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Q2 2020 Operations and Financial Update – International Petroleum Corp.

International Petroleum Corp. · Aug 4, 2020 · 25 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. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 1
    Operations and Financial Update Second Quarter 2020 Mike Nicholson, CEO Christophe Nerguararian, CFO August 4, 2020 Q2 2020 NC00180 p01 04.20
  2. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 2
    International Petroleum Corp. Q2 2020 Highlights(1) Q2 average net production of 35,700 boepd Production Commenced progressive increase of curtailed Canadian oil production Revising full year guidance upwards to 37,000 to 40,000…
  3. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 3
    International Petroleum Corp. 2020 Investment Strategy - Q2 Update(1) CAPEX & Decommissioning OPEX Marginal increase of MUSD 3 No change to Q1 OPEX guidance Onion Lake Thermal D drilling completion Progressive production increases…
  4. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 4
    International Petroleum Corp. Production - Q2 Update Q1 Results Production Growth Through Time(1) 2020 guidance of 30,000 to 37,000 boepd(1) Low side: Canada oil fully curtailed 50 46 High side: Canada oil partially curtailed 2H…
  5. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 5
    International Petroleum Corp. 2020 Production Year to Date Q2 2020 production of 35,700 boepd Production all assets Canada 60 - Q2 production impacted by voluntary curtailments Low Pricing - Production increases through Q3 2020…
  6. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 6
    International Petroleum Corp. Maximising Liquidity Headroom(1) RBL facilities International facility increased from 125 to 140 MUSD; maturity extended to December 2024 Canadian facility refinanced to 350 MCAD; maturity extended to…
  7. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 7
    Suffield Area Assets Suffield IPC Canada Suffield Asset(1) Continued optimisation of Suffield gas production Progressive ramp up of production at Suffield oil 2H 2020 2020 development activity on hold due to low pricing in Q1/Q2…
  8. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 8
    IPC Canada Onion Lake Thermal(1) Facility upgrades completed in 2019 F Pad online, field production 12,000 bopd capacity Progressive production ramp up 2H 2020 with improved WCS pricing Onion Lake Thermal D pad drilling in 2020 -…
  9. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 9
    IPC Malaysia Operations Update(1) Malaysia A15 activity suspended in 2020, side track planned for 2021 Maturing additional production opportunities Additional drilling target identification and maturation Base well rate…
  10. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 10
    Villeperdue Facilities Paris Basin IPC France Operations Update(1) France Aquitaine Basin All development activity on hold due to low pricing environment in 2020 Production increased to pre-curtailment rates post Grandpuits…
  11. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 11
    Second Quarter 2020 Financial Highlights 11
  12. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 12
    First Six Months 2020 Financial Highlights Second Quarter First Six Months 2020 2020 Production (boepd) 35,700 40,900 Average Dated Brent Oil Price (USD/boe) 29.6 40.1 Operating costs (USD/boe) (1) 10.7 11.7 Operating cash flow…
  13. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 13
    First Six Months 2020 Realised Oil Prices Q2 Q1 Full Year 2020 2020 2019 Brent 29.6 50.1 64.2 Malaysia 31.6 (+2.0) 48.9 (-1.2) 69.9 (+5.7) France 24.1 (-5.5) 33.6 (-16.5) 63.5 (-0.7) WTI 28.3 46.1 57.0 WCS (calculated) 16.9…
  14. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 14
    First Six Months 2020 Realised Gas Prices Q2 Q1 Full Year CAD/mcf 2020 2020 2019 Realised Price CAD/Mcf AECO 1.99 2.03 1.80 Empress 1.99 2.03 2.49 Empress / AECO differential Realised 1.93 (-0.06) 2.28 (+0.25) 2.77 (+0.28) AECO…
  15. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 15
    Second Quarter 2020 Financial Results Operating Cash Flow & EBITDA (1) Operating Cash Flow (1) EBITDA(1) 100 100 80 80 76.5 74.6 60 60 Million USD Million USD 40 40 20 20 14.7 12.2 0 0 Q2 Q2 Q2 Q2 NC00180…
  16. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 16
    First Six Months 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 Actual Forecast Forecast…
  17. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 17
    First Six Months 2020 Netback (1) (USD/boe) Second Quarter First Six Months 2020 2020 Average Dated Brent oil price (29.6 USD/bbl) (40.1 USD/bbl) Revenue 13.8 16.9 Cost of operations -9.1 -10.0 Tariff and transportation -1.3…
  18. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 18
    First Six Months 2020 Cash Flows and Closing Net Debt(1) (MUSD) 0 0 -200 -200 Operating Cash Flow Development capex -250 MUSD 36.2 MUSD -59.4 -250 -300 -300 Opening Net Debt G&A 1 Jan 2020 MUSD -5.1 Fx on net debt…
  19. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 19
    First Six Months 2020 G&A / Financial Items MUSD Q2 2020 First Six Months 2020 G&A 2.7 5.1 G&A Depreciation 0.4 0.8 G&A Expense 3.1 5.9 Q2 2020 First Six Months 2020 Interest expense 2.6 6.4 Loan facility commitment fees 0.2…
  20. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 20
    First Six Months 2020 Financial Results 140 Revenue 140 MUSD 125.4 40,900 boepd 120 120 Production costs MUSD -89.2 Operating costs (1) 11.7 USD/boe 100 100 Million USD 80 80 Million USD 60 60 40 40 Cash…
  21. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 21
    First Six Months 2020 Balance Sheet MUSD 30 Jun 2020 31 Dec 2019 Assets Oil and gas properties 1,114.6 1,105.5 Other non-current assets 166.8 147.1 Current assets 75.9 112.0 1,357.3 1,364.6 Liabilities Financial liabilities…
  22. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 22
    International Petroleum Corp. Maximising Liquidity Headroom(1) RBL facilities International facility increased from 125 to 140 MUSD; maturity extended to December 2024 Canadian facility refinanced to 350 MCAD; maturity extended to…
  23. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 23
    30 June 2020 Oil Hedging in Canada Weighted average WCS price of 28 USD/bbl for Q3 (67% forecast Canadian production) and 25 USD/bbl for Q4 (50% forecast Canadian production) Period Volumes per day Type Weighted average July 1,…
  24. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 24
    International Petroleum Corp. Q2 2020 Highlights(1) Q2 average net production of 35,700 boepd Production Commenced progressive increase of curtailed Canadian oil production Revising full year guidance upwards to 37,000 to 40,000…
  25. Q2 2020 Operations and Financial Update – International Petroleum Corp. – slide 25
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