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2Q 2019 Earnings Presentation – International Petroleum Corp.

International Petroleum Corp. · Aug 6, 2019 · 24 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. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 1
    International Petroleum Corp. Operations and Financial Update Second Quarter 2019 Mike Nicholson, CEO Christophe Nerguararian, CFO August 6, 2019 NCF00138 p13 07.19 Q2 2019
  2. 2Q 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 NCF00138 p01 07.19 2
  3. 2Q 2019 Earnings 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. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. 2019 Production Production Growth Canada Gas, 38% International, 19% France ysia ala Expect full year production toward lower end of 46,000 to 50,000 boepd range M Suffield a Gas Canad r…
  5. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. 2019 Production - Q2 Performance Q2 production 1,400 boepd (3%) below mid-point guidance Most assets in line with Q2 guidance Canada - Onion Lake Thermal Delayed ramp up due to water intake rates…
  6. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. Malaysia Bertam 2019 Capital Programme - International A19 A20 A20 A18 2019 Malaysia drilling programme commenced in Q2 A14 3 well infill campaign on track for 2019 start-up 2 appraisal pilots…
  7. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 7
    Canada Canada International Petroleum Corp. Athabasca 2019 Capital Programme - Canada Peace River Blackrod Cold Lake Mooney Edmonton Onion Lake Suffield John Lake Oil drilling ahead of expectations Calgary Accelerated…
  8. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 8
    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…
  9. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 9
    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)…
  10. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 10
    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…
  11. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 11
    Second Quarter 2019 Financial Highlights 11
  12. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 12
    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…
  13. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 13
    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…
  14. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 14
    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…
  15. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 15
    First Six Months 2019 Financial Results Operating Cash Flow(1) and EBITDA(1) Operating Cash Flow (1) EBITDA(1) 200 200 180 180 160 160 159.6 156.3 152.7 140 140 139.8 120 120 Million USD Million USD 100 100 80…
  16. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 16
    First Six Months 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 Actual Forecast…
  17. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 17
    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…
  18. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 18
    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…
  19. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 19
    First Six Months 2019 G&A / Financial Items Second Quarter First Six Months MUSD 2019 2019 G&A 2.3 5.3 G&A Depreciation 0.4 0.7 G&A Expense 2.7 6.0 Second Quarter First Six Months 2019 2019 Interest expense 7.3 11.6 Loan…
  20. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 20
    First Six Months 2019 Financial Results Revenue 300 MUSD 276.8 300 45,200 boepd Production costs MUSD 115.2 250 Operating costs 12.9 USD/boe 250 200 200 Million USD Cash Margin MUSD 161.6 150 150 Million USD…
  21. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 21
    First Six Months 2019 Balance Sheet MUSD 30 Jun 2019 31 Dec 2018 Assets Oil and gas properties 1,062.0 1,014.8 Other non-current assets 169.1 185.2 Current assets 103.7 98.9 1,334.8 1,298.9 Liabilities Financial liabilities…
  22. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 22
    First Six Months 2019 Hedging and Liquidity Credit Facilities Two revolving credit facilities: International (200 MUSD) and Canadian (375 MCAD) IPC amalgamated the two Canadian credit facilities into a single facility in Q2 Second…
  23. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 23
    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)…
  24. 2Q 2019 Earnings Presentation – International Petroleum Corp. – slide 24
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