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September 2019 Corporate Update – International Petroleum Corp.

International Petroleum Corp. · Sep 9, 2019 · 48 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. September 2019 Corporate Update – International Petroleum Corp. – slide 1
    A Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company September 2019 NC00114 08.19
  2. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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. September 2019 Corporate Update – International Petroleum Corp. – slide 7
    International Petroleum Corp. Organic Growth Canada Manville Oil Sands Wabasca DesMarais Canada Suffield Manville Oil Sands Blackrod 0 KM 100 Lesser Slave Lake Winefred Slave Lake McMillian Lake Lake iv e r Land…
  8. September 2019 Corporate Update – International Petroleum Corp. – slide 8
    International Petroleum Corp. Organic Growth France & Malaysia France Malaysia Execution of Vert-La-Gravelle Phase 1 3 infill wells on track for Q4 startup - Spudded Q2 2 appraisal wells completed - Results favour A20 over A14…
  9. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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 71% discount to NAV 526 Suffield 582 1,151 543 514 International 2017 2018 2019 Net Debt (2)…
  11. September 2019 Corporate Update – 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 12 12 11 +37% 11 USD per share 10 01/01/18 10 USD 9.1 9 Additional gas 9…
  12. September 2019 Corporate Update – International Petroleum Corp. – slide 12
    Appendix 2019 Activity 12
  13. September 2019 Corporate Update – 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. September 2019 Corporate Update – International Petroleum Corp. – slide 14
    International Petroleum Corp. 2019 Capital Allocation (1) Capital Expenditure 2019 (net) France, 21% Canada, 45% 2019 Guidance: 188 MUSD Opportunity to ramp up or down depending on commodity pricing Strong economic returns and…
  15. September 2019 Corporate Update – International Petroleum Corp. – slide 15
    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…
  16. September 2019 Corporate Update – International Petroleum Corp. – slide 16
    Appendix Canada 16
  17. September 2019 Corporate Update – International Petroleum Corp. – slide 17
    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…
  18. September 2019 Corporate Update – International Petroleum Corp. – slide 18
    %; % % % ;%; ; %;% ; ; ;; % %% ; ;;;;;% % ;;;%%;% % ; ; ;% ;;;;; % ; % % %;% % % ; % ; ; ;%;% %; % ; % % ; %; % %;% % % % % ;; ;;;% %%; ;%; % ;; % ; % %;; ;%;% ;%;; ; %% % % %; % %%; ; ; ; YYY % % %% ; % % %; ;; %% ;; ;…
  19. September 2019 Corporate Update – International Petroleum Corp. – slide 19
    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…
  20. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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 Thermal facilities…
  22. September 2019 Corporate Update – International Petroleum Corp. – slide 22
    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…
  23. September 2019 Corporate Update – International Petroleum Corp. – slide 23
    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…
  24. September 2019 Corporate Update – International Petroleum Corp. – slide 24
    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…
  25. September 2019 Corporate Update – International Petroleum Corp. – slide 25
    International Petroleum Corp. Canadian Macro Supply and Pipeline Egress PRODUCTION CURTAILMENT Western Canada oil supply December 2018 announcement of 325 Mbopd (8.7%) vs. pipeline Egress production curtailment in Alberta 8.0…
  26. September 2019 Corporate Update – International Petroleum Corp. – slide 26
    Appendix Malaysia 26
  27. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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. September 2019 Corporate Update – International Petroleum Corp. – slide 29
    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…
  30. September 2019 Corporate Update – International Petroleum Corp. – slide 30
    Appendix France 30
  31. September 2019 Corporate Update – 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. September 2019 Corporate Update – 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. September 2019 Corporate Update – International Petroleum Corp. – slide 33
    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…
  34. September 2019 Corporate Update – 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 3D…
  35. September 2019 Corporate Update – International Petroleum Corp. – slide 35
    Appendix Financial 35
  36. September 2019 Corporate Update – International Petroleum Corp. – slide 36
    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…
  37. September 2019 Corporate Update – International Petroleum Corp. – slide 37
    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…
  38. September 2019 Corporate Update – International Petroleum Corp. – slide 38
    International Petroleum Corp. Long-term 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…
  39. September 2019 Corporate Update – International Petroleum Corp. – slide 39
    International Petroleum Corp. Long-term 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…
  40. September 2019 Corporate Update – International Petroleum Corp. – slide 40
    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…
  41. September 2019 Corporate Update – International Petroleum Corp. – slide 41
    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…
  42. September 2019 Corporate Update – International Petroleum Corp. – slide 42
    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…
  43. September 2019 Corporate Update – International Petroleum Corp. – slide 43
    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…
  44. September 2019 Corporate Update – International Petroleum Corp. – slide 44
    Appendix Sustainability 44
  45. September 2019 Corporate Update – International Petroleum Corp. – slide 45
    International Petroleum Corp. Sustainability Transpa- Health rency Corporate Safety Governance IPC aligns with best practice Anti- CS Security corruption Sustainability strategy & framework: I ETH PE UN Global…
  46. September 2019 Corporate Update – International Petroleum Corp. – slide 46
    International Petroleum Corp. Sustainability Health & Safety of staff and contractors No major occupational health & safety incidents since company inception in 2017 Incident free drilling campaigns in Malaysia, France and Canada…
  47. September 2019 Corporate Update – International Petroleum Corp. – slide 47
    International Petroleum Corp. CO2 Emissions Continually striving to improve CO2 emissions Currently saving 150,000 tonnes CO2 per year Achieving an efficiency of 20% CO2 emissions Most relevant reduction measures 1 Heat recovery…
  48. September 2019 Corporate Update – International Petroleum Corp. – slide 48
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