Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Q4 2020 Earnings Presentation
23 slides from Aker Bp Asa's earnings presentation, Feb 4, 2021
Slide 1: Fourth quarter 2020
Fourth quarter 2020 Aker BP ASA 4 February 2021
Slide 2: Disclaimer
Disclaimer This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about globa
Slide 3: Strong performance in a challenging year
Q4-2020 | AKER BP Strong performance in a challenging year 2020 in review Handling challenges with Preserving financial strength by Delivering on our Covid-19 pandemic adapting to macro uncertainty operational targets Protecting the safety of our people Non-sanctioned projects put on hold Safe
Slide 4: Operational performance: Key performance indicators 2020
Q4-2020 | OPERATIONAL PERFORMANCE Key performance indicators 2020 SAFETY RECORD LOW HIGH LOW FIRST PRODUCTION COST EFFICIENCY EMISSIONS 0.5 210.7 $8.3 92% 4.5kg Serious incidents Thousand barrels of Production cost Production CO2 emissions frequency (SIF) oil equivalents per day per boe produced eff
Slide 5: New production record
Q4-2020 | STRONG OPERATIONAL PERFORMANCE New production record Production Production efficiency (mboepd) Aker BP operated assets (percent) Alvheim Ivar Aasen Skarv Ula Valhall Johan Sverdrup 223.1 208.1 209.8 95.8 95.6 93.8 Other 93.4 92.9 92.0 201.6 191.1 86.5 84.1 158.7 146.1 127.3 Q1-19 Q2-19 Q3-
Slide 6: Industry-leading low carbon intensity
Q4-2020 | STRONG OPERATIONAL PERFORMANCE Industry-leading low carbon intensity Emissions intensity1) Contributing to the energy transition CO2 - kg/boe Produce efficiently to 26.5 return high value from oil & gas resources to 22.7 Maximise our stakeholders value 17.4 Reduce emissions from our operat
Slide 7: Ærfugl startup delivered on schedule
Q4-2020 | STRONG OPERATIONAL PERFORMANCE Ærfugl startup delivered on schedule …with the remainder of phase II on track for 2021 Keeping the facilities full • Large production increase at Skarv • Low break-even project Total reserves of 300 mmboe (gross) • Extends over 60 kilometers • New technol
Slide 8: Moving towards concept select
NOAKA Moving towards concept select ASKJA FULLA KRAFLA FRIGG GD RIND LANGFJELLET FRØY NOAKA: Krafla, Fulla and North of Alvheim License partners: 8
Slide 9: Financial review
Financial review 9
Slide 10: Oil and gas sales
Q4-2020 | FINANCIAL REVIEW Oil and gas sales Volume (mboepd) Realised prices (USD/boe) Total income (USDm) Other operating income Production Sales Liquids Natural gas Petroleum revenues +11% +4% +22% +14% 223.1 44.2 834 213.8 42.7 201.6 187.7 +69% 684 31.8 830 18.8 675 Q3-20 Q4-20 Q3-20 Q4-20 Q3-20
Slide 11: Lifted volumes and realised prices
Q4-2020 | FINANCIAL REVIEW Lifted volumes and realised prices Crude oil liftings 20201) Breakdown of realised liquids prices in 2020 mmbbl USD/bbl 6.6 Brent Dated 6.4 6.3 Brent front month 6.0 5.4 5.5 4.9 4.7 4.4 4.3 4.0 2.6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1) Price data sources: Plat
Slide 12: Income statement
