Skip to main content Capital Markets Day 2019 – Aker BP Investor Presentation | Shale Experts
Loading...
Pm

Capital Markets Day 2019 – Aker BP

Aker BP · Jan 17, 2019 · 103 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. Capital Markets Day 2019 – Aker BP – slide 1
    Capital Markets Day 2019 Aker BP ASA 17 January 2019
  2. Capital Markets Day 2019 – Aker BP – slide 2
    AKER BPS CAPITAL MARKETS DAY 2019 Todays agenda Time Speaker 09:00 Welcome High growth, low cost and improved efficiency Karl Johnny Hersvik, CEO Maximizing value of our producing assets Svein J. Liknes, SVP Operations & Asset…
  3. Capital Markets Day 2019 – Aker BP – slide 3
    High growth, low cost and improved efficiency Capital Markets Day 2019 Karl Johnny Hersvik Chief Executive Officer
  4. Capital Markets Day 2019 – Aker BP – slide 4
    AKER BP CAPITAL MARKETS DAY 2019 High growth low cost improved efficiency ACHIEVEMENTS RECONSTRUCTING HIGH AMBITIONS in 2018 support our the way we operate for value creation strategic development our business 5
  5. Capital Markets Day 2019 – Aker BP – slide 5
    2018 ACHIEVEMENTS Key focus areas in 2018 1 Strong operational performance 2 Increased reserves and resources 3 Capital discipline 4 Strengthen position in core areas 5 Deliver on the dividend ambition 6
  6. Capital Markets Day 2019 – Aker BP – slide 6
    2018 ACHIEVEMENTS Production volume and cost as guided 1 Strong operational performance Increased reserves and resources 155 700 boed produced Capital discipline 80% oil and liquids Strengthen position in core areas USD…
  7. Capital Markets Day 2019 – Aker BP – slide 7
    2018 ACHIEVEMENTS Organic and acquired growth in profitable volumes Strong operational performance 2 Increased reserves and resources 100% organic Reserve Replacement Ratio Capital discipline +18% in contingent resources…
  8. Capital Markets Day 2019 – Aker BP – slide 8
    2018 ACHIEVEMENTS Strong capital discipline Strong operational performance Increased reserves and resources USD 1.20 bn 2018 capital spending below plan 3 Capital discipline -30% lower abandonment expenditures than planned…
  9. Capital Markets Day 2019 – Aker BP – slide 9
    2018 ACHIEVEMENTS Added important assets to lift future production Strong operational performance Increased reserves and resources 11 licences acquisition of portfolio from Total Capital discipline King Lear acquisition of…
  10. Capital Markets Day 2019 – Aker BP – slide 10
    2018 ACHIEVEMENTS Returning the value creation to shareholders Strong operational performance USD 450 million dividend payment in 2018 Increased reserves and resources Increased ambitions 1150 Capital discipline 1050 950 850…
  11. Capital Markets Day 2019 – Aker BP – slide 11
    AKER BP CAPITAL MARKETS DAY 2019 High growth low cost improved efficiency ACHIEVEMENTS RECONSTRUCTING HIGH AMBITIONS in 2018 support our strategic the way we operate for value creation development our business 12
  12. Capital Markets Day 2019 – Aker BP – slide 12
    RECONSTRUCTING THE WAY WE OPERATE OUR BUSINESS Targeting significant efficiency improvements Production cost per barrel Full cycle project break-even below 7 35 13
  13. Capital Markets Day 2019 – Aker BP – slide 13
    RECONSTRUCTING THE WAY WE OPERATE OUR BUSINESS Our improvement journey From low hanging fruits to ambition of changing the industry Cost Process Improvement Reorganizing reductions improvement culture the value chain 2015 2016…
  14. Capital Markets Day 2019 – Aker BP – slide 14
