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1Q 2020 Earnings Presentation – International Petroleum Corp.

International Petroleum Corp. · May 6, 2020 · 24 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. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 1
    Q1 2020 Operations and Financial Update First Quarter 2020 Mike Nicholson, CEO Christophe Nerguararian, CFO May 6, 2020 NC00178 p01 04.20
  2. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 2
    International Petroleum Corp. Q1 2020 Highlights(1) Unprecedented twin challenge of Covid-19 outbreak on oil demand and initial OPEC+ supply response Business Plan Reset Co-ordinated measures by OPEC+, oil producers and governments…
  3. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 3
    International Petroleum Corp. April 2 Press Release 2020 Investment Strategy(1) Production Growth Through Time(2) Liquidity Headroom(2) 407 50 50 -85 -125 -190 46 2020 CMD CAPEX & 45 46 Decomm. 90 162 77 40 282 34 77 30…
  4. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 4
    International Petroleum Corp. 2020 Investment Strategy - Q1 Update(1) CAPEX & Decommissioning OPEX Total expenditure reductions of MUSD 175 to 190 245 Between -90 to -105 CAPEX and decommissioning reduced by MUSD 85 to MUSD 77…
  5. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 5
    International Petroleum Corp. Production Growth - Q1 Update Production Growth Through Time(1) 50 2020 production (1) 46 Revised to 30,000 to 37,000 boepd 40 Flexibility 37 to increase Range driven by commodity prices and…
  6. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 6
    International Petroleum Corp. Maximising Liquidity Headroom - Q1 Update(1) Additional unsecured credit facility 13 MEUR put in place with costs below current borrowing facilities Part of financial assistance package being offered by…
  7. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 7
    International Petroleum Corp. 2020 Production Year to Date Production all assets Q1 production in line with CMD guidance Canada - Production curtailment and OPEX reduction 60 strategy commenced end Q1 Bertam A20 Bertam - A15…
  8. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 8
    International Petroleum Corp. Operating Costs (1) Q1 operating costs ahead of guidance at 12.5 USD/boe Net Unit Operating Costs (USD/boe) 2020 CMD 13.7 13 Q1 2020 12.5 OPEX reductions across all assets based on the low oil…
  9. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 9
    International Petroleum Corp. 2020 Capital Expenditure (net) 2020 Capital Expenditure 162 160 ABEX 12 15 140 149 35 2020 capital and decommissioning expenditure forecast of MUSD 77 120 Reduction of MUSD 85 from CMD 100 25…
  10. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 10
    International Petroleum Corp. ESG Updates 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 Average…
  11. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 11
    First Quarter 2020 Financial Highlights 11
  12. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 12
    First Quarter 2020 Financial Highlights First Quarter 2020 Production (boepd) 46,000 Average Dated Brent Oil Price (USD/boe) 50.1 Operating costs (USD/boe) (1) 12.5 Operating cash flow (MUSD) (1) 21.5 EBITDA (MUSD) (1) 19.0…
  13. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 13
    First Quarter 2020 Realised Oil Prices USD/bbl Q1 2020 Full Year 2019 Full Year 2018 Brent 50.1 64.2 71.3 Malaysia 48.9 (-1.2) 69.9 (+5.7) 74.9 (+3.6) France 33.6 (-16.5) 63.4 (-0.8) 70.2 (-1.1) WTI 46.1 57.0 65.1 WCS…
  14. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 14
    First Quarter 2020 Realised Gas Prices CAD/mcf Q1 2020 2019 2018 Realised Price CAD/Mcf AECO 2.03 1.80 1.50 AECO Day Ahead Index Empress 2.03 2.49 3.07 Realised 2.28 (+0.25) 2.77 (+0.28) 2.54 (-0.53) Empress / AECO differential…
  15. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 15
    First Quarter 2020 Financial Results Operating Cash Flow (1) Operating Cash Flow (1) EBITDA(1) 100 100 80 83.1 80 81.7 60 60 Million USD Million USD 40 40 20 20 21.5 19.0 0 0 Q1 Q1 Q1 Q1 NC00175 p13…
  16. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 16
    First Quarter 2020 Operating Costs (1) USD/boe USD/boe operating costs 20 20 16 16 2020 Operating Costs: 12 12 12-13 USD/boe guidance 8 8 4 4 0 0 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Actual Forecast Forecast Forecast…
  17. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 17
    First Quarter 2020 Netback (1) (USD/boe) First Quarter 2020 Average Dated Brent oil price (50.1 USD/bbl) Revenue 19.2 Cost of operations -10.7 Tariff and transportation -1.3 Production taxes -0.5 Operating costs (2) -12.5 Cost…
  18. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 18
    First Quarter 2020 Cash Flows and Closing Net Debt(1) (MUSD) 0 0 -150 -150 -200 Granite Oil acquisition -200 /assumed debt MUSD -55.4 Opening Net Debt 1 Jan 2020 MUSD -231.5 -250 Operating Cash Flow -250 Development…
  19. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 19
    First Quarter 2020 G&A / Financial Items MUSD First Quarter 2020 G&A 2.4 G&A Depreciation 0.4 G&A Expense 2.8 First Quarter 2020 Financial Income -0.1 Interest expense 3.8 Loan facility commitment fees 0.3 Amortisation of loan…
  20. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 20
    First Quarter 2020 Financial Results 100 Revenue 100 MUSD 80.5 46,000 boepd 80 80 Production costs MUSD 59.1 60 Operating costs (1) 12.5 USD/boe 60 Million USD Million USD 40 40 Depletion MUSD 33.3 Cash Margin 20…
  21. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 21
    First Quarter 2020 Balance Sheet MUSD 31 Mar 2020 31 Dec 2019 Assets Oil and gas properties 1,099.5 1,105.5 Other non-current assets 154.3 147.1 Current assets 95.0 112.0 1,348.8 1,364.6 Liabilities Financial liabilities 301.9…
  22. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 22
    Liquidity Maximising Financial Flexibility(1) IPC entered into a 13 MEUR French Government backed loan Unsecured, 90% guaranteed by the French State Cost of 0.5% per annum, no fees Initial 12 month term maturity can be extended…
  23. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 23
    International Petroleum Corp. Q1 2020 Highlights(1) Unprecedented twin challenge of Covid-19 outbreak on oil demand and initial OPEC+ supply response Business Plan Reset Co-ordinated measures by OPEC+, oil producers and governments…
  24. 1Q 2020 Earnings Presentation – International Petroleum Corp. – slide 24
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