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October 2019 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Oct 7, 2019 · 32 slides

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Slides

  1. October 2019 Corporate Presentation – Lundin Petroleum – slide 1
    Corporate Presentation October 2019 WF12520 p01 09.19
  2. October 2019 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum A Leading European Independent E&P Company Johan Sverdrup first oil 8 Bn USD 1Bn boe Equinor transaction - redemption of 16% of shares and sale of 2.6% of Johan Sverdrup Market Cap Resource base 340 320 300…
  3. October 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. October 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. October 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. October 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 Equinor Transaction first oil Redeem 16 % of shares 5 October 2019 Sale 2.6% of Johan Sverdrup Organic…
  7. October 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. October 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. October 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. October 2019 Corporate Presentation – Lundin Petroleum – slide 10
    Hammerfest Hammerfest Lundin Petroleum Key Assets Harstad Harstad Production Production Alvheim Johan Sverdrup Production Development Edvard Grieg Edvard Grieg Tie-backs Alvheim Area Oslo Oslo Stavanger…
  11. October 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. October 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. October 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. October 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 5 Oct 2019 First oil Q4 2022 Full Field PDO…
  15. October 2019 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Johan Sverdrup Phase 1 First Oil Ahead of Schedule Phase 1 plateau Phase 1 First Oil 5 October 2019 440 Mbopd installation completed expected summer 2020 Hook-up and commissioning 8 producing wells at first…
  16. October 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. October 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. October 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. October 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. October 2019 Corporate Presentation – Lundin Petroleum – slide 20
    2019 Latest Guidance 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) 300 325 Johan Sverdrup…
  21. October 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. October 2019 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum CAPEX CAPEX commitments for 2P + Solveig and Rolvsnes EWT CAPEX (Base) + Edvard Grieg infills 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…
  23. October 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. October 2019 Corporate Presentation – Lundin Petroleum – slide 24
    Lundin Petroleum First Six Months 2019 - Cash Flow, Debt Position and Liquidity 754.5 -587.1 RBL Facility Size 5 Bn USD 3.4 3.4 RBL 1.6 MUSD Available Liquidity Bn USD Headroom Bn USD Payment on closing Lime…
  25. October 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. October 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. October 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. October 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. October 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. October 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. October 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. October 2019 Corporate Presentation – Lundin Petroleum – slide 32
    www.lundin-petroleum.com

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