Slide 1: Presentation of first quarter 2021
Presentation of first quarter 2021 OKEA ASA 4 May 2021
Slide 2: 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 o r 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
Slide 3: Q1 Highlights
Q1 Highlights Operations • No serious incidents at Draugen, Covid-19 situation managed • Production 16 557 boepd Financials • Revenues from oil and gas NOK 536 million • EBITDA NOK 240 million • Net profit NOK 23 million • Cash position increased by NOK 107 million to NOK 978 million Positioned for
Slide 4: Oil and gas production, sales and revenues
Oil and gas production, sales and revenues Decrease in revenue mainly due to lower lifted volumes, but effect partly offset by higher market prices Oil and gas volume (boepd) Crude oil liftings (kboe) Petroleum revenues (NOK million) Production Sales -19% -33% -8% 18 794 1 023 581 +2% 536 16 171 16
Slide 5: Draugen - WI 44.56%
Draugen - WI 44.56% • Excellent operating performance – 97% reliability • Gas imports from Åsgard Transport System has improved the emissions from the field • FID on Hasselmus in Q2, a gas field tie-back to Draugen with first gas planned for 2023 • Ambition to increase oil recovery to 70% and extend
Slide 6: Gjøa – WI 12%
Gjøa – WI 12% • Two new wells in the P1 segment onstream in February • 30 days shut down in Q2 and 15 days in Q3 - including tie-in of Duva and Nova • OKEA compensated for deferred production when tie-in projects come onstream in addition to tariff payments • Potential tie-in of the OKEA-operated Au
Slide 7: Yme New Development – WI 15%
Yme New Development – WI 15% • The production jack-up Maersk Inspirer installed at location last December • Hook-up, commissioning and preparation for production start-up progressing as planned • Production start expected in H2 21 • Production 7 500 boepd net to OKEA at plateau - the first-year aver
Slide 8: Ilder exploration well being drilled; non-commercial gas discovery made on Jerv
Ilder exploration well being drilled; non-commercial gas discovery made on Jerv Serial production alternative for Grevling/Vette under maturation GREVLING ILDER VETTE JERV 8
Slide 9: Financials
Financials
Slide 10: Oil and gas production, sales and revenues per asset
Oil and gas production, sales and revenues per asset Production (boepd) Sold volumes (boepd) 20,000 19 099 20,000 18 794 D raugen D raugen 16 047 16 171 16 557 G jøa G jøa 15 810 I var A asen 14 634 15 198 I var A asen 15,000 8,922 15,000 14 232 13 303 9,272 7,592 7,246 Q1 21 Q1 21 7,944 7,446 7,055
Slide 11: Lifted volumes and realised liquids prices versus Dated Brent
Lifted volumes and realised liquids prices versus vs Dated Brent Lifted volumes vs Dated Brent - 2020/2021 YTD Realised liquids prices vs Dated Brent - Q1 21 USD/bbl kbbl USD/bbl 70 950 70 900 65 850 65 850 61.1 60 0.5 0.1 800 60 7.6 750 55 52.9 55 682 700 3.3 49.5 50 632 635 640 650 50 587 600 45 4
Slide 12: Income statement
Income statement Q1 21 comments Operating income: Figures in NOK million Q1 21 Q4 20 Q1 20 • Lower sold volumes partly offset by higher realised prices Total operating income 524 584 551 • Net loss on hedging activities NOK 31 million Production expenses -176 -189 -167 Production expenses: Changes i
Slide 13: Statement of financial position
Statement of financial position Figures in NOK million Assets 31.03.2021 31.12.2020 Q1 21 comments Goodwill 769 769 Oil and gas properties 3 807 3 758 • Cash and cash equivalents NOK 978 million Other non-current assets 3 049 3 029 Trade and other receivables 523 514 • Current tax refund NOK 211 mil
Slide 14: Cash development Q1 21
Cash development Q1 21 NOK million 1,200 97 1,100 182 1,000 224 24 9 900 +107 800 700 600 500 978 871 400 300 200 100 0 Cash 31.12.20 Operating activities Net taxes received Investment Interest paid Payments of Cash 31.03.21 activities lease debt 14
Slide 15: Outlook
Outlook
Slide 16: Guiding on production & capex
Guiding on production & capex OKEA to receive compensation for deferred volumes on Gjøa for shut-downs related to Duva/Nova tie-ins Production – thousand boepd Capex* – NOK million Gjøa accelerated compensation 980 1.2-1.8 0-0.4 600 - 700 17-18 15.5-16.5 16.1 2020 actuals 2021 guiding 2022 outlook 2
Slide 17: Key milestones and deliveries 2021
Key milestones and deliveries 2021 • Start-up Yme in H2 – stepping-up OKEA production • FID for Hasselmus development in Q2 • Ilder currently drilling, Ginny exploration well scheduled for H2 • Possible appraisal well at Aurora to determine size and commerciality • Concept selection (DG2) for Vette
Slide 18: New OKEA CEO from 1 June - Svein J. Liknes
New OKEA CEO from 1 June - Svein J. Liknes Founder and CEO Erik Haugane to step down but remain as advisor to OKEA Board of Directors Svein J. Liknes and Erik Haugane Svein J. Liknes new OKEA CEO from June 1 • Svein J. Liknes (born 1972) is the new CEO from June 1 • He comes from Aker BP where he he
Slide 19: Slide 19