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Corporate Presentation – International Petroleum Corp.

International Petroleum Corp. · Nov 9, 2018 · 44 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Corporate Presentation – International Petroleum Corp. – slide 1
    A Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company November 2018 NC00059 11.18
  2. Corporate Presentation – International Petroleum Corp. – slide 2
    International Petroleum Corp. Corporate Strategy Deliver operational excellence Maintain financial resilience Maximize the value of our resource base Grow through M&A NCF00082 p01 07.18 2
  3. Corporate Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. IPC Net 2P Reserves 129.1 MMboe Resource Growth Malaysia, 9.1 Netherlands, 1.8 7% France, 17.6 Quadrupled 2P reserves to 129.1 MMboe 14% Canada Gas, 73.2 1% Increased reserves life index (RLI) from…
  4. Corporate Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. Production Growth Record production level in Q3 Full year forecast expected at or above top end of guidance range (32,500 34,000 boepd) 40,000 Original CMD guidance Q4 to date (1) 34,900 35,200…
  5. Corporate Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. Low Operating Costs (1) CMD guidance of USD 12.6 (2) per boe retained 20 16.1 15 -22% USD/boe 12.6 (2) YTD 12.1 Q3 12.0 10 0 NCF00101 p08 10.18 2017 Actual 2018 Guidance…
  6. Corporate Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. Capital Expenditure (net) 2018 Capital Expenditure maintained at 44.0 MUSD Additional capital approved in Q2 mainly for gas optimisation in Canada Keruing-1 exploration well in Malaysia Exploring…
  7. Corporate Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. Realised Prices Brent, WTI, WCS and realised oil prices AECO, Empress and realised gas prices Bertam Realised oil price Brent Spot Realised price year to date in line with Realised Price CAD/Mcf France…
  8. Corporate Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. Operating Cash Flow (1) First nine months operating cash flow = 95% of full year guidance (2) Net Debt (1) reduced by 38% to 213 MUSD since Suffield acquisition completion Significantly exceeding 250…
  9. Corporate Presentation – International Petroleum Corp. – slide 9
    International Petroleum Corp. 2P Reserves and Net Asset Value(1) 2P Undeveloped 10% 1,200 1,151 1,151 120 1,000 608 Canada 796 9.1 USD/share 800 MUSD 355(3) 543 600 1,031 2P Developed 90% 400 543 543 International…
  10. Corporate Presentation – International Petroleum Corp. – slide 10
    International Petroleum Corp. Net Asset Value Per Share vs Share Price(1) USD per share 11 11 NAV per share IPCO USD share price 10 10 01/01/18 USD 9.1 USD per share 9 9 Additional gas optimisation in 8 Canada…
  11. Corporate Presentation – International Petroleum Corp. – slide 11
    IPC - Canada Undeveloped Organic Growth 2P Oil Reserves (1) 27.4 MMboe Shallow gas well optimisation budget increase approved Developed Non Producing Developed High graded opportunity set to focus on low cost, high return…
  12. Corporate Presentation – International Petroleum Corp. – slide 12
    IPC Canada Swabbing Canada Gas Optimisation Significant inventory of low risk, low cost opportunities Swabbing - increase in 2018 activity Optimisation - siphon string pulls - coil tubing clean outs - mud plug removal…
  13. Corporate Presentation – International Petroleum Corp. – slide 13
    International Petroleum Corp. Strong Delivery from Canadian Gas Canada Gas Annual Historical Decline Rates (1) 4% 2% 2% Gas performance continues to exceed expectation Average Annual Decline Rate (%) 0% Q3 production ahead…
  14. Corporate Presentation – International Petroleum Corp. – slide 14
    YYY 0 KM 10 UU N2N Dakota Ram Hill Jenner IPC Canada East Easy Coulee North Dieppe South Gibson Lake Development Lundy Lane Deberg South Dieppe South Gibson Lake Gibson Lake West Gibson Chieftain…
