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February 2019 Company Presentation – International Petroleum Corp.

International Petroleum Corp. · Feb 19, 2019 · 45 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. February 2019 Company Presentation – International Petroleum Corp. – slide 1
    A Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company February 2019 NC00114 01.19
  2. February 2019 Company 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. February 2019 Company Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. 2019 Highlights 2019 guidance: 46,000 to 50,000 boepd Production Guidance 2019 forecast exit rate 50,000 boepd Production growth targeted in all countries Operating Costs (1) Operating costs forecast…
  4. February 2019 Company Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. Track Record of Reserves Growth Proven track record of reserves increases through organic growth 103% reserves replacement ratio in 2018(1) 174% in France Villeperdue reservoir performance upgrade and…
  5. February 2019 Company Presentation – International Petroleum Corp. – slide 5
    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…
  6. February 2019 Company Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. Production Growth Production (boepd) 50,000 boepd wth Gro +10% 46,100 boepd 46,000 boepd Production guidance of 46,000 to 50,000 boepd 34,400 boepd 50,000 boepd exit rate forecast 5x…
  7. February 2019 Company Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. Operating Cash Flow (MUSD)(1) WTI-WCS WTI-WCS differential differential -20 -15 332 70 USD/bbl 306 70 USD/bbl 279(2) 265 258 60 USD/bbl 232 60 USD/bbl 189 50 USD/bbl 163 50 USD/bbl 138…
  8. February 2019 Company Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. Organic Growth 2019 capital expenditure range of 146 to 166 MUSD Flexibility to increase or decrease based on commodity prices Targeting growth in all countries Manville Oil Sands Wabasca…
  9. February 2019 Company Presentation – International Petroleum Corp. – slide 9
    International Petroleum Corp. Canadian Macro Supply and Pipeline Egress Western Canada oil supply vs. pipeline Egress 7.5 December announcement of 325 Mbopd (8.7%) production curtailment in Alberta 7.0 ) ,044 Reduced to 250…
  10. February 2019 Company Presentation – International Petroleum Corp. – slide 10
    International Petroleum Corp. Net Asset Value (MUSD)(1) 2,314 With YE 2017 Pricing 111 PXX 166 IPCO 2,037 1,274 BlackPearl 70% discount to NAV 590 526 Suffield 1,151 543 514 International 2017 2018 2019(1) Net…
  11. February 2019 Company Presentation – International Petroleum Corp. – slide 11
    International Petroleum Corp. Net Asset Value Per Share(1) 14 14 NAV per share IPCO USD share price USD per share 01/01/19 13 13 USD 12.4 12 12 11 +37% 11 10 01/01/18 10 USD per share USD 9.1 9 Additional gas 9…
  12. February 2019 Company Presentation – International Petroleum Corp. – slide 12
    Appendix 2019 Activity 12
  13. February 2019 Company Presentation – International Petroleum Corp. – slide 13
    International Petroleum Corp. 2019 Production Production Guidance International, 19% France sia Canada Gas, 38% y ala Production guidance for 2019 : 46,000 to 50,000 boepd net M Suffield Gas a Ot her Canad…
  14. February 2019 Company Presentation – International Petroleum Corp. – slide 14
    International Petroleum Corp. Operating Costs(1) 2019 full year operating costs forecast at 12.9 USD/boe Includes production optimisation, workovers and maintenance provisions Net Unit Operating Costs 2019 Guidance (USD/boe)…
  15. February 2019 Company Presentation – International Petroleum Corp. – slide 15
    International Petroleum Corp. 2019 Capital Allocation(1) Development Capital Expenditure (net) France, 30% Canada, 42% 2019 Guidance: 120 to 140 MUSD Opportunity to ramp up or down depending on commodity pricing Strong economic…
  16. February 2019 Company Presentation – International Petroleum Corp. – slide 16
