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3Q 2019 Earnings Presentation – Lundin Petroleum

Lundin Petroleum · Oct 31, 2019 · 26 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 – Lundin Petroleum – slide 1
    Q Operations & Financial Update First Nine Months 2019 3 Alex Schneiter, President & CEO Teitur Poulsen, CFO 31 October 2019 WF12548 29 Oct 19
  2. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 2
    First Nine Months 2019 Highlights Production above Guidance Industry Leading Operating Costs 79.2 Mboepd 4.31 USD/boe Q3 Actual 82.7 Mboepd Q3 Actual 3.97 USD/boe Free Cash Flow Johan Sverdrup First Oil 1.1 Bn USD 5 October…
  3. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 3
    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…
  4. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 4
    Lundin Petroleum Industry Leading Operating Performance Production Efficiency Operating Costs 98% Edvard Grieg Full year guidance 4.31 4.25 (1) 97% Alvheim Area (1) USD/boe (1) USD/boe Third of North Sea average Carbon…
  5. 3Q 2019 Earnings Presentation – 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 sanctioned Rolvsnes Area…
  6. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 6
    Edvard Grieg Infill Well Programme Sanction Edvard Grieg Edvard Grieg Ultimate Reserves Infill wells 300 MMboe(1) 3 Firm Infill Wells(2) Rig Contracted 18 MMboe(3) additional reserves Break-even oil price 25 USD/bbl…
  7. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 7
    Solveig Phase 1 and Rolvsnes EWT Projects on Track Edvard Grieg Rolvsnes and Goddo 14-78 MMboe (1) Solveig PDO/ Rolvsnes EWT Topside modifications Solveig Rolvsnes EWT authority approvals ongoing First Oil First Oil 2019…
  8. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 8
    Utsira High Power Grid Edvard Grieg Full Electrification Illustration source Equinor Edvard Grieg Power from Shore Project Krst Haugsneset Power cable from Johan Sverdrup Retirement of gas turbines Installation of electrical…
  9. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 9
    Lundin Petroleum Sustainable Energy Plan Lundin (Edvard Grieg & Johan Sverdrup) Net Power Usage and Offset/Replacement Leikanger Hydropower Investment(1) 600 Lundin to aquire 50% operated by Sognekraft Net investment for 2019 2021…
  10. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 10
    Alvheim Area Continues to Exceed Expectations Frosk test producer on stream - Production in line with expectations OPEX Alvheim infill pilots successful 6.23 USD/boe(2) Maturing new infill wells for 2020 Alvheim FPSO Frosk…
  11. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 11
    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 First oil Q4 2022…
  12. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 12
    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 November Plateau 440…
  13. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 13
    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…
  14. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 14
    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 successes 10 50 MMboe net resource additions Norway…
  15. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 15
    First Nine Months 2019 Financial Highlights Q3 First 9M 2019 2019 Production (boepd) 82.7 79.2 Average Brent oil price (USD/boe) 62.00 64.59 Operating costs (USD/boe) 3.97 4.31 Operating cash flow (MUSD) 380.0 1,158.9 (1)…
  16. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 16
    First Nine Months 2019 EBITDA & Operating Cash Flow First 9 months Q3 9M-18 9M-19 9M-18 9M-19 Q3-18 Q3-19 Q3-18 Q3-19 Realised Price USD/boe 68.92 61.14 68.92 61.14 -11% 70.84 57.65 70.84 57.65 -19% Sales boepd 82.1 79.9 82.1 79.9…
  17. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 17
    First Nine Months 2019 Free Cash Flow 9M-18 9M-19 Q3-18 Q3-19 Cash flow from operating activities 1,285.6 985.3 478.2 230.8 Cash flow from investing activities -795.9 132.6 -249.5 719.7 1,200 1,117.9 1,000 128% 950.5 800…
  18. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 18
    First Nine Months 2019 Net Result / Adjusted Net Result 9M-18 9M-19 Q3-18 Q3-19 Price USD/boe 68.92 61.14 -11% 70.84 57.65 -19% Sales boepd 82.1 79.9 -3% 77.3 85.0 10% Exploration costs MUSD 6.1 84.7 0.2 13.8 700 669.6 600…
  19. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 19
    First Nine Months 2019 Realised Prices Brent Oil price achieved Blended oil & gas 80 Strong demand for Grane blend price achieved - premium during Q3 2019 74.09 Negative impact from timing 70.84 of liftings during Q3 2019 70…
  20. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 20
    First Nine Months 2019 Operating Costs 40 39.0 37.9 37.2 36.4 35.2 (1) (1) 7 (1) 30 6 5 4.51 (1) 4.46(1) USD/boe MUSD 20 4.14 3.88 3.97(1) 4 3 Unit operating cost after 10 2 tariff income netting…
  21. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 21
    First Nine Months 2019 Income Taxes INCOME STATEMENT INCOME STATEMENT - ADJUSTED NET RESULT 1,244.1 Adjusted for: Gain on asset sale, FX and Loan modification charge 756.5 669.6 MUSD -574.5 MUSD 173.8 -582.7…
  22. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 22
    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 1,117.9 985.3…
  23. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 23
    2019 Latest Guidance Compared to CMD CMD Latest Guidance Production Guidance (Mboepd) 7595 9095 (from 75-95) Operating costs (USD/boe) 4.25 4.25 CAPEX (MUSD) 930 730 (from 785) E&A Expenditure (MUSD) 300 325 WF12548 Q2…
  24. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 24
    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…
  25. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 25
    Lundin Petroleum Industry Leading Value Creation Johan Sverdrup first oil and production ramp-up ahead of expectations Edvard Grieg outperformance continues further reserves growth Strong production performance, full year…
  26. 3Q 2019 Earnings Presentation – Lundin Petroleum – slide 26
    www.lundin-petroleum.com

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