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Operations and Financial Update – Lundin Petroleum

Lundin Petroleum · Jul 31, 2019 · 27 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 – Lundin Petroleum – slide 1
    Q Operations & Financial Update First Six Months 2019 2 Alex Schneiter, President & CEO Teitur Poulsen, CFO 31 July 2019 WF12548 29 Jul 19
  2. Operations and Financial Update – Lundin Petroleum – slide 2
    First Six Months 2019 Highlights Production above Guidance Low Operating Costs 77.5 Mboepd 4.49 USD/boe In line with guidance Johan Sverdrup On Track 167 MUSD free cash flow Paid first quaterly dividend of Phase 1 90 %…
  3. Operations and Financial Update – Lundin Petroleum – slide 3
    Lundin Petroleum 2019 Production 160 First six months 77.5 Mboepd 140 above mid-point guidance range 7595 Mboepd Full year guidance 120 100 Mboepd 78.8 76.1 80 Delivering guidance or better for 60 16 Quarters Running…
  4. Operations and Financial Update – Lundin Petroleum – slide 4
    Lundin Petroleum Industry Leading Operating Performance Production Efficiency Operating Costs Carbon Intensity 96% Edvard Grieg Full year guidance Edvard Grieg 4.49 4.25 (1) 97% Alvheim Area (1) USD/boe (1) USD/boe 5.4…
  5. Operations and Financial Update – Lundin Petroleum – slide 5
    Greater Edvard Grieg Area Keeping the Facilities Full in the Long-term Edvard Grieg Edvard Grieg Reservoir performance continues to exceed expectations - Limited water production Infill drilling programme sanction Q3 2019 Rolvsnes…
  6. Operations and Financial Update – Lundin Petroleum – slide 6
    Solveig Phase 1 and Rolvsnes EWT Projects on Track Edvard Grieg Rolvsnes and Goddo Resource potential 250 MMboe (1) PDO/Sanction PDO/Sanction Goddo exploration Solveig Rolvsnes EWT Key contracts Key contracts awarded…
  7. Operations and Financial Update – Lundin Petroleum – slide 7
    Alvheim Area Continues to Exceed Expectations Frosk test producer complete - On stream Q3, 2019 Further de-risking of Frosk Area OPEX - Froskelr North East discovery 5.53 USD/boe(2) - Rumpetroll dry hole Alvheim FPSO Frosk…
  8. Operations and Financial Update – 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. Operations and Financial Update – Lundin Petroleum – slide 9
    Johan Sverdrup Phase 1 On Track for First Oil in November 2019 First Oil Nov 2019 Phase 1 plateau Phase 1 90% (expected) 440 Mbopd installation completed complete [Range Oct 2019 early 2020] expected summer 2020 Hook-up and…
  10. Operations and Financial Update – Lundin Petroleum – slide 10
    Lundin Petroleum Southern Barents Sea Pipeline of New Projects Loppa High 8 potential new projects Alta/Gohta 115390 MMboe (1) targeting 110370 MMboe Hammerfest net resources (2) Committed Projects Harstad 2019 2020 2021…
  11. Operations and Financial Update – Lundin Petroleum – slide 11
    Toutatis Lundin Petroleum 2019 Remaining E&A wells 2019 Exploration & Appraisal Programme 2019 E&A successes Norwegian Sea 12 wells drilled 4 discoveries 1 appraisal success 10 40 MMboe net resource additions Norway 7…
  12. Operations and Financial Update – Lundin Petroleum – slide 12
    First Six Months 2019 Financial Highlights Second First Quarter Half 2019 2019 Production (boepd) 76.1 77.5 Average Brent oil price (USD/boe) 68.86 65.95 Operating costs (USD/boe) 4.46 4.49 Operating cash flow (MUSD) 400.2…
  13. Operations and Financial Update – Lundin Petroleum – slide 13
    First Six Months 2019 EBITDA H1-18 H1-19 Q2-18 Q2-19 Realised Price USD/boe 68.04 63.09 -7% 71.48 65.41 -8% Sales boepd 84.5 77.4 -8% 82.9 75.1 -9% 1,000 975.0 -17% 811.6 800 600 Million USD 512.3 -20% 411.9…
  14. Operations and Financial Update – Lundin Petroleum – slide 14
