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3Q 2019 Earnings Presentation – Aker BP

Aker BP · Oct 22, 2019 · 24 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. 3Q 2019 Earnings Presentation – Aker BP – slide 1
    Third quarter 2019 Aker BP ASA 22 October 2019
  2. 3Q 2019 Earnings Presentation – Aker BP – slide 2
    AKER BP Third quarter 2019 highlights Key figures Q3-19 Q2-19 Q3-18* Field developments on track Johan Sverdrup on stream 5 October Production mboepd 146.1 127.3 150.6 rfugl, Valhall Flank West and Skogul on track Sales mboepd 143.3…
  3. 3Q 2019 Earnings Presentation – Aker BP – slide 3
    AKER BP The Johan Sverdrup achievement Below budget ahead of schedule Operator: Main contractors phase 1: 4
  4. 3Q 2019 Earnings Presentation – Aker BP – slide 4
    OPERATIONAL REVIEW Production overview Net production, mboepd Production efficiency Alvheim Valhall Skarv Ivar Aasen Ula Other 155.7 158.7 146.1 94.0% 93.0% 90.4% 91.0% 138.8 85.0% 127.3 77.4 60.0 15.6 2014 2015…
  5. 3Q 2019 Earnings Presentation – Aker BP – slide 5
    OPERATIONAL REVIEW Alvheim Frosk test production started Skogul on track for first oil in Q1-2020 Maturing new infill targets Swift action to repair Mid-Water Arch Production (mboepd) Production efficiency Alvheim Byla Vilje…
  6. 3Q 2019 Earnings Presentation – Aker BP – slide 6
    OPERATIONAL REVIEW Valhall Preparing for new growth Valhall Flank West approaching first oil Drilling campaign ongoing at Valhall WP Stimulation program slightly behind plan Production (mboepd) Production efficiency Valhall…
  7. 3Q 2019 Earnings Presentation – Aker BP – slide 7
    OPERATIONAL REVIEW Ivar Aasen Strong operational performance New wells on stream Continued digital innovation Follow-up and monitoring of discharge permits Production (mboepd) Production efficiency 23.3 22.5 22.5 98% 94%…
  8. 3Q 2019 Earnings Presentation – Aker BP – slide 8
    OPERATIONAL REVIEW Skarv Strong operational performance rfugl development on track Adding resources through exploration Production (mboepd) Production efficiency 23.5 22.6 22.7 98% 98% 21.7 93% 91% Q4-18 Q1-19 Q2-19…
  9. 3Q 2019 Earnings Presentation – Aker BP – slide 9
    OPERATIONAL REVIEW Exploration success in the Skarv area Expanding the resource base through new discoveries Q3-19 rn 55-88 mmboe (gas) Aker BP 30% Operator Equinor Q3-19 Shrek 19-38 mmboe (oil/gas) Aker BP 30% Operator…
  10. 3Q 2019 Earnings Presentation – Aker BP – slide 10
    OPERATIONAL REVIEW Ula Drilling campaign has started Tambar multi-phase pump a digital success story Progressing long-term area strategy Production (mboepd) Production efficiency Ula Tambar Oda 8.4 8.6 8.2 76% 75% 66%…
  11. 3Q 2019 Earnings Presentation – Aker BP – slide 11
    IMPROVEMENT Using data to create more value Examples Better production performance assessment Challenge: repeat peak performance every day Best Day Solution: use advanced visualization and analytics to explain performance differences…
  12. 3Q 2019 Earnings Presentation – Aker BP – slide 12
    OPERATIONAL REVIEW NOAKA Significant resource base Recoverable resources 700 mmboe1) (average WI 60%) Planning for Liatrnet appraisal in H1 2020 New infrastructure is needed Many accumulations with various hydrocarbon types…
  13. 3Q 2019 Earnings Presentation – Aker BP – slide 13
    EXPLORATION 2019 exploration program License Prospect Operator Aker BP Est. Pre-drill Status share spud mmboe PL869 Froskelr Main Aker BP 60 % Q1 45 - 153 Discovery 60-130 mmboe PL857 Gjksen Equinor 20 % Q1 26 - 1427 Dry PL033 Hod Deep…
  14. 3Q 2019 Earnings Presentation – Aker BP – slide 14
    EXPLORATION A leading explorer on the NCS Aker BP net discovered volumes since 2016 (mmboe) Net discovered since 2016 by company (mmboe) 500 500 400 400 300 300 200 250 mmboe 200 target set for 2016-2020 achieved 100…
  15. 3Q 2019 Earnings Presentation – Aker BP – slide 15
    Financial review 16
  16. 3Q 2019 Earnings Presentation – Aker BP – slide 16
    FINANCIAL REVIEW Oil and gas sales Volume (mboepd) Realised prices (USD/boe) Petroleum revenues (USDm) Production Sales Liquids Natural gas +15% +2% -11% -8% 146.1 140.7 143.3 69.3 780 62.0 721 127.3 0% 25.6 25.5 Q2-…
  17. 3Q 2019 Earnings Presentation – Aker BP – slide 17
    FINANCIAL REVIEW Income statement USD million Q3 2019 Q2 2019 Q3 2018* Total operating income 723 785 966 Production costs 167 198 170 Other operating expenses 6 4 4 EBITDAX 550 583 791 Exploration expenses 70 60 94 EBITDA 480 522 698…
  18. 3Q 2019 Earnings Presentation – Aker BP – slide 18
    FINANCIAL REVIEW Reconciliation of tax expense Effective tax for Q3-2019 (USD million) Other items vs. forex changes, quarterly since 2016 USD million 78% -22% +43% +32% 130% 80 60 40 20 0 USDNOK -0.8 -0.6 -0.4 -0.2 0 0.2…
  19. 3Q 2019 Earnings Presentation – Aker BP – slide 19
    FINANCIAL REVIEW Statement of financial position USD million Assets 30.09.19 30.06.19 31.12.18* Equity and liabilities 30.09.19 30.06.19 31.12.18* Goodwill 1,713 1,791 1,860 Equity 2,444 2,664 2,977 Other provisions for liabilities…
  20. 3Q 2019 Earnings Presentation – Aker BP – slide 20
    FINANCIAL REVIEW Cash flow third quarter 2019 USD million 106 CF Operations 26 CF Financing CF Investing 488 435 315 115 35 5 102 188 5 Opening Net debt Operations Tax paid Capex & Expex Abex Other Dividends Closing…
  21. 3Q 2019 Earnings Presentation – Aker BP – slide 21
    FINANCIAL REVIEW Tax payments USD million For fiscal year 2017 For fiscal year 2018 For fiscal year 2019 Fixed instalments for 2019 Estimated instalments for 2019 340 208 212 163 106 106 67 69 34 34 Q3-17 Q4-17…
  22. 3Q 2019 Earnings Presentation – Aker BP – slide 22
    FINANCIAL REVIEW Guidance summary Actual per 2019-9M Updated 2019 guidance1) 155 mboepd Production2) 144 mboepd (previous 155-160 mboepd) Capex3) USD 1161 million USD 1.6-1.7 billion Exploration spend USD 422 million USD 550…
  23. 3Q 2019 Earnings Presentation – Aker BP – slide 23
    AKER BP Priorities ahead Execute Safe and efficient operations Excellent project execution Improve Keep momentum on improvement agenda Leverage technology to drive value creation Start up of new fields and wells…
  24. 3Q 2019 Earnings Presentation – Aker BP – slide 24

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