    RECONSTRUCTING THE WAY WE OPERATE OUR BUSINESS Aker BPs four main improvement pillars Partnerships and alliances Digitalization Maximize flow efficiency & minimize waste = Improved margins & reduced execution time LEAN…
  15. Capital Markets Day 2019 – Aker BP – slide 15
    Reorganizing the value chain with partnerships and alliances 16
  16. Capital Markets Day 2019 – Aker BP – slide 16
    Aker BP in the forefront for digitalization of E&P 17
  17. Capital Markets Day 2019 – Aker BP – slide 17
    Securing effective processes 18
  18. Capital Markets Day 2019 – Aker BP – slide 18
    Establish flexible business models 19
  19. Capital Markets Day 2019 – Aker BP – slide 19
    AKER BP CAPITAL MARKETS DAY 2019 High growth low cost improved efficiency ACHIEVEMENTS RECONSTRUCTING HIGH AMBITIONS in 2018 support our strategic the way we operate for value creation development our business 20
  20. Capital Markets Day 2019 – Aker BP – slide 20
    HIGH AMBITIONS FOR VALUE CREATION Profitable growth from existing portfolio Production ambition (mboepd) 500 CAGR 18-25: +16% 400 CAGR NOAKA 18-25: 300 +11% Non-sanctioned 200 CAGR 18-25: +1% 100 Sanctioned - 2014 2015…
  21. Capital Markets Day 2019 – Aker BP – slide 21
    HIGH AMBITIONS FOR VALUE CREATION Driving down cost targeting USD 7 per barrel Production cost (USD/boe) 15 12.5 12 2019 impacted by high 12 maintenance activity to reduce backlog at Valhall and Ula 9 10 Sanctioned only Johan…
  22. Capital Markets Day 2019 – Aker BP – slide 22
    HIGH AMBITIONS FOR VALUE CREATION Low carbon operator with continued focus on safety CO2 emissions intensity1) Serious Incident Frequency (SIF) kg CO2 per boe (2017) Per million exposure hours 27.2 24.6 24.4 17.8 1.1 14.8 13.6…
  23. Capital Markets Day 2019 – Aker BP – slide 23
    HIGH AMBITIONS FOR VALUE CREATION Exploring for valuable growth opportunities 2019 a very exciting exploration year Excellent acreage position for future success Number of licences on the NCS per company APA2018 awards Licences…
  24. Capital Markets Day 2019 – Aker BP – slide 24
    HIGH AMBITIONS FOR VALUE CREATION Counter-cyclical and value-driven approach to M&A A cornerstone of Aker BPs growth agenda Total reserves and resources (mmboe) at year-end 2 000 1 500 1 000 500 - 2013 2014 2015…
  25. Capital Markets Day 2019 – Aker BP – slide 25
    HIGH AMBITIONS FOR VALUE CREATION Increased ambition for dividend payout Returning the value creation to shareholders (USD million) 1 150 1 050 950 1 Strong cash flow from 850 existing portfolio 750 Sanctioned only 750 650 2…
  26. Capital Markets Day 2019 – Aker BP – slide 26
    AKER BP CAPITAL MARKETS DAY 2019 High growth low cost improved efficiency ACHIEVEMENTS RECONSTRUCTING HIGH AMBITIONS in 2018 support our strategic the way we operate for value creation development our business 27
  27. Capital Markets Day 2019 – Aker BP – slide 27
    Maximizing value of our producing assets Capital Markets Day 2019 Svein J. Liknes SVP Operations & Asset Development
  28. Capital Markets Day 2019 – Aker BP – slide 28
    Aker BP portfolio overview Alvheim area (operator) High production efficiency and continued resource growth Valhall/Hod (operator) Operated Net Billion barrels produced, ambition to produce another billion production production…
  29. Capital Markets Day 2019 – Aker BP – slide 29
    MAXIMIZING VALUE OF OUR PRODUCING ASSETS Maturing a large resource base Development in 2P reserves (mmboe) Development in 2C contingent resources (mmboe) 914 917 946 56 59 Alvheim area 48 11% Skarv area 769 173 NOAKA 12% 33% 44…
