Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Det norske oljeselskap — Q2 2015 Earnings Presentation
22 slides from Aker Bp Asa's earnings presentation, Jul 15, 2015
Slide 1: Det norske oljeselskap Q2 2015
3 a @ .) DET NORSKE OLJESELSKAP e KARL JOHNNY HERSVIK, CEO JONAS GAMRE, VP IR 15 JULY 2015
Slide 2: Highlights
DET NORSKE Highlights Finance Q2 EBITDA USD 239 million, EPS 0.04 (USD) Secured above USD 1 billion in additional liquidity in Q2 Production Total production of 58.4 mboepd in Q2 2015 First oil EastKam L4, workover at KB-3, maintenance work Development projects Ivar Aasen development
Slide 3: Financials
Financials 2 Q2 2015 DETNORSKE
Slide 4: Statement of income
FINANCIALS Statement of income Income statement (USD mill) Q2 2015 Q2 2014 FY 2014 Revenues 337 74 464 Production costs 51 7 67 Other operating expenses 23 13 49 EBITDAX 264 54 365 Exploration expenses 25 21 158 EBITDA 239 33 208 Depreciation 117 13 160 Impairment losses - - 346 Operating profit/los
Slide 5: Statement of financial position
FINANCIALS Statement of financial position Assets Equity and Liabilities (USD mill) 30.06.15 30.06.14 (USD mill) 30.06.15 30.06.14 Goodwill 1 134 52 Equity 661 543 Other intangible assets 922 427 Other provisions for liabilities incl. P&A 523 151 (long) Property, plant and equipment 2 804 667 Deferr
Slide 6: Increased financial flexibility
FINANCIALS Increased financial flexibility Debt and undrawn credit (USDbn) Undrawn credit Raised USD 300 million subordinated PIK Toggle Gross interest-bearing debt bond and USD 550 million RCF in Q2 2015 Additional liquidity 0,2 0,6 RBL borrowing base availability increased to USD 1,6 2.9 billi
Slide 7: Debt overview
FINANCIALS & FUNDING Debt overview RBL Facility RCF DETNOR02 DETNOR03 Type Bank Bank Bond Bond Security Secured, 1st lien Secured, 2nd lien Senior Unsecured Subordinated Facility Size 3,000 USDm1 550 USDm 1,900 NOKm2 300 USDm Outstanding per 1,870 USDm n/a 255 USDm2 300 USDm 30.06.2015 2019 Maturity
Slide 8: Operations
f Operations ie & Q2 2015 DETNORSKE
Slide 9: Oil and gas production in Q2
PRODUCTION Oil and gas production in Q2 Net production (boepd) Q2 production Q2 2015 production of 58.4 mboepd Production efficiency was 95.4%, above target Realized oil price of USD 65/bbl New wells and work-overs East Kameleon L4 came on stream mid April KB3 work-over completed mid M
Slide 10: Opportunities in the Alvheim area
GREATER ALVHEIM AREA Opportunities in the Alvheim area New projects in the Alvheim area Alvheim area 4 new wells planned to come on stream in 2015 Bøyla M1 on stream in January East Kameleon L4 on stream in April Bøyla M2 planned to come on stream in August K6 planned to come on stream in
Slide 11: Next projects in the Alvheim area
GREATER ALVHEIM AREA Next projects in the Alvheim area Planning for the next projects Illustrative timing of new wells in the Alvheim area Currently tendering for rig 2015 2016 2017 2018 2019 2020 Securing rig capacity for the next likely Bøyla M2 Drilled projects in the Alvheim area Committed D
Slide 12: Ivar Aasen project on schedule for first oil in 2016
IVAR AASEN (~35%*) Ivar Aasen project on schedule for first oil in 2016 Events in the quarter Detailed timeline Jacket lifted in place in June 2012 2013 2014 2015 2016 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Drilling of geo-pilots concluded Concept selection Construction of topside reached 70% completio
Slide 13: Jacket installed on the field
IVAR AASEN (~35%*) Jacket installed on the field The jacket was lifted in place on the seabed 112 meters below sea level on 10 June Piling and grouting activities are now concluded and the jacket installation is completed Laying of pipelines between Edvard Grieg and Ivar Aasen will commence th
Slide 14: Topside construction reached 70% completion
IVAR AASEN (~35%*) Topside construction reached 70% completion Construction progressed well in Q2 Construction of the topside is about 70% complete Crane cabin and crane boom were lifted in place on the main module in June M50 transformer module lifted in June Record high activity level in
Slide 15: Living quarter stacked to its full height
IVAR AASEN (~35%*) Living quarter stacked to its full height Living quarter was successfully stacked in June Aluminum section of about 1,000 tonnes jacked up Steel section of nearly 600 tonnes placed below Antenna tower installed on top Living quarter scheduled to be mechanical complete by
Slide 16: Drilling of geo-pilots completed
IVAR AASEN (~35%*) Drilling of geo-pilots completed Five targets were drilled and completed in Q2 Three geo-pilot targets planned, five drilled within original schedule and budget Geo-pilots have provided valuable information for the placement of the first production wells Further drilling o
Slide 17: Johan Sverdrup project progressing as planned
JOHAN SVERDRUP (11.5733%) Johan Sverdrup project progressing as planned PDO endorsed by the Parliament in June Production start-up: Q4 2019 Volumes: 1.7-3.0bn boe (~80% from Phase 1) Capex: NOK 117bn in Phase 1, NOK 170-220bn for full field Important contracts have been awarded EPC contr
Slide 18: Det norske to appeal MPE's decision
JOHAN SVERDRUP (11.5733%) Det norske to appeal MPE’s decision The Ministry of Petroleum and Energy decided the tract participation in Johan Sverdrup 11.5733% ownership interest to Det norske Based on the decision, Det norske’s pro forma 2P reserves are 477 mmboe, where Johan Sverdrup accounts
Slide 19: A portfolio ensuring long term reserve replacement
EXPLORATION A portfolio ensuring long term reserve replacement Revamping the exploration strategy Overview of existing core and exploration areas 2015 exploration wells Discoveries in the Krafla area, Gina Krog East 3 Exploration Area and Skirne East Existing Core Area Loppa North Dry well at
Slide 20: Outlook
f ann d on j Outlook | SS) 2 2015 DETNORSKE
Slide 21: Summary and outlook
OUTLOOK Summary and outlook Development projects Ivar Aasen progressing according to plan Johan Sverdrup progressing according to schedule, Det norske awaits the outcome of the appeal process Continue to develop the Alvheim area Reiterate 2015 guidance Production of 58-63 mboepd in 2015
Slide 22: Det norske www.detnor.no
a DETNORSKE www.detnor.no
Det norske oljeselskap — Q2 2015 Earnings Presentation on 6ix