  15. Corporate Presentation – International Petroleum Corp. – slide 15
    IPC - Malaysia - Bertam Bertam Bertam Field N 2016 Infill A15 Malaysia Asset Overview Production 2017 Infill Campaign 0 KM 400 Operational performance remains strong 99% facility uptime Infill A16 Infill A17 Infill wells…
  16. Corporate Presentation – International Petroleum Corp. – slide 16
    Angsi South Field Map IPC - Malaysia - Keruing OPHIR TEMBIKAI ANGSI GAS ANGSI BESAR Angsi South field KIJANG NAGA KECIL Organic Growth MURAI ANGSI SOUTH DUYONG NAGA DALAM DUYONG BARAT AJI AJI MENGKUANG SOTONG…
  17. Corporate Presentation – International Petroleum Corp. – slide 17
    Paris Basin IPC France Asset Overview France Aquitaine Basin 12 contingent resource opportunities 2C:2P ratio 0.9 40% of resource base being matured via studies in 2018 France Villeperdue 3D seimic interpretation and…
  18. Corporate Presentation – International Petroleum Corp. – slide 18
    Vert-La-Gravelle Hydrocarbon Saturation International Petroleum Corp. Organic Growth in France Development target Vert-La-Gravelle Development target Horizontal wells and engineering unlocks significant Water injector…
  19. Corporate Presentation – International Petroleum Corp. – slide 19
    BlackPearl Proposed Acquisition Highlights Adds forecast 16,000 boepd production in 2019 (1) 50% increase 2x 2P reserves to 292 MMboe (2) for the combined company +7 years on reserve life (3) +789 MMboe contingent resources…
  20. Corporate Presentation – International Petroleum Corp. – slide 20
    International Petroleum Corp. Canadian Macro Supply and Pipeline Egress Estimated US Midwest refining outages (2018) Western Canada oil supply vs. WCS differential vs. pipeline egress 7.5 W. CAN current rail loading capacity…
  21. Corporate Presentation – International Petroleum Corp. – slide 21
    IPC and BlackPearl 2P Net Asset Value (NAV) Transaction Highly Value Accretive 3,000 2,850 2,850 69 PXX 355 IPCO 2,500 2,426 2,000 1,699 71% discount to combined core NAV MUSD 1,500 1,000 702 PXX 308 500 1,151…
  22. Corporate Presentation – International Petroleum Corp. – slide 22
    BlackPearl Proposed Acquisition Alberta Saskatchewan BlackPearl assets IPC assets Onion Lake Thermal Oil sands / heavy oil region Onion Lake Thermal heavy oil 100% operated by BlackPearl Canada Conventional heavy oil Phase…
  23. Corporate Presentation – International Petroleum Corp. – slide 23
    Saskatchewan BlackPearl Proposed Acquisition Alberta BlackPearl assets IPC assets BlackRod SAGD Project Oil sands / heavy oil region BlackRod 100% operated by BlackPearl Canada 745 MMboe of contingent resources (1)…
  24. Corporate Presentation – International Petroleum Corp. – slide 24
    BlackPearl Proposed Acquisition People and Management Highly experienced organisation transferring from BlackPearl with local knowledge and operating capability Senior country management - Chris Hogue (VP Operations) and Ed Sobel…
  25. Corporate Presentation – International Petroleum Corp. – slide 25
    International Petroleum Corp. Q3 2018 Highlights Q3 average production at 35,200 boepd, high end of Q3 guidance Production Guidance Full year average production expected at or above 34,000 boepd Q3 operating cost of 12.0 USD/boe,…
  26. Corporate Presentation – International Petroleum Corp. – slide 26
    Appendix Price Forecasts 26
  27. Corporate Presentation – International Petroleum Corp. – slide 27
    Year End 2017 Reserves Price Forecast(1) Price Forecast Brent 85 80.0 79.0 77.0 75.6 75 74.0 74.2 USD/bbl 70.1 69.0 65 63.5 63.4 61.3 62.0 55 2018 2019 2020 2021 2022 2023 Year End 2017 Year End 2016…
  28. Corporate Presentation – International Petroleum Corp. – slide 28
    Canadian Crude Oil British Columbia Suffield Alberta Suffield heavy oil is mixed with diluent Saskatchewan and sent through the Bow River pipeline to refineries in Billings and Great Falls Edmonton i n u nta Suffield oil is…
