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Operations and Financial Update Year End 2018 – International Petroleum Corp.

International Petroleum Corp. · Feb 12, 2019 · 22 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. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 1
    International Petroleum Corp. Operations and Financial Update Year End 2018 Mike Nicholson, CEO Christophe Nerguararian, CFO February 12, 2019 NC00123 p01 02.19 Q4 2018
  2. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 2
    International Petroleum Corp. 2018 Highlights Production Guidance Full year average production exceeds high case CMD guidance at 34,400 boepd Operating Costs(1) Operating costs of 12.4 USD/boe, below 2018 guidance of 12.6 USD/boe…
  3. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 3
    International Petroleum Corp. Net Reserves and Contingent Resources (MMboe) Resource Growth 2P + 2C 1,137 100% reserves replacement in 2018 More than doubled 2P reserves to 288 MMboe (1) 849 2C 6x Increased reserves life…
  4. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 4
    2018 Production International Petroleum Corp. 2018 Production Gas 53% Oil (Brent) 29% Production above CMD high case at 34,400 boepd Bertam infill well performance Oil (WCS) Ahead of expectation 18% Canada gas optimisation…
  5. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 5
    International Petroleum Corp. 2018 Net Capital Expenditure CAPEX Movements 2018 0.8 39.0 1.7 2018 capital expenditure: 39 MUSD (original guidance 32 MUSD) 32.2 4.3 Additional organic growth sanctioned during 2018 Successful…
  6. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 6
    International Petroleum Corp. Operating Cash Flow (1) 2018 operating cash flow of 279 MUSD = 20% ahead of full year 2018 guidance Net Debt (1) end 2018 reduced by 50% to 166 MUSD since Suffield acquisition completion; 277 MUSD…
  7. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 7
    International Petroleum Corp. Organic Growth Opportunities in 2019 Canada Malaysia Bertam France Paris Basin Dawson Creek Manville Oil Sands Wabasca DesMarais Manville Oil Sands Blackrod Grande Prairie Lesser Slave Lake Slave…
  8. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 8
    Year End 2018 Financial Highlights 8
  9. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 9
    Year End 2018 Financial Highlights Fourth Quarter Full Year 2018 2018 Production (boepd) 34,600 34,400 Average Dated Brent Oil Price (USD/boe) 68.8 71.3 Operating costs (USD/boe) (1) 13.1 12.4 Operating cash flow (MUSD) (1)…
  10. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 10
    Year End 2018 Realised Oil Prices Bertam Realised oil price 2018 realised oil prices France Realised oil price Brent, WTI & WCS Spot Price (USD/bbl) Suffield Realised oil price 90 78.32 78.21 77.58 80 73.10 Bertam, 70.55 70…
  11. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 11
    Year End 2018 Realised Gas Prices AECO, Empress and realised gas prices Realised Price CAD/Mcf 2018 realised price 6% ahead of 2018 CMD guidance of 2.40 CAD/Mcf Empress / AECO differential AECO Day Ahead Index 9 8 7 6 5…
  12. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 12
    Year End 2018 Financial Results Operating Cash Flow (1) 300 300 279.0 250 250 +102% 200 200 Million USD Million USD 150 150 138.4 100 100 +57% 50 58.3 50 37.2 0 0 Full Year Full Year Q4 Q4 NC00123…
  13. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 13
    Year End 2018 Financial Results EBITDA (1) 300 300 264.0 250 250 200 200 +104% Million USD Million USD 150 150 129.3 100 100 +74% 50 58.0 50 33.4 0 0 Full Year Full Year Q4 Q4 NC00123 p03…
  14. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 14
    Year End 2018 Operating Costs (1) USD/boe USD/boe operating costs 20 20 16 16 Increased activity 2018 Operating Costs: - 12.6 USD/boe guidance 12 12 - 12.4 USD/boe actual 8 8 4 4 0 0 Q1 2018 Q2 2018 Q3 2018 Q4…
  15. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 15
    Year End 2018 Netback (1) (USD/boe) Fourth Quarter Full Year 2018 2018 Average Dated Brent oil price (68.8 USD/bbl) (71.3 USD/bbl) Revenue 35.1 36.2 Cost of operations -11.1 -10.4 Tariff and transportation -1.4 -1.4 Production…
  16. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 16
    Year End 2018 Cash Flows and Closing Net Debt(1) (MUSD) Exploration & evaluation 260 MUSD -3.8 Financial 260 240 MUSD -21.4 240 220 220 200 200 180 Development 180 160 MUSD -35.3 G&A 160 140 MUSD -10.6 140 120 120 100 100 80…
  17. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 17
    Year End 2018 G&A / Financial Items Fourth Quarter Full Year MUSD 2018 2018 G&A 1.1 10.6 G&A Depreciation 0.1 0.5 G&A Expense 1.2 11.1 Fourth Quarter Full Year 2018 2018 Interest expense 2.9 14.7 Loan facility commitment…
  18. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 18
    Year End 2018 Financial Results Revenue 500 MUSD 454.4 500 34,400 boepd 450 450 Production costs MUSD 179.9 Operating costs (1) 12.4 USD/boe 400 400 350 350 Depletion 300 MUSD 125.1 300 Million USD Cash Margin…
  19. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 19
    Year End 2018 Balance Sheet MUSD 31 Dec 2018 31 Dec 2017 Assets Oil and gas properties 1,014.8 319.8 Other non-current assets 169.4 135.4 Current assets 98.9 134.5 1,283.1 589.7 Liabilities Financial liabilities 283.7 59.3…
  20. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 20
    Year End 2018 Liquidity and Hedging Credit Facilities One International (200 MUSD) and two Canadian (200 and 120 MCAD) revolving credit facilities Second lien notes (75 MCAD) In excess of 150 MUSD availability under revolving…
  21. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 21
    International Petroleum Corp. 2018 Highlights Production Guidance Full year average production exceeds high case CMD guidance at 34,400 boepd Operating Costs(1) Operating costs of 12.4 USD/boe, below 2018 guidance of 12.6 USD/boe…
  22. Operations and Financial Update Year End 2018 – International Petroleum Corp. – slide 22
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