Slide 1: Presentation of second quarter 2024
OKEA ASA Presentation of second quarter 2024 17 July 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: Highlights Second quarter 2024
Highlights Second quarter 2024 Solid operational performance ▪ Production at 38.4 kboepd ▪ OKEA operated assets: Draugen performance remains strong; production upsets at Brage rectified and new wells on stream ▪ Partner operated assets: Overall stable production; planned shut- down due to maintenanc
Slide 4: Key operational figures - Q2 2024
Key operational figures - Q2 2024* The leading mid- to-late-life operator on the Norwegian continental shelf Safety Production Our priorities 0.56 38.4 Operational (0.58) (42.1) excellence SIF** kboepd Capital discipline Production Production efficiency expense Unlocking 89 229 value (91) (198) % NO
Slide 5: Production volume and efficiency
Production volume and efficiency Production (kboepd)*/** 50 45 42.1 40 38.4 35 11.3 30.1 10.8 30 3.4 3.4 25 22.3 23.7 2.9 2.8 3.1 2.5 2.0 20 2.9 7.0 6.4 2.8 6.2 3.2 15 6.9 7.6 7.9 8.0 6.6 10 5.7 5 3.5 10.6 8.7 9.5 4.8 5.8 0 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Draugen Brage Gjøa-Nova Ivar Aasen Yme Statfjo
Slide 6: Operational update
Operational update Working Operator Key updates Interest ✓ Strong and reliable operation 44.56% OKEA ✓ Initiatives to ensure the integrity and continued stable production ongoing Draugen ✓ Power from shore project progressing according to plan ✓ Production upsets rectified 35.20% OKEA ✓ The second T
Slide 7: Development projects
Development projects Rationale Key figures ✓ Positioning Draugen for the future: low emissions ~95% CO2e reduction** and reduced cost extend economic liftime ✓ Robustness and visibility through fixed ~200,000 Sm3/day available Njord Draugen power price* for gas exports (gross) Improved production ✓
Slide 8: Financials
Financials
Slide 9: Capital structure development
Capital structure development Debt maturity profile* 160 USD 125 million senior secured bond (OKEA05) issued 140 OKEA04 ▪ Four-year tenor with maturity in May-28 OKEA05 12,5 RCF ▪ 9.125% fixed interest rate 120 ▪ Maturing after startup of Draugen power from shore and Bestla 100 ▪ USD 125 million tap
Slide 10: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Statfjord area Statfjord area 50 50 46.6 Yme Yme 45 42.1 Ivar Aasen 45 Ivar Aasen 40 38.4 Gjøa&Nova 40 11.3 Gjøa - net tie-ins 11.3 Brage 33.3 Gjøa&Nova 35 35 30.1 10.8 4.2 Draugen Brage 30 3.4 30 26.7 3.4 Q2 24 25.6 4.8 11.3 Draugen 23.
Slide 11: Market prices for crude, realised liquids price and lifted volumes
Market prices for crude, realised liquids price and lifted volumes Lifted volumes last five quarters + Q3 24E Lifted volumes vs Dated Brent USD/boe kbbl 100 100 90 3 007 90 3 000 84.8 0.4 0.5 2.3 83.4 3.7 79.7 80 598 80 2 500 70 70 382 60 1 985 60 1 869 2 000 384 201 50 50 635 338 1 434 1 500 40 1 2
Slide 12: Gas market price and sold volumes
Gas market price and sold volumes Sold volumes and average NBP gas market prices – last five quarters USD/boe kboe 100 1 000 943 95 950 90 900 85 850 80 292 781 800 734 75 750 70 50 700 65 241 650 47 60 573 600 552 55 47 550 57 53 50 356 500 257 45 450 40 400 225 35 350 389 30 300 440 25 159 175 250
Slide 13: Income statement
Income statement Q2 2024 figures Q2 2024 comments Figures in NOK million Q2 24 Q1 24 Q2 23 H1 24 H1 23 2023 Total operating income 2,584 3,474 1,707 6,058 4,661 8,885 • Operating income of NOK 2,584 million; NOK 2,442 million from sale of petroleum products Production expenses -879 -839 -495 -1,718
Slide 14: Statement of financial position
Statement of financial position Q2 2024 figures Q2 2024 comments Figures in NOK million 2024 2023 Assets 30.06 31.03 31.12 30.06 • Goodwill of NOK 1,927 million; NOK 635 million relating to Statfjord area Goodwill 1,927 2,049 2,295 1,292 • Oil & gas properties of NOK 7,166 million Oil and gas proper
Slide 15: Cash development Q2 2024
Cash development Q2 2024 NOK million 5 500 5 000 4 500 +1 052 4 000 3 500 1 418 2 102 0 3 000 2 500 1 317 882 2 000 34 14 11 8 3 182 1 500 1 000 2 130 500 0 Total liquidity Operating Taxes Investment Business Other liabilities Interest Leases Bond issue FX effect on Total liquidity 31.03.24 activiti
Slide 16: Outlook / Guidance
Outlook / Guidance Narrowing guidance ranges Production guidance for 2024 of 36 – 40 kboepd Production • Guidance range somewhat narrowed from 35 - 40 kboepd • Major turnarounds scheduled for H2 24 include three weeks at Kårstø which prevents gas export at both Brage and Draugen, and three weeks at
Slide 17: Summary
Summary ww
Slide 18: Summary
Summary Continued strong production of 38.4 kboepd; resulting in EBITDA of NOK 1.6 billion Draugen field continues to deliver consistent production; Hasselmus is adding volumes to the asset Production efficiency at Statfjord improving; work to further improve production continues Bestla PDO submitte
Slide 19: Q&A
Q&A Growth Value creation Capital discipline
Slide 20: 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