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Operations and Financial Update Year End 2018 – Lundin Petroleum

Lundin Petroleum · Jan 30, 2019 · 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. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 1
    Operations & Financial Update Year End 2018 Alex Schneiter, President & CEO Teitur Poulsen, CFO 30 January 2019 WF12506 25 Jan 19
  2. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 2
    Year End 2018 Highlights Strong Production Low Operating Costs Full Year 2018: 81.1 Mboepd Full year 2018: 3.66 USD/boe Q4 2018: 82.1 Mboepd Below updated guidance for the year Top end of guidance: 7882…
  3. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 3
    Lundin Petroleum Consistent Quarterly Delivery of Production Guidance 90 82.1 Mboepd 80 Production (Mboepd) 70 60 Production Guidance 50 40 30 20 Operating cost (USD/boe) 10 4.14 USD/boe 0 2015 2016 2017 WF12506…
  4. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 4
    Lundin Petroleum 2018 Production 2018 Production Efficiency 2018 production of 81.1 Mboepd Upper end of updated guidance of 7882 Mboepd (1) Edvard Grieg Reservoir and facilities outperformance Annual guidance at CMD, 95%…
  5. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 5
    Edvard Grieg Continues to Perform Above Expectations Reservoir performance continues to exceed expectations Well potential is double facility Edvard Grieg contractual capacity Plateau extended six months to mid-2020 Significantly…
  6. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 6
    Alvheim Area Continue to Add Resources Kameleon infill well completed and onstream Frosk area potential 200 MMboe gross Gekko appraisal well success Froskelr Main and Rumpetroll exploration wells (2) in 2019 Frosk production test…
  7. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 7
    Johan Sverdrup Key Metrics Keep Improving 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(2)…
  8. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 8
    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…
  9. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 9
    Lundin Petroleum Southern Barents Sea Pipeline of Potential New Projects 7potential new projects Loppa High targeting 105350 MMboe Alta/Gohta net resources (2) 115390 MMboe (1) Hammerfest 2018 2019 2020 2021 2025 Harstad…
  10. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 10
    Lundin Petroleum Current Exploration Programme Southern Barents Sea Southern Barents Sea Gjkasen Shallow Pointer/Setter exploration well exploration well 768 MMboe (2) 312 MMboe (2) 3 wells currently drilling Gjksen Shallow,…
  11. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 11
    Year End 2018 Financial Highlights Fourth Full Quarter Year 2018 2018 Production (boepd) 82.1 81.1 Average Brent oil price (USD/boe) 68.81 71.31 Operating costs (USD/boe) 4.14 3.66 Operating cash flow (MUSD) 419.1 1,847.8…
  12. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 12
    Year End 2018 Operating Cash Flow Price/boe +10% Price/boe +31% Production -1% Production -6% 2,000 2,000 1,847.8 1,800 1,800 +21% 1,600 1,600 1,530 1,400 1,400 1,200 1,200 Million USD 1,000 1,000 800 800 600…
  13. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 13
    Year End 2018 EBITDA 2,000 1,916.2 2,000 1,800 1,800 +28% 1,600 1,600 1,501.5 1,400 1,400 Million USD 1,200 1,200 1,000 1,000 800 800 600 600 429.8 +4% 448.5 400 400 200 200 WF12507 p03 01.19 0 0…
  14. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 14
    Year End 2018 Free Cash Flow 800 800 700 700 663.0 600 600 500 500 225% 400 400 Million USD 300 300 203.7 200 8% 173.3 200 160.6 100 100 0 0 Fourth Quarter Fourth Quarter Full Year Full Year WF12507…
  15. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 15
    Year End 2018 Net Results after Tax 450 450 400 380.9 400 350 350 300 300 288.9 FX gain MUSD 255.3 250 250 Million USD 130% 222.1 (1, 3) 200 200 FX loss MUSD 164.9 150 150 Loan gain MUSD 98.1 125.6 100 100 50…
  16. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 16
    Full Year 2018 Income Statement Revenue & Other income MUSD 2,081.3 (1) 81,100 boepd Production costs MUSD 145.4 2,200 67.89 USD/boe 2,000 Cash Margin Depletion MUSD 1,938.2 1,800 Margin on oil from MUSD 458.0 third…
  17. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 17
    Full Year 2018 Realised Prices 74.04 74.09 Average realised price for 2018 70 USD/bbl 71.48 70.84 70 66.23 66.42 65.03 64.53 62.41 Lower achieved price compared 60 to Brent due to timing of liftings 58.87 USD/bbl…
  18. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 18
    Full Year 2018 Operating Costs 50 5 4.54 41.9 4.14 40 3.82 3.88 4 37.9 36.2 3.52 (2) 35.2 33.9 (2) 30 28.4 (1) 3 USD/boe MUSD 2.78 (1) 20 2 Unit operating cost after tariff income netting Reversal Brynhild…
  19. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 19
    Year End 2018 Income Taxes INCOME STATEMENT ADJUSTED FOR NON-DEDUCTABLE FX LOSS 164.9 1,412.8 1,247.9 1,247.9 MUSD MUSD -1,025.8 Tax rate -1,025.8 Effective 73% tax rate 82% adjusted for FX Profit Income Profit FX…
  20. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 20
    Full Year 2018 Cash Flow, Debt Position and Liquidity 1,718.3 -1,055.3 Facility Size 5 Bn USD Available Liquidity 1.6 3.9 Bn USD Headroom 3.4 MUSD Bn USD Free Cashflow -490.0 MUSD 663.0 -153.1 -14.3 -17.3 -4.6…
  21. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 21
    2018 Actuals Compared to Latest Guidance and CMD Latest CMD Guidance Actuals Production Guidance (Mboepd) 7482 7882 81.1 Operating costs (USD/boe)…
  22. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 22
    Lundin Petroleum Updated Dividend Policy 2019 AGM proposal to pay a dividend of MUSD 500 for financial year 2018 Dividend Policy Dividend to be paid quarterly and denominated in USD Maintain or increase dividends over time in…
  23. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 23
    Lundin Petroleum Industry Leading Value Creation Delivering on our organic growth strategy Capacity to significantly grow dividends Significant, long-term free cash flow generation Leading production growth trajectory…
  24. Operations and Financial Update Year End 2018 – Lundin Petroleum – slide 24
    www.lundin-petroleum.com

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