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February 2020 Investor Presentation – International Petroleum Corp.

International Petroleum Corp. · Feb 11, 2020 · 42 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. February 2020 Investor Presentation – International Petroleum Corp. – slide 1
    International Petroleum Corp. Internationally Focused Upstream Company February 2020 NC00114 02.20
  2. February 2020 Investor Presentation – International Petroleum Corp. – slide 2
    International Petroleum Corp. Strongly Positioned to Create Shareholder Value(1) 2020-2024 50 Mboepd (1) Grow th ganic rces(1) Or oeresou of ion b Bi ll 210% 1.4 75 44% p.a.(4) 1,300 MUSD FCF(1,2,3) Stakeholder Returns…
  3. February 2020 Investor Presentation – International Petroleum Corp. – slide 3
    Reserves Replacement (MMboe) International Petroleum Corp. 30 MMboe Replaced 103% 89% 14.8 Reserves Growth 12.9 76% 2.9 2017 2018 2019(1) Reserves growth continues 89% reserves replacement excluding acquisitions (1) Net…
  4. February 2020 Investor Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. Contingent Resources(1) Net Contingent Resources (MMboe) 1,089 102 Contingent resource base 1 billion boe(1,2) 849 105 Maturing resources in all countries Canada - Blackrod pilot - Granite…
  5. February 2020 Investor Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. Production Growth Production Growth Through Time 50 50 46 46 50 Mboepd Year on year production growth since inception 40 34 2020 production guidance of 46,000 to 50,000 boepd (1) Assumes full…
  6. February 2020 Investor Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. Operating Cash Flow (MUSD) (1) WTI-WCS WTI-WCS differential differential -20 -15 332 325 308 70 USD/bbl 279(2) 293 265 70 USD/bbl 2019 Guidance 240 233 60 USD/bbl 2018 208 Guidance 60…
  7. February 2020 Investor Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. 2020 - Investment Strategy Forecast capital expenditure down 18% to 149 MUSD Includes 3 MUSD of 2019 carry over and 10 MUSD Granite adds CAPEX 149 MUSD Investment Strategy Develop on success in…
  8. February 2020 Investor Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. Forecast 2P Reserves Capital Expenditure (1)…
  9. February 2020 Investor Presentation – International Petroleum Corp. – slide 9
    International Petroleum Corp. Sustainability & ESG ESG strategy Carbon Footprint Reductions Lowering IPCs carbon footprint over the next 5 years to global average Emission Intensity, Upstream O&G, kg CO2e/boe1 Canadian Industry…
  10. February 2020 Investor Presentation – International Petroleum Corp. – slide 10
    International Petroleum Corp. Free Cash Flow Generation (1,2) 2017 2018 2019 2020-2024 Production (1) Mboepd 46 50 10 34 210% 75 44% p.a.(5) Brent (1) 1,300 MUSD FCF (1,2,3) 55 72 64 USD/bbl 150% 65 30% p.a.(5) 900…
  11. February 2020 Investor Presentation – International Petroleum Corp. – slide 11
    International Petroleum Corp. Net Asset Value (MUSD) (1) NPV 2,576 2,410 291 With YE 2018 Pricing 2,314 2,120 ...... d 71% discount to NAV dde e a valu 1,151 USD 1.5 B ..... 597 543 ...... 2017 2018 2019 2020 2020…
  12. February 2020 Investor Presentation – International Petroleum Corp. – slide 12
    International Petroleum Corp. Net Asset Value Per Share vs Share Price (1) 01/01/20 14 14 USD 13.3 NAV per share IPCO USD share price 13 01/01/19 13 USD 12.4 12 12 11 11 10 01/01/18 10 USD 9.1 AG R 9 C 9 71% USD per…
  13. February 2020 Investor Presentation – International Petroleum Corp. – slide 13
    International Petroleum Corp. Adding Shareholder Value - Looking Back -25.5 -7.6 156.2 +75.8 Million IPC shares outstanding 38% 5x production Dilution 113.5 10x 2P Reserves(1) 9 Years added to Reserves Life(1) 1…