    First Six Months 2019 Operating Cash Flow H1-18 H1-19 Q2-18 Q2-19 Realised Price USD/boe 68.04 63.09 -7% 71.48 65.41 -8% Sales boepd 84.5 77.4 -8% 82.9 75.1 -9% Current tax charge MUSD 8.7 43.8 8.4 17.4 1,000 978.4 -20% 800…
  15. Operations and Financial Update – Lundin Petroleum – slide 15
    First Six Months 2019 Free Cash Flow H1-18 H1-19 Q2-18 Q2-19 Cash flow from operating activities 807.4 754.5 404.8 408.7 Cash flow from investing activities -546.4 -587.1 -315.6 -337.1 400 300 261.0 Million USD…
  16. Operations and Financial Update – Lundin Petroleum – slide 16
    First Six Months 2019 Net Results H1-18 H1-19 Q2-18 Q2-19 Price USD/boe 68.04 63.09 -7% 71.48 65.41 -8% Sales boepd 84.5 77.4 -8% 82.9 75.1 -9% Exploration costs MUSD 5.9 70.9 6.2 33.6 300 (3) 267.2 Million USD 200…
  17. Operations and Financial Update – Lundin Petroleum – slide 17
    First Six Months 2019 Income Statement Revenue & Other income MUSD 899.7(1) 77,400 boepd 63.09 USD/boe 1,000 Production costs MUSD 77.0(2) Cash Margin 800 MUSD 822.7 Depletion MUSD 196.6 Million USD Financial…
  18. Operations and Financial Update – Lundin Petroleum – slide 18
    First Six Months 2019 Realised Prices Brent 80 Higher realised oil price Oil price achieved Blended oil & gas Strong demand for Grane blend price achieved - premium during Q2 2019 74.04 74.09 71.48 Positive impact from timing…
  19. Operations and Financial Update – Lundin Petroleum – slide 19
    First Six Months 2019 Operating Costs 40 39.0 37.9 37.2 35.2 33.9 (2) (3) (4) 7 30 28.4 (1) 6 5 4.51 (3) 4.46(4) USD/boe MUSD 20 4.14 3.88 4 3.52 (2) 3 Unit operating cost after 2.78 (1) tariff income…
  20. Operations and Financial Update – Lundin Petroleum – slide 20
    First Six Months 2019 Cash Flow, Debt Position and Liquidity 754.5 -587.1 RBL + Bridge Facility Size 5.5 Bn USD RBL Facility Size 5 Bn USD Available Bridge +0.5 Liquidity (2) Bn USD 3.4 3.4 RBL 1.6 MUSD Available…
  21. Operations and Financial Update – Lundin Petroleum – slide 21
    Equinor Deal Transaction Structure Pre-Deal SEK 14.5 Bn (USD 1.56Bn) Post-Deal LUPE Shares LUPE Shares in Issue in Issue 54.5 million shares (16%) ) .56 n Jo Bn 340.4 285.9 1 .5 B lio n 2.6n S ha Million…
  22. Operations and Financial Update – Lundin Petroleum – slide 22
    Equinor Deal Metrics Accretive on a Per-share Basis Net Unrisked Prospective 2020-2026 Average Annual 2P Reserves/Share(1) 2C Resources/Share(1) (boe/Share) (boe/Share) Resources(2)/Share FCF 60USD/bbl (boe/Share) (USD/Share)(3)…
  23. Operations and Financial Update – Lundin Petroleum – slide 23
    Equinor Deal Transaction Timing Deal Announced 7 July 2019 EGM Vote 31 July 2019 Share Redemption Early August Johan Sverdrup Sale completion Q3/Q4 2019 1 9 4 20 Q Q3/ st n - u tio 0 19 Aug p l e y 2 9 arly om l 1 u 7…
  24. Operations and Financial Update – Lundin Petroleum – slide 24
    2019 Latest Guidance Post Equinor Deal & Compared to CMD Latest CMD Guidance (Post Equinor deal) Production Guidance (Mboepd) 7595 7595 Operating costs (USD/boe) 4.25 4.25 CAPEX (MUSD) 930 785 E&A Expenditure (MUSD) 300…
  25. Operations and Financial Update – Lundin Petroleum – slide 25
    Lundin Petroleum Dividends 2018 dividend of USD 1.48/share approved by AGM on 29 March 2019 Dividend schedule - quarterly payment Dividend per Dividend Ex-dividend Expected Share Distribution Date Payment Date USD 0.37 MUSD…
  26. Operations and Financial Update – Lundin Petroleum – slide 26
    Lundin Petroleum Industry Leading Value Creation Delivering growing and sustainable dividend and free cash flow yields Johan Sverdrup world class asset, step change in production Edvard Grieg area growing and continuing to…
  27. Operations and Financial Update – Lundin Petroleum – slide 27
    www.lundin-petroleum.com

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