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April 2020 Corporate Presentation – International Petroleum Corp.

International Petroleum Corp. · Apr 8, 2020 · 45 slides

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Slides

  1. April 2020 Corporate Presentation – International Petroleum Corp. – slide 1
    International Petroleum Corp. Internationally Focused Upstream Company April 2020 NC00114 02.20
  2. April 2020 Corporate Presentation – International Petroleum Corp. – slide 2
    Strategy Update 2
  3. April 2020 Corporate Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. 2020 - Investment Strategy(1) 407 Operated assets with a high degree of discretion provides significant capital program flexibility CAPEX & -85 -190 -125 Decomm. 162 77 282 All remaining 2020…
  4. April 2020 Corporate Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. Production Growth Production Growth Through Time 50 50 46 2020 CMD Year on year production growth since inception 45 46 40 34 2020 business plan reset to maximise financial 30 flexibility…
  5. April 2020 Corporate Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. Maximising Liquidity Headroom (1) Ability to fully fund revised expenditure program within existing liquidity headroom assuming sustained very low oil prices Actively engaging with banks to maximise…
  6. April 2020 Corporate Presentation – International Petroleum Corp. – slide 6
    IPC Growth Since Inception 6
  7. April 2020 Corporate Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. Reserves Growth Reserves Replacement (MMboe) 30 MMboe Replaced 89% 103% 14.8 12.9 76% Reserves growth continues 2.9 89% reserves replacement excluding acquisitions (1) 2017 2018 2019(1) 173%…
  8. April 2020 Corporate Presentation – International Petroleum Corp. – slide 8
    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…
  9. April 2020 Corporate 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. April 2020 Corporate Presentation – International Petroleum Corp. – slide 10
    International Petroleum Corp. Net Asset Value (MUSD) (1) NPV 2,410 2,314 291 2,120 ...... ded e ad 88% discount to NAV 1,151 valu USD 1.5 B ..... 543 ...... 239 2017 2018 2019 2020 (1) Net Debt (2) NAV (1) IPCO…
  11. April 2020 Corporate Presentation – International Petroleum Corp. – slide 11
    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 USD per share 11 11 10 01/01/18 10 USD 9.1 AG R 9 C…
  12. April 2020 Corporate Presentation – International Petroleum Corp. – slide 12
    International Petroleum Corp. Shareholder Value Creation Since Inception -25.5 -8.4 155.3 +75.8 Million IPC shares outstanding 37% 5x production Dilution 113.5 10x 2P Reserves(1) 9 Years added to Reserves Life(1) 1…
  13. April 2020 Corporate Presentation – International Petroleum Corp. – slide 13
    Appendix Previous 2020 strategy from Capital Market Day, February 11 13
  14. April 2020 Corporate Presentation – International Petroleum Corp. – slide 14
    International Petroleum Corp. 2020 CMD Guidance 2020 Capital Markets Day Guidance Production Production 5 year business plan targeting 50 Mboepd (1) 46 to 50 Mboepd Based on delivering our 2P reserve position (2) Excludes…
  15. April 2020 Corporate Presentation – International Petroleum Corp. – slide 15
    International Petroleum Corp. 2020 Production 2020 CMD 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)…
  16. April 2020 Corporate Presentation – International Petroleum Corp. – slide 16
    International Petroleum Corp. 2020 CMD 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,…
  17. April 2020 Corporate Presentation – International Petroleum Corp. – slide 17
    International Petroleum Corp. 2020 Capital Allocation 2020 CMD Capital Expenditure France, 24% Canada, 62% 2020 CMD Guidance: 149 MUSD(1) Ability to increase or decrease spend depending on commodity pricing Malaysia, 14%…
  18. April 2020 Corporate Presentation – International Petroleum Corp. – slide 18
    International Petroleum Corp. Forecast 2P Reserves Capital Expenditure (1)…
  19. April 2020 Corporate Presentation – International Petroleum Corp. – slide 19
    Appendix Canada 19
  20. April 2020 Corporate Presentation – International Petroleum Corp. – slide 20
    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…
  21. April 2020 Corporate Presentation – International Petroleum Corp. – slide 21
