International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Investor Day (February 2025)
71 slides from International Petroleum Corp. (british Columbia)'s investor day presentation, Feb 11, 2025
Slide 1: Capital Markets Day 2025
International Petroleum Corp. Capital Markets Day 2025 February 11, 2025
Slide 2: Agenda
International Petroleum Corp. Agenda Presenting today Capital Markets Day February 11, 2025 1 Introduction William Lundin 2 2025 Outlook Nicki Duncan William Lundin President and CEO 3 Asset Overview Nicki Duncan 4 Financial Overview Christophe Nerguararian 5 Reserves Valuation Rebecca Gordon 6 Conc
Slide 3: Introduction
1 Introduction William Lundin IPC CMD 2025 3
Slide 4: 2024 Highlights
International Petroleum Corp. 2024 Highlights Record Investment Year Production Stable Operating Costs Blackrod Phase1 351 MUSD Q4 47.4 Mboepd Q4 18.2 USD/boe FY2024 442 MUSD FY2024 47.4 Mboepd FY2024 17.0 USD/boe Strong Cash Flow Robust Balance Sheet Sustainability Focus Share Repurchase FY2024 342
Slide 5: History of Growth
International Petroleum Corp. History of Growth IPC Inception 2017 IPC Current 2025 Shares outstanding 113.5 million Shares outstanding 117.7 million Employees and Contractors 220 staff 2x 510 staff Production 10 Mboepd 4.5x 43-45 Mboepd 2P Reserves 29 MMboe 17x 493 MMboe 8 4x 31 MMboe Reserve Life
Slide 6: 2P Reserves Growth
International Petroleum Corp. 2P Reserves Growth RRR 2P Reserves and Production RRR 251% 2P reserves of 493 MMboe as at December 31, 2024 (MMboe) 78% 493 471 468 Reserve life index (RLI) of 31 years RRR 1,388% RRR RRR 173% -93% RRR Reserve Life Index (Years) 300 288 91% YE 2016 8 272 270 YE 2024 31
Slide 7: Growth per Share
International Petroleum Corp. Growth per Share Reducing share count in combination with growing reserves, production and cash flow differentiates IPC Reserves per share Production per share Operating cash flow per share (boe/share) (boepd/million shares) (USD/share) 3.7 373 2.7 >2x 1.2 >14x >4x 91 0
Slide 8: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2025 – 2029 Production Free Cash Flow 128% 26% p.a. Organic Growth 95 USD >2,000 MUSD Stakeholder Returns ~ 57 Mboepd 77% 75 USD 15% p.a. M&A >1,200 MUSD NCF00375 p23 01.25 See Notes and Reader Advisory IPC CMD 2025 8
Slide 9: Production Growth
International Petroleum Corp. Production Growth Material production growth driven by Blackrod Phase 1 development 70,000 700 t h row t G Average Annual Production (boepd) Production boepd per Million Shares 60,000 s 600 ca Fore 50,000 >50% 500 40,000 400 30,000 300 20,000 200 10,000 100 Production/s
Slide 10: Blackrod
International Petroleum Corp. Blackrod Blackrod Blackrod Capital Resources Expenditure Knowledge 10+ years 1,283 MMbbl Full field development 850 MUSD Successful pilot Blackrod Phase 1 Pre production 259 MMbbl Phase 1 (Nominal) Local expertise development in SAGD operations Production Profitability
Slide 11: Big Fields Get Bigger - Track Record
International Petroleum Corp. Big Fields Get Bigger - Track Record International Petroleum Corp. Alvheim Edvard Grieg Johan Sverdrup Onion Lake Thermal Blackrod MMboe MMboe Bn boe MMboe MMboe 596 379 2.7 153 +17% 259 2.3 +19% +70% 218 +132% 104% 90 257 186 PDO EUR PDO EUR PDO EUR Sanction EUR Sancti
Slide 12: Contingent Resources Growth
International Petroleum Corp. Contingent Resources Contingent Resources Growth (MMboe) 1,410 128 Blackrod Phase 1 Blackrod More than 1.1 Billion boe underpins organic growth 1,162 1,145 Phase 1 1,107 1,089 1,102 96 80 >1Bn boe of Blackrod resource remains to be matured 82 102 115 Development upside
Slide 13: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2025 – 2029 Production Free Cash Flow 128% 26% p.a. Organic Growth 95 USD >2,000 MUSD Stakeholder Returns ~ 57 Mboepd 77% 75 USD 15% p.a. M&A >1,200 MUSD NCF00375 p26 01.25 See Notes and Reader Advisory IPC CMD 2025 13
Slide 14: Share Repurchase
International Petroleum Corp. Share Repurchase 71.6 million IPC shares repurchased since inception at an average price of SEK 74 / CAD 9.8 per share Completed 2023/2024 NCIB share repurchase program in November 2024 Renewed the NCIB in December 2024 Intention to complete provided Net Debt to EBITDA
Slide 15: Enterprise Value Liquidation
International Petroleum Corp. Enterprise Value Liquidation 4,600 MUSD 95 USD/bbl 2,800 MUSD 75 USD/bbl Enterprise Value 2,000 1,765 MUSD MUSD 95 USD/bbl Market Cap 1,557 MUSD 1,200 January 31, 2025 MUSD 75 USD/bbl Enterprise Value 5 year forecast FCF 10 year forecast FCF (2025 to 2029) (2025 to 2034
Slide 16: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2025 – 2029 Production Free Cash Flow 128% 26% p.a. Organic Growth 95 USD >2,000 MUSD Stakeholder Returns ~ 57 Mboepd 77% 75 USD 15% p.a. M&A >1,200 MUSD NCF00375 p27 01.25 See Notes and Reader Advisory IPC CMD 2025 16
Slide 17: IPC Acquisition History
International Petroleum Corp. IPC Acquisition History Jan 2018 Mar 2020 Mar 2023 2017 Dec 2018 Apr 2021 420 MUSD 55 MUSD 62 MUSD IPC spun off from Lundin Petroleum with producing assets in Malaysia, France and the Netherlands. 400 MUSD 0 MUSD NCF00375 p20 01.25 See Notes and Reader Advisory IPC CMD
Slide 18: Value Created from Acquisitions
International Petroleum Corp. Value Created from Acquisitions 2.7 Billion USD in value added from 5 accretive acquisitions Pre Blackrod funding, FCF generated from acquisitions equals 113% of total acquisition price MUSD 0 500 1,000 1,500 2,000 2,500 3,000 Total acquisition price 938 MUSD Suffield B
Slide 19: 2P Net Asset Value (MUSD)
International Petroleum Corp. 2P Net Asset Value (MUSD) 3,292 Opening net debt 209 3,083 37.3 CAD/sh (287 SEK/sh) 50% discount to NAV G R A 1,557 C (147 SEK/sh) 19.2 CAD/sh 24% 543 2017 YE 2024 IPCO Net Asset NAV 10 Market Cap Value NCF00375 p29 01.25 January 31, 2025 See Notes and Reader Advisory I
Slide 20: Creating Stakeholder Value - 5 Year + 5 Year Free Cash Flow
International Petroleum Corp. Creating Stakeholder Value - 5 Year + 5 Year Free Cash Flow 2025 – 2029 2030 – 2034 Production Free Cash Flow Production Free Cash Flow 128% 167% >75% of 2P 33% p.a. 26% p.a. 95 USD Reserves Remaining 95 USD >2,000 MUSD >2,600 MUSD ~ 57 ~63 Mboepd 0% > 1 on growt h Mboe
Slide 21: The Power of Growth and Buybacks
International Petroleum Corp. The Power of Growth and Buybacks NAV10/share January 1, 2030 with FCF used for buybacks 110 15 1,240 1,350 (174 CAD/share) 780 765 (100 CAD/share) Cash SEK/share 2P NPV10 SEK/share 75 145 SEK/share 95 215 SEK/share USD buyback USD buyback NCF00375 p31 01.24 See Notes an
Slide 22: Sustainability
International Petroleum Corp. Sustainability Scope 1 Net Emissions intensity (kg CO2e/boe) Canadian 59 Health & Committed to a strong safety culture Safety • No material safety incidents in 2024, achieved 35% decrease in the total 2019 40 recordable incident rate relative to 2023 2020 33 2021 28 Cli
Slide 23: 2025 Outlook
