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Q1 2014 Financial Presentation – Lundin Petroleum

Lundin Petroleum · May 7, 2014 · 41 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. Q1 2014 Financial Presentation – Lundin Petroleum – slide 1
    Financial Presentation First Quarter 2014 C. Ashley Heppenstall, President & CEO; Mike Nicholson, CFO Stockholm, 7th May 2014 WF11895 07.05.14 1
  2. Q1 2014 Financial Presentation – Lundin Petroleum – slide 2
    First Quarter 2014 Financial Highlights First Quarter 2014 Production (boepd) - including Russia 28,800 - excluding Russia 26,600 Average Brent oil price (USD/boe) 108.2 Cost of operations (USD/boe) 12.8 EBITDA (MUSD)…
  3. Q1 2014 Financial Presentation – Lundin Petroleum – slide 3
    First Quarter 2014 Financial Results 350 350 300 300 274.5 257.8 256.0 250 250 -35% Million USD 200 200 177.8 150 150 100 100 47.0 50 50 -93% 3.2 0 0 WF11896 p03 05.14 Net Result Operating Cash…
  4. Q1 2014 Financial Presentation – Lundin Petroleum – slide 4
    First Quarter 2014 Financial Results Revenue 260 MUSD 235.4 260 26,600 boepd USD 97.6/boe 240 240 Operating Costs MUSD 38.4 220 Cost of Operations USD 12.8/boe 220 200 200 Cash Margin Depletion MUSD 197.0 180 MUSD 35.1…
  5. Q1 2014 Financial Presentation – Lundin Petroleum – slide 5
    First Quarter 2014 Netback (USD/boe) First Quarter 2014 Average Brent oil price USD/boe 108.2 Revenue 98.5 Cost of operations - Base -7.6 - Projects -5.2 Tariff & transportation -2.0 Production taxes -0.4 Inventory movements…
  6. Q1 2014 Financial Presentation – Lundin Petroleum – slide 6
    First Quarter 2014 Cost of Operations Including Projects Base Alvheim/Volund shutdown Alvheim workovers Alvheim workover USD/boe 16 16 USD/boe 15 15 14 14 Forecast 2014 13 USD 13.00/boe 13 (CMD Guidance Including…
  7. Q1 2014 Financial Presentation – Lundin Petroleum – slide 7
    First Quarter 2014 Exploration Costs First 3 Months First 3 Months 2014 2014 after Tax MUSD MUSD Norway PL501 - Torvastad, PL659 - Langlitinden 72.7 16.0 Indonesia Baronang - Balqis/Boni, Cakalang 53.6 49.2 Others 0.6…
  8. Q1 2014 Financial Presentation – Lundin Petroleum – slide 8
    First Quarter 2014 G & A / Financial Items First Quarter 2014 General & Administration Expenses MUSD General & administration 15.0 Long Term Incentive Plan 5.4 20.4 Net Financial Items Foreign exchange gain(1) -26.9 Interest…
  9. Q1 2014 Financial Presentation – Lundin Petroleum – slide 9
    First Quarter 2014 Tax First Quarter 2014 USD/boe Current tax credit -24.7 Deferred tax charge 35.7 11.0 Effective tax rate 89% Operational tax rate(1) 54% WF11896 p10 05.14 (1) Excluding exploration costs impact 9
  10. Q1 2014 Financial Presentation – Lundin Petroleum – slide 10
    First Quarter 2014 Liquidity MUSD at 31 March 2014 Debt Outstanding 1,570 Cash Balances 95 Net Debt Position 1,475 Financing facility increased to USD 4 billion in Feb 2014 under similar terms Margin on Loan Facility:…
  11. Q1 2014 Financial Presentation – Lundin Petroleum – slide 11
    First Quarter 2014 Debt Position 1,600 1,600 Working Capital G&A MUSD 14 MUSD 15 1,500 Financial MUSD 15 1,500 Closing Net Debt 31 March 2014 1,400 Exploration & Appraisal 1,400 MUSD 1,475 MUSD 143 1,300 1,300 Operating…
  12. Q1 2014 Financial Presentation – Lundin Petroleum – slide 12
    First Quarter 2014 Hedges Currency BUY SELL Average rate MNOK MUSD NOK : USD 2014 4,398 711 6.19 2015 1,861 297 6.26 Interest rate Borrowings Floating LIBOR MUSD rate per annum Apr 2013 Mar 2016 500 0.57% 2H 2014 1,000…
  13. Q1 2014 Financial Presentation – Lundin Petroleum – slide 13
    First Quarter 2014 Highlights Q1 2014 Production 28,800 boepd (within guidance) Full year 2014 guidance 30,000 35,000 boepd Forecast 2015 at 50,000 boepd Developments major milestones reached on Johan Sverdrup and Edvard Grieg…
  14. Q1 2014 Financial Presentation – Lundin Petroleum – slide 14
