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August 2019 Corporate Presentation – International Petroleum Corp.

International Petroleum Corp. · Aug 8, 2019 · 51 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. August 2019 Corporate Presentation – International Petroleum Corp. – slide 1
    A Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company August 2019 NC00114 08.19
  2. August 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. August 2019 Corporate Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. Q2 2019 Highlights Q2 production at 46,100 boepd Production Guidance Expect to be toward lower end of 46,000 to 50,000 boepd full year guidance 2019 forecast exit rate 50,000 boepd Operating Costs(1)…
  4. August 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. August 2019 Corporate Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. Net Reserves and Contingent Resources (MMboe) Resource Growth 2P + 2C 1,380 100% reserves replacement in 2018 More than doubled 2P reserves to 288 MMboe (1) 1,092 2C 7x Increased reserves life…
  6. August 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 Expect full year production at lower end of 46,000 to 50,000 boepd range 34,400 boepd 50,000 boepd exit…
  7. August 2019 Corporate Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. 2019 Capital Budget Capital programme guidance of 188 MUSD Fully funded from 2019 cash flow Canada Suffield Malaysia Oil drilling and gas optimisation 3 infill wells on track for Q4 startup - On…
  8. August 2019 Corporate Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. Organic Growth Targeting growth in all countries Manville Oil Sands Wabasca DesMarais Manville Oil Sands Blackrod 0 KM 100 Lesser Slave Lake Slave Lake McMillian Lake Winefred Lake A20 Ri v…
  9. August 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 163…
  10. August 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 68% discount to NAV 526 Suffield 645 1,151 543 514 International 2017 2018 2019 Net Debt (2)…
  11. August 2019 Corporate Presentation – International Petroleum Corp. – slide 11
    International Petroleum Corp. Net Asset Value Per Share vs Share Price(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…
  12. August 2019 Corporate Presentation – International Petroleum Corp. – slide 12
    Appendix 2019 Activity 12
  13. August 2019 Corporate Presentation – International Petroleum Corp. – slide 13
    2019 Production International Petroleum Corp. International, 19% France 2019 Production Guidance s ia Canada Gas, 38% y ala M Suffield a Gas Canad r Othe Expect full year production towards lower end of 46,000…
  14. August 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 Q2 operating costs below guidance at 12.6 USD/boe…
  15. August 2019 Corporate Presentation – International Petroleum Corp. – slide 15
    Appendix Canada 15
  16. August 2019 Corporate Presentation – International Petroleum Corp. – slide 16
    IPC Canada Asset Overview 1 Billion Barrels of Resource (1) Suffield Area Conventional heavy oil and natural gas Athabasca Peace River Blackrod MMboe Mooney Cold Lake Q2 2019 production 25,400 boepd 2P Reserves 100.5 Focus…
  17. August 2019 Corporate Presentation – International Petroleum Corp. – slide 17
    %; % % % ;%; ; %;% ; ; ;; % %% ; ;;;;;% % ;;;%%;% % ; ; ;% ;;;;; % ; % % %;% % % ; % ; ; ;%;% %; % ; % % ; %; % %;% % % % % ;; ;;;% %%; ;%; % ;; % ; % %;; ;%;% ;%;; ; %% % % %; % %%; ; ; ; YYY % % %% ; % % %; ;; %% ;; ;…
  18. August 2019 Corporate Presentation – International Petroleum Corp. – slide 18
    IPC Canada Suffield Area Gas Optimisation Suffield Gas Annual Historical Decline Rates (1) 4% 2% Average Annual Decline Rate (%) 0% 1% -2% 2% -4% -6% 8% 8% -8% 9% 9% 10% -10% 11% Successfully offset shallow gas…
  19. August 2019 Corporate Presentation – International Petroleum Corp. – slide 19
    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…
  20. August 2019 Corporate Presentation – International Petroleum Corp. – slide 20
    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 Thermal facilities…
  21. August 2019 Corporate Presentation – International Petroleum Corp. – slide 21
    IPC Canada Facility Onion Lake Thermal Production Capacity 16,000 Historical Production Facility Nameplate Capacity optimisation 14,000 12,000 Phase 2 design F-Pad Phase 1 design capacity delayed Barrels Per Day 10,000…
  22. August 2019 Corporate Presentation – International Petroleum Corp. – slide 22
    IPC Canada Blackrod Asset Overview Blackrod Athabasca Blackrod Peace River Cold Lake Mooney Edmonton Onion Lake Blackrod area Calg ary Calgary Canada Regina Amongst the best greenfield SAGD projects in Canada Medecine…
  23. August 2019 Corporate Presentation – International Petroleum Corp. – slide 23
    Blackrod Athabasca IPC Canada Peace River Cold Lake Blackrod Project Acquired Strategic Lands in Q2 2019 Mooney Edmonton Onion Lake Calg ary Calgary Canada Regina Medecine Hat Suffield Blackrod Project…