  30. Capital Markets Day 2019 – Aker BP – slide 30
    MAXIMIZING VALUE OF OUR PRODUCING ASSETS Key levers to drive value creation EXECUTE IMPROVE GROW Safe and reliable operations Reconstructing the way Adding profitable barrels we operate 31
  31. Capital Markets Day 2019 – Aker BP – slide 31
    Alvheim area 32
  32. Capital Markets Day 2019 – Aker BP – slide 32
    ALVHEIM AREA Alvheim area overview Production history (mboepd gross) 160 Alvheim Vilje 140 Volund 120 Byla 100 80 60 40 20 - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Ownership and reserves Aker BP 2P reserves…
  33. Capital Markets Day 2019 – Aker BP – slide 33
    EXECUTE Outstanding production efficiency Alvheim area production (mboepd net) Alvheim area production efficiency 80 100% Alvheim Byla Vilje Volund 70 80% 60 50 60% 40 40% 30 20 20% 10 - 0% Q1-15 Q3-15 Q1-16 Q3-16 Q1-17…
  34. Capital Markets Day 2019 – Aker BP – slide 34
    IMPROVE Building alliances to drive efficiency improvements Subsea Alliance the first of its kind Delivering significant cost improvements1) Plan Actual -36% -13% -23% Organization Alliance Scope Incentives…
  35. Capital Markets Day 2019 – Aker BP – slide 35
    GROW Alvheims resource base keeps growing Alvheim area total 2P reserves1) (2P mmboe) 2018 resource additions 700 Frosk discovery 50 mmboe gross Test production from 2019 600 Gekko appraisal 500 40 mmboe gross Trine & Trell…
  36. Capital Markets Day 2019 – Aker BP – slide 36
    GROW Alvheim preparing for the next growth cycle Alvheim area production outlook (net mboepd) 70 60 50 Frosk 40 Trine Trell Non-sanctioned Gekko 30 Infill wells 20 Skogul 10 Sanctioned Frosk test producer Infill wells…
  37. Capital Markets Day 2019 – Aker BP – slide 37
    Valhall area 38
  38. Capital Markets Day 2019 – Aker BP – slide 38
    VALHALL AREA Valhall area overview Production history (mboepd gross) 140 Hod 120 Valhall 100 80 60 40 20 - 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018…
  39. Capital Markets Day 2019 – Aker BP – slide 39
    EXECUTE Valhall improving regularity and continued drilling Production volume (mboepd net) Production efficiency gradually improving 45 100% Valhall Hod 40 35 80% 30 60% 25 20 40% 15 10 20% 5 - 0% Q1-17 Q2-17…
  40. Capital Markets Day 2019 – Aker BP – slide 40
    EXECUTE Valhall Flank West on track Project description Reserves 60 mmboe (gross) Unmanned wellhead platform tied back to Valhall Six wells option for six more Capex NOK 5.5 billion Break-even oil price USD 28.5 per barrel…
  41. Capital Markets Day 2019 – Aker BP – slide 41
    EXECUTE Continuous improvement in plugging performance Faster, cheaper and with minimal CO2 and NOx emissions 120 100 Low complexity 80 High complexity Trend Days 60 40 20 - A-2 A-1 A-25…
  42. Capital Markets Day 2019 – Aker BP – slide 42
    IMPROVE Targeting cheaper, better and smarter wells Fishbones a promising stimulation technology currently being tested at Valhall Oil and gas in tight reservoirs represent huge opportunities for value creation on the NCS. However,…
  43. Capital Markets Day 2019 – Aker BP – slide 43
    GROW Towards a doubling of production Valhall area production outlook (net mboepd) 90 80 70 Hod field development 60 Non-sanctioned Infill wells Diatomites 50 40 30 Sanctioned Valhall Flank West 20 Infill wells 10 -…
  44. Capital Markets Day 2019 – Aker BP – slide 44
    GROW Huge resource potential to be unlocked at Valhall Ambition to produce another billion barrels from the Valhall area1) Strategy Develop infrastructure Production wells Water injection Wellhead platforms Apply LEAN mindset Huge…