    Lundin Petroleum Production 2014 Q1 Actual(2) Russia, 8% Netherlands, 7% Q1 2014 production: 28,800 Boepd Alvheim outperformed, Volund underperfomed Indonesia, 5% Brynhild - first oil June 2014 France, 10% 2014 production…
  15. Q1 2014 Financial Presentation – Lundin Petroleum – slide 15
    Production Forecast 2014-2015 2015 average approximately 50,000 boepd Byla first oil Q1 2015 Bertam field first oil in Q2 2015 To exceed 75,000 boepd by end 2015 Edvard Grieg first oil Q4 2015 2014 Production Guidance High 2014…
  16. Q1 2014 Financial Presentation – Lundin Petroleum – slide 16
    Norway - Greater Alvheim Area Q1 2014 Net Production: 19,300 boepd PL088 2P Reserves (net): 21.7 MMboe PL088BS PL203b 2C Contingent Resources (net): 6.2 MMboe Q1 2014 net production : 9,500 boepd Alvheim cost of operations(1) < 5.5…
  17. Q1 2014 Financial Presentation – Lundin Petroleum – slide 17
    Norway & Malaysia Norway - North Sea Development Projects Byla United Ongoing Norwegian Developments Stavanger Kingdom Edvard Grieg Brynhild (Lundin 90% operator) Norway Byla (Lundin 15%) Edvard Grieg (Lundin 50%…
  18. Q1 2014 Financial Presentation – Lundin Petroleum – slide 18
    Norway Norway - Southern Utsira High Edvard Grieg Development 0 KM 20 UK PL625 PL546 PL167 & PL167B PL501 PL673 Lundin Petroleum interest: 50% (operator) Ivar Aasen OMV 20%, Wintershall 15%, Statoil 15% Apollo 2P reserves:…
  19. Q1 2014 Financial Presentation – Lundin Petroleum – slide 19
    Edvard Grieg Jacket Project Status Jacket EPC Completed & Installed Sail away from Verdal yard, April 15th Jacket installed on location, May 4th Jacket at location WF11888 p7 04.14 19
  20. Q1 2014 Financial Presentation – Lundin Petroleum – slide 20
    Norway - North Sea Developments Brynhild Brynhild Development (Lundin 90% operator) Norway - North Sea Subsea tie-back to Pierce field, UK Subsea installations successfully completed United New riser successfully hooked-up to…
  21. Q1 2014 Financial Presentation – Lundin Petroleum – slide 21
    Norway - North Sea Developments Byla Norway - North Sea Byla Development (Lundin 15%) PDO approved United Tie-back to Alvheim FPSO Kingdom Production manifold successfully installed Byla Development drilling commenced 2P…
  22. Q1 2014 Financial Presentation – Lundin Petroleum – slide 22
    Peninsular Malaysia Bertam Development Facilities Bertam Development PM307 - Lundin Petroleum 75% (operator), Petronas Carigali 25% PDO approved in October 2013 Gross 2P reserves: 18.2 MMbo Gross plateau production: 15,000…
  23. Q1 2014 Financial Presentation – Lundin Petroleum – slide 23
    Peninsular Malaysia Bertam Development FPSO in Dry Dock Jacket Fabrication Topside Fabrication Cellar Deck Framing WF11667 p2 03.14 23
  24. Q1 2014 Financial Presentation – Lundin Petroleum – slide 24
    Norway Johan Sverdrup Field Working Interest PL501 PL265 PL502 Lundin Norway 40% (OP) 10% 0% Statoil 40% 40% (OP) 44.44% (OP) 22 wells + 7 sidetracks drilled to date on Johan Sverdrup Maersk 20% Gross Contingent Resources:…
  25. Q1 2014 Financial Presentation – Lundin Petroleum – slide 25
    Johan Sverdrup Appraisal Programme Avaldsnes Crest appraisal well 16/3-8S Successfully completed in March 2014 Encountered good Volgian sands Excellent permeability (65 Darcy) Production tested at 4,900 bopd Geitungen appraisal…
  26. Q1 2014 Financial Presentation – Lundin Petroleum – slide 26
    Johan Sverdrup Phase I Development Schematic Concept selection for Phase I agreed in February 2014 aseI cted al - Ph se I t Sele rov l- Pha ep pp Oi Conc PD OA Fi r s t Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4…
  27. Q1 2014 Financial Presentation – Lundin Petroleum – slide 27
    Production Forecast From Ongoing Development 10-15 exploration wells per year Johan Other existing contingent and Sverdrup prospective resources not included in production forecast Edvard Bertam Grieg 75,000 boepd Byla…