  24. August 2019 Corporate Presentation – International Petroleum Corp. – slide 24
    International Petroleum Corp. Canadian Macro Supply and Pipeline Egress December 2018 announcement of 325 Mbopd (8.7%) production curtailment in Alberta Western Canada oil supply Reduced through time to125 Mbopd for September vs.…
  25. August 2019 Corporate Presentation – International Petroleum Corp. – slide 25
    Appendix Malaysia 25
  26. August 2019 Corporate 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. August 2019 Corporate 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 50%…
  28. August 2019 Corporate Presentation – International Petroleum Corp. – slide 28
    N A15 IPC Malaysia A15 Location A15 A20 well location 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 500m…
  29. August 2019 Corporate Presentation – International Petroleum Corp. – slide 29
    Appendix France 29
  30. August 2019 Corporate Presentation – International Petroleum Corp. – slide 30
    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…
  31. August 2019 Corporate Presentation – International Petroleum Corp. – slide 31
    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…
  32. August 2019 Corporate Presentation – International Petroleum Corp. – slide 32
    IPC France Vert-La-Gravelle Project Project commenced in Q2 2019 Targeting unswept oil in central and southern areas Spudded Q2 2019 2 horizontal producers and 1 injector (phase 1) Vert-La-Gravelle Hydrocarbon Saturation Further…
  33. August 2019 Corporate Presentation – International Petroleum Corp. – slide 33
    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…
  34. August 2019 Corporate Presentation – International Petroleum Corp. – slide 34
    Appendix Financial 34
  35. August 2019 Corporate Presentation – International Petroleum Corp. – slide 35
    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…
  36. August 2019 Corporate Presentation – International Petroleum Corp. – slide 36
    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…
  37. August 2019 Corporate Presentation – International Petroleum Corp. – slide 37
    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…
  38. August 2019 Corporate Presentation – International Petroleum Corp. – slide 38
    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…
  39. August 2019 Corporate Presentation – International Petroleum Corp. – slide 39
    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…
  40. August 2019 Corporate Presentation – International Petroleum Corp. – slide 40
    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…
  41. August 2019 Corporate Presentation – International Petroleum Corp. – slide 41
    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…
  42. August 2019 Corporate Presentation – International Petroleum Corp. – slide 42
    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…
  43. August 2019 Corporate Presentation – International Petroleum Corp. – slide 43
    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…
  44. August 2019 Corporate Presentation – International Petroleum Corp. – slide 44
    Appendix Financial Second Quarter 2019 Highlights 44
  45. August 2019 Corporate Presentation – International Petroleum Corp. – slide 45
    First Six Months 2019 Financial Highlights Second Quarter First Six Months 2019 2019 Production (boepd) 46,100 45,200 Average Dated Brent Oil Price (USD/boe) 68.9 66.0 Operating costs (USD/boe) (1) 12.6 12.9 Operating cash flow…
  46. August 2019 Corporate Presentation – International Petroleum Corp. – slide 46
    Second Quarter 2019 Realised Oil Prices Brent Spot WTI Spot WTI - 10 days differential (month -1) 100 90 78.32 78.21 77.58 80 73.10 70.55 67.72 64.50 Malaysia, 73.42 66.29 70 76.20 France, 68.28 60 50.30 66.08 48.68…
  47. August 2019 Corporate Presentation – International Petroleum Corp. – slide 47
    Second 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 2.43 3 2 1 NCF00138 p16 07.19 Jan Feb Mar Apr…
  48. August 2019 Corporate Presentation – International Petroleum Corp. – slide 48
    First Six Months 2019 Netback (1) (USD/boe) Second Quarter First Six Months 2019 2019 Average Dated Brent oil price (68.9 USD/bbl) (66.0 USD/bbl) Revenue 30.8 33.8 Cost of operations -10.7 -11.0 Tariff and transportation -1.5…
  49. August 2019 Corporate Presentation – International Petroleum Corp. – slide 49
    First Six Months 2019 Net Debt (1) 0 0 -50 -50 Operating Cash Flow Development MUSD -100 159.6 MUSD -47.5 -100 -150 G&A LUPE working capital -150 MUSD -5.3 repayment MUSD -14.2 Working capital & other MUSD -28.7…
  50. August 2019 Corporate Presentation – International Petroleum Corp. – slide 50
    First Six Months 2019 Liquidity and Hedging Credit Facilities Two revolving credit facilities: International (200 MUSD) and Canadian (375 MCAD) IPC combined the two Canadian credit facilities into a single facility in Q2 Second lien…
  51. August 2019 Corporate Presentation – International Petroleum Corp. – slide 51
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