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Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Nov 7, 2018 · 32 slides

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Slides

  1. Corporate Presentation – Lundin Petroleum – slide 1
    Corporate Presentation November 2018 01 Nov 18 WF12414
  2. Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum A Leading European Independent E&P Company Dividend Payment 4 SEK/share 340 320 300 280 10 Bn USD 1Bn boe 260 240 IPC Spin-off Market Cap Resource base 410 MUSD 220 200 180 160 Mboepd Industry…
  3. Corporate Presentation – Lundin Petroleum – slide 3
    Southeastern Trend Lundin Petroleum Southern Barents Sea 7.3 billion barrels(2) Norway Pure Play Loppa High Hammerfest Organic growth strategy NCS ranks in top 10 worldwide exploration areas(1) Harstad Significant yet to find…
  4. Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Key Operational Metrics Strong track record of organic growth and delivery 2P Reserves Production Operating Costs Operating Cash Flow 726 86 714 7882 10.7 654 1,530 59 Net Mboepd Net MMboe Million USD…
  5. Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Long-term Production Growth Production Guidance (Mboepd) Opex Guidance (USD/boe) 10.70 160 130 6.80 86 78-82…
  6. Corporate Presentation – Lundin Petroleum – slide 6
    Lundin Petroleum Financially Transformational-Years Ahead 5 70 USD/bbl + 2% pa escalation 55 USD/bbl + 2% pa escalation Dividends 4 2018 EBITDA Billion USD 4 SEK/share 3 2019 2 1.8 350 MUSD 1.5(1) 1.4 2020+ 1 0.8(1)…
  7. Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Commitment to Low Carbon Intensity One of lowest carbon intensity oil companies in World Significant reduction at Edvard Grieg from 2022 through power from shore 25% of R&D funding towards emission reduction 20…
  8. 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. Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Edvard Grieg Significant Reserves 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) PDO…
  10. Corporate Presentation – Lundin Petroleum – slide 10
    Edvard Grieg Production Plateau Extended by Further 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…
  11. Corporate Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum Alvheim Area Continuous Reserves Growth Alvheim Gross Reserves/Resources (MMboe)(1) 571 Strong reservoir performance 479 Portfolio of good infill drilling opportunities +86% 257 Frosk discovery and…
  12. Corporate Presentation – Lundin Petroleum – slide 12
    Lundin Petroleum Organic Growth Strategy - 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…
  13. Corporate Presentation – Lundin Petroleum – slide 13
    Lundin Petroleum Johan Sverdrup - Key Numbers GROSS RESOURCES PRODUCTION CAPACITY BREAK EVEN PRICE GROSS CAPEX(1) Phase 1 Full Field Phase 1 Phase 2 2.23.2 billion boe First oil Nov 2019 First oil Q4 2022 Full Field PDO 123 Bn NOK…
  14. Corporate Presentation – Lundin Petroleum – slide 14
    Johan Sverdrup Phase 1 - Key Milestones being Delivered on Schedule Phase 2 Phase 1 first oil PDO submitted expected Nov 2019 Drilling Process LQ Topsides Riser Installation Schedule Power from Shore Riser Drilling Process…
  15. Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Organic Growth Strategy - Significant Near-term Upside Potential Southeastern Trend Loppa High 6 50% core increase in Hammerfest exploration acreage footprint from last year areas Harstad 4 200…
  16. Corporate Presentation – Lundin Petroleum – slide 16
    Southern Barents Sea Lundin Petroleum 3 exploration wells in 2018 Exploration Programme 2018 programme - 10 wells 2 oil discoveries out of 3 wells drilled - Frosk and Lille Prinsen Programme update - 2 follow-up wells to Frosk…
  17. Corporate Presentation – Lundin Petroleum – slide 17
    Lundin Petroleum Loppa High Southern Appraisal - Progressing Resources to Reserves Alta EWT Barents Sea Completed Hammerfest Luno II appraisal success Gross resources increased to 40100 MMboe PDO early 2019 Harstad Rolvsnes…
  18. Corporate Presentation – Lundin Petroleum – slide 18
    Lundin Petroleum The Sustainable Organic Growth Story Strong production growth from committed projects Industry leading low operating costs Strong cash flow generation Sustainable dividend Continued focus on Organic Growth…
  19. Corporate Presentation – Lundin Petroleum – slide 19
    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…
  20. Corporate Presentation – Lundin Petroleum – slide 20
    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%…
  21. Corporate Presentation – Lundin Petroleum – slide 21
    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 2018 0 2018 2019 2020 2021 Assumes…
  22. Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum Cash Flow, Debt Position and Liquidity As of 1H 2018 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…
  23. Corporate Presentation – Lundin Petroleum – slide 23
    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…
  24. Corporate Presentation – Lundin Petroleum – slide 24
    Lundin Petroleum Organic Value Creation Through Innovation New reservoirs and plays Maximising recovery Cutting-edge technology Subsurface expertise WF12414 p19 09.18 Lundin Petroleum 24
  25. 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. Corporate Presentation – Lundin Petroleum – slide 26
    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 Exploration 52% Norwegian Sea…
  27. 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. 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. Corporate Presentation – Lundin Petroleum – slide 29
    Norwegian North Sea Bergen Exploration - Significant Potential Alvheim Area Gekko appraisal Froskelr 2852 MMboe (2) 92 MMboe (1) Significant remaining prospectivity Lille Prinsen Oil Discovery 4.6 Bn boe yet to find(2) Frosk Oil…
  30. Corporate Presentation – Lundin Petroleum – slide 30
    Lundin Petroleum Shareholder Structure Listed on Nasdaq Stockholm Shares in free-float approx. 52% Tickers: LUPE.SS, LUPE.ST, ADR: LUPEY Rest of the World 11% Sweden Lundin Family 28% 18% Institutional USA 26% Scandinavia…
  31. Corporate Presentation – Lundin Petroleum – slide 31
    Lundin Petroleum ESG Supported Initiatives Global Reporting Extractive Industry Initiative (GRI) Transparency Initiative Reporting according to the GRI G4 Guidelines. Support and promotion of EITIs efforts to combat…
  32. Corporate Presentation – Lundin Petroleum – slide 32
    www.lundin-petroleum.com

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