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1Q 2019 Earnings Presentation – Lundin Petroleum

Lundin Petroleum · May 2, 2019 · 22 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. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 1
    Q Operations & Financial Update First Quarter 2019 1 Alex Schneiter, President & CEO Teitur Poulsen, CFO 2 May 2019 WF12538 30 Apr 19
  2. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 2
    First Quarter 2019 Highlights Strong Production Low Operating Costs 78.8 Mboepd 4.51 USD/boe Upper end of guidance range 5% below guidance Financially Strong Johan Sverdrup On Track 95.8 MUSD free cash flow Phase 1 85 % complete…
  3. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum 2019 Production 160 140 7595 Mboepd Full year guidance 120 Q1 78.8 Mboepd upper end of guidance range 100 Mboepd 80 Delivering guidance or better for 60 15 Quarters Running 40 20 0 Q1 Q2 Q3 Q4…
  4. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Industry Leading Operating Performance Production Efficiency Operating Costs Carbon Intensity 99% Edvard Grieg Full year guidance Edvard Grieg 4.51 4.25 (1) 97% Alvheim Area (1) USD/boe (1) USD/boe 4.5…
  5. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 5
    Greater Edvard Grieg Area Keeping the Facilities Full in the Long-term Edvard Grieg Reservoir performance continues to exceed expectations - Limited water production Infill drilling programme sanction Q3 2019 - 3 firm infill wells…
  6. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 6
    Solveig Phase 1 and Rolvsnes EWT Project Sanctions PDO/Sanction Goddo Solveig Rolvsnes EWT Key contracts awarded exploration well First Oil First Oil 2019 2020 2021 Edvard Grieg Rolvsnes and Goddo Resource potential 250…
  7. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 7
    Alvheim Area Continue to Add Resources (2) Frosk area potential 200 MMboe (1) Alvheim FPSO Frosk test producer currently drilling - production start Q3 2019 Boa Froskelr Main discovery Frosk discovery 60130 MMboe (1) 3060…
  8. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 8
    Johan Sverdrup A 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 Bn NOK PDO 85 Bn…
  9. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 9
    Johan Sverdrup Phase 1 Main Offshore Installation Complete First Oil Nov 2019 Phase 1 plateau Phase 1 (expected) 440 Mbopd installation completed [Range Oct 2019 early 2020] expected summer 2020 Hook-up and commissioning 8…
  10. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Southern Barents Sea 7potential new projects Pipeline of New Projects targeting 105350 MMboe Loppa High net resources (2) Alta/Gohta 115390 MMboe (1) Hammerfest 2019 2020 2021 2025 PDO First oil Harstad…
  11. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum Targeting 400 MMboe 2019 Exploration Programme net unrisked resources 450 13 wells remaining out of 17 400 350 300 MMboe 250 lls e W n 200 Froskelr Main tio ra 150 discovery 60130 MMboe…
  12. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 12
    First Quarter 2019 Financial Highlights First Quarter 2019 Production (boepd) 78.8 Average Brent oil price (USD/boe) 63.13 Operating costs (USD/boe) 4.51 Operating cash flow (MUSD) 385.0 EBITDA (MUSD) 406.0 Free cash…
  13. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 13
    First Quarter 2019 EBITDA and Operating Cash Flow Q1-18 Q1-19 Price USD/boe 64.53 60.88 -6% Q1-18 Q1-19 Production boepd 83,100 78,800 -5% 0.3 26.4 Current tax charge MUSD 500 456.5 461.8 -11% -17% 406.0 400 385.0 300…
  14. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 14
    First Quarter 2019 Free Cash Flow and Net Result Q1-18 Q1-19 Cash flow from operating activities 402.6 345.8 Cash flow from investing activities -230.8 -250.0 250 228.8 200 171.8 150 Million USD -44% 100 95.8…
  15. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 15
    First Quarter 2019 Income Statement Revenue & Other income MUSD 451.5(1) 500 78,800 boepd Production costs 60.88 USD/boe MUSD 40.1 Cash Margin 400 MUSD 411.4 Depletion MUSD 99.8 Million USD Financial items 300 MUSD…
  16. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 16
    First Quarter 2019 Realised Prices Brent 80 Higher realised oil price Oil price achieved Blended oil & gas Strong demand for Grane blend price achieved - discount to Brent narrowed 74.04 74.09 71.48 Positive impact from…
  17. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 17
    First Quarter 2019 Operating Costs 40 39.0 37.9 36.2 35.2 33.9 (2) (3) 7 30 28.4 (1) 6 5 USD/boe MUSD 20 4.51(3) 4.14 4 3.82 3.52 (2) 3.88 3 Unit operating cost after 2.78 (1) tariff income netting 10 2…
  18. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 18
    First Quarter 2019 Cash Flow, Debt Position and Liquidity 345.8 -250 Facility Size 5 Bn USD Available Liquidity 1.7 Bn USD Headroom 3.4 3.3 (2) MUSD Bn USD Free Cashflow -70.9(1) MUSD 95.8 24.9 0 Cash Flows Cash…
  19. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 19
    Lundin Petroleum 2019 Guidance CMD No change to Production Guidance (Mboepd) 7595 original guidance Operating costs (USD/boe) 4.25 CAPEX (MUSD) 930 E&A Expenditure (MUSD) 300 WF12474 Q3 p12 10.18 Lundin Petroleum 19
  20. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 20
    Lundin Petroleum Dividends 2018 dividend of MUSD 500 approved by AGM on 29 March 2019 Dividend schedule - quarterly payment Dividend Ex-dividend Expected Average Annual Distribution Date Payment Date Free Cash Flow of MUSD…
  21. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 21
    Lundin Petroleum Industry Leading Value Creation Industry leading low carbon footprint Sustainable and growing dividend Significant, long-term free cash flow generation Delivering on our organic growth strategy WF12538…
  22. 1Q 2019 Earnings Presentation – Lundin Petroleum – slide 22
    www.lundin-petroleum.com

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