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September 2019 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Sep 3, 2019 · 32 slides

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Slides

  1. September 2019 Corporate Presentation – Lundin Petroleum – slide 1
    Corporate Presentation September 2019 WF12520 p01 02.19
  2. September 2019 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum A Leading European Independent E&P Company Equinor transaction - redemption of 16% of shares and sale of 2.6% of Johan Sverdrup 8 Bn USD 1 Bn boe Market Cap Resource base 340 320 300 Production targeting…
  3. September 2019 Corporate Presentation – Lundin Petroleum – slide 3
    Lundin Petroleum Successful Organic Growth Strategy Southeastern Trend Loppa High 7 60% core increase in number exploration of licences from Hammerfest areas Jan 2018 Harstad 8 new Targeting 10 projects…
  4. September 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 8 A-…
  5. September 2019 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Strong Track Record 2P Reserves Production Operating Costs Operating Cash Flow 7595 726 745 86 Long-term Guidance 1,848 714 81 10.7 654 3.44.4 USD/boe(1) 1,530 59 Net Mboepd Net MMboe Million USD…
  6. September 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 on Track Equinor Transaction first oil Nov 2019 Redeem 16 % of shares Sale 2.6% of Johan Sverdrup Organic…
  7. September 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. September 2019 Corporate Presentation – Lundin Petroleum – slide 8
    Lundin Petroleum Sustainable Free Cash Flow Average E&A spend Brent (2) Annual FCF per annum Free Cash Flow (Pre-Dividend) (1) 60 USD/bbl 1 billion USD 250 MUSD 2,000 1,500 MUSD 1,000 Dividend Strategy 500 Annual…
  9. September 2019 Corporate Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Industry Leading Free Cash Flow Breakeven Free Cash Flow (Pre-Dividend) Breakeven (USD/bbl) 50 20 10 Sept-Dec 2019 Average Average 2020-2022 2023-2026 WF12520 p09 08.19 2019: Breakeven over…
  10. September 2019 Corporate Presentation – Lundin Petroleum – slide 10
    Hammerfest Hammerfest Lundin Petroleum Key Assets Harstad Harstad Production Development Alvheim Johan Sverdrup Production Development Edvard Grieg Edvard Grieg Tie-backs Alvheim Area Oslo Oslo Stavanger…
  11. September 2019 Corporate Presentation – Lundin Petroleum – slide 11
    Lundin Petroleum Greater Edvard Grieg Area - Keeping the Facilities Full Edvard Grieg Gross Reserves/Resources (MMboe) Edvard Grieg 357 Reserves upside and 282 infill opportunities +52% 186 Extended Plateau Production to…
  12. September 2019 Corporate Presentation – Lundin Petroleum – slide 12
    Lundin Petroleum Greater Edvard Grieg Area - Solveig Phase 1 and Rolvsnes EWT Edvard Grieg Rolvsnes 1478 MMboe (1) PDO/Sanction PDO/Sanction Solveig Rolvsnes EWT Key contracts Key contracts awarded awarded First Oil…
  13. September 2019 Corporate Presentation – Lundin Petroleum – slide 13
    Lundin Petroleum Alvheim Area - Continuous Reserves Growth Alvheim Gross Reserves/Resources (MMboe) 607 494 +92% 257 Alvheim FPSO 3P Reserves 2C Contingent Resources Cumulative Production Remaining 2P Reserves PDO…
  14. September 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. September 2019 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Johan Sverdrup Phase 1 on Track for First Oil in November First Oil Nov 2019 Phase 1 plateau Phase 1 90% (expected) 440 Mbopd installation completed complete [Range Oct 2019 early 2020] expected summer 2020…
  16. September 2019 Corporate Presentation – Lundin Petroleum – slide 16
    Lundin Petroleum Track Record of Growing Reserves Reserve Replacement Ratio (%) (1) 6754% Johan Sverdrup 5th consecutive year of reserves growth while growing production x 4 242% Reserves Growth 163% 144% 133%…
  17. September 2019 Corporate Presentation – Lundin Petroleum – slide 17
    Lundin Petroleum Southern Barents Sea Pipeline of New Projects Loppa High 8potential new projects Alta/Gohta 115390 MMboe (1) targeting 110370 MMboe Hammerfest net resources (2) Committed Projects Harstad 2019 2020 2021…
  18. September 2019 Corporate Presentation – Lundin Petroleum – slide 18
    Toutatis Lundin Petroleum 2019 Remaining E&A wells 2019 Exploration & Appraisal Programme 2019 E&A successes Norwegian Sea 13 wells drilled 5 discoveries 1 appraisal success 10 50 MMboe net resource additions Norway 6…
  19. September 2019 Corporate Presentation – Lundin Petroleum – slide 19
    Long-term 1.48 USD/share value creation dividend in 2019 5% yield 1 Bn USD average free cash flow per year (1) Sustainable 11% yield dividends below 50 USD/bbl 4 USD/boe industry leading low opex 170 Mboepd Targeting by…
  20. September 2019 Corporate Presentation – Lundin Petroleum – slide 20
    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…
  21. September 2019 Corporate Presentation – Lundin Petroleum – slide 21
    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…
  22. September 2019 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum CAPEX CAPEX commitments for CAPEX (Base) 2P + Solveig 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…
  23. September 2019 Corporate Presentation – Lundin Petroleum – slide 23
    Lundin Petroleum Tax Depreciation(1) 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…
  24. September 2019 Corporate Presentation – Lundin Petroleum – slide 24
    Lundin Petroleum 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…
  25. September 2019 Corporate Presentation – Lundin Petroleum – slide 25
    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…
  26. September 2019 Corporate Presentation – Lundin Petroleum – slide 26
    Lundin Petroleum Year-end 2018 Net Reserves and Resources (MMboe) Does not reflect sale of 2.6% equity in Johan Sverdrup 3P RRR(3): 118% 3P RLI(4): 29 Years 2P RRR(3): 163% 2P RLI(4): 24 Years WF12520 p26 08.19 (1) 2P…
  27. September 2019 Corporate Presentation – Lundin Petroleum – slide 27
    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 2.5 Bn boe of commercial resources Wisting 440 MMbo Area producing 500…
  28. September 2019 Corporate Presentation – Lundin Petroleum – slide 28
    North Sea Exploration Significant Potential Northern North Sea Significant remaining prospectivity Alvheim Area Bergen 4.4 Bn boe yet to find (2) Froskelr Main Discovery Alvheim Infill Pilots Gladsheim 60130 MMboe(3) Evra/Iving…
  29. September 2019 Corporate Presentation – Lundin Petroleum – slide 29
    Lundin Petroleum Safe Operations Total Recordable Incident Rate (TRIR) (1) 2.6 1.2 Norway (2) Lundin (3) Zero serious injuries (3) Zero process safety incidents (3) No material environmental incidents (3) WF12520…
  30. September 2019 Corporate Presentation – Lundin Petroleum – slide 30
    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…
  31. September 2019 Corporate Presentation – Lundin Petroleum – slide 31
    Lundin Petroleum Shareholder Structure Listed on Nasdaq Stockholm Shares in free-float approx. 60% Tickers: LUPE.SS, LUPE.ST, ADR: LUPEY Rest of the World Sweden 11% 14% Scandinavia Lundin Family 35% 7% excluding Sweden…
  32. September 2019 Corporate Presentation – Lundin Petroleum – slide 32
    www.lundin-petroleum.com

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