  45. Capital Markets Day 2019 – Aker BP – slide 45
    Ivar Aasen 46
  46. Capital Markets Day 2019 – Aker BP – slide 46
    IMPROVE First manned platform in Norway to be controlled from shore Onshoring the Ivar Aasen control room Implemented 16 January 2019 An important step towards the Developing industry-leading digital solutions to gain experience and…
  47. Capital Markets Day 2019 – Aker BP – slide 47
    IVAR AASEN Ivar Aasen overview Production history (mboepd gross) 80 70 60 50 40 30 20 10 - Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Ownership and reserves Aker BP 2P reserves Field Licence Partners interest…
  48. Capital Markets Day 2019 – Aker BP – slide 48
    IMPROVE Smart service contract with Framo and Cognite New approach to operations and maintenance Providing live data to the pump producer from three Aker BP fields Has already contributed to design improvements Enabling pumping…
  49. Capital Markets Day 2019 – Aker BP – slide 49
    GROW Targeting stable production Ivar Aasen production outlook (mboepd net) 25 20 Non-sanctioned IOR drilling 15 10 Maintain stable Sanctioned operations Continued IOR drilling 5 Develop Hanz1) - 2018 2019 2020 2021…
  50. Capital Markets Day 2019 – Aker BP – slide 50
    Skarv 51
  51. Capital Markets Day 2019 – Aker BP – slide 51
    SKARV Skarv area overview Production history (mboepd gross) 160 140 120 100 80 60 40 20 - 2013 2014 2015 2016 2017 2018 Ownership and reserves Aker BP 2P reserves Field Licence Partners interest mmboe net Skarv & rfugl…
  52. Capital Markets Day 2019 – Aker BP – slide 52
    EXECUTE Driving productivity improvements at Skarv Production per quarter (mboepd net) Production efficiency 35 100% 30 80% 25 60% 20 15 40% 10 20% 5 - 0% Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18…
  53. Capital Markets Day 2019 – Aker BP – slide 53
    EXECUTE rfugl development on track Tie-back to Skarv Gross reserves 275 mmboe Capex NOK 4.5 billion (PDO estimate, phase 1) Production start late 2020 Break-even oil price USD 18.5 per barrel Phase 2 concept selection planned in…
  54. Capital Markets Day 2019 – Aker BP – slide 54
    GROW Skarv production to be boosted by rfugl Skarv area production outlook (mboepd net) 45 40 Non- sanctioned 35 Grsel 30 25 20 Sanctioned 15 rfugl 10 5 - 2018 2019 2020 2021 2022 2023 55
  55. Capital Markets Day 2019 – Aker BP – slide 55
    Ula 56
  56. Capital Markets Day 2019 – Aker BP – slide 56
    ULA AREA Ula area overview Ula area production history (mboepd gross) 200 Tambar Ula 150 100 50 - 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Ownership and reserves Aker BP 2P…
  57. Capital Markets Day 2019 – Aker BP – slide 57
    IMPROVE Establishing stable and robust operations at Ula Current priorities for the Ula area Upgrading the facilities Improve HSE standards Enable efficient drilling Strengthen integrity Improve production regularity Build a better…
  58. Capital Markets Day 2019 – Aker BP – slide 58
    GROW Gradually maturing new growth initiatives Ula area production outlook (mboepd net) 14 12 Non-sanctioned 10 8 6 Oda on stream Sanctioned New Ula wells 4 2 - 2018 2019 2020 2021 2022 2023 59
  59. Capital Markets Day 2019 – Aker BP – slide 59
    GROW Ambition to rejuvenate Ula as area hub Significant growth opportunities Ula Area - illustrative production potential Increased oil recovery mboepd gross The Ula reservoir has responded extremely well to WAG and 100 has further…
  60. Capital Markets Day 2019 – Aker BP – slide 60
