Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Det norske oljeselskap — Q3 2015 Earnings Presentation
21 slides from Aker Bp Asa's earnings presentation, Nov 4, 2015
Slide 1: Det norske oljeselskap Q3 2015
QS \ 2015 na @ “ DET NORSKE OLJESELSKAP e KARL JOHNNY HERSVIK, CEO ALEXANDER KRANE, CFO 4 NOVEMBER 2015
Slide 2: Highlights
DET NORSKE Highlights Production Total production of 62.8 mboepd in Q3 2015 Finance Q3 EBITDA USD 225 million, EPS -0.82 (USD) USD 1.7 billion in cash and undrawn debt facilities Development projects Ivar Aasen development on schedule Johan Sverdrup PDO approved, CAPEX reductions B
Slide 3: Financials
Financials 2 Q3 2015 DETNORSKE
Slide 4: Statement of income
FINANCIALS Statement of income Income statement (USD mill) Q3 2015 Q3 2014 YTD 2015 Revenues 281 18 942 Production costs 27 8 117 Other operating expenses 11 1 48 EBITDAX 243 9 777 Exploration expenses 18 72 58 EBITDA 225 (62) 720 Depreciation 130 28 369 Impairment losses 186 - 239 Operating profit/
Slide 5: Statement of financial position
FINANCIALS Statement of financial position Assets Assets (USD mill) 30.09.15 30.09.14 (USD mill) 30.09.15 30.09.14 Goodwill 948 50 Equity 495 962 Other intangible assets 898 435 Other provisions for liabilities incl. P&A 555 139 (long) Property, plant and equipment 2 929 728 Deferred tax 1 424 - Def
Slide 6: Cash flow and liquidity
FINANCIALS AND FUNDING Cash flow and liquidity Cash flow (USDm) Liquidity (USDbn) Undrawn credit Cash flow from operations covered cash flow Cash & cash equivalents from investing in the quarter 1,75 1,74 Net interest-bearing debt (book value) of USD 242 242 2.15 billion Cash and undrawn debt
Slide 7: 2015 taxes
FINANCIALS 2015 taxes Estimated tax payable for 2015 (NOKbn) 2,2 2015 tax payable was estimated to be NOK 2.2 billion in mid-2015 0,2 Q2’16 0,7 Refund for tax year 2014 estimated at NOK 0.2 bn (to be dispersed in Dec. 2015) Q1’16 0,4 At the current USD/NOK FX rate, the company expects to make
Slide 8: Operations
f Operations ie & Q3 2015 DETNORSKE
Slide 9: Oil and gas production in Q3 2015
PRODUCTION Oil and gas production in Q3 2015 Net production (boepd) Q3 production Q3 2015 production of 62.8 mboepd Production efficiency was 98.1%, above target Realized oil price of USD 52/bbl Production was positively impacted by Bøyla M2 start-up Full quarter production from KB3 we
Slide 10: Further developing the Alvheim area
GREATER ALVHEIM AREA Further developing 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 on stream in August Kneler 1 planned to come on stream in November
Slide 11: Ivar Aasen project on schedule for first oil in 2016
IVAR AASEN (~35%1) Ivar Aasen project on schedule for first oil in 2016 Events in the quarter Detailed timeline Production drilling commenced in July 2012 2013 2014 2015 2016 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Pipelines between Edvard Grieg and Ivar Aasen Concept selection installed FEED studies Co
Slide 12: Topside construction reached 85% completion
IVAR AASEN (~35%1) Topside construction reached 85% completion Construction progressed well in Q3 Construction of the topside is about 85% complete First sub system handed over for commissioning in September Trial fit of the flare lower section took place in September Cable pulling and ter
Slide 13: Drilling of production wells
IVAR AASEN (~35%1) Drilling of production wells Meters/dry hole day (ex. core&log) by well2 Initiated drilling of production wells through Development wells between 2010 and jacket in mid-July 2015 on the NCS, targeting conventional Batch set five conductors hydrocarbons (ex. HPHT, multilateral
Slide 14: Johan Sverdrup project progressing as planned
JOHAN SVERDRUP (11.5733%) Johan Sverdrup project progressing as planned PDO approved by MPE in August Production start-up: Q4 2019 Volumes: 1.7-3.0bn boe (~80% from Phase 1) Cost estimates are coming down Phase 1 CAPEX reduced from NOK 123 billion (nom.) to NOK 114 billion (nom.) 1 Opera
Slide 15: Acquisition of Svenska Petroleum Exploration AS
BUSINESS DEVELOPMENT Acquisition of Svenska Petroleum Exploration AS Map of assets Cash consideration of USD 75 million Increased ownership in attractive assets with resource upside potential 13 licenses and 15 employees Krafla/Askja (25%), Garantiana (20%), Frigg Gamma Delta (40%) and Fulla
Slide 16: Acquisition of Svenska Petroleum Exploration AS
BUSINESS DEVELOPMENT Acquisition of Svenska Petroleum Exploration AS Map of North Sea discoveries Krafla/Askja and Garantiana are both being matured for development Good fit with existing portfolio as investment decisions will occur after first oil at Ivar Aasen Investment decisions expected a
Slide 17: Key focus areas in 2016
EXPLORATION Key focus areas in 2016 Overview of existing core and exploration areas Securing new acreage 23rd licensing round Exploration Area Prepare upcoming 23rd licensing round Existing Core Area Loppa North Assessing opportunities in the Barents Sea Awards in Pre-defined Areas (APA) Loppa
Slide 18: Outlook
f ann d on j Outlook | SS) @3 2015 DETNORSKE
Slide 19: Revised guidance
OUTLOOK Revised guidance Item Actual first 9 months 2015 Previous guidance Revised guidance 2015 CAPEX USD 645 million USD 950 – 1,000 million USD ~925 million 2015 EXPEX USD 76 million USD 115 – 125 million USD ~95 million 2015 Production cost USD 6.9 per boe USD 8 – 10 per boe USD ~6.5 per boe per
Slide 20: Summary and outlook
OUTLOOK Summary and outlook Development projects Ivar Aasen progressing according to plan Johan Sverdrup progressing according to schedule, awaiting the outcome of the complaint regarding ownership Continue to develop the Alvheim area Financing Available liquidity of USD 1.74 billion S
Slide 21: Det norske
a DETNORSKE www.detnor.no
Det norske oljeselskap — Q3 2015 Earnings Presentation on 6ix