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3Q 2019 Earnings Presentation – International Petroleum Corp.

International Petroleum Corp. · Nov 5, 2019 · 26 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. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 1
    International Petroleum Corp. Operations and Financial Update Third Quarter 2019 Mike Nicholson, CEO Christophe Nerguararian, CFO November 5, 2019 Q3 2019 NCF00151 p01 10.19
  2. 3Q 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 NCF00151 p02 10.19 2
  3. 3Q 2019 Earnings 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. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 4
    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…
  5. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 5
    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…
  6. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. 2019 Capital Programme Canada N2N facilities Suffield Fifteen out of seventeen oil wells online Extensive gas well swabbing programme executed and 75 well recompletions executed with a further 75 to…
  7. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 7
    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…
  8. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 8
    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…
  9. 3Q 2019 Earnings 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 9M 99% 229 MUSD 60 USD/bbl 69%…
  10. 3Q 2019 Earnings 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 72% discount to NAV 526 Suffield 564 1,151 543 514 International 2017 2018 2019 Net Debt (2)…
  11. 3Q 2019 Earnings 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 12 12 USD per share 11 +37% 11 10 01/01/18 10 USD 9.1 9 Additional gas 9…
  12. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 12
    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 reserve, no contingent resource,…
  13. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 13
    Third Quarter 2019 Financial Highlights 13
  14. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 14
    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…
  15. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 15
    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…
  16. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 16
    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…
  17. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 17
    Third Quarter 2019 Financial Results Operating Cash Flow(1) 250 250 229.1 220.7 200 200 150 150 Million USD Million USD 100 100 69.5 67.9 50 50 0 0 First Nine Months First Nine Months Q3 Q3 2019 2018 2019…
  18. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 18
    First Nine Months 2019 Financial Results EBITDA(1) 250 250 225.2 200 206.0 200 150 150 Million USD Million USD 100 100 68.9 66.2 50 50 0 0 First Nine Months First Nine Months Q3 Q3 2019 2018 2019 2018…
  19. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 19
    First Nine 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 Actual…
  20. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 20
    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…
  21. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 21
    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…
  22. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 22
    First Nine Months 2019 G&A / Financial Items Third Quarter First Nine Months MUSD 2019 2019 G&A 2.3 7.6 G&A Depreciation 0.4 1.1 G&A Expense 2.7 8.7 Third Quarter First Nine Months 2019 2019 Interest expense 3.0 14.6 Loan…
  23. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 23
    First Nine Months 2019 Financial Results Revenue 450 MUSD 408.2 450 45,300 boepd 400 400 350 350 Production costs MUSD 175.4 Operating costs 13.0 USD/boe 300 300 Million USD 250 250 Cash Margin MUSD 232.8 200 200…
  24. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 24
    First Nine Months 2019 Balance Sheet MUSD 30 Sep 2019 31 Dec 2018 Assets Oil and gas properties 1,053.8 1,014.8 Other non-current assets 159.3 185.2 Current assets 114.0 98.9 1,327.1 1,298.9 Liabilities Financial liabilities…
  25. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 25
    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…
  26. 3Q 2019 Earnings Presentation – International Petroleum Corp. – slide 26
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