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November 2019 Corporate Presentation – International Petroleum Corp.

International Petroleum Corp. · Nov 5, 2019 · 49 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. November 2019 Corporate Presentation – International Petroleum Corp. – slide 1
    A Lundin Group Company International Petroleum Corp. Internationally Focused Upstream Company November 2019 NC00114 11.19
  2. November 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 NCF00151 p02 10.19 2
  3. November 2019 Corporate Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. Q3 2019 Highlights Q3 production at 45,500 boepd Production Guidance Retain full year guidance at lower end of 46,000 to 50,000 boepd range 2019 forecast exit rate of 50,000 boepd Q3 operating costs of…
  4. November 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. November 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. November 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 2019 production at lower end of 46,000 to 50,000 boepd range 34,400 boepd 50,000 boepd…
  7. November 2019 Corporate Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. 2019 Capital Programme Canada Onion Lake Thermal Onion Lake recycling skid Facility optimisation - 4th boiler installed on Phase 1 facility - 2 direct intake hoses installed (June) - Produced water…
  8. November 2019 Corporate Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. 2019 Capital Programme Canada N2N facilities Suffield Fifteen out of seventeen oil wells online (1) Extensive gas well swabbing programme executed and 75 well recompletions executed with a further 75…
  9. November 2019 Corporate Presentation – International Petroleum Corp. – slide 9
    International Petroleum Corp. N 2016 infill 2019 Capital Programme Malaysia 2018 infill Infill 2 A19 A15 A17 B5 Infill 3 A20 Bertam 2016 & 2018 infill drilling programme account for 2018 infill Infill 1 A18 55% of…
  10. November 2019 Corporate Presentation – International Petroleum Corp. – slide 10
    International Petroleum Corp. Vert-La-Gravelle Hydrocarbon Saturation 2019 Capital Programme France Existing wells Vert-La-Gravelle redevelopment New producers New water injectors VGR7 VGR4 VGR8 Q3 production in France…
  11. November 2019 Corporate Presentation – International Petroleum Corp. – slide 11
    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 9M 99% 229 MUSD 60 USD/bbl 69%…
  12. November 2019 Corporate Presentation – International Petroleum Corp. – slide 12
    International Petroleum Corp. Net Asset Value (MUSD) (1) 2,314 With YE 2017 Pricing 111 PXX 166 IPCO 2,037 1,274 BlackPearl 72% discount to NAV 526 Suffield 564 1,151 543 514 International 2017 2018 2019 Net Debt (2)…
  13. November 2019 Corporate Presentation – International Petroleum Corp. – slide 13
    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 USD per share 11 +37% 11 10 01/01/18 10 USD 9.1 9 Additional gas 9…
  14. November 2019 Corporate Presentation – International Petroleum Corp. – slide 14
    International Petroleum Corp. Shareholder Value First share repurchase launched May 2017 25.5 million shares acquired and cancelled 90 MUSD CAD 4.77 per share Production 10 Mboepd, 29 MMboe 2P reserves, no contingent resources,…
  15. November 2019 Corporate Presentation – International Petroleum Corp. – slide 15
    Appendix 2019 Activity 15
  16. November 2019 Corporate Presentation – International Petroleum Corp. – slide 16
    International Petroleum Corp. 2019 Production Forecast Production Growth France Canada Gas, 38% International, 19% Malaysia Q3 in line with latest guidance at 45,500 boepd Suffield Canada Gas Other Q4 ramp up with Malaysia…
  17. November 2019 Corporate Presentation – International Petroleum Corp. – slide 17
    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…
  18. November 2019 Corporate Presentation – International Petroleum Corp. – slide 18
    International Petroleum Corp. Operating Costs (1) 2019 full year operating costs forecast at 12.9 USD/boe Includes production optimisation, workovers and maintenance provisions Q3 operating costs in line with guidance at 13.0…
  19. November 2019 Corporate Presentation – International Petroleum Corp. – slide 19
    Appendix Canada 19
  20. November 2019 Corporate Presentation – International Petroleum Corp. – slide 20
    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 Focus on gas optimisation and oil development projects in…
  21. November 2019 Corporate Presentation – International Petroleum Corp. – slide 21
    %; % % % ;%; ; %;% ; ; ;; % %% ; ;;;;;% % ;;;%%;% % ; ; ;% ;;;;; % ; % % %;% % % ; % ; ; ;%;% %; % ; % % ; %; % %;% % % % % ;; ;;;% %%; ;%; % ;; % ; % %;; ;%;% ;%;; ; %% % % %; % %%; ; ; ; YYY % % %% ; % % %; ;; %% ;; ;…
  22. November 2019 Corporate Presentation – International Petroleum Corp. – slide 22