    2019 Budget : MUSD 26 International Petroleum Corp. Exploration and Appraisal Expenditure (net) Canada 38% Malaysia 62% Blackrod - 744 MMboe of Contingent Resources (1) Keruing - targeting 3 to 16 MMboe of Prospective Resources…
  17. February 2019 Company Presentation – International Petroleum Corp. – slide 17
    Appendix Canada 17
  18. February 2019 Company Presentation – International Petroleum Corp. – slide 18
    IPC - Canada Asset Overview - 1 Billion Barrels of Resource(1) Suffield Area Peace River Athabasca Blackrod Conventional heavy oil and natural gas MMboe Mooney Cold Lake 2018 production 23,900 boepd 2P Reserves 100.5 Edmonton…
  19. February 2019 Company Presentation – International Petroleum Corp. – slide 19
    %; % % % ;%; ; %;% ; ; ;; % %% ; ;;;;;% % ;;;%%;% % ; ; ;% ;;;;; % ; % % %;% % % ; % ; ; ;%;% %; % ; % % ; %; % %;% % % % % ;; ;;;% %%; ;%; % ;; % ; % %;; ;%;% ;%;; ; %% % % %; % %%; ; ; ; YYY % % %% ; % % %; ;; %% ;; ;…
  20. February 2019 Company Presentation – International Petroleum Corp. – slide 20
    IPC - Canada Suffield Area - Gas Optimisation Suffield Gas Annual Historical Decline Rates (1) 4% 2% 2% Average Annual Decline Rate (%) 0% 1% -2% -4% -6% 8% 8% -8% 9% 9% 10% -10% 11% Successfully offset shallow gas…
  21. February 2019 Company Presentation – International Petroleum Corp. – slide 21
    IPC - Canada N2N Facilities Suffield N2N Project Successful track record Analogous to IPC operated UU and YYY alkaline-surfactant-polymer floods Production and injection facility in place 22 MCAD invested by prior operator,…
  22. February 2019 Company Presentation – International Petroleum Corp. – slide 22
    IPC - Canada Athabasca Blackrod Peace River Onion Lake Thermal Asset Overview Cold Lake Mooney Onion Lake Edmonton Calg ary Calgary Canada Regina Medecine Hat Suffield Onion Lake Area Operated by IPC Early…
  23. February 2019 Company Presentation – International Petroleum Corp. – slide 23
    IPC Canada Forecast High Facility Optimisation Onion Lake Thermal Production Capacity 16,000 Historical Production Facility Nameplate Capacity Low 14,000 12,000 Phase 2 design Phase 1 design capacity Barrels Per Day…
  24. February 2019 Company Presentation – International Petroleum Corp. – slide 24
    IPC - Canada Blackrod Asset Overview Blackrod Athabasca Blackrod Peace River Cold Lake Mooney Edmonton Onion Lake Blackrod area Operated by IPC Calg ary Calgary Canada Regina Amongst the best greenfield SAGD projects…
  25. February 2019 Company Presentation – International Petroleum Corp. – slide 25
    Appendix Malaysia 25
  26. February 2019 Company Presentation – International Petroleum Corp. – slide 26
    Bertam Facilities IPC - Malaysia Asset Overview Malaysia Reservoir and operational performance ahead of expectation 0 KM 400 Proven track record of reserve additions Successful programme of high value infill wells Focus on…
  27. February 2019 Company Presentation – International Petroleum Corp. – slide 27
    IPC - Malaysia 2019 Capital Programme 3 Infill wells completed (2016 & 2018) 2018 Infills 2016 Infill 2018 infills paid back in 6 months N Bertam Field Gross Production 14,000 Infill wells Base 12,000 10,000 A15 8,000…
  28. February 2019 Company Presentation – International Petroleum Corp. – slide 28
    N A15 IPC - Malaysia A15 Location - Further Infill Opportunity A15 Year on year reserves increases in A15 area Water cut delayed from pre-drill expectations Oil in place larger than initial expectation 2019 Programme 0…
  29. February 2019 Company Presentation – International Petroleum Corp. – slide 29
    N IPC - Malaysia Keruing Seismic Amplitude Keruing Exploration C B A 0 500m Keruing 2019 exploration targeting 2.7 to 15.7 MMboe(1) Exploration well location Potential high value tie-back to existing infrastructure 3D view…
  30. February 2019 Company Presentation – International Petroleum Corp. – slide 30
    Appendix France 30
  31. February 2019 Company Presentation – International Petroleum Corp. – slide 31
    IPC - France France Asset Overview Paris Basin France Aquitaine Basin Paris and Aquitaine Basins Long life low decline assets Strong reservoir performance in 2018 Reserve replacement ratio of 174% in 2018 0 KM 400 Focus on…
