Slide 1: OKEA ASA Presentation of first quarter 2024
OKEA ASA Presentation of first quarter 2024 25 April 2024
Slide 2: Cautionary statement
Cautionary statement • This presentation contains forward looking information • Forward looking information is based on management assumptions and analysis • Actual experience may differ, and those differences may be material • Forward looking information is subject to significant uncertainties and
Slide 3: OKEA first quarter 2024 results – Highlights
OKEA first quarter 2024 results Highlights • Operation – All time high production of 42.1 kboepd largely driven by Statfjord area activities included in income statement and key figures – OKEA operated assets: Brage and Draugen continue to perform well; additional volumes at Draugen from Hasselmus –
Slide 4: Quarterly key figures
Quarterly key figures (Previous quarter in brackets*) Serious incidents Production** Net CF from ops. kboepd NOK million frequency* per million work hours 42.1 1,293 0.6 (30.1) (1,720) (2.4) CO2 emissions Production Production intensity efficiency*** expense kg per boe produced % NOK/boe 25.3 93 198
Slide 5: Production volume and efficiency
Production volume and efficiency Production (kboepd)** 50 45 42.1 40 35 11.3 30.1 30 3.4 3.4 25 22.3 23.7 2.9 2.8 22.2 20 2.9 7.0 6.4 2.8 3.1 3.2 15 6.9 7.6 7.9 7.9 8.0 10 5.7 5 3.5 10.6 6.6 5.8 8.7 4.8 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Draugen Brage Gjøa-Nova Ivar Aasen Yme Statfjord area Production
Slide 6: Operational update
Operational update Draugen (op. WI 44.56%) Brage Brage(op. (op.WI WI35.2%) 35.2%) • Draugen field continues to deliver consistent • •Lower Lowerproduction productiondue duetotonatural naturaldecline declineand andnono production; Hasselmus adding volumes to the new newproduction productionwells well
Slide 7: Creating value through active operatorship – Draugen
Creating value through active operatorship – Draugen Efficiency improved and production at highest level since Q3’19 Draugen thriving under OKEA operatorship Draugen gross production • Draugen was winner of previous operator Shell’s CEO HSSE & kboepd OKEA operator Previous operator SP Award for 2017
Slide 8: Creating value through active ownership – Brage
Creating value through active ownership – Brage Increasing production through infill drilling, increased reliability and Bestla development Revitalisation of Brage area well underway Brage gross production • Since becoming operator in November 2022, OKEA has kboepd OKEA operator Previous operator in
Slide 9: Bestla overview – attractive subsea tie-back to Brage
Bestla overview – attractive subsea tie-back to Brage Showcases OKEA's strategy for value creation via cost-effective solutions near existing infrastructure Summary Field overview • 2P reserves (gross): 24 mmboe • Capex (gross): NOK 6.3bn • The Bestla (previously Brasse) will be developed as a two w
Slide 10: Financials
Financials
Slide 11: Oil and gas production, sales and revenues - per asset
Oil and gas production, sales and revenues - per asset The first quarter with volumes from Statfjord area included in income statement and key figures Production (kboepd)* Sold volumes (kboepd) Statfjord area Statfjord area 50 50 46.6 Yme Yme 45 42.1 Ivar Aasen 45 Ivar Aasen 40 Gjøa&Nova 40 37.9 11.
Slide 12: Realised liquids prices
Realised liquids prices The first quarter with sold volumes from Statfjord area included in key figures Lifted volumes Q1 23 – Q1 24 + Q2 24E Lifted volumes vs Dated Brent USD/boe Thousand barrels 100 100 90 3 007 90 3 000 85.8 83.1 1.3 0.7 82.0 2 692 0.8 3.8 80 598 80 327 2 500 70 70 336 382 ~ 2 10
Slide 13: Gas market prices and sold volumes
Gas market prices and sold volumes The first quarter with sold volumes from Statfjord area included in key figures Sold volumes vs average NBP gas market prices – Q1 23 - Q1 24 USD/boe kboe 943 120 950 900 110 850 100 292 800 734 750 90 50 700 650 80 47 573 600 552 70 47 550 522 57 54 356 500 60 257
Slide 14: Income statement
Income statement The first quarter with Statfjord activities included in income statement Q1 2024 figures Q1 2024 comments Figures in NOK million Q1 24 Q4 23 Q1 23 2023 Total operating income 3 474 2 118 2 954 8 885 • Operating income of NOK 3,474 million of which NOK 3,421 million from sale of petr
Slide 15: Statement of financial position
Statement of financial position Q1 2024 figures Q1 2024 comments Figures in NOK million Assets 31.03.2024 31.12.2023 31.03.2023 • Goodwill of NOK 2,049 million of which NOK 756 million related to Statfjord asset Goodwill 2 049 2 295 1 292 Oil and gas properties 7 130 7 199 6 496 • Oil & gas properti
Slide 16: Cash development Q1 2024
Cash development Q1 2024 NOK million 5 500 5 000 4 500 -171 4 000 709 3 500 2 002 802 3 000 2 500 627 12 72 57 2 000 8 1 500 2 301 1 000 2 130 500 0 Total liquidity Operating Taxes Investment Business Other liabilities Interest Leases FX effect on Total liquidity 31.12.23 activities activities combi
Slide 17: Outlook / Guidance
Outlook / Guidance Production guidance for 2024 of 35–40 kboepd • Guidance remains unchanged Production • Planned turnaround at Statfjord A with expected downtime of 5 weeks in Q2 • Other major turnarounds planned: Brage – 3 weeks Q3; Ivar Aasen –3 weeks Q3 Capex guidance for 2024 updated to NOK 3.2
Slide 18: Summary
Summary ww
Slide 19: Summary
Summary All time high production of 42.1 kboepd largely driven by Statfjord area activities included in income statement and key figures Draugen field continues to deliver consistent production; Hasselmus is adding volumes to the asset Ongoing work at Statfjord area to improve production Bestla sanc
Slide 20: Q&A
Q&A Growth Value creation Capital discipline
Slide 21: General and disclaimer
General and disclaimer This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and p