International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — FY2024 Earnings Presentation
28 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, Feb 11, 2025
Slide 1: Q4 24 Operations & Financial Update, Year End 2024
Q 4 24 Operations & Financial Update Year End 2024 William Lundin, CEO Christophe Nerguararian, CFO February 11, 2025 NC00249 p01 02.22
Slide 2: 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 3: 2024 Production
International Petroleum Corp. 2024 Production 2024 full year and Q4 average net production of 47.4 Mboepd 2024 Production Above mid-point of full year production guidance range International, 13% Production (Mboepd) ent 51 Br 50 Ga 49 50 47.4 46 48 48 Canada Gas, 34% s 46 48 46 46 46 42 43 40 41 CS
Slide 4: 2024 Operating and Capital Expenditure
International Petroleum Corp. 2024 Operating and Capital Expenditure Full year operating costs within guidance at 17.0 USD/boe Guidance <18 USD/boe Operating costs of 18.2 USD/boe in Q4 Full year capital expenditure of 442 MUSD 5 MUSD 437 MUSD 442 MUSD 2024 Operating Costs Q3 Capital Full year NC003
Slide 5: 2024 Operating Cash Flow
International Petroleum Corp. 2024 Operating Cash Flow 2024 CMD guidance OCF 2024 Guidance OCF 2024 OCF 376 MUSD 90 USD/bbl (5/15) 342 MUSD 80 USD/bbl (5/15) 342 MUSD 335 MUSD 81 USD/bbl (5/15) 70 USD/bbl (5/15) 257 MUSD 70 USD/bbl (5/15) Q4 78 MUSD 75 USD/bbl (4/13) NC00380 p04 01.25 Revised 2024 O
Slide 6: 2024 Free Cash Flow
International Petroleum Corp. 2024 Free Cash Flow 2024 CMD Guidance FCF 2024 Forecast FCF 2024 FCF (excluding Blackrod) (excluding Blackