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November 2019 Corporate Presentation – Lundin Petroleum

Lundin Petroleum · Nov 1, 2019 · 33 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. November 2019 Corporate Presentation – Lundin Petroleum – slide 1
    Corporate Presentation November 2019 WF12520 p01 09.19
  2. November 2019 Corporate Presentation – Lundin Petroleum – slide 2
    Lundin Petroleum A Leading European Independent E&P Company 9 Bn USD 1 Bn boe Market Cap Resource base Production targeting Industry Leading 200 Mboepd Low Opex 4 USD/bbl 1Bn USD 1.48 Free cash USD/share flow/year dividend…
  3. November 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. November 2019 Corporate Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum ESG Performance Industry leading low carbon intensity per barrel produced ESG Ratings 2018 Direct investment in offset/replacing electricity usage Top 10 ESG in Europe currently 20% of power from shore offset…
  5. November 2019 Corporate Presentation – Lundin Petroleum – slide 5
    Lundin Petroleum Utsira High Full Electrification - Industry Leading Low Carbon Intensity Illustration source Equinor Krst Haugsneset Johan Sverdrup Johan Sverdrup Phase 2 and Utsira High power Ivar Aasen from shore (4Q 2022)…
  6. November 2019 Corporate Presentation – Lundin Petroleum – slide 6
    Lundin Petroleum Industry Leading Operating Performance Production Efficiency Sustained Low Opex 98% Edvard Grieg (1) 4 USD/boe 97% Alvheim Area (1) Third of North Sea average Carbon Intensity Top Tier HSE Performance 5 kg…
  7. November 2019 Corporate Presentation – Lundin Petroleum – slide 7
    Lundin Petroleum Strong Track Record 2P Reserves Production Operating Costs Operating Cash Flow 9095 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…
  8. November 2019 Corporate Presentation – Lundin Petroleum – slide 8
    Lundin Petroleum Targeting 200 Mboepd Beyond 2023 Target 200 Mboepd Upsides and New Projects 170 150 9095 86 81 59 21 2015 2016 2017 2018 2019 J. Sverdrup J. Sverdrup Guidance Phase 1 Full Field Plateau Plateau…
  9. November 2019 Corporate Presentation – Lundin Petroleum – slide 9
    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…
  10. November 2019 Corporate Presentation – Lundin Petroleum – slide 10
    Lundin Petroleum Industry Leading Free Cash Flow Breakeven Free Cash Flow (Pre-Dividend) Breakeven (USD/bbl) 20 10 Average Average 2020-2022 2023-2026 WF12520 p09 10.19 JS working interest at 20% from 01.01.2019 / Based…
  11. November 2019 Corporate Presentation – Lundin Petroleum – slide 11
    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…
  12. November 2019 Corporate Presentation – Lundin Petroleum – slide 12
    Lundin Petroleum Greater Edvard Grieg Area - Keeping the Facilities Full Edvard Grieg Gross Reserves/Resources (MMboe) 368 Edvard Grieg 3 firm infill wells sanctioned 18 282 300 Further reserves upside +62% 186 Extended…
  13. November 2019 Corporate Presentation – Lundin Petroleum – slide 13
    Lundin Petroleum Greater Edvard Grieg Area - Solveig Phase 1 and Rolvsnes EWT Edvard Grieg Rolvsnes and Goddo 14-78 MMboe (1) Solveig PDO/ Rolvsnes EWT Topside modifications Solveig Rolvsnes EWT authority approvals ongoing…
  14. November 2019 Corporate Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Alvheim Area - Continuous Reserves Growth Alvheim Gross Reserves/Resources (MMboe) 607 Frosk test producer on stream 494 OPEX Alvheim infill pilots successful 6.23 +92% USD/boe (2) Maturing new infill wells…
  15. November 2019 Corporate Presentation – Lundin Petroleum – slide 15
    Lundin Petroleum Johan Sverdrup Phase 1 - First Oil Ahead of Schedule and Below Budget 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…
  16. November 2019 Corporate Presentation – Lundin Petroleum – slide 16
    Lundin Petroleum Johan Sverdrup Phase 1 - Production Ramp-up Production wells onstream 8 pre-drilled wells 2-4 new wells Development Drilling producing 10-12 wells producing 80% of plateau with 8 pre-drilled wells planned in…
  17. November 2019 Corporate Presentation – Lundin Petroleum – slide 17
    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%…
  18. November 2019 Corporate Presentation – Lundin Petroleum – slide 18
    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…
  19. November 2019 Corporate Presentation – Lundin Petroleum – slide 19
    Toutatis Lundin Petroleum 2019 Remaining E&A wells 2019 Exploration & Appraisal Programme 2019 E&A successes Norwegian Sea 15 wells drilled 5 discoveries 2 appraisal success 10 50 MMboe net resource additions Norway 3…
  20. November 2019 Corporate Presentation – Lundin Petroleum – slide 20
    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…
  21. November 2019 Corporate Presentation – Lundin Petroleum – slide 21
    2019 Latest Guidance Compared to CMD Latest CMD Guidance Production Guidance (Mboepd) 7595 9095 Operating costs (USD/boe) 4.25 4.25 CAPEX (MUSD) 930 730 E&A Expenditure (MUSD) 300 325 Johan Sverdrup First Oil Nov 2019 Oct…
  22. November 2019 Corporate Presentation – Lundin Petroleum – slide 22
    Lundin Petroleum 2019 Production Increased full year guidance First nine months 79.2 Mboepd 9095 Mboepd towards upper end of guidance range (Previously 75-95 Mboepd) 140 120 100 78.8 82.7 Updated guidance 76.1 Mboepd…
  23. November 2019 Corporate Presentation – Lundin Petroleum – slide 23
    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…
  24. November 2019 Corporate Presentation – Lundin Petroleum – slide 24
    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…
  25. November 2019 Corporate Presentation – Lundin Petroleum – slide 25
    Lundin Petroleum First Nine Months 2019 - Cash Flow, Debt Position and Liquidity 682.4(1) -250.5 RBL Facility Size 5 Bn USD +0.5 Bn USD -1,520.5 4.1 Available 3.4 Liquidity 0.9 Free Cashflow 959.0 Headroom Bn USD MUSD…
  26. November 2019 Corporate Presentation – Lundin Petroleum – slide 26
    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…
  27. November 2019 Corporate Presentation – Lundin Petroleum – slide 27
    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…
  28. November 2019 Corporate Presentation – Lundin Petroleum – slide 28
    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…
  29. November 2019 Corporate Presentation – Lundin Petroleum – slide 29
    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 60130 MMboe(3) Evra/Iving Continue…
  30. November 2019 Corporate Presentation – Lundin Petroleum – slide 30
    Lundin Petroleum Safe Operations Total Recordable Incident Rate (TRIR) (1) 2.6 0.8 Norway (2) Lundin (3) Zero serious injuries (3) Zero process safety incidents (3) No material environmental incidents (3) WF12520…
  31. November 2019 Corporate Presentation – Lundin Petroleum – slide 31
    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…
  32. November 2019 Corporate Presentation – Lundin Petroleum – slide 32
    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…
  33. November 2019 Corporate Presentation – Lundin Petroleum – slide 33
    www.lundin-petroleum.com

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