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2Q 2020 Earnings Presentation – Aker BP

Aker BP · Jul 14, 2020 · 27 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. 2Q 2020 Earnings Presentation – Aker BP – slide 1
    Second quarter 2020 Aker BP ASA 14 July 2020
  2. 2Q 2020 Earnings Presentation – Aker BP – slide 2
    Q2-2020 AKER BP Building momentum Stable operations despite COVID-19 and volatile markets Tax changes unlocking new profitable investments PDO submitted for Hod commercial agreement in place for NOAKA 2019 2020 Image source:…
  3. 2Q 2020 Earnings Presentation – Aker BP – slide 3
    Q2-2020 STABLE OPERATIONS IN CHALLENGING TIMES Efficient management of the COVID-19 situation Protecting our people and maintaining full production Production Production efficiency (mboepd) Aker BP operated assets (percent) 93 96…
  4. 2Q 2020 Earnings Presentation – Aker BP – slide 4
    Q2-2020 STABLE OPERATIONS IN CHALLENGING TIMES Continued strong operational performance SAFETY RECORD LOW HIGH LOW FIRST PRODUCTION COST EFFICIENCY EMISSIONS 1 209.8 9.1…
  5. 2Q 2020 Earnings Presentation – Aker BP – slide 5
    Q2-2020 STABLE OPERATIONS IN CHALLENGING TIMES Value creation across the portfolio Skogul on production Drilling campaign completed Kameleon infill underway Planned maintenance Alvheim area Frosk test production Ula area Operator,…
  6. 2Q 2020 Earnings Presentation – Aker BP – slide 6
    Q2-2020 TEMPORARY CHANGES IN PETROLEUM TAX INTRODUCED Tax changes support further value creation Accelerate cash flow and stimulate investments through the cycle Crucial to maintaining competence and jobs in the Norwegian oil & gas…
  7. 2Q 2020 Earnings Presentation – Aker BP – slide 7
    Q2-2020 SEIZING NEW OPPORTUNITIES PDO submitted for Hod Building on the successful Valhall Flank West project RESERVES CAPEX BREAK-EVEN 40…
  8. 2Q 2020 Earnings Presentation – Aker BP – slide 8
    Q2-2020 SEIZING NEW OPPORTUNITIES Commercial agreement paves way for NOAKA area development Lang- Krafla Askja Fulla Frigg GD Rind Fry fjellet Gas export to Statpipe Oil export Central UPP to GOP with power PDQ platform…
  9. 2Q 2020 Earnings Presentation – Aker BP – slide 9
    Q2-2020 SEIZING NEW OPPORTUNITIES Key features of the NOAKA development Field of the future Creating value for the society Digital operations model 50,000 FTEs in development phase Minimal CO2 emissions Strengthens the Norwegian…
  10. 2Q 2020 Earnings Presentation – Aker BP – slide 10
    Financial review 11
  11. 2Q 2020 Earnings Presentation – Aker BP – slide 11
    Q2-2020 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% -33% -32% +1% 232.0 44.7 872 208.1…
  12. 2Q 2020 Earnings Presentation – Aker BP – slide 12
    Q2-2020 FINANCIAL REVIEW Lifted volumes and realised prices Crude oil liftings H1-20201) Breakdown of realised liquids prices in Q2 mmbbl USD/bbl Brent Dated Brent active contract 6.6 11.0 40.9 6.4 6.3 6.0 3.1 30.9 29.6 29.9…
  13. 2Q 2020 Earnings Presentation – Aker BP – slide 13
    Q2-2020 FINANCIAL REVIEW Summary of tax changes Ordinary tax system Temporary tax system Capex depreciated Corporate tax (22%) over 6 years No change Capex depreciated Immediate Special tax (56%) over 6 years depreciation 20.8%…
  14. 2Q 2020 Earnings Presentation – Aker BP – slide 14
