Slide 1: Q3 2023 Results
Q3 2023 Results Ithaca Energy plc 22 November 2023
Slide 2: Q3 2023 Highlights: FY 2023 production guidance and $400m dividend reaffirmed
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Q3 2023 Highlights: FY 2023 production guidance and $400m dividend reaffirmed Continued delivery against BUY, BUILD and BOOST strategy, achieving milestone FID at Rosebank • 2023 production and operating performance on
Slide 3: Strategic & Operational Highlights
Strategic & Operational Highlights Ithaca Energy plc 3 Q3 2023 Results – November 2023
Slide 4: Strategic Highlights: Continued delivery against our BUY, BUILD and BOOST strategy
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Strategic Highlights: Continued delivery against our BUY, BUILD and BOOST strategy Buy Assets Build Assets Boost Assets Boost Assets Boost Assets Boost Assets Fotla discovery Rosebank: Knarr FPSO Captain: Decarbonisatio
Slide 5: Rosebank: Development consent granted for largest undeveloped discovery in UK
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Rosebank: Development consent granted for largest undeveloped discovery in UK >300mmboe 15kboed 2C Resource 1 Net peak production 2026/27 First oil target Development consent granted September 2023 with project executio
Slide 6: Rosebank: Phase I development timeline
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Rosebank: Phase I development timeline FY 23 net capital expenditure estimated to be in the Total development cost net to Ithaca Energy of approx. Announced acquisition of remaining 40% stake to take control of FID time
Slide 7: Material progress at Captain EOR Phase II, project continues on schedule
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Material progress at Captain EOR Phase II, project continues on schedule Captain EOR Phase II project now ~80% complete, supporting first Phase II Polymer injection into the subsea wells in 2024 • Completed drilling ope
Slide 8: Continuous focus on safe and environmentally responsible operations
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Continuous focus on safe and environmentally responsible operations • Strengthening process safety defences with a focus on major accident hazard prevention • Meaningful decarbonisation activity across operated portfoli
Slide 9: Q3 planned maintenance completed, production guidance re-affirmed
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Q3 planned maintenance completed, production guidance re-affirmed Production kboe/d Lower Q3 2023 production 90 driven by planned Year to date Q3 production of 71 kboed/d turnaround activity 80 supports delivery of FY 2
Slide 10: Financial Overview
Financial Overview Ithaca Energy plc 10 Q3 2023 Results – November 2023
Slide 11: Solid YTD Q3 2023 financial performance
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Solid YTD Q3 2023 financial performance YTD Q3 2023 performance at a glance AVERAGE PRODUCTION UNIT OPERATING COST 71.0 kboe/d $21/boe ADJUSTED EBITDAX ADJUSTED NET INCOME SECOND TOTAL $1.37bn $332.1m INTERIM YEAR TO DI
Slide 12: Q3 2023 Adjusted EBITDAX analysis
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Q3 2023 Adjusted EBITDAX analysis • Adjusted EBITDAX per barrel of $70/boe reflects financial resilience despite reduction in realised commodity prices ‒ Hedging gains of $248m ($13/boe benefit) ‒ Highlights importance
Slide 13: Balanced capital allocation framework supports strong sustainable dividends
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Balanced capital allocation framework supports strong sustainable dividends PROTECT: Resilient through the cycle, protecting revenues and Low leverage position (0.37x) with capex commitments continued optimisation of ca
Slide 14: Financial framework underpinned by low leverage and robust liquidity position
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights Financial framework underpinned by low leverage and robust liquidity position • Continued deleveraging of the balance sheet with net debt falling to $677 million supported by strong free cash flow generation • Robust li
Slide 15: In Focus: PROTECT Effective hedging strategy driving results and protecting returns
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights In Focus: PROTECT Effective hedging strategy driving results and protecting returns Clear hedging targets and a proactive approach to hedging, placing hedges at peaks in commodity markets, supports an attractive hedge b
Slide 16: In Focus: PROTECT Actively managed hedge programme to protect revenue
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook In Focus: PROTECT Highlights Actively managed hedge programme to protect revenue while accessing upside exposure Attractive hedge book with 10.3 mmboe (68% oil) hedged from Q4 2023 into 2025 Hedging gain YTD Q3 2023 of $248 millio
Slide 17: Outlook and Closing remarks
Outlook and Closing remarks Ithaca Energy plc 17 Q3 2023 Results – November 2023
Slide 18: FY 2023 Guidance
Strategic & Operational Q3 2023 Highlights Financial Overview Outlook Highlights FY 2023 Guidance Production and capex management guidance reaffirmed, opex guidance lowered Revised FY 23 FY 23 Guidance YTD 9M 2023 Guidance August 2023 Actual November 2023 Production 68 - 74 71.0 68 - 74 Kboe/d Kboe/
Slide 19: Closing remarks
Closing remarks 1. Strong YTD Q3 2023 results with ~$1.4bn adjusted EBITDAX and $0.9bn liquidity at end September 2023 2. Significant milestone achieved with the FID to progress Phase I of the Rosebank development and the award of development consent 3. Continuing to review M&A landscape due to mark
Slide 20: Q&A
Q&A Gilad Myerson Alan Bruce Iain Lewis Executive Chief Executive Chief Financial Chairman Officer Officer Ithaca Energy plc 20 Q3 2023 Results – November 2023
Slide 21: Appendix – Cautionary Statement
Appendix 1 – Cautionary Statement Ithaca Energy plc 21 Q3 2023 Results – November 2023
Slide 22: Cautionary Statement
Cautionary Statement This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation) (collectively, the “Presentation”) is supplied for your information only and has b
Slide 23: Thank you.
Thank you. Ithaca Energy plc Q3 2023 Results – November 2023