Aker Bp Asa · OSL:AKRBP

Aker Bp Asa — Det norske oljeselskap — Q4 2015 Earnings Presentation

19 slides from Aker Bp Asa's earnings presentation, Feb 17, 2016

  1. Slide 1: Det norske oljeselskap Q4 2015

    “aS @ “ DET NORSKE OLJESELSKAP e KARL JOHNNY HERSVIK, CEO ALEXANDER KRANE, CFO 17 FEBRUARY 2016

  2. Slide 2: Highlights

    DET NORSKE Highlights  Production  Q4 production of 54.0 mboepd  Finance  Q4 EBITDA USD 208 million, EPS -0.77 (USD)  USD 1.37 billion in cash and undrawn debt facilities  Business development  Acquisitions of Svenska Petroleum Exploration AS and Premier Oil Norge AS completed  Development p

  3. Slide 3: Financials

    Financials 2 Q4 2015 DETNORSKE

  4. Slide 4: Statement of income

    FINANCIALS Statement of income Income statement (USD mill) Q4 2015 Q4 2014 FY 2015 Revenues 255 346 1,222 Production costs 24 44 141 Other operating expenses 3 11 52 EBITDAX 227 291 1,029 Exploration expenses 19 51 76 EBITDA 208 239 953 Depreciation 112 104 481 Impairment losses 192 319 430 Operatin

  5. Slide 5: Statement of financial position

    FINANCIALS Statement of financial position Assets Equity and liabilities (USD mill) 31.12.15 31.12.14 (USD mill) 31.12.15 31.12.14 Goodwill 768 1,187 Equity 339 652 Other intangible assets 938 940 Other provisions for liabilities incl. P&A 476 503 (long) Property, plant and equipment 2,979 2,549 Def

  6. Slide 6: Cash flow and liquidity

    FINANCIALS Cash flow and liquidity Cash flow (USDm) Liquidity (USDbn)  Cash flow from investments include payment for Undrawn credit the Svenska and Premier Norge acquisitions Cash & cash equivalents 1,74 122  Net interest-bearing debt (book value) of USD 2.53 billion at year-end 2015 236 1,37  C

  7. Slide 7: Guidance

    FINANCIALS Guidance 2016 guidance1 Item Latest 2015 guidance Actual 2015 (no change from CMD) CAPEX USD ~925 million USD 877 million USD 925 – 975 million EXPEX USD ~95 million USD 97 million USD 160 – 170 million Production cost USD ~6.5 per boe USD 6.4 per boe USD 8 – 9 per boe2 Production 59 - 60

  8. Slide 8: Operations

    f Operations ie & Q4 2015 DETNORSKE

  9. Slide 9: Oil and gas production in Q4 2015

    PRODUCTION Oil and gas production in Q4 2015 Net production (boepd)  Q4 2015 production of 54.0 mboepd  Realized oil price of USD 45/bbl  Production efficiency was 86.7%, below target  Production capacity reduced in the quarter  Electric fault at in high voltage drive motor for one of the gas c

  10. Slide 10: Further developing the Alvheim area

    GREATER ALVHEIM AREA Further developing the Alvheim area New projects in the Alvheim area Alvheim area  4 wells put on stream in 2015  3 new wells planned to come on stream in 2016  BoaKamNorth – Q2  Viper and Kobra – Q4  Transocean Arctic contract from December 2016  Two Volund infill wells 

  11. Slide 11: BoaKamNorth IOR well completed

    GREATER ALVHEIM AREA BoaKamNorth IOR well completed Successful operation Alvheim area well branches  Tri-lateral well 24/6-A5 completed in February by Transocean Winner East Kameleon Boa  Total drill-length of 14,473 meters Kameleon  One landing pilot and two geo-pilot wells drilled  Three later

  12. Slide 12: Ivar Aasen project on plan and budget

    IVAR AASEN (~35%1) Ivar Aasen project on plan and budget Recent events Detailed timeline  Production drilling continued ahead of schedule 2012 2013 2014 2015 2016 with top quartile performance H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Concept selection FEED studies  Construction of topside has reached 94% PDO

  13. Slide 13: Upcoming milestones

    IVAR AASEN (~35%1) Upcoming milestones Hand over of sub-systems for Topside installation – July 2016 commissioning and testing: Q1 2016 Offshore commissioning, testing and Installation of power cable – Q2 2016 preparation for first oil – H2 2016 Load out of topside and sail away from First oil – Dec

  14. Slide 14: Benefitting from current market conditions

    JOHAN SVERDRUP (11.5733%) Benefitting from current market conditions  Project progressing according to plan  Major contracts have been awarded  Pre-drilling of wells to commence in Q1 2016  Cost estimates continue to come down  Phase 1 CAPEX reduced from NOK 123 billion (nom.) to NOK 108.5 bill

  15. Slide 15: Stepping up activity

    EXPLORATION Stepping up activity Filicudi  Focus near existing discoveries in the North Sea  Uptonia well currently drilling reservoir section  ILX prospect near Ivar Aasen  Confirm volumes in Krafla/Aska area  Test prospective trend in Loppa South  Offered ownership in 10 licenses, including

  16. Slide 16: Outlook

    f ann d on j Outlook | SS) a4 2015 DETNORSKE

  17. Slide 17: Key improvement themes

    IMPROVEMENT Key improvement themes  Enable G&G process efficiency Exploration Effectiveness  Optimize Exploration well drilling methodology Project  Develop the next Project delivery model Delivery  Capture synergies from Alvheim & Ivar Aasen integration Operations  Optimize Maintenance and mod

  18. Slide 18: Summary and outlook

    OUTLOOK Summary and outlook  Development projects  Ivar Aasen on plan and budget  Johan Sverdrup progressing according to schedule, costs continue to come down  Continue to develop the Alvheim area  Financing  Available liquidity of USD 1.37 billion  Discussions with creditors regarding coven

  19. Slide 19: Det norske

    a DETNORSKE www.detnor.no

Det norske oljeselskap — Q4 2015 Earnings Presentation on 6ix