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March 2019 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Mar 1, 2019 · 35 slides

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Slides

  1. March 2019 Corporate Presentation – Lundin Petroleum – slide 1
    Corporate Presentation March 2019 WF12520 p01 02.19
  2. March 2019 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum A Leading European Independent E&P Company 11 Bn USD 1 Bn boe Market Cap Resource base 2018 Dividend Payment 153 MUSD 340 320 300 170 Mboepd by 2023 Industry Leading 280 20% CAGR production Low Opex 260…
  3. March 2019 Corporate Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum Successful Organic Growth Strategy Southeastern Trend Loppa High 7 70% core increase in number exploration of licences from Hammerfest areas Jan 2018 Harstad 7 potential Targeting 10 new projects…
  4. March 2019 Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Industry Leading Low Carbon Intensity ESG Ratings 2018 Top 10 ESG in Europe Top 5 on human rights globally Emissions intensity (1) Prime Status kgCO2e/boe Outperformer AA 20 A- 10 5 0.7 Power from shore…
  5. March 2019 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Strong Track Record 2P Reserves (2) Production Operating Costs Operating Cash Flow 7595 726 745 86 Long-term Guidance 1,848 714 81 10.7 654 3.24.2 USD/boe(3) 1,530 59 Net Mboepd Net MMboe Million USD…
  6. March 2019 Corporate Presentation – Lundin Petroleum – slide 6
    Lundin Petroleum 2019 - A Transformational Year Production Sustained Low Opex 7595 Mboepd 4.25 USD/boe Johan Sverdrup 4 Project Sanctions first oil Nov 2019 Luno II, Rolvsnes EWT, Edvard Grieg infills, Frosk Organic Growth…
  7. March 2019 Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Targeting 200 Mboepd Beyond 2023 Target 200 Mboepd Upsides and New Projects 170 150 7595 86 81 59 21 2015 2016 2017 2018 2019 J. Sverdrup J. Sverdrup Guidance Phase 1 Full Field Plateau Plateau…
  8. March 2019 Corporate Presentation – Lundin Petroleum – slide 8
    Lundin Petroleum Sustainable Free Cash Flow Average E&A spend Brent (2) Annual FCF per annum(3) Free Cash Flow (Pre-Dividend) (1) 60 USD/bbl 1 billion USD 250 MUSD 2,000 1,500 MUSD 1,000 Dividend Strategy (4) 500…
  9. March 2019 Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Industry Leading Free Cash Flow Breakeven Free Cash Flow (Pre-Dividend) Breakeven (USD/bbl) 55 20 10 2019 Average Average 2020-2022(1) 2023-2026(1) WF12520 p09 02.19 (1) Assumes E&A spend of 250 MUSD…
  10. March 2019 Corporate Presentation – Lundin Petroleum – slide 10
    Hammerfest Hammerfest Lundin Petroleum Key Assets Harstad Harstad Production Alvheim Development Johan Sverdrup Production Edvard Grieg Alvheim Area Oslo Oslo Stavanger Stavanger Utsira High Area WF12520 p09…
  11. March 2019 Corporate Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum Greater Edvard Grieg Area Keeping the Facilities Full Edvard Grieg Gross Reserves/Resources (MMboe) 357 282 +52% 186 Edvard Grieg Reserves upside and 3P Reserves infill opportunities 2C Contingent…
  12. March 2019 Corporate Presentation – Lundin Petroleum – slide 12
    Lundin Petroleum Greater Edvard Grieg Area - Extended Plateau Production End Plateau Latest 2P Reserves Original PDO Plateau to mid 2020 Plateau Extension 100 3P reserves - Edvard Grieg/Luno II upsides 80 Rolvsnes -…
  13. March 2019 Corporate Presentation – Lundin Petroleum – slide 13
    Lundin Petroleum Alvheim Area - Continuous Reserves Growth Alvheim Gross Reserves/Resources (MMboe)(1) 607 494 +92% 257 Alvheim FPSO 3P Reserves 2C Contingent Resources Cumulative Production Remaining 2P Reserves PDO…
  14. March 2019 Corporate Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Johan Sverdrup - World Class Project 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…
  15. March 2019 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Johan Sverdrup Phase 1 The Countdown to First Oil On track for expected first oil November 2019 Ramp-up to Phase 1 plateau 440 Mbopd expected summer 2020 Rapid ramp-up of 8 pre-drilled wells Drilling of further 2…
  16. March 2019 Corporate Presentation – Lundin Petroleum – slide 16
    Lundin Petroleum Track Record of Growing Reserves Reserve Replacement Ratio (%) (1, 2) 6754% Johan Sverdrup 5th consecutive year of reserves growth while growing production x 4 242% Reserves Growth 163% 144% 133%…
  17. March 2019 Corporate Presentation – Lundin Petroleum – slide 17
    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…
