IOC Challenges: Portfolio / Merger / Acquisitions / Divestments John Knight, EVP Strategy and Business Development Statoil ASA
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1 IOC Challenges: Portfolio / Merger / Acquisitions / Divestments John Knight, EVP Strategy and Business Development Statoil ASA 1 Classification: Internal 21 oktober 2015 Statoil ASA
2 IOC Strategies in the Global O&G Landscape IOC Challenges: Portfolio / Merger / Acquisitions / Divestments Key issues facing IOCs Statoil context Statoil future direction 2
3 Key issues facing IOCs Capital efficiency Reserve replacement Business model for unconventionals Climate Upstream / Downstream balance 3
4 Development costs incurred, USD bn Capital efficiency not low oil price is key issue 200 Peer group development spend vs production Production, mmboed Peers (incl. Statoil) 4
5 Reserve Replacement Comparison of produced & discovered volumes 5 year average (bn boe)
6 Business Models for Unconventionals BP Headlines "BP to split off US onshore oil, gas business" Oil and Gas Journal, 4 March 2014 Shell Headlines "Shell Reshaping Conventional, Unconventional Businesses, Creating Integrated NatGas Unit" Natural Gas Intel, 3 November
7 Climate Nov. 3, 2015: Statoil to build world's first floating wind farm: Hywind, Scotland 7
8 Upstream / Downstream Balance 8 8
9 Midstream / Downstream Balance Downstream and Midstream M&A volume ( ) 9
10 IOC Challenges: Portfolio / Merger / Acquisitions / Divestments Key issues facing IOCs Statoil context Statoil future direction 10
11 Statoil Context : Value/Volume Autumn 2013: Too much too fast Feb. 2014: Capital intensity / production growth re-set Nov. 2014: OPEC / Saudi oil price decline April 2015: STEP / OE / COO / NES 11
12 Statoil Context : Financial Flexibility and Growth Financial Flexibility : $23 billion proceeds/ $12 billion accounting gain / 12 divestments Growth : Eagle Ford / Marcellus / Bakken/ Snøhvit / Alfa Sentral 12
13 Statoil Context : Divestments 5 years of active divestments Oil price curve, main divestments Delivered ~$12bn profits, $23 bn proceeds Proceeds ($bn), main divestments Southwestern Shah Deniz Oil sands Gassled Fuel & Retail IPO Centrica Wintershall Fuel & Retail Shah Deniz OMV Wintershall OMV Wintershall Centrica Gassled Peregrino Shah Deniz Retail Southwestern Oil sands Peregrino Accounting gain Source: Statoil; FactSet 13 *Shah Deniz transaction to close in H1 2015, subject to approval from the relevant authorities
14 Statoil Context : Neutral free cash flow 3Q 15 14
15 IOC Strategies in the Global O&G Landscape IOC Challenges: Portfolio / Merger / Acquisitions / Divestments Key issues facing IOCs Statoil context Statoil future direction 15
16 Breakeven US onshore Time Top 20 Type Curve Areas Oil $29 - $52 WTI Gas $1.8 HH 16
17 Climate Time horizons : From 2020 targets to 2030 roadmaps GHGs : From CO2 to methane Leadership : Future fit & fluent Renewables / CCS : Scale up O&G portfolio : Sharper GHG choices Collaboration : Engagement with society beyond industry JVs 17
18 Activities Going Forward Mega-mergers New era post Shell / BG? or using the moment Suncor / CNRL Anadarko / Apache Woodside / Oil Search 18
19 Activities Going Forward Divestments IOCs generally have a large challenge / big targets Poor upstream markets Choosy midstream buyers Statoil has "tactical tidying up 19
20 Activities Going Forward Acquisitions "Double down in established areas Exploration Invest through cycle 20
21 John Knight EVP Statoil ASA Statoil ASA This presentation, including the contents and arrangement of the contents of each individual page or the collection of the pages, are owned by Statoil. Copyright to all material including, but not limited to, written material, photographs, drawings, images, tables and data remains the property of Statoil. All rights reserved. Any other kind of use, reproduction, translation, adaption, arrangement, any other alteration, distribution or storage of this presentation, in whole or in part, without the prior written permission of Statoil is prohibited. The information contained in this presentation may not be accurate, up to date or applicable to the circumstances of any particular case, despite our efforts. Statoil cannot accept any liability for any inaccuracies or omissions.
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