    Q2-2020 FINANCIAL REVIEW Income statement USD million Q2 2020 Q1 2020 Q2 2019 Total income 590 872 785 Production costs 196 156 198 Other operating expenses 15 - 4 EBITDAX 379 716 583 Exploration expenses 50 50 60 EBITDA 329 666 522…
  15. 2Q 2020 Earnings Presentation – Aker BP – slide 15
    Q2-2020 FINANCIAL REVIEW Tax effects in the financial statements Effective tax Q2-2020 Tax movements in balance sheet 81 260 -33 Uplift in Q2 would have 371 69 been USD 33 million without 356 the temporary tax changes 118 USD…
  16. 2Q 2020 Earnings Presentation – Aker BP – slide 16
    Q2-2020 FINANCIAL REVIEW Statement of financial position USD million Assets 30.06.20 31.03.20 31.12.19 Equity and liabilities 30.06.20 31.03.20 31.12.19 Goodwill 1,647 1,647 1,713 Equity 1,912 1,813 2,368 Other provisions for…
  17. 2Q 2020 Earnings Presentation – Aker BP – slide 17
    Q2-2020 FINANCIAL REVIEW Cash flow USD million -81 CF Operations CF Financing 243 CF Investing 55 -360 98 323 -378 -19 -15 -13 -71 142 Opening Net debt Asset Operations Tax paid Capex & Expex Abex Other Dividends…
  18. 2Q 2020 Earnings Presentation – Aker BP – slide 18
    Q2-2020 FINANCIAL REVIEW Maintaining financial strength Recent developments Debt and liquidity (USD billion) Issued new bonds for USD 1.5 bn (January) 3.7 7.3 3) RCF maturity extended by one year to 2025 (April) Leverage ratio…
  19. 2Q 2020 Earnings Presentation – Aker BP – slide 19
    Q2-2020 FINANCIAL REVIEW Tax changes improve liquidity and robustness Lower break-even oil prices Accelerated tax deductions Improved cash flow profile Average break-even oil price for Aker BPs 2020 capex guidance, USD million…
  20. 2Q 2020 Earnings Presentation – Aker BP – slide 20
    Q2-2020 FINANCIAL REVIEW Expecting tax refund for fiscal year 2020 Tax payments (USD million) For fiscal year 2018 For fiscal year 2019 Sensitivity for fiscal year 20201) 340 208 212 163 340 50 106 106 208 212 81 163 48 50 106…
  21. 2Q 2020 Earnings Presentation – Aker BP – slide 21
    Q2-2020 FINANCIAL REVIEW Guidance for 2020 Production Capital spend Production cost Dividend mboepd USD billion USD/boe USD million Abex Exploration Capex -50% No change 850 -14% -25% 205-220 205-220 2,200 10 200 1,900 500…
  22. 2Q 2020 Earnings Presentation – Aker BP – slide 22
    Q2-2020 AKER BP Summary Challenging business environment Responding quickly Seizing new opportunities COVID-19 and oil price collapse Flexible portfolio and organisation Supported by tax changes Capex outlook from CMU 2020 2018…
  23. 2Q 2020 Earnings Presentation – Aker BP – slide 23
    Appendix 24
  24. 2Q 2020 Earnings Presentation – Aker BP – slide 24
    Q2-2020 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…
  25. 2Q 2020 Earnings Presentation – Aker BP – slide 25
    Q2-2020 APPENDIX Summary of temporary changes to petroleum taxation Elements Ordinary tax system Temporary tax system Tax rate: 22% Tax rate: 22% Corporate tax Tax elements 6 years straight line depreciation 6 years straight line…
  26. 2Q 2020 Earnings Presentation – Aker BP – slide 26
    Q2-2020 APPENDIX Guidance summary 2020 guidance1) 2020-6M actual Comments Production 205-220 mboepd 209 mboepd Net production excl. over/underlift USD 1.35 billion2) Excl. capitalized interest Capex USD 732 million (previously…
  27. 2Q 2020 Earnings Presentation – Aker BP – slide 27

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