    IPC Canada Suffield Area Gas Optimisation 4% Suffield Gas Annual Historical Decline Rates (1) 2% Average Annual Decline Rate (%) 0% 1% -2% 2% -4% -6% 8% 8% -8% 9% 9% 10% -10% 11% Successfully offset shallow gas…
  23. November 2019 Corporate Presentation – International Petroleum Corp. – slide 23
    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…
  24. November 2019 Corporate Presentation – International Petroleum Corp. – slide 24
    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…
  25. November 2019 Corporate Presentation – International Petroleum Corp. – slide 25
    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…
  26. November 2019 Corporate Presentation – International Petroleum Corp. – slide 26
    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…
  27. November 2019 Corporate Presentation – International Petroleum Corp. – slide 27
    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…
  28. November 2019 Corporate Presentation – International Petroleum Corp. – slide 28
    Appendix Malaysia 28
  29. November 2019 Corporate Presentation – International Petroleum Corp. – slide 29
    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…
  30. November 2019 Corporate Presentation – International Petroleum Corp. – slide 30
    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…
  31. November 2019 Corporate Presentation – International Petroleum Corp. – slide 31
    Appendix France 31
  32. November 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. November 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. November 2019 Corporate Presentation – International Petroleum Corp. – slide 34
    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…
  35. November 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. November 2019 Corporate Presentation – International Petroleum Corp. – slide 36
    Appendix Financial 36
  37. November 2019 Corporate Presentation – International Petroleum Corp. – slide 37
    Third 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 73.42 67.72 64.50 66.29 70 Malaysia, 69.05 76.20 68.28 60 France, 60.98 66.08 48.68…
  38. November 2019 Corporate Presentation – International Petroleum Corp. – slide 38
    Third Quarter 2019 Realised Gas Prices Realised Price CAD/Mcf AECO Day Ahead Index Empress / AECO differential 9 8 7 6 3.07 5 CAD/Mcf 3.86 4 2.29 2.70 2.11 2.43 2.23 3 2 1 Jan Feb Mar Apr May Jun Jul Aug Sep…
  39. November 2019 Corporate Presentation – International Petroleum Corp. – slide 39
    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…
  40. November 2019 Corporate Presentation – International Petroleum Corp. – slide 40
    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…
  41. November 2019 Corporate Presentation – International Petroleum Corp. – slide 41
    First Nine Months 2019 Financial Highlights Third Quarter First Nine Months 2019 2019 Production (boepd) 45,500 45,300 Average Dated Brent Oil Price (USD/boe) 62.0 64.6 Operating costs (USD/boe) (1) 13.0 13.0 Operating cash…
  42. November 2019 Corporate Presentation – International Petroleum Corp. – slide 42
    First Nine Months 2019 Netback (1) (USD/boe) Third Quarter First Nine Months 2019 2019 Average Dated Brent oil price (62.0 USD/bbl) (64.6 USD/bbl) Revenue 31.5 33.0 Cost of operations -10.9 -11.0 Tariff and transportation -1.6…
  43. November 2019 Corporate Presentation – International Petroleum Corp. – slide 43
    First Nine Months 2019 Net Debt (1) 0 0 Operating Cash Flow Development capex MUSD 229.1 MUSD -87.9 -50 -50 -100 -100 G&A MUSD -7.6 -150 -150 LUPE debt repayment MUSD -14.2 Exploration & evaluation MUSD -26.2 -200…
  44. November 2019 Corporate Presentation – International Petroleum Corp. – slide 44
    First Six Months 2019 Liquidity and Hedging Credit Facilities Two revolving credit facilities: International (200 MUSD) and Canadian (375 MCAD) Second lien notes repaid (75 MCAD) in June 2019 Lower cost of debt going forward…
  45. November 2019 Corporate Presentation – International Petroleum Corp. – slide 45
    Appendix Sustainability 45
  46. November 2019 Corporate Presentation – International Petroleum Corp. – slide 46
    International Petroleum Corp. Sustainability Transpa- Health rency Corporate Safety Governance Anti- CS Security IPC aligns with best practice corruption I ETH PE Sustainability strategy & framework: OPLE…
  47. November 2019 Corporate Presentation – International Petroleum Corp. – slide 47
    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…
  48. November 2019 Corporate Presentation – International Petroleum Corp. – slide 48
    International Petroleum Corp. CO2 Emissions Continually striving to improve CO2 emissions Currently saving 150,000 tonnes CO2 per year Achieving an emission reduction of 20% Most relevant reduction measures 1 Heat recovery using…
  49. November 2019 Corporate Presentation – International Petroleum Corp. – slide 49
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