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1Q 2019 Earnings Presentation – International Petroleum Corp.

International Petroleum Corp. · May 8, 2019 · 25 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. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 1
    Operations and Financial Update Q1 2019 First Quarter 2019 Mike Nicholson, CEO Christophe Nerguararian, CFO May 8, 2019 NC00133 p01 04.19
  2. 1Q 2019 Earnings 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 NC00133 p09 04.19 2
  3. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. Q1 2019 Highlights Q1 production at 44,400 boepd Production Guidance 2019 guidance: 46,000 to 50,000 boepd retained 2019 forecast exit rate 50,000 boepd Production growth targeted in all countries…
  4. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. Canada Gas Production CMD High 2019 Production Q1 Performance Average temperature Suffield gas CMD Low 20,000 10 18,000 5 16,000 0 14,000 -5 12,000 -10 boepd Temperature 10,000…
  5. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. 2019 Production 2019 Production Guidance International, 19% France sia Canada Gas, 38% y ala Production guidance for 2019 retained: 46,000 to 50,000 boepd net M Suffield a Gas…
  6. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. 2019 Revised Capital Budget Capital programme increased from high end guidance of 166 MUSD to 188 MUSD Fully funded from 2019 cash flow Canada Suffield Malaysia Approved Oil drilling and gas…
  7. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 7
    Athabasca IPC Canada Peace River Blackrod Cold Lake Suffield N2N EOR Project Mooney Edmonton Onion Lake N2N Facilities Calg ary Calgary Canada Suffield Canada Regina Medecine Hat N2N enhanced oil recovery…
  8. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 8
    Blackrod Athabasca IPC Canada Peace River Cold Lake Blackrod Project - Acquired Strategic Lands Mooney Edmonton Onion Lake Calg ary Calgary Canada Regina Medecine Hat Suffield Blackrod Project Acquired…
  9. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 9
    International Petroleum Corp. Operating Cash Flow (MUSD)(1) Low Case High Case 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…
  10. 1Q 2019 Earnings 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 58% discount to NAV 847 526 Suffield 1,151 543 514 International 2017 2018 2019 Net Debt (2)…
  11. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 11
    International Petroleum Corp. Net Asset Value Per Share(1) 14 14 NAV per share IPCO USD share price 01/01/19 13 13 USD per share USD 12.4 12 12 11 +37% 11 10 01/01/18 10 USD per share USD 9.1 9 Additional gas 9…
  12. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 12
    First Quarter 2019 Financial Highlights 12
  13. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 13
    First Quarter 2019 Financial Highlights First Quarter 2019 Production (boepd) 44,400 Average Dated Brent Oil Price (USD/boe) 63.1 Operating costs (USD/boe) (1) 13.2 Operating cash flow (MUSD) (1) 83.1 EBITDA (MUSD) (1) 81.7…
  14. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 14
    First Quarter 2019 Realised Oil Prices 100 90 78.32 78.21 77.58 73.10 80 70.55 66.29 70 Malaysia, 67.72 76.20 France, 64.50 60 50.30 48.68 USD/bbl 66.08 50 40.13 Suffield, 45.85 40 Onion Lake, 37.20 30 21.30…
  15. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 15
    First Quarter 2019 Realised Gas Prices Realised Price CAD/Mcf Empress / AECO differential AECO Day Ahead Index 9 8 7 6 3.07 5 CAD/Mcf 3.86 4 2.29 2.70 2.11 3 2 1 0 NC00131 p05 04.19 Jan Feb Mar Apr May…
  16. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 16
    First Quarter 2019 Financial Results Operating Cash Flow (1) Operating Cash Flow (1) EBITDA(1) 100 100 80 83.1 80 81.7 76.1 65.3 60 60 Million USD Million USD 40 40 20 20 0 0 Q1 Q1 Q1 Q1 NC00131 p13…
  17. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 17
    First Quarter 2019 Operating Costs (1) USD/boe USD/boe operating costs 20 20 16 16 2019 Operating Costs: 12.9 USD/boe guidance unchanged 12 12 8 8 4 4 0 0 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Actual Forecast Forecast…
  18. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 18
    First Quarter 2019 Netback (1) (USD/boe) First Quarter 2019 Average Dated Brent oil price (63.1 USD/bbl) Revenue 36.9 Cost of operations -11.3 Tariff and transportation -1.5 Production taxes -0.4 Operating costs (2) -13.2 Cost…
  19. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 19
    First Quarter 2019 Cash Flows and Closing Net Debt(1) (MUSD) -180 -180 Exploration & evaluation -200 MUSD -2.6 Financial -200 MUSD -4.7 -220 -220 Development Million USD MUSD -19.3 G&A -240 MUSD -3.0 -240 -260…
  20. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 20
    First Quarter 2019 G&A / Financial Items MUSD First Quarter 2019 G&A 3.0 G&A Depreciation 0.3 G&A Expense 3.3 First Quarter 2019 Interest expense 4.3 Loan facility commitment fees 0.3 Amortisation of loan fees 0.6 Foreign…
  21. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 21
    First Quarter 2019 Financial Results Revenue MUSD 147.4 44,400 boepd 150 150 135 135 Production costs MUSD 62.8 Operating costs (1) 13.2 USD/boe 120 120 105 105 Depletion 90 MUSD 37.6 90 Cash Margin Million USD…
  22. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 22
    First Quarter 2019 Balance Sheet MUSD 31 Mar 2019 31 Dec 2018 Assets Oil and gas properties 1,034.2 1,014.8 Other non-current assets 160.3 169.4 Current assets 110.4 98.9 1,304.9 1,283.1 Liabilities Financial liabilities 262.8…
  23. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 23
    First Quarter 2019 Liquidity and Hedging Credit Facilities One International (200 MUSD) and two Canadian (200 and 120 MCAD) revolving credit facilities IPC intends to amalgamate the two Canadian credit facilities into a single one…
  24. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 24
    International Petroleum Corp. Q1 2019 Highlights Q1 production at 44,400 boepd Production Guidance 2019 guidance: 46,000 to 50,000 boepd retained 2019 forecast exit rate 50,000 boepd Production growth targeted in all countries…
  25. 1Q 2019 Earnings Presentation – International Petroleum Corp. – slide 25
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