    Suffield Area Assets IPC Canada Suffield Suffield Asset 2020 oil drilling focus area Deliver 2020 development programme(1) 2020 gas recompletion focus areas 20 well oil drilling programme 200 gas well recompletions CFB…
  22. April 2020 Corporate Presentation – International Petroleum Corp. – slide 22
    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…
  23. April 2020 Corporate Presentation – International Petroleum Corp. – slide 23
    IPC Canada Ferguson Asset (Granite) (1) 0 50 KM 200 Major Oil pipeline High margin, light oil production 0 20 Miles 100 Major Gas pipeline IPC asset Blackrod Historically assets have been capital constrained Mooney…
  24. April 2020 Corporate Presentation – International Petroleum Corp. – slide 24
    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…
  25. April 2020 Corporate Presentation – International Petroleum Corp. – slide 25
    Appendix Malaysia 25
  26. April 2020 Corporate Presentation – International Petroleum Corp. – slide 26
    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…
  27. April 2020 Corporate Presentation – International Petroleum Corp. – slide 27
    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…
  28. April 2020 Corporate Presentation – International Petroleum Corp. – slide 28
    Appendix France 28
  29. April 2020 Corporate Presentation – International Petroleum Corp. – slide 29
    Villeperdue West 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 3.4 MMboe targets…
  30. April 2020 Corporate Presentation – International Petroleum Corp. – slide 30
    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…
  31. April 2020 Corporate Presentation – International Petroleum Corp. – slide 31
    Villeperdue West IPC France Villeperdue West Development Overview NW N19H SE Development targets reservoir extensions in undeveloped area K18H Potentially large unswept area to the west I16H 2017 3D seismic…
  32. April 2020 Corporate Presentation – International Petroleum Corp. – slide 32
    Appendix Financial 32
  33. April 2020 Corporate Presentation – International Petroleum Corp. – slide 33
    International Petroleum Corp. Long-term Brent Price (1) Year End 2018 Reserves Price Deck (McDaniel) Price Decks Brent USD/bbl (1) Realised Price Year End 2019 Price Deck (Sproule) 80 77 75 74 73 71 71 71 70 70 68 68…
  34. April 2020 Corporate Presentation – International Petroleum Corp. – slide 34
    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…
  35. April 2020 Corporate Presentation – International Petroleum Corp. – slide 35
    International Petroleum Corp. 2020 CMD 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…
  36. April 2020 Corporate Presentation – International Petroleum Corp. – slide 36
    International Petroleum Corp. Margin Netback (1,2) (USD/boe) 2020 CMD 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…
  37. April 2020 Corporate Presentation – International Petroleum Corp. – slide 37
    International Petroleum Corp. Operating Cash Flow (1,2) and EBITDA Netback (1,2) (USD/boe) 2020 CMD 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…
  38. April 2020 Corporate Presentation – International Petroleum Corp. – slide 38
    International Petroleum Corp. Oil Sensitivity to WTI/WCS Differential 2020 CMD 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…
  39. April 2020 Corporate Presentation – International Petroleum Corp. – slide 39
    International Petroleum Corp. Gas Sensitivity to Realised Canadian Gas Price 2020 CMD 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…
  40. April 2020 Corporate Presentation – International Petroleum Corp. – slide 40
    International Petroleum Corp. Liquidity and Funding (USD/boe) 2020 CMD 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…
  41. April 2020 Corporate Presentation – International Petroleum Corp. – slide 41
    International Petroleum Corp. 2020 CMD 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…
  42. April 2020 Corporate Presentation – International Petroleum Corp. – slide 42
    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…
  43. April 2020 Corporate Presentation – International Petroleum Corp. – slide 43
    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…
  44. April 2020 Corporate Presentation – International Petroleum Corp. – slide 44
    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…
  45. April 2020 Corporate Presentation – International Petroleum Corp. – slide 45
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