  18. March 2019 Corporate Presentation – Lundin Petroleum – slide 18
    Lundin Petroleum PL962 PL965 Barents Sea Delivering on our Organic Growth Strategy PL1027 PL1029 PL533b PL954 PL850 PL952 PL902B PL1023 PL950 PL767B PL960 82 licences 70% increase Norwegian Sea from PL1011 Jan 2018…
  19. March 2019 Corporate Presentation – Lundin Petroleum – slide 19
    WF12520 p19 02.19 Net Unrisked Prospective Resources (MMboe) 0 100 200 300 400 500 600 700 800 900 Gjksen Shallow Pointer / Setter Q1 Froskelr Main Lundin Petroleum Gjksen Deep Frosklr NE…
  20. March 2019 Corporate Presentation – Lundin Petroleum – slide 20
    Long-term 500 MUSD value creation dividend in 2019 Sustainable 1 Bn USD dividends average free cash flow below 50 USD/bbl per year (1) 4 USD/boe industry leading low opex 170 Mboepd Targeting by 2023 200 Mboepd + organic…
  21. March 2019 Corporate Presentation – Lundin Petroleum – slide 21
    Lundin Petroleum 2018 Highlights OPERATIONAL Operating Contingent Production cost Reserves resources 81 Mboepd 3.66 USD/boe 745 net MMboe 225 net MMboe Operating Free Proposed FINANCIAL cash flow EBITDA cash…
  22. March 2019 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum 2019 Production Guidance 2019 production guidance: 7595 Mboepd Edvard Grieg plateau production, no material planned shutdowns Alvheim Area decline arrested by new wells Johan Sverdrup expected first oil November…
  23. March 2019 Corporate Presentation – Lundin Petroleum – slide 23
    Lundin Petroleum CAPEX CAPEX commitments for CAPEX (Base) 2P + Luno II and Rolvsnes EWT 1,000 900 800 700 600 Million USD 500 8.24 400 7.97 300 7.82 200 7.59 100 8.04 0 2019 2020 2021 2022 2023 2024 2025…
  24. March 2019 Corporate Presentation – Lundin Petroleum – slide 24
    Lundin Petroleum Tax Depreciation Special Petroleum Tax 9,000 8,000 7,000 6,000 Million NOK 5,000 4,000 3,000 2,000 1,000 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Brent price 2019 2020-22 2023-26…
  25. March 2019 Corporate Presentation – Lundin Petroleum – slide 25
    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…
  26. March 2019 Corporate Presentation – Lundin Petroleum – slide 26
    Lundin Petroleum Organic Value Creation Through Innovation New reservoirs and plays Maximising recovery Cutting-edge technology Subsurface expertise WF12520 p25 02.19 TOPSEIS Developed by Lundin and CGG Lundin…
  27. March 2019 Corporate Presentation – Lundin Petroleum – slide 27
    Lundin Petroleum Year-end 2018 Net Reserves and Resources (MMboe) 3P RRR(3): 118% 3P RLI(4): 29 Years 2P RRR(3): 163% 2P RLI(4): 24 Years WF12520 p26 02.19 (1) 2P Reserves is Proved plus Probable remaining reserves (4)…
  28. March 2019 Corporate Presentation – Lundin Petroleum – slide 28
    Southern Barents Sea Exploration - Early Days Large underexplored area 120 wildcat wells drilled 7 Bn boe yet to find (1) 5 significant discoveries to date Korpfjell Deep Prospect 201 MMboe (2) 2.5 Bn boe of commercial resources…
  29. March 2019 Corporate Presentation – Lundin Petroleum – slide 29
    North Sea Exploration Significant Potential Northern North Sea Significant remaining prospectivity Bergen Alvheim Area 4.4 Bn boe yet to find (2) Froskelr Main Discovery Gladsheim Continue to build position 45153 MMboe (3)…
  30. March 2019 Corporate Presentation – Lundin Petroleum – slide 30
    Lundin Petroleum Barents Sea 2019 Development Activity 2019 Budget 930 MUSD Utsira High Other Johan Sverdrup Phase 1 Alvheim Area Installation/hook-up Rolvsnes Start-up Drilling Johan Sverdrup Phase 2 Norwegian Sea Luno II…
  31. March 2019 Corporate Presentation – Lundin Petroleum – slide 31
    PL859 Southern Barents Sea Lundin Petroleum PL767 Pointer/Setter Barents Sea 2019 Exploration and Appraisal Activity PL859 Korpfjell Deep PL857 Gjksen Shallow PL857 Gjksen Deep PL609/492 PL857 PL609/492 Alta/Gohta appraisal…
  32. March 2019 Corporate Presentation – Lundin Petroleum – slide 32
    Lundin Petroleum Safe Operations Total Recordable Incident Rate (TRIR) (1) 2.7 1.0 Norway (2) Lundin (3) Zero serious injuries (3) Zero process safety incidents (3) No material environmental incidents (3) WF12520…
  33. March 2019 Corporate Presentation – Lundin Petroleum – slide 33
    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…
  34. March 2019 Corporate Presentation – Lundin Petroleum – slide 34
    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…
  35. March 2019 Corporate Presentation – Lundin Petroleum – slide 35
    www.lundin-petroleum.com

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