  32. February 2019 Company Presentation – International Petroleum Corp. – slide 32
    Villeperdue West - Potential Sanction 2019 IPC - France Resource Maturation (1) rage ic Cove Proven track record of resource growth ism D Se 3 Potential development Villeperdue 3.8 MMboe targets +130% Largest single…
  33. February 2019 Company Presentation – International Petroleum Corp. – slide 33
    IPC France Vert-La-Gravelle Project Project Sanctioned Q4 2018 Targeting unswept oil in central and southern areas On track for Q2 2019 spud 2 horizontal producers and 1 injector (phase 1) Vert-La-Gravelle Hydrocarbon Saturation…
  34. February 2019 Company Presentation – International Petroleum Corp. – slide 34
    Villeperdue Reservoir Thickness IPC - France Villeperdue West Development Overview ge C overa ic eism 3D S Undeveloped potential in western flank Oil-water contact extends beyond current wellstock Potential development…
  35. February 2019 Company Presentation – International Petroleum Corp. – slide 35
    Appendix Financial 35
  36. February 2019 Company Presentation – International Petroleum Corp. – slide 36
    International Petroleum Corp. Economic Assumptions(1) Low Case Base Case High Case Oil in USD/bbl Brent 50 60 70 WTI 44 52 60 WCS (-20 USD/bbl) 24 32 40 Realised price in Canada WCS -5 Gas in CAD/mcf Empress 2.50 2.50…
  37. February 2019 Company Presentation – International Petroleum Corp. – slide 37
    International Petroleum Corp. Margin Netback (1) (USD/boe) 2019 Forecast Low Base High 2018 50 (44) 60 (52) 70 (60) Actual USD/bbl Average Brent oil price (WTI) WTI - WCS differential (20) = WCS 24 32 40 71 Production guidance…
  38. February 2019 Company Presentation – International Petroleum Corp. – slide 38
    International Petroleum Corp. Operating Cash Flow (1) and EBITDA Netback (2) (USD/boe) 2019 Forecast Brent oil price (USD/bbl) 50 60 (Base) 70 Cash Margin Netback 9.4 13.3 17.7 Cash Taxes -0.1 -0.3 Operating Cash Flow Netback…
  39. February 2019 Company Presentation – International Petroleum Corp. – slide 39
    International Petroleum Corp. Profit Netback (USD/boe)(1) 2019 Forecast Brent oil price (USD/bbl) 50 60 (Base) 70 Cash Margin Netback 9.4 13.3 17.7 Depletion/Depreciation -9.2 -9.2 -9.2 G&A -0.8 -0.8 -0.8 Financial items, net…
  40. February 2019 Company Presentation – International Petroleum Corp. – slide 40
    International Petroleum Corp. Oil Sensitivity to WTI/WCS Differential 2019 Forecast Brent oil price (USD/bbl) 60.00 60.00 60.00 WTI/WCS Differential (USD/bbl) 25.00 20.00 15.00 Difference Total Revenue (USD/boe) 25.7 27.2 28.7…
  41. February 2019 Company Presentation – International Petroleum Corp. – slide 41
    International Petroleum Corp. Gas Sensitivity to Realised Canadian Gas Price 2019 Forecast Base Case Brent oil price (USD/bbl) 60.00 60.00 60.00 WTI/WCS Differential (USD/bbl) 20.00 20.00 20.00 Gas price (CAD/mcf) 2.25 2.50 2.75…
  42. February 2019 Company Presentation – International Petroleum Corp. – slide 42
    International Petroleum Corp. Liquidity and Funding (USD/boe) 2019 Forecast Brent oil price (USD/bbl) 50 60 (Base) 70 Operating Cash Flow Netback 9.4 13.2 17.4 General and Administration Costs -0.8 -0.8 -0.8 Cash Financial…
  43. February 2019 Company Presentation – International Petroleum Corp. – slide 43
    International Petroleum Corp. Brent Price (1) Price Decks Brent USD/bbl (1) 80 70 60 50 2019 2020 2021 2022 2023 2024 NC00116 p15 01.19 Year End 2017 Reserves Price Deck (1) See Reader Advisory and MCR Year…
  44. February 2019 Company Presentation – International Petroleum Corp. – slide 44
    International Petroleum Corp. Canadian Pricing (1) Western Canadian Select (WCS) USD/bbl Empress Gas Price CAD/MMbtu 75 4.5 70 4.0 65 60 3.5 CAD/MMbtu USD/bbl 55 3.0 50 45 2.5 40 2.0 35 30 1.5 2019 2020…
  45. February 2019 Company Presentation – International Petroleum Corp. – slide 45
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