    MAXIMIZING VALUE OF OUR PRODUCING ASSETS Key levers to drive value creation EXECUTE IMPROVE GROW Safe and reliable operations Reconstructing the way Adding profitable barrels we operate 61
  61. Capital Markets Day 2019 – Aker BP – slide 61
    Our main growth projects Capital Markets Day 2019 Karl Johnny Hersvik Chief Executive Officer
  62. Capital Markets Day 2019 – Aker BP – slide 62
    Johan Sverdrup Illustration: TRY/Equinor, Johan Sverdrup Field Centre incl. Phase 2 63
  63. Capital Markets Day 2019 – Aker BP – slide 63
    Johan Sverdrup a world class oil field KEY FACTS A Norwegian giant Gross resources: 2.2-3.2 bn boe Current reserves: 2.7 bn boe Aker BP interest 11.57% Operated by Equinor Phase 1 First oil plan November 2019 Processing…
  64. Capital Markets Day 2019 – Aker BP – slide 64
    JOHAN SVERDRUP Important contributor to production growth and cash flow Production and capex outlook 600 80 Low production cost Expecting 2-3 USD/boe at 500 plateau production 60 Net production (mboepd) Phase 1 with net…
  65. Capital Markets Day 2019 – Aker BP – slide 65
    NOAKA NOAKA: North Of Alvheim Krafla Askja 66
  66. Capital Markets Day 2019 – Aker BP – slide 66
    NOAKA NOAKA area overview Resources mmboe Aker BP mmboe Discovery Licence Operator gross1) share net1) Askja/Krafla 035/072 236 50% 118 Equinor Frigg 903 76 - - Equinor Frigg Gamma/Delta 442 84 90% 75 Aker BP Fry 364 41 90% 37 Aker…
  67. Capital Markets Day 2019 – Aker BP – slide 67
    Targeting an area development at NOAKA Significant recoverable resources Total of 550 mmboe Aker BP favors a central processing hub (PQ) Highest value creation Maximum resource utilisation Capacity for future discoveries An…
  68. Capital Markets Day 2019 – Aker BP – slide 68
    NOAKA Comparing the development concepts NOAKA PQ Recoverable resources (mmboe) Krafla UPP 550 300 PQ UPP Break-even oil price (USD/bbl) 41 35 0 5 10km PQ UPP 0 5 10km All numbers based on Aker BP estimates as per…
  69. Capital Markets Day 2019 – Aker BP – slide 69
    Summary 70
  70. Capital Markets Day 2019 – Aker BP – slide 70
    HIGH AMBITIONS FOR VALUE CREATION Profitable growth from existing portfolio 500 EXECUTE Safe and reliable operations 400 NOAKA 300 IMPROVE Reconstructing the way Non-sanctioned 200 we operate GROW 100 Sanctioned…
  71. Capital Markets Day 2019 – Aker BP – slide 71
    Creating value through exploration Capital Markets Day 2019 Evy Glrstad-Clark SVP Exploration
  72. Capital Markets Day 2019 – Aker BP – slide 72
    EXPLORATION STRATEGY Factors shaping the exploration strategy Create new growth Significant volumes Discovery sizes Digitalization to expand opportunities yet to be discovered trending lower the opportunity set Text Text Text Text…
  73. Capital Markets Day 2019 – Aker BP – slide 73
    EXPLORATION STRATEGY The Aker BP exploration formula Maximize value of Explore for new Smart integration of operated hubs hub potential data and technology 60 % 40 % 74
  74. Capital Markets Day 2019 – Aker BP – slide 74
    EXPLORATION STRATEGY Unlocking the power of data to identify more opportunities Risking and decisions Artificial intelligence Processing & interpretation Skilled professionals Smart search & visualization Data sharing Data…
  75. Capital Markets Day 2019 – Aker BP – slide 75
    EXPLORATION STRATEGY Technology supports growth Invest in data around our hubs Alvheim analogue Proven to deliver ILX1) value Rapid and robust field development OBN2) seismic entering NCS exploration 10-fold increased signal and…