2 2025 Outlook Nicki Duncan IPC CMD 2025 23
Slide 24: Track Record of Reserves Growth
International Petroleum Corp. 251% Group RRR in 2024 Track Record of Reserves Growth Canada 280% - maturation of Blackrod contingent resource Proven track record of reserves addition through M&A and organic growth Malaysia 67% - maturation of A21 infill well from 33 MMboe organic reserves additions
Slide 25: 2025 Investment Strategy
International Petroleum Corp. 2025 Investment Strategy 2025 Forecast Capital Expenditure Continued focus on Blackrod Phase 1 development Malaysia 13% Balanced base business investment forecast France 2% expenditure of 83 MUSD Canada Other 12% Mature organic growth opportunities in all regions 313 MU
Slide 26: 2025 Production Operations
International Petroleum Corp. 2025 Forecast Production Guidance 2025 Production Operations International, 12% rent B 2025 average net production guidance range of 43 to 45 Mboepd Ga Canada Gas, 33% s 2025 full year operating costs guidance range of 18 to 19 USD/boe CS W Canada Crude, 55% Average Net
Slide 27: 2025 Budget - Forecast Capital Expenditure
International Petroleum Corp. 2025 Budget - Forecast Capital Expenditure 2025 Expenditure 320 MUSD Blackrod 230 Non-Blackrod 83 Decommissioning 7 Canada 274 MUSD France • Blackrod Phase 1 6 MUSD • Blackrod resource • FAB development maturation preparations • OLT infill drilling • VPU Phase 2 • Other
Slide 28: 5 Year + 5 Year Outlook
International Petroleum Corp. Production Outlook 5 Year + 5 Year Outlook ~63 Mboepd forecast average ~57 Mboepd net production forecast average net production Strongly positioned for long-term growth ~57 Mboepd forecast average net production over the next 5 years >75% of 2P reserves remaining beyon
Slide 29: Asset Overview
3 Asset Overview Nicki Duncan IPC CMD 2025 29
Slide 30: IPC Canada Overview
IPC Canada Overview Alberta Saskatchewan Blackrod Phase 1 development Blackrod Heavy oil Onion Lake Thermal infill drilling Onion Lake Edmonton Heavy oil Calgary Optionality to adjust Regina base business capital investments Suffield/Alderson/Brooks Medicine Hat Gas & Heavy oil Ferguson Light oil 0
Slide 31: IPC Canada Blackrod Phase 1 Progress Update
IPC Canada Blackrod Phase 1 Progress Update Project progressing in line with schedule and budget Critical engineering, access road upgrades and site civil works substantially complete Facility fabrication and major equipment delivery on track Field construction ongoing Production well pair drilling
Slide 32: IPC Canada Blackrod Phase 1 Progress Update
IPC Canada Blackrod Phase 1 Progress Update NCF00377 p29 01.25 IPC CMD 2025 32
Slide 33: IPC Canada Blackrod Drilling Results
IPC Canada Pad A North Blackrod Drilling Results Pad B North Consistent positive drilling results Homogenous sand throughout entire pay package Laterally continuous reservoir with no vertical flow barriers Producers placed on target 4 m above base of pay Injectors maintain a vertical distance of 5–6
Slide 34: IPC Canada Blackrod Phase 1 Schedule
IPC Canada Blackrod Phase 1 Schedule Transition from engineering and fabrication to construction and commissioning in 2025 2023 2024 TODAY 2025 2026 Civil Plan Build Site Works Complete Facilities Workshop ManufactureTransport Construct CPF Construct CPF Commission Drilling Gas Pipeline 3rd Party Tr
Slide 35: IPC Canada Blackrod - Long Term Potential
IPC Canada Blackrod - Long Term Potential Blackrod Reservoir Unlocking the value at Blackrod goes beyond Phase 1 er R iv Extensive contingent resources base being worked ca as ab h At for maturation into reserves 40 MMboe 2P reserves addition YE 2024 Low appraisal and reserve maturation cost of less
Slide 36: IPC Canada Onion Lake Thermal
IPC Canada Onion Lake Thermal Export Pipeline 2025 Proposed Infill Wells Reservoir OLT Main Facility Pads Stable production in 2024 Onion Lake Thermal Area First 7 Pad L Wells Planned maintenance shutdown succesfully completed Seven Pad L production wells online and performing in Infill drilling lin
Slide 37: IPC Canada Suffield Area Assets
Suffield Area Assets IPC Canada Suffield Area Assets Suffield ay irw Fa slie Continue to successfully offset historic field declines Ell er End 2022 Eight Ellerslie (Basal Quartz) oil wells drilled in 2024 Ellerslie fields Ellerslie block acquisition No major development planned in 2025 0 KM 20 Reta
Slide 38: IPC Canada Other Assets Overview
Major Oil pipeline Major Gas pipeline IPC Canada IPC asset Other Assets Overview Mooney Blackrod Pilot Five new Ferguson oil wells drilled in 2024 Mooney Phase 2 EOR polymer flood ahead of forecast No development activity planned in 2025 Edmonton Onion Lake Ferguson Phase 1 development Alberta Canad
Slide 39: IPC International Overview
France IPC International 0 KM 200 Overview Paris Basin France Aquitaine Basin Maintain high production uptime A21 production well drilling Malaysia and workover activity at Bertam South China Sea Mature next phase of development drilling in France Malaysia Bertam Kuala Lumpur Natuna Sea NCF00378 p01
Slide 40: IPC Malaysia Bertam
Bertam North-East Development IPC Malaysia Bertam PM307 A20 A21 A20 Strong performance with >99% facility uptime in 2024 Bertam-3 Bertam-5 Development studies progressed to sanction decision A15st Next production well target A21 and A15ST well workover A15st planned in 2025 0 KM 1 Bertam Field Produ
Slide 41: IPC France Operations Overview
Potential IPC France Hautefeuille development targets Operations Overview Fontaine au Bron Villeperdue Offsetting historical decline with field developments Maturing development opportunities in 2025 Fontaine au Bron Phase 1 development preparations Villeperdue West Phase 2 target maturation 0 KM 4
Slide 42: 2025 Summary
International Petroleum Corp. 2025 Summary Production Production 43 to 45 Production guidance range of 43,000 to 45,000 boepd Mboepd 5 year business plan targets ~57 Mboepd >50% production growth forecast by 2028 Investments Capex Blackrod Phase 1 development 313 MUSD Moderate base business investme
Slide 43: Financial Overview
4 Financial Overview Christophe Nerguararian IPC CMD 2025 43
Slide 44: 2025 CMD Economic Assumptions
International Petroleum Corp. 2025 CMD Economic Assumptions Low Case Base Case High Case 2024 Actual Oil in USD/bbl Brent 65 75 85 81 WTI 60 70 80 76 WCS 45 55 65 61 Gas in CAD/Mcf AECO 1.75 1.75 1.75 1.44 Sensitivities WTI-WCS differential (USD/bbl) +/- 5 USD/bbl AECO gas price (CAD/Mcf) +/- 1.00 C
Slide 45: 2025 CMD Guidance
International Petroleum Corp. 2025 CMD Guidance Main Assumptions Production 43,000 to 45,000 boepd Capital Expenditure 320 MUSD Operating Costs 18.7 USD/boe Forecast Base Case Financials USD/boe Revenue 42.3 Operating Cash Flow 15.3 EBITDA 14.4 Free Cash Flow (excluding Blackrod Capex) 7.1 Free Cash
Slide 46: Realised Oil and Gas Prices
International Petroleum Corp. Realised Oil and Gas Prices Forecast Actual 2025 2024 2023 2022 Oil Brent 75.0 80.7 82.6 101.3 (USD/bbl) Malaysia 80.0 (+5.0) 86.1 (+5.4) 91.0 (+8.4) 111.9 (+10.6) France 74.9 (-0.1) 80.0 (-0.7) 81.9 (-0.7) 98.3 (-3.0) WTI 70.0 75.7 77.7 94.3 WCS (calculated) 55.0 60.9
Slide 47: Hedging - 2025 Onwards
International Petroleum Corp. Hedging - 2025 Onwards 2025 Hedges Executed Jan: 1,000 bbl/d @ 75 USD/bbl Oil Brent Feb-Dec: 2,000 bbl/d @ 76 USD/bbl Jan: 7,000 bbl/d @ 71 USD/bbl Oil WTI Feb-Dec: 10,000 bbl/d @ 71 USD/bbl Oil WTI-WCS 2025: 11,700 bbl/d @ -14.26 USD/bbl Gas 2025: 9,600 Mcf/d @ 2.60 CA
Slide 48: Margin Netback (USD/boe)
International Petroleum Corp. Margin Netback (USD/boe) 2025 Forecast 2024 Low Base High Actual Brent/WTI/WCS (USD/bbl) (65/60/45) (75/70/55) (85/80/65) (81/76/61) Production Guidance 43,000–45,000 47,400 Revenue 38.9 42.3 45.8 46.0 Cost of operations -15.9 -15.9 -15.9 -14.5 Tariff and transportation
Slide 49: Operating Costs Forecast (USD/boe)
International Petroleum Corp. Operating Costs Forecast (USD/boe) USD/boe Quarterly operating costs USD/boe 24 24 22 22 20 20 2025 Operating Costs Guidance: 18.0-19.0 USD/boe 18 16 16 14 14 12 12 10 10 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NC00351 p07 02.23 See Notes and Reader Advisory IPC CMD 2025 49
Slide 50: Operating Cash Flow and EBITDA Netback (USD/boe)
International Petroleum Corp. Operating Cash Flow and EBITDA Netback (USD/boe) 2025 Forecast 2024 Low Base High Actual Brent/WTI/WCS (USD/bbl) (65/60/45) (75/70/55) (85/80/65) (81/76/61) Cash Margin Netback 13.0 15.4 17.7 20.2 Cash Taxes – -0.1 -0.2 -0.5 Operating Cash Flow Netback 13.0 15.3 17.5 19
Slide 51: Profit Netback (USD/boe)
International Petroleum Corp. Profit Netback (USD/boe) 2025 Forecast 2024 Low Base High Actual Brent/WTI/WCS (USD/bbl) (65/60/45) (75/70/55) (85/80/65) (81/76/61) Cash Margin Netback 13.0 15.4 17.7 20.2 Depletion/depreciation -8.0 -8.0 -8.0 -7.9 Business development and exploration costs -0.1 -0.1 -
Slide 52: Oil Sensitivity to WTI/WCS Differential
International Petroleum Corp. Oil Sensitivity to WTI/WCS Differential 2025 Forecast Base Case WTI oil price (USD/bbl) 70 70 WTI/WCS Differential (USD/bbl) 15 20 Difference Total Revenue (USD/boe) 42.3 41.4 -0.9 Operating Cash Flow (USD/boe) 15.3 14.4 -0.9 EBITDA (USD/boe) 14.4 13.5 -0.9 - ~50% of Ca
Slide 53: Gas Sensitivity to Realised Canadian Gas Price
International Petroleum Corp. Gas Sensitivity to Realised Canadian Gas Price 2025 Forecast Base Case Gas price (CAD/Mcf) 1.75 2.75 Difference Total Revenue (USD/boe) 42.3 43.5 +1.2 Operating Cash Flow (USD/boe) 15.3 16.1 +0.8 EBITDA (USD/boe) 14.4 15.2 +0.8 See Notes and Reader Advisory IPC CMD 2025
Slide 54: Free Cash Flow (USD/boe)
International Petroleum Corp. Free Cash Flow (USD/boe) 2025 Forecast 2024 Low Base High Actual Brent/WTI/WCS (USD/bbl) (65/60/45) (75/70/55) (85/80/65) (81/76/61) Operating Cash Flow Netback 13.0 15.3 17.5 19.7 Cash General and Administration Costs -1.0 -1.0 -1.0 -0.9 Cash Financial Items -2.1 -2.1
Slide 55: Capital Structure
International Petroleum Corp. Capital Structure Bonds MUSD 450 Maturity February 2027 7.25% coupon Interest payable February 1st and August 1st Canadian RCF MCAD 180 Maturity May 2026 Undrawn and fully available Letter of Credit Facility MCAD 40 letters of credit issued including MCAD 35 for Blackro
Slide 56: Reserves Evaluation
5 Reserves Evaluation Rebecca Gordon IPC CMD 2025 56
Slide 57: Long-term Pricing Forecast
