.4 65.6 50 36.0 (2, 3) 50 26.8 Adjusted for FX impact and loan gain 0 0…
  17. July 2018 Investor Presentation – Lundin Petroleum – slide 17
    First Six Months 2018 Financial Results - Loan Modification Gain Improved borrowing terms re-negotiated for RBL facility effective as of 1 June 2018 Interest rate margin over LIBOR from 3.15 percent to 2.25 percent Commitment fees…
  18. July 2018 Investor Presentation – Lundin Petroleum – slide 18
    First Six Months 2018 Financial Results Revenue & Other income MUSD 1,043.5 (1) 82,100 boepd Production costs 68.04 USD/boe MUSD 68.9 1,100 1,100 1,000 1,000 Cash Margin Margin on oil from Financial items MUSD 976.3 900 MUSD…
  19. July 2018 Investor Presentation – Lundin Petroleum – slide 19
    First Six Months 2018 Realised Prices 74.04 71.48 70 66.23 64.53 62.41 60 58.87 USD/bbl Brent 52.82 51.57 Oil price achieved 50 Blended oil & gas 48.43 price achieved 46.70 40 0 WF12451Q2 p07 07.18…
  20. July 2018 Investor Presentation – Lundin Petroleum – slide 20
    First Six Months 2018 Quarterly Operating Costs 50 5 4.54 4.27 4.14 41.9 40.6 40 38.6 3.82 4 36.2 3.52 (2) 33.9 (2) 30 28.4 (1) 3 USD/boe MUSD 2.78 (1) 20 2 Unit operating cost after tariff income netting…
  21. July 2018 Investor Presentation – Lundin Petroleum – slide 21
    First Six Months 2018 G&A / Financial Items Second Quarter First Half 2018 2018 General & Administration Expenses MUSD MUSD General & administration 5.8 11.1 Long Term Incentive Plan 1.4 2.4 7.2 13.5 Net Financial Cost Items…
  22. July 2018 Investor Presentation – Lundin Petroleum – slide 22
    First Six Months 2018 Income Taxes INCOME STATEMENT ADJUSTED FOR NON-TAXABLE FX GAIN 825.5 825.5 815.9 -9.6 MUSD MUSD -560.7 -560.7 Effective Tax rate tax rate 68% adjusted 69% for FX Profit Income Profit FX gain…
  23. July 2018 Investor Presentation – Lundin Petroleum – slide 23
    First Six Months 2018 Cash Flow, Debt Position and Liquidity 2017 2018807.4 Facility Size 5 Bn USD 2019 Available 1.2 Liquidity Total 3.9 Bn USD 3.8 Headroom -546.4 MUSD Bn USD Free Cashflow MUSD 261.0 -60.0…
  24. July 2018 Investor Presentation – Lundin Petroleum – slide 24
    2018 Latest Guidance Compared to CMD Latest CMD Guidance Production Guidance (Mboepd) 7482 7882 Operating costs (USD/boe)…
  25. July 2018 Investor Presentation – Lundin Petroleum – slide 25
    First Six Months 2018 Summary Strong Production Low Operating Costs 1H 2018: 82.1 Mboepd 1H 2018: 3.30 USD/boe Q2 2018: 81.2 Mboepd Reduced…
  26. July 2018 Investor Presentation – Lundin Petroleum – slide 26
    www.lundin-petroleum.com

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