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3Q 2018 Operations and Financial Update – International Petroleum Corp.

International Petroleum Corp. · Nov 6, 2018 · 27 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. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 1
    International Petroleum Corp. Operations and Financial Update Third Quarter 2018 Mike Nicholson, CEO Christophe Nerguararian, CFO November 6, 2018 NCF00101 Q3 2018
  2. 3Q 2018 Operations and Financial Update – 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 NCF00101 p01 10.18 2
  3. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 3
    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,…
  4. 3Q 2018 Operations and Financial Update – 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. 3Q 2018 Operations and Financial Update – 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. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 6
    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…
  7. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 7
    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…
  8. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 8
    International Petroleum Corp. N 2016 Infill A15 Future Growth in Malaysia 2017 Infill Campaign Infill A16 Infill A17 Production Operational performance remains strong 99% facility uptime Future infills Infill wells continue…
  9. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 9
    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…
  10. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 10
    Vert-La-Gravelle Hydrocarbon Saturation International Petroleum Corp. Development target Organic Growth in France Vert-La-Gravelle Development target Horizontal wells and engineering unlocks significant Water injector…
  11. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 11
    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…
  12. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 12
    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…
  13. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 13
    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…
  14. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 14
    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…
  15. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 15
    Third Quarter 2018 Financial Highlights 15
  16. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 16
    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…
  17. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 17
    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…
  18. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 18
    First Nine Months 2018 Financial Results Operating Cash Flow (1) 250 250 220.7 200 200 150 150 Million USD Million USD 100 100 101.2 67.9 50 50 28.9 0 0 First 9 Months First 9 Months Q3 Q3 2018 2017 2018…
  19. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 19
    First Nine Months 2018 Financial Results EBITDA (1) 250 250 200 200 206.0 150 150 Million USD Million USD 100 100 95.9 66.2 50 50 26.4 0 0 First 9 Months First 9 Months Q3 Q3 2018 2017 2018 2017 (1)…
  20. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 20
    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…
  21. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 21
    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…
  22. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 22
    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…
  23. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 23
    First Nine Months 2018 G&A / Financial Items Third Quarter First Nine Months MUSD 2018 2018 G&A 2.7 9.5 G&A Depreciation 0.1 0.4 G&A Expense 2.8 9.9 Third Quarter First Nine Months 2018 2018 Interest expense 3.4 11.8…
  24. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 24
    First Nine Months 2018 Financial Results Revenue MUSD 342.5 34,400 boepd 350 350 Production costs MUSD 127.0 300 Operating costs (1) 12.1 USD/boe 300 250 Depletion 250 MUSD 94.5 Cash Margin MUSD 215.5 200 200 Million…
  25. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 25
    First Nine Months 2018 Balance Sheet MUSD 30 Sep 2018 31 Dec 2017 Assets Oil and gas properties 699.9 319.8 Other non-current assets 101.8 135.4 Current assets 117.4 134.5 919.1 589.7 Liabilities Financial liabilities 216.9…
  26. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 26
    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,…
  27. 3Q 2018 Operations and Financial Update – International Petroleum Corp. – slide 27
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