  76. Capital Markets Day 2019 – Aker BP – slide 76
    EXPLORATION PERFORMANCE Success in the Alvheim area New discovery and positive appraisal Discoveries a result of long-term strategy in area, data acquisition and G&G evaluations Frosk proved 50 mmboe oil (gross) Pre-drill estimate…
  77. Capital Markets Day 2019 – Aker BP – slide 77
    EXPLORATION PERFORMANCE High value creation from 2018 exploration program Estimated value of 2018 exploration program 359 Drilled After tax spending Oil price 10 61 80 USD/bbl wells USD million 280 70 Net P50 discovered Finding…
  78. Capital Markets Day 2019 – Aker BP – slide 78
    Infrastructure Led Exploration (ILX) EXPLORATION OUTLOOK Growth exploration Large and promising 2019 program Gjksen Aker BP License Prospect Operator Pre-drill mmboe Vgar share PL869 Froskelr Main Aker BP 60 % 45 - 153 rn PL869…
  79. Capital Markets Day 2019 – Aker BP – slide 79
    EXPLORATION OUTLOOK Notable wells ILX opportunities Froskelr Main Rumpetroll Hod Deep West Interpreted as the same injectite Sand injectite complex near Frosk Play test in Valhall area1) complex as the Frosk discovery discovery1)…
  80. Capital Markets Day 2019 – Aker BP – slide 80
    EXPLORATION OUTLOOK Notable wells growth opportunitites JK Hornet & Freke-Garm Vgar Low relief structure close to Johan Cluster development potential in known Permian carbonate play in the Sverdrup play type Norwegian Sea Moderate…
  81. Capital Markets Day 2019 – Aker BP – slide 81
    EXPLORATION OUTLOOK The Barents Sea large potential, but limited success so far Large acreage position Large volumes yet to find Hard to unlock Triassic potential Triassic play Barents Sea 5 North 9 Other plays 4 Triassic play…
  82. Capital Markets Day 2019 – Aker BP – slide 82
    EXPLORATION OUTLOOK Significant value creation potential from 2019 exploration program Estimated risked value of 2019 exploration program Oil price USD/bbl Drilling of After tax spending 500 500 70…
  83. Capital Markets Day 2019 – Aker BP – slide 83
    LICENSING ROUNDS Aker BP offered 21 new licenses in the 2018 APA round New growth opportunities Strengthen ILX potential Balanced exploration portfolio Deep water Tight reservoirs Defining and exploring in new potential…
  84. Capital Markets Day 2019 – Aker BP – slide 84
    EXPLORATION Creating value for the future EXECUTE IMPROVE GROW High-potential 2019 Digitalize to improve Large and growing license exploration program with decisions and value portfolio with significant 15 prospects to be drilled…
  85. Capital Markets Day 2019 – Aker BP – slide 85
    Returning value creation to shareholders Capital Markets Day 2019 Alexander Krane Chief Financial Officer
  86. Capital Markets Day 2019 – Aker BP – slide 86
    FINANCIAL STRATEGY Allocating capital to drive value Key financial priorities Invest in Maintain sufficient Pay attractive profitable growth financial capacity dividends Production potential existing portfolio Leverage ratio Dividend…
  87. Capital Markets Day 2019 – Aker BP – slide 87
    INVEST IN PROFITABLE GROWTH Strong cash generation from existing portfolio Current producing fields and sanctioned projects only Production sanctioned only Capex sanctioned only1) Free cash flow sanctioned only2) mboepd USD billion USD…
  88. Capital Markets Day 2019 – Aker BP – slide 88
    INVEST IN PROFITABLE GROWTH Large opportunity set for organic growth 2P reserves 2C contingent resources On production Other 10% 37% Justified for development Alvheim Area 8% 3% NOAKA 33% 917 mmboe 946 mmboe Ula Area 17%…
  89. Capital Markets Day 2019 – Aker BP – slide 89
    INVEST IN PROFITABLE GROWTH with highly attractive economics Break-even for non-sanctioned projects (USD/bbl)1) Internal rate of return for non-sanctioned projects 70 Per 2018-Q4 70% USD 50/bbl oil price Per 2017-Q1 USD 80/bbl oil…
  90. Capital Markets Day 2019 – Aker BP – slide 90
    INVEST IN PROFITABLE GROWTH Investing in profitable growth while maintaining flexibility Capex outlook (USD billion) 2019 capex per asset 3.0 2.5 Other NOAKA 4% 7% 2.0 NOAKA Ula 12% 1.6 USD Valhall 41% 1.5 1.2 Ivar Aasen 4%…
  91. Capital Markets Day 2019 – Aker BP – slide 91
    INVEST IN PROFITABLE GROWTH Driving down production cost Production cost (USD/boe) Production cost forecast 2019 and 2023 by hub 15 40 12.5 35 12 12 30 Ula 25 9 USD/boe Sanctioned only 20 6 15 Valhall Ivar Skarv…
  92. Capital Markets Day 2019 – Aker BP – slide 92
    INVEST IN PROFITABLE GROWTH Stepping up exploration activity in 2019 Exploration spend (USD million) 600 2018 review 10 exploration wells Discovered 55 mmboe 500 Finding cost per barrel: 500 USD 1.1 after tax 400 2019 plan 359 15…
  93. Capital Markets Day 2019 – Aker BP – slide 93
    INVEST IN PROFITABLE GROWTH Strong P&A performance Abandonment spend (USD million) 300 Strong performance in 2018 Valhall P&A campaign successfully completed 250 243 2019 plan Valhall QP decom 200 Jette P&A Hod P&A 150 150…
  94. Capital Markets Day 2019 – Aker BP – slide 94
    INVEST IN PROFITABLE GROWTH Increased cash flow from profitable asset portfolio Current producing fields and sanctioned and non-sanctioned projects Production outlook Capex outlook Free cash flow outlook1) mboepd USD billion USD billion…
  95. Capital Markets Day 2019 – Aker BP – slide 95
    MAINTAIN SUFFICIENT FINANCIAL CAPACITY Strong balance sheet Leverage ratio Pricing of Aker BP bonds versus oil price Net debt / 12m EBITDAX USD400m bond USD500m bond Brent USD/bbl (RHS) 3.0 106 90 BB+ 104 85 2.5 Ba1 102 80 2.0 100…
  96. Capital Markets Day 2019 – Aker BP – slide 96
    MAINTAIN SUFFICIENT FINANCIAL CAPACITY Flexible capital structure High debt capacity low utilization Debt facilities1) Debt maturity profile Tax-adjusted net debt1) USD million USD million USD billion 2.0 250 400 500 2 050 -2.2…
  97. Capital Markets Day 2019 – Aker BP – slide 97
    MAINTAIN SUFFICIENT FINANCIAL CAPACITY Prudent risk management Oil price hedging Insurance Interest rates Buying put options to secure up to All assets insured in the Policy: Up to 60% of gross debt at 100 percent of after-tax…
  98. Capital Markets Day 2019 – Aker BP – slide 98
    MAINTAIN SUFFICIENT FINANCIAL CAPACITY Managing foreign exchange risk Locking in NOK liquidity exposure1) P&L effect of revaluation of tax balances 1Q16-3Q181) 5 9.0 150 8.8 4 100 8.6 8.4 50 3 NOK billion USDNOK USD…
  99. Capital Markets Day 2019 – Aker BP – slide 99
    MAINTAIN SUFFICIENT FINANCIAL CAPACITY Leverage ratio scenarios at different oil prices 1) An approximation 2 1.5 50/bbl 1 65/bbl 0.5 80/bbl 0 2016 2017 2018 2019 2020 2021 2022 2023 Leverage ratio: Net debt/12m…
  100. Capital Markets Day 2019 – Aker BP – slide 100
    PAY ATTRACTIVE DIVIDENDS Returning the value creation to shareholders Dividend policy Dividends (USD million) Ambition to pay out value creation as dividends Strong cash flow from existing portfolio Profitable growth from excellent…

Showing the first 100 of 103 slides. Open the presentation viewer for the full deck.

From the store

Browse maps, data & reports in the Shale Experts store