  28. Q1 2014 Financial Presentation – Lundin Petroleum – slide 28
    Targetted Contingent Resources to Reserves 2014 appraisal Budget USD 300 million 6 wells Low range High range Aggressive 2014 drilling programme 400 Net Reserves/Resources (MMboe) 90-180 MMboe of resources to reserves 350…
  29. Q1 2014 Financial Presentation – Lundin Petroleum – slide 29
    Norway - Utsira High Luno II core sampling 2014 Appraisal Activities Edvard Grieg / Luno II Luno II Edvard Grieg PL359, 40% (operator ) PL338, 50% (operator ) Tested over 2,000 boepd Appraisal well 16/1-18 well ongoing Good quality…
  30. Q1 2014 Financial Presentation – Lundin Petroleum – slide 30
    Norway - Barents Sea 0 KM 40 PL609 2014 Appraisal Activities Gohta Appraisal PL533 PL659 PL492 Gohta Discovery 1 well on Gohta Gohta Discovery PL438 PL767 Norway Snhvit Area PL492 (Lundin 40%, operated) PL490 Barents Sea…
  31. Q1 2014 Financial Presentation – Lundin Petroleum – slide 31
    Malaysia - Peninsular Malaysia Peninsular Malaysia Thailand Tembakau Appraisal PM319 Tembakau Gas Discovery Cakalang Baronang PM307 Malaysia Kemaman Harbor Kuantan New Port Natuna Sea Medan Gurita PM307 - Lundin…
  32. Q1 2014 Financial Presentation – Lundin Petroleum – slide 32
    Asset Overview Exploration 2014 Norway 5 exploration wells Netherlands 3 exploration wells France 1 exploration well Malaysia 3 exploration wells Indonesia 1 exploration wells 2014 Budget USD 380 Million(1)…
  33. Q1 2014 Financial Presentation – Lundin Petroleum – slide 33
    2014 Prospective Resources 2014 net unrisked prospective resources 600 Norway SE Asia France 500 Unrisked Million boe Target Unrisked 400 425 MMboe 300 200 100 0 ta h en m vik as g bu…
  34. Q1 2014 Financial Presentation – Lundin Petroleum – slide 34
    Norway Barents Sea Alta exploration well Remaining 2014 Exploration Drilling Barents Sea Area 5 exploration wells 5 operated wells Rigs secured for all wells Norwegian Sea Targeting 330 MMboe Lindarormen exploration well net…
  35. Q1 2014 Financial Presentation – Lundin Petroleum – slide 35
    Norway - Barents Sea 0 KM 400 0 KM 400 Overview Svalbard Faroe Is. Barents Sea Norway Barents Sea Russia North Sea Denmark Underexplored < 100 wells Norway 700'0N Netherlands Ireland 4 recent oil discoveries Sweden…
  36. Q1 2014 Financial Presentation – Lundin Petroleum – slide 36
    Norway - Barents Sea Gohta Discovery & PL609 Prospects/Leads Lundin Petroleum Licences Fields Operated Non Operated Oil Gas Prospects Gohta Discovery 0 KM 20 PL492 (Lundin 40%, operated) Bjrnya Bassenget Gross Contingent…
  37. Q1 2014 Financial Presentation – Lundin Petroleum – slide 37
    South East Asia 2014 Activity Total Cambodia Exploration Licences: 11 Vietnam Production Licences: 1 Philippines Lundin Petroleum Operator SB303 WI:75% Cakalang/Baronang WI: 85% Lundin Petroleum Partner Sabah Area WI: 75%…
  38. Q1 2014 Financial Presentation – Lundin Petroleum – slide 38
    Malaysia - Sabah Area SB307/308 Prospects SB307/308 (42.5%, Operator) SB303 (75%, Operator) Prospect: Kitabu Tarap/Cempulut/Titik-Terang/ Drilling in Q4 2014 Berangan discoveries Gross prospective resources: 71 MMboe Gross…
  39. Q1 2014 Financial Presentation – Lundin Petroleum – slide 39
    Malaysia - PM307 2014 Exploration Wells Rengas/Mengkuang PM307 - Lundin Petroleum 75% operator (Petronas Carigali 25%) Malaysia - Peninsular Malaysia Rengas prospect 0 KM 80 Drilling Q3/Q4 2014 Gross prospective resources: 22…
  40. Q1 2014 Financial Presentation – Lundin Petroleum – slide 40
    2014 Exploration & Appraisal Drilling Schedule Well LUPE 2014 Country Licence - Prospect type Operator WI % NUPR(1) CoGS(2) NRPR(3) Q1 Q2 Q3 Q4 1 Norway PL501 - Johan Sverdrup 16/3-8 (central) app Lundin 40.00 Completed…
  41. Q1 2014 Financial Presentation – Lundin Petroleum – slide 41
    www.lundin-petroleum.com

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