Q4-2020 | FINANCIAL REVIEW Income statement USD million Q4 2020 Q3 2020 Q4 2019 Total income 834 684 1 003 Production costs 142 134 154 Other operating expenses 27 7 19 EBITDAX 664 543 830 Exploration expenses 42 32 85 EBITDA 623 511 745 Depreciation 289 269 255 Impairments 55 - (1) Operating profit
Slide 13: Statement of financial position
Q4-2020 | FINANCIAL REVIEW Statement of financial position USD million Assets 31.12.20 30.09.20 31.12.19 Equity and liabilities 31.12.20 30.09.20 31.12.19 Goodwill 1,647 1,647 1,713 Equity 1,987 1,929 2,368 Other provisions for liabilities Other intangible assets 2,043 2,051 2,537 2,650 2,650 2,645
Slide 14: Superior financial flexibility further improved
Q4-2020 | FINANCIAL REVIEW Superior financial flexibility further improved Net debt and leverage ratio Available liquidity Debt maturity profile USD billion (bars), Net debt/EBITDAX1 (line) USD billion2 USD billion 3.2 3.4 4.5 1.0 1.0 Cash 0.75 0.75 1.5x 2.6 0.5 1.2x RCF End 2019 End 2020 End 2019 E
Slide 15: Cash flow
Q4-2020 | FINANCIAL REVIEW Cash flow CF Operations USD million CF Financing CF Investing 201 819 -307 -44 -400 444 -86 -19 -71 538 Opening Net debt Operations Tax paid Capex & Expex Abex Other Dividends Closing balance drawn before tax Leases balance 15
Slide 16: Cash tax sensitivity analysis
Q4-2020 | FINANCIAL REVIEW Cash tax sensitivity analysis USD million For fiscal year 2019 For fiscal year 2020 Sensitivity for fiscal year 20211) 300 200 $65 $65 100 199 106 $65 $65 48 81 0 $50 $50 $50 $50 (109) (12) (23) $40 $40 -100 (201) $40 $40 $30 $30 -200 -300 $30 $30 -400 -500 Q3-19 Q4-19 Q1-
Slide 17: 2020 performance vs. guidance
Q4-2020 | FINANCIAL REVIEW 2020 performance vs. guidance Production Capital spend Production cost Dividend mboepd USD million USD/boe USD million 850 2 200 205-220 210-215 211 10 200 1 800 1 730 8.3 500 ~8 200 178 300 246 425 425 1 500 1 300 1 306 Original Latest guidance Actual Original Latest guid
Slide 18: Guidance for 2021
Guidance for 2021 PRODUCTION CAPITAL SPEND1 PRODUCTION COST PROPOSED DIVIDEND 210-220 2.2-2.3 8.5-9.0 450 mboepd USD billion USD/boe USD million 1) Approx. split: Capex USD 1.6 billion, Expex USD 0.4-0.5 billion, Abex USD 0.2 billion 18
Slide 19: Our priorities
Our priorities EXECUTE IMPROVE GROW Safe and efficient operations New operating model for Mature NOAKA and other with flawless project execution increased efficiency and reduced prioritized projects for FID by through our alliances emissions end of 2022 and significantly lift production towards 2028
Slide 20: Appendix
Appendix 20
Slide 21: 2020 exploration results
Q4-2020 | APPENDIX 2020 exploration results 2 3 License Prospect Operator Aker BP Pre-drill Status share mmboe PL1008 Nidhogg 1 Aker BP 60 % 37 - 96 Discovery 6-15 mmboe PL719 Sandia 2 Spirit 20 % 23 - 527 Dry PL533 Bask 3 Lundin 35 % 14 - 585 Dry (completed 2021) PL127C Alve NE 4 Aker BP 88 % 8 - 2
Slide 22: 2021 exploration programme
Q4-2020 | APPENDIX 2021 exploration programme 4 3 Licence Prospect Operator Aker BP Pre-drill Status share mmboe PL 533 Bask Lundin 35 % 14 - 585 Dry PL 981 Merckx Ty 1 Lundin 40 % 43 - 304 PL 544 Garantiana W 2 Equinor 30 % 7 - 28 PL 858 Stangnestind 3 Aker BP 40 % 13 - 108 PL 722 Shenzhou 4 Equino
Slide 23: Aker BP
& AkerBP www.akerbp.com