  29. Corporate Presentation – International Petroleum Corp. – slide 29
    IPC - Canada Gas Market AECO Pricing Empress Pricing 8% production NOVA Mainline to TCPL 92% production Suffield TransCanada Main Line 1-27 Oil Battery Empress Over 90% of Suffield gas priced on the Price Point…
  30. Corporate Presentation – International Petroleum Corp. – slide 30
    Appendix Canada 30
  31. Corporate Presentation – International Petroleum Corp. – slide 31
    IPC - Canada 2018 Overview Mature ASP Flood YYY Commission & Drilling N2N UU 2018 Drilling Dakota Ram Hill 2018 production outlook Jenner Easy Coulee Underpinned by base decline rates East Easy Coulee Contribution from 4Q 2018…
  32. Corporate Presentation – International Petroleum Corp. – slide 32
    IPC - Canada Gas Optimisation Suffield Wells Additional Opportunities 10,800 shallow gas wells Workovers 750 Tubing string installed 450 Siphon string installed Pipeline mud plugs Swabbing Reactivation of closed in wells…
  33. Corporate Presentation – International Petroleum Corp. – slide 33
    IPC - Canada UU Pool Performance Enhanced Oil Recovery Medicine Hat 0 KM 20 UU pool 2006 Pre ASP 2007 2008 2009 2010 2011 ASP Injection 2012 2013 2014 2015 AP Injection 2016 2017 2018 Technology proven in Suffield area…
  34. Corporate Presentation – International Petroleum Corp. – slide 34
    Appendix Financials 34
  35. Corporate Presentation – International Petroleum Corp. – slide 35
    First Nine Months 2018 Financial Highlights Third Quarter First Nine Months 2018 2018 Production (boepd) 35,200 34,400 Average Dated Brent Oil Price (USD/boe) 75.2 72.1 Operating costs (USD/boe) (1) 12.0 12.1 Operating cash…
  36. Corporate Presentation – International Petroleum Corp. – slide 36
    First Nine Months 2018 Operating Costs (1) USD/boe USD/boe operating costs 20 20 Increased activity 16 16 Guidance 12 12 12.6 USD/boe (unchanged from CMD) 8 8 4 4 0 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Actual Actual…
  37. Corporate Presentation – International Petroleum Corp. – slide 37
    First Nine Months 2018 Netback (1) (USD/boe) Third Quarter First Nine Months 2018 2018 Average Dated Brent oil price (75.2 USD/bbl) (72.1 USD/bbl) Revenue 33.0 36.5 Cost of operations -10.2 -10.1 Tariff and transportation -1.1…
  38. Corporate Presentation – International Petroleum Corp. – slide 38
    First Nine Months 2018 Net Debt (1) Exploration & evaluation MUSD -2.2 Financial 200 MUSD -18.1 200 180 180 160 160 140 Development 140 120 MUSD -20.4 G&A 120 MUSD -9.5 100 100 80 80 60 Suffield acquisition 60 40 MUSD -341.1…
  39. Corporate Presentation – International Petroleum Corp. – slide 39
    Appendix Netherlands 39
  40. Corporate Presentation – International Petroleum Corp. – slide 40
    IPC - Netherlands Offshore Asset Overview Portfolio of mature gas fields F6a Onshore Non-operated onshore and offshore gas Infrastructure provides additional revenue stream E17a F15a IPC Licences F15d Non-operated E17b…
  41. Corporate Presentation – International Petroleum Corp. – slide 41
    Appendix Lundin Group 41
  42. Corporate Presentation – International Petroleum Corp. – slide 42
    The Lundin Group of Companies A History of Value Creation IPC Lundin Petroleum Africa Oil Lundin Gold NGEx Resources BlackPearl Resources ShaMaran Petroleum o ld Africa Energy g m onds ia d base m Lucara Diamonds et…
  43. Corporate Presentation – International Petroleum Corp. – slide 43
    International Petroleum Corp. Board of Directors & Management Team Board of Directors Lukas Lundin Mike Nicholson Ashley Heppenstall Chris Bruijnzeels Torstein Sanness Donald Charter Daniella Dimitrov Chairman CEO of IPC Former…
  44. Corporate Presentation – International Petroleum Corp. – slide 44
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