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1Q 2020 Earnings Presentation – Aker BP

Aker BP · May 6, 2020 · 25 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. 1Q 2020 Earnings Presentation – Aker BP – slide 1
    First quarter 2020 Aker BP ASA 6 May 2020
  2. 1Q 2020 Earnings Presentation – Aker BP – slide 2
    AKER BP Q1-2020 Unprecedented challenges COVID-19 pandemic and oil price collapse Aker BP demonstrating its strength and flexibility Opportunity to build an even stronger company Illustration: United Nations 3
  3. 1Q 2020 Earnings Presentation – Aker BP – slide 3
    Well positioned to tackle the crisis Improvement focus Flexible portfolio Financially robust Industrial owners 4
  4. 1Q 2020 Earnings Presentation – Aker BP – slide 4
    STRONG PERFORMANCE IN CHALLENGING TIMES Efficient management of the COVID-19 risk Production maintained at full capacity Top priority: Safeguarding our people Maintaining production Mitigating actions: Reduced activity and…
  5. 1Q 2020 Earnings Presentation – Aker BP – slide 5
    STRONG PERFORMANCE IN CHALLENGING TIMES Q1-2020 Best operational performance ever for Aker BP SAFETY RECORD LOWER HIGH LOW FIRST PRODUCTION COST EFFICIENCY EMISSIONS 0 208.1 8.7 95.7% 4.8kg Serious thousand barrels of Production…
  6. 1Q 2020 Earnings Presentation – Aker BP – slide 6
    STRONG PERFORMANCE IN CHALLENGING TIMES All three operated PDO projects now on stream Valhall Flank West rfugl Skogul Wellhead platform at Valhall Subsea tieback to Skarv Subsea tieback to Alvheim First oil achieved in December…
  7. 1Q 2020 Earnings Presentation – Aker BP – slide 7
    DEMONSTRATING STRENGTH AND FLEXIBILITY Handling the crisis with determination and action Postponing investments Reducing opex 1.2bn 7-8/boe Capex planned for 2020 Production cost 2020 20% reduced 25% reduced compared to CMU…
  8. 1Q 2020 Earnings Presentation – Aker BP – slide 8
    DEMONSTRATING STRENGTH AND FLEXIBILITY Utilizing the flexibility of our portfolio Moving to a sanctioned-only scenario maintaining optionality for future growth Production sustained at 200kbd Limited capex needed in sanctioned-only…
  9. 1Q 2020 Earnings Presentation – Aker BP – slide 9
    TEMPORARY CHANGES TO REGULATORY FRAME Government initiatives to support the industry What does this mean for Aker BP Industry wide production cuts communicated 7% reduction in H2-2020 - distribution by field not concluded Pro rata…
  10. 1Q 2020 Earnings Presentation – Aker BP – slide 10
    BUILDING AN EVEN STRONGER COMPANY Adjusting the dividend to retain financial flexibility 2020 dividend ambition (USDm) Overall ambition: Attractive cash dividends Old dividend plan cancelled Preserving financial flexibility 213…
  11. 1Q 2020 Earnings Presentation – Aker BP – slide 11
    Financial review 12
  12. 1Q 2020 Earnings Presentation – Aker BP – slide 12
    FINANCIAL REVIEW Oil and gas sales Volume (mboepd) Realised prices (USD/boe) Total income (USDm) Other operating income Production Sales Liquids Natural gas Petroleum Revenues +12% -30% +9% -13% 208.1 207.5 64.2 1,003 191.1…
  13. 1Q 2020 Earnings Presentation – Aker BP – slide 13
    FINANCIAL REVIEW Timing of liftings impacted realized liquids prices Liftings Q1-2020 Realized liquids prices vs benchmark (/bbl) 68.9 69.3 6.6 6.4 62.0 62.0 63.1 64.2 50.1 44.7 2.6 Q2-19 Q3-19 Q4-19 Q1-20 January…
  14. 1Q 2020 Earnings Presentation – Aker BP – slide 14
    FINANCIAL REVIEW Navigating volatile oil markets Breakdown of realized liquids prices in Q1 (/bbl) Benefiting from collaboration with BP Marketing & offtake agreement with BP 50.1 Aker BP crude treated as BP equity oil 47.9 6.7 1.9…
  15. 1Q 2020 Earnings Presentation – Aker BP – slide 15
    FINANCIAL REVIEW Income statement USD million Q1 2020 Q4 2019 Q1 2019 Total income 872 1,003 836 Production costs 156 154 200 Other operating expenses - 19 7 EBITDAX 716 830 629 Exploration expenses 50 85 90 EBITDA 666 745 539…
  16. 1Q 2020 Earnings Presentation – Aker BP – slide 16
    FINANCIAL REVIEW Statement of financial position USD million Assets 31.03.20 31.12.19 31.03.19 Equity and liabilities 31.03.20 31.12.19 31.03.19 Goodwill 1,647 1,713 1,791 Equity 1,813 2,368 2,799 Other provisions for liabilities…
  17. 1Q 2020 Earnings Presentation – Aker BP – slide 17
    FINANCIAL REVIEW Cash flow first quarter 2020 USD million 48 27 CF Operations CF Financing CF Investing 343 572 31 21 12 213 337 107 323 Opening Net debt Operations Tax paid Capex & Expex Abex Other Dividends Closing…
  18. 1Q 2020 Earnings Presentation – Aker BP – slide 18
    BUILDING AN EVEN STRONGER COMPANY Financial capacity further improved Debt and liquidity (USD billion) 2019 April - Replaced RBL with 4bn unsecured RCF with no redetermination risk 4 7.3 June - Assigned BBB- by Fitch Leverage ratio…
  19. 1Q 2020 Earnings Presentation – Aker BP – slide 19
    BUILDING AN EVEN STRONGER COMPANY Rebalancing our financial priorities Capital allocation priorities 2020 liquidity improvements (USD million) Invest in 425 2,500 profitable growth 1,500 Maintain sufficient Return 600…
  20. 1Q 2020 Earnings Presentation – Aker BP – slide 20
    BUILDING AN EVEN STRONGER COMPANY Guidance for 2020 Production Capital spend Production cost Dividend mboepd USD billion USD/boe USD million Abex Exploration Capex +36% 850 -23% -40% 205-220 205-220 2,280 12.4 750 2,200 200…
  21. 1Q 2020 Earnings Presentation – Aker BP – slide 21
    BUILDING AN EVEN STRONGER COMPANY Positioning Aker BP to be the leading E&P company Execute Improve Grow Efficient operations New operating model Financial flexibility 22
  22. 1Q 2020 Earnings Presentation – Aker BP – slide 22
    Appendix
  23. 1Q 2020 Earnings Presentation – Aker BP – slide 23
    APPENDIX 2 Updated 2020 exploration programme 3 Four wells postponed spend reduced to USD 350 (500) million License Prospect Operator Aker BP Pre-drill Status share mmboe PL1008 Nidhogg 1 Aker BP 60 % 37 - 96 Discovery 6-15 mmboe PL719…
  24. 1Q 2020 Earnings Presentation – Aker BP – slide 24
    APPENDIX Guidance summary 2020 guidance 2020-3M actual Comments Production 205-220 mboepd 208.1 mboepd Net production excl. over/underlift Excl. capitalized interest Capex USD 1.2 billion USD 360 million Incl. share of lease…
  25. 1Q 2020 Earnings Presentation – Aker BP – slide 25

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