Okea Asa · OSL:OKEA

Okea Asa — Q4 2023 Earnings Presentation

22 slides from Okea Asa's earnings presentation, Feb 8, 2024

  1. Slide 1: OKEA ASA Presentation of fourth quarter 2023

    OKEA ASA Presentation of fourth quarter 2023 8 February 2024

  2. 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

  3. Slide 3: OKEA fourth quarter 2023 results

    OKEA fourth quarter 2023 results Highlights • Operation – Record high production of 30.1 kboepd; an increase of 27% compared to Q3 – In addition, Statfjord production volumes added 10.9 kboepd – Increase driven by startup of Hasselmus at Draugen, continued good performance from new wells at Brage co

  4. Slide 4: Quarterly key figures

    Quarterly key figures (Previous quarter in brackets*) Serious incidents Production Net CF from ops. frequency kboepd NOK million per million work hours 30.1 1,720 2.4 (23.7) (748) (2.5) CO2 emissions Production expense Dividends paid intensity NOK/boe NOK million kg per boe produced 21* 206 104 (195

  5. Slide 5: Production volume and reliability

    Production volume and reliability Production (kboepd)* 35 Nova 30.1 Yme 30 Ivar Aasen 3.4 Gjøa 25 23.7 22.2 22.3 2.9 Brage 19.9 2.5 20 2.4 2.9 5.1 Draugen 2.8 2.5 3.1 3.2 15 5.1 6.8 8.0 6.8 6.2 10 5.7 3.5 5 8.7 6.8 6.6 5.8 4.8 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Prod. reliability (%) Prod. availability

  6. Slide 6: Operational update

    Operational update Draugen (op. WI 44.56%) Brage (op. WI 35.2%) • Production increase of 50% driven by solid • Production increase of 41% due to continued operating performance and startup of the good performance from the Talisker East well Hasselmus tie-back and two new wells commencing production

  7. Slide 7: Statfjord transaction closed on 29 December 2023

    Statfjord transaction closed on 29 December 2023 Current focus on unlocking value potential in the field Transaction close Improvement program • RNB24 indicated 10-15% reduction in • Statfjord is one of the most prolific fields on volume estimates over the lifetime of the the NCS with a strong track

  8. Slide 8: Value creation on operated assets

    Value creation on operated assets Mid to late-life operating expertise translated into tangible results at Draugen and Brage Draugen thriving under OKEA operatorship Revitalisation of the Brage field Focus on maturing additional reserves with PLX/ILX drilling, Focus on drilling of development and in

  9. Slide 9: OKEA net reserves (2P) 83.2 mmboe – up by 38% since YE22

    OKEA net reserves (2P) 83.2 mmboe – up by 38% since YE22 Net resources (2C) 65 mmboe – up by 50% since YE22 OKEA net 2P reserves Continued increase of reserves and resources 90 Draugen Brage Gjøa Nova 32.2 83.2 During 2023 2P reserves increased by 23 mmboe (38%) and 2C 80 Ivar Aasen Statfjord Area r

  10. Slide 10: Financials

    Financials

  11. Slide 11: Oil and gas production, sales and revenues - per asset

    Oil and gas production, sales and revenues - per asset Contribution by Statfjord not included in key figures and financial statement prior to closing Production (kboepd) Sold volumes (kboepd) Nova Nova 40 40 37.9 Yme Yme 35 Ivar Aasen 35 3.6 Ivar Aasen 30.1 Gjøa 4.5 Gjøa - net tie-ins 30 30 Brage 26

  12. Slide 12: Realised liquids prices

    Realised liquids prices Lifted volumes*/** vs Dated Brent Q4 2022 - Q4 2023 + EQ1 2024 Lifted volumes vs Dated Brent USD/boe kboe 105 950 110 900 850 100 100 800 90 750 84.3 85.6 1.8 0.2 0.7 83.4 2.3 700 80 95 653 630 636 630 650 618 614 597 587 600 70 90 550 485 60 500 450 406 50 85 384 383 400 336

  13. Slide 13: Sold volumes and market prices for gas

    Sold volumes and market prices for gas Sold volumes vs average NBP/Heren gas market prices USD/boe Kboe Monthly average USD/boe Volumes kboe 200 300 190 282 180 170 247 250 160 150 212 140 205 198 200 130 187 188 180 180 181 120 174 171 172 172 165 110 100 150 90 80 70 100 60 50 40 50 30 20 10 0 0 O

  14. Slide 14: Income statement

    Income statement Activities from Statfjord not included in financial statement prior to closing on 29 December Q4 2023 figures Q4 2023 comments Figures in NOK million Q4 23 Q3 23 2023 2022 • Operating income of NOK 2,118 million of which NOK 2,037 million from sale of Total operating income 2 118 2

  15. Slide 15: Statement of financial position

    Statement of financial position Balance sheet movements largely driven by purchase price allocation of Statfjord Q4 2023 figures Q4 2023 comments Figures in NOK million Assets 31.12.2023 30.09.2023 31.12.2022 • Goodwill of NOK 2,295 million; NOK 1,003 million relating to technical goodwill from Good

  16. Slide 16: Cash development Q4 2023

    Cash development Q4 2023 NOK million 5 500 5 000 +59 4 500 477 4 000 530 3 500 2 197 3 000 921 13 11 8 2 500 179 104 -44 2 000 1 500 2 346 2 405 2 301 1 000 500 0 Total liquidity Operating Taxes Investment Business Other Interest Leases FX effect on Total liquidity Dividend Total liquidity 30.09.23

  17. Slide 17: Cash development YTD Q4 2023

    Cash development YTD Q4 2023 NOK million 8 000 +1 613 7 500 7 000 1 253 6 500 6 000 5 500 1 988 5 000 4 500 6 441 4 000 1 217 3 500 3 000 49 131 33 20 136 2 500 416 2 000 +1 197 1 500 2 717 2 301 1 000 500 1 104 0 Total Operating Taxes Investment Business Other Interest Leases Refinancing FX effect

  18. Slide 18: Outlook / Guidance

    Outlook / Guidance Production for 2023 ended at 24.6 kboepd; exceeding guidance of 23-24 kboepd • In addition, Statfjord produced 10.8 kboepd net to OKEA in 2023, slightly below guidance of 11-12 kboepd Production Production guidance for 2024 of 35–40 kboepd • Planned turnaround at Draugen with expe

  19. Slide 19: Summary

    Summary ww

  20. Slide 20: Summary

    Summary Record high production; mainly due to solid performance by operated assets Brage and Draugen Statfjord acquisition completed in December; mitigating actions to unlock asset potential ongoing Hasselmus commencing production; adding gross volumes of 4,800 boepd on plateau and restarting gas an

  21. Slide 21: Q&A

    Q&A Growth Value creation Capital discipline

  22. Slide 22: 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

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