  14. February 2020 Investor Presentation – International Petroleum Corp. – slide 14
    International Petroleum Corp. Adding Shareholder Value - Looking Forward 2020-2024 50 Mboepd (1) Grow th ganic rces(1) Or oeresou of ion b Bi ll 210% 1.4 75 44% p.a.(4) 1,300 MUSD FCF(1,2,3) Stakeholder Returns Debt…
  15. February 2020 Investor Presentation – International Petroleum Corp. – slide 15
    Appendix 2020 Activity 15
  16. February 2020 Investor Presentation – International Petroleum Corp. – slide 16
    International Petroleum Corp. 2020 Guidance 2020 Overview Production Production 5 year business plan targeting 50 Mboepd (1) 46 to 50 Mboepd Based on delivering our 2P reserve position (2) Excludes contingent resource…
  17. February 2020 Investor Presentation – International Petroleum Corp. – slide 17
    International Petroleum Corp. 2020 Production Production Guidance International, 18% France sia Canada Gas, 35% y ala M Suffield ther Gas d a O Cana 2020 Production guidance: 46,000 to 50,000 boepd net(1) Granite…
  18. February 2020 Investor Presentation – International Petroleum Corp. – slide 18
    International Petroleum Corp. Operating Costs (1) 2020 full year operating cost forecast 13.7 USD/boe OPEX reduced by 15% since spin-off 2020 Guidance Operating Costs 2020 Guidance (USD/boe) International, 29% Canada, 71%…
  19. February 2020 Investor Presentation – International Petroleum Corp. – slide 19
    International Petroleum Corp. 2020 Capital Allocation Capital Expenditure France, 24% Canada, 62% 2020 Guidance: 149 MUSD(1) Ability to increase or decrease spend depending on commodity pricing Malaysia, 14% Projects ramping up…
  20. February 2020 Investor Presentation – International Petroleum Corp. – slide 20
    Appendix Canada 20
  21. February 2020 Investor Presentation – International Petroleum Corp. – slide 21
    International Petroleum Corp. Canadian Supply and Egress W. CDA total oil supply to market Keystone XL (830) TMX (590) ENB L3R (370) Others (690) AB & SK refineries, industry demand Existing crude & pipelines (4,298) by rail…
  22. February 2020 Investor Presentation – International Petroleum Corp. – slide 22
    Suffield Area Assets IPC Canada Suffield Suffield Asset 2020 oil drilling focus area Deliver 2020 development programme 2020 gas recompletion focus areas 20 well oil drilling programme 200 gas well recompletions CFB…
  23. February 2020 Investor Presentation – International Petroleum Corp. – slide 23
    IPC Canada Onion Lake Thermal Asset Onion Lake Thermal R1W4 R27W3 Facility upgrades completed in 2019 D Pad F Pad online, field production 12,000 bopd D E L T56 A C T56 D Pad drilling ongoing, steam injection from Q3 2019…
  24. February 2020 Investor Presentation – International Petroleum Corp. – slide 24
    IPC Canada Ferguson Asset (Granite) (1) 0 50 KM 200 Major Oil pipeline Major Gas pipeline 0 20 Miles 100 IPC asset High margin, light oil production Blackrod Historically assets have been capital constrained Saskatchewan…
  25. February 2020 Investor Presentation – International Petroleum Corp. – slide 25
    IPC Canada Blackrod Growth Opportunity 12 18 26 10 28 8 16 WP3 26 22 WP2 1 billion barrels of 2C contingent resource(1) 20 24 22 243 MMbbl acquired in 2019 8 12 20 26 26 Blackrod 16 T78 22 WP1 24 22 4…
  26. February 2020 Investor Presentation – International Petroleum Corp. – slide 26
    Appendix Malaysia 26
  27. February 2020 Investor Presentation – International Petroleum Corp. – slide 27
    IPC Malaysia Bertam Performance Update Phase 3 programme on track with pre-drill prognosis A20 is the largest contributor above expectation Infills account for 70% of 2020 average production Bertam Infill Wells Ultimate…
  28. February 2020 Investor Presentation – International Petroleum Corp. – slide 28
