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June 2019 Corporate Presentation – International Petroleum Corp.

International Petroleum Corp. · Jun 27, 2019 · 53 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. June 2019 Corporate Presentation – International Petroleum Corp. – slide 1
    A Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company June 2019 NC00114 06.19
  2. June 2019 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 NC00133 p09 04.19 2
  3. June 2019 Corporate 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. June 2019 Corporate 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. June 2019 Corporate 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. June 2019 Corporate 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. June 2019 Corporate Presentation – International Petroleum Corp. – slide 7
    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…
  8. June 2019 Corporate Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. Organic Growth Additional 22 MUSD capex programme approved in Canada Flexibility to increase or decrease based on commodity prices Targeting growth in all countries Manville Oil Sands Wabasca…
  9. June 2019 Corporate 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…
  10. June 2019 Corporate 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 65% discount to NAV 526 Suffield 702 1,151 543 514 International 2017 2018 2019 Net Debt (2)…
  11. June 2019 Corporate 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 12.4 USD per share 12 12 11 +37% 11 USD per share 10 01/01/18 10 USD 9.1 9 Additional gas 9…
  12. June 2019 Corporate Presentation – International Petroleum Corp. – slide 12
    Appendix 2019 Activity 12
  13. June 2019 Corporate Presentation – International Petroleum Corp. – slide 13
    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…
  14. June 2019 Corporate 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 Q1 operating costs in line with guidance at 13.2…
  15. June 2019 Corporate Presentation – International Petroleum Corp. – slide 15
    2019 Guidance(3) : MUSD 26 International Petroleum Corp. Exploration and Appraisal Expenditure (net) Canada 38% Malaysia 62% Blackrod - 744 MMboe of Contingent Resources (1) Acquisition of an additional 243 MMboe(1) Keruing -…
  16. June 2019 Corporate Presentation – International Petroleum Corp. – slide 16
    Appendix Canada 16
  17. June 2019 Corporate Presentation – International Petroleum Corp. – slide 17
    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…
  18. June 2019 Corporate Presentation – International Petroleum Corp. – slide 18
    %; % % % ;%; ; %;% ; ; ;; % %% ; ;;;;;% % ;;;%%;% % ; ; ;% ;;;;; % ; % % %;% % % ; % ; ; ;%;% %; % ; % % ; %; % %;% % % % % ;; ;;;% %%; ;%; % ;; % ; % %;; ;%;% ;%;; ; %% % % %; % %%; ; ; ; YYY % % %% ; % % %; ;; %% ;; ;…
  19. June 2019 Corporate Presentation – International Petroleum Corp. – slide 19
    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…
  20. June 2019 Corporate Presentation – International Petroleum Corp. – slide 20
    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…
  21. June 2019 Corporate Presentation – International Petroleum Corp. – slide 21
    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…
  22. June 2019 Corporate Presentation – International Petroleum Corp. – slide 22
    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…
  23. June 2019 Corporate Presentation – International Petroleum Corp. – slide 23
    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 T78…
  24. June 2019 Corporate 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 in…
  25. June 2019 Corporate Presentation – International Petroleum Corp. – slide 25
    International Petroleum Corp. Canadian Macro Supply and Pipeline Egress Western Canada oil supply vs. pipeline Egress 7.5 7.0 December announcement of 325 Mbopd (8.7%) ,044 ) (1 production curtailment in Alberta 6.5 city…
  26. June 2019 Corporate Presentation – International Petroleum Corp. – slide 26
    Appendix Malaysia 26
  27. June 2019 Corporate Presentation – International Petroleum Corp. – slide 27
    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…
  28. June 2019 Corporate Presentation – International Petroleum Corp. – slide 28
    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 50%…
  29. June 2019 Corporate Presentation – International Petroleum Corp. – slide 29
    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…
  30. June 2019 Corporate Presentation – International Petroleum Corp. – slide 30
    N IPC Malaysia Keruing Seismic Amplitude Keruing Exploration C B A 2019 exploration targeting 2.7 to 15.7 MMboe(1) 0 500m Keruing Exploration Potential high value tie-back to existing infrastructure well location 3D view…
  31. June 2019 Corporate Presentation – International Petroleum Corp. – slide 31
    Appendix France 31
  32. June 2019 Corporate Presentation – International Petroleum Corp. – slide 32
    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…
  33. June 2019 Corporate Presentation – International Petroleum Corp. – slide 33
    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…
  34. June 2019 Corporate Presentation – International Petroleum Corp. – slide 34
    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…
  35. June 2019 Corporate Presentation – International Petroleum Corp. – slide 35
    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 3D…
  36. June 2019 Corporate Presentation – International Petroleum Corp. – slide 36
    Appendix Financial 36
  37. June 2019 Corporate Presentation – International Petroleum Corp. – slide 37
    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…
  38. June 2019 Corporate Presentation – International Petroleum Corp. – slide 38
    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…
  39. June 2019 Corporate Presentation – International Petroleum Corp. – slide 39
    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…
  40. June 2019 Corporate Presentation – International Petroleum Corp. – slide 40
    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…
  41. June 2019 Corporate Presentation – International Petroleum Corp. – slide 41
    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…
  42. June 2019 Corporate Presentation – International Petroleum Corp. – slide 42
    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…
  43. June 2019 Corporate Presentation – International Petroleum Corp. – slide 43
    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…
  44. June 2019 Corporate Presentation – International Petroleum Corp. – slide 44
    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 MD&A Year…
  45. June 2019 Corporate Presentation – International Petroleum Corp. – slide 45
    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…
  46. June 2019 Corporate Presentation – International Petroleum Corp. – slide 46
    Appendix Financial First Quarter 2019 Highlights 46
  47. June 2019 Corporate Presentation – International Petroleum Corp. – slide 47
    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…
  48. June 2019 Corporate Presentation – International Petroleum Corp. – slide 48
    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…
  49. June 2019 Corporate Presentation – International Petroleum Corp. – slide 49
    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…
  50. June 2019 Corporate Presentation – International Petroleum Corp. – slide 50
    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…
  51. June 2019 Corporate Presentation – International Petroleum Corp. – slide 51
    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…
  52. June 2019 Corporate Presentation – International Petroleum Corp. – slide 52
    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…
  53. June 2019 Corporate Presentation – International Petroleum Corp. – slide 53
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