International Petroleum Corp. Long-term Pricing Forecast Brent USD/bbl Western Canadian Select (WCS) USD/bbl Empress Gas Price CAD/Mcf 4.94 90 70 5.0 4.85 67.1 4.75 84.9 65.8 4.66 83.2 64.5 82 81.6 63.5 63.5 66.1 80 80.0 80.0 83.2 64.8 4.5 4.34 61 63.3 63.5 80 81.6 80.0 60 59 58.5 4.0 4.16 4.15 75.0
Slide 58: Net Present Value per Share (MUSD)
International Petroleum Corp. Net Present Value per Share (MUSD) NPV10 3P 3,971 2P NPV10 (SEK/share) NPV10 2P Malaysia/France 3,292 Canada other including tax 16 20 NPV10 1P Blackrod 2,400 Southern Assets 47 Enterprise Value 306 132 1,765 MUSD SEK/share 91 Onion Lake Thermal 223 306 369 NC00351 p03
Slide 59: Net Asset Value (NAV) Changes (MUSD)
International Petroleum Corp. Net Asset Value (NAV) Changes (MUSD) 3,545 +113 3,432 3,292 3,081 -209 +58 3,083 3,023 2,258 2,151 -94 2,058 2,164 -277 -290 1,781 1,861 1,450 -321 1,061 1,129 -355 Net Cash 706 Net Debt 2P NPV10 YE17 YE18 YE19 YE20 YE21 YE22 YE23 YE24 86 5-Year Average Reserves 81 80 A
Slide 60: Conclusion
6 Conclusion William Lundin IPC CMD 2025 60
Slide 61: Conclusions
International Petroleum Corp. Conclusions Production Growth Value 2025 Production Guidance Blackrod Phase 1 43-45 Mboepd 3.1 BUSD NAV 10 259 MMbbl >50% production growth 1.4 BUSD value 287 SEK/share by 2028 Shareholders Sustainability Balance Sheet M&A Return Focus 247 MUSD 24% absolute share 35% re
Slide 62: Q&A
Q&A IPC CMD 2025 62
Slide 63: Notes
Notes Page 4: 2024 Highlights • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the material change report dated February 11, 2025 (MCR) available on IPC’s website at www.international-petroleum.com an
Slide 64: Notes
Notes Page 15: Enterprise Value Liquidation • FCF is a “Non-IFRS Measure”. See Reader Advisory and MD&A. • Enterprise value is IPC’s market capitalization on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate
Slide 65: Notes
Notes Page 31: Blackrod Phase 1 Progress Update • For risks and uncertainties related to the Blackrod Phase 1 project, see Reader Advisory, MD&A and MCR. Page 32: Blackrod Phase 1 Progress Update • For risks and uncertainties related to the Blackrod Phase 1 project, see Reader Advisory, MD&A and MCR
Slide 66: Notes
Notes Page 55: Free Cash Flow (USD/boe) • See Notes for Page 50:”Operating Cash Flow and EBITDA Netback”. • OCF and FCF are “Non-IFRS Measures”. See Reader Advisory and MD&A. • Capital expenditures includes exploration and appraisal costs and decommissioning expenditure. Page 58: Net Present Value p
Slide 67: Reader Advisory
Reader Advisory Forward-Looking Statements This presentation contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking state
Slide 68: Reader Advisory
Reader Advisory Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the financial statements (Financial Statements) and the management’s discussion and analysis for the three months and year ended December 31, 2024 (MD&A) (
Slide 69: Reader Advisory
Reader Advisory There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the COGE Handbook as being considered to be the best estimate of the quantity that will be actually recovered.
Slide 70: Reader Advisory
Reader Advisory This presentation includes oil and gas metrics including “cash margin netback”, “taxation netback”, “operating cash flow netback”, “cash taxes”, “EBITDA netback” and “profit netback”. Such metrics do not have a standardized meaning under IFRS or otherwise, and as such may not be reli
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