    IPC Malaysia Bertam A15 Area Malaysia Bertam K10.1 Base Bertam North East Region A20 Bertam-2 Bertam-3 A19 10 -16 Bertam-5 Further upside potential in A15/A20 area Infill drilling locations being matured for potential 2021…
  29. February 2020 Investor Presentation – International Petroleum Corp. – slide 29
    Appendix France 29
  30. February 2020 Investor Presentation – International Petroleum Corp. – slide 30
    Villeperdue West - Execution Q2 2020 IPC France Resource Maturation (1) rage Cove Proven track record of resource growth ic ism D Se Horizontal wells unlock further potential 3 Phase I development Villeperdue…
  31. February 2020 Investor Presentation – International Petroleum Corp. – slide 31
    IPC France Vert-la-Gravelle Project Update Vert-la-Gravelle Top Reservoir Structure Map Successful delivery of first Rhaetian horizontal producer Initial rates of up to 1,500 bopd from VGR113, stable rates 1,000 bopd Pressure…
  32. February 2020 Investor Presentation – International Petroleum Corp. – slide 32
    Villeperdue West IPC France Villeperdue West Development Overview NW N19H Development targets reservoir extensions in undeveloped area SE Potentially large unswept area to the west 2017 3D seismic programme helps to define…
  33. February 2020 Investor Presentation – International Petroleum Corp. – slide 33
    Appendix Financial 33
  34. February 2020 Investor Presentation – International Petroleum Corp. – slide 34
    International Petroleum Corp. Long-term Brent Price (1) Price Decks Brent USD/bbl (1) 80 77 75 74 73 71 71 71 70 70 68 68 65 64 60 50 2018 2019 2020 2021 2022 2023 2024 NC00167 p15 01.19 Year End 2018…
  35. February 2020 Investor Presentation – International Petroleum Corp. – slide 35
    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 2.77 2.54 45 44 2.5 40 39…
  36. February 2020 Investor Presentation – International Petroleum Corp. – slide 36
    International Petroleum Corp. Economic Assumptions (1) Low Case Base Case High Case Oil in USD/bbl Brent 50 60 70 WTI 45 54 63 WCS (-20 USD/bbl) 25 34 43 Gas in CAD/mcf Empress 2.25 2.25 2.25 Sensitivities WTI-WCS…
  37. February 2020 Investor Presentation – International Petroleum Corp. – slide 37
    International Petroleum Corp. Margin Netback (1,2) (USD/boe) 2020 Forecast 2019 Low Base High Actual USD/bbl Brent/WTI/WCS 50/45/25 60/54/34 70/63/43 64/57/44 Production guidance 46,00050,000 boepd 46,000 boepd Revenue 22.3 27.4…
  38. February 2020 Investor Presentation – International Petroleum Corp. – slide 38
    International Petroleum Corp. Operating Cash Flow (1,2) and EBITDA Netback (1,2) (USD/boe) 2020 Forecast Brent oil price (USD/bbl) 50 60 (Base) 70 Cash Margin Netback 7.3 12.3 17.2 Cash Taxes -0.3 -0.6 -0.8 Operating Cash Flow…
  39. February 2020 Investor Presentation – International Petroleum Corp. – slide 39
    International Petroleum Corp. Oil Sensitivity to WTI/WCS Differential 2020 Forecast Base Case Brent oil price (USD/bbl) 60 60 WTI/WCS Differential (USD/bbl) 20 15 Difference Total Revenue (USD/boe) 27.4 29.2 + 1.8 Operating…
  40. February 2020 Investor Presentation – International Petroleum Corp. – slide 40
    International Petroleum Corp. Gas Sensitivity to Realised Canadian Gas Price 2020 Forecast Base Case Brent oil price (USD/bbl) 60 60 WTI/WCS Differential (USD/bbl) 20 20 Gas price (CAD/mcf) 2.25 2.50 Difference Total Revenue…
  41. February 2020 Investor Presentation – International Petroleum Corp. – slide 41
    International Petroleum Corp. Liquidity and Funding (USD/boe) 2020 Forecast Brent oil price (USD/bbl) 50 60 (Base) 70 Operating Cash Flow Netback(1) 7.0 11.7 16.4 General and Administration Costs -0.7 -0.7 -0.7 Cash Financial…
  42. February 2020 Investor Presentation – International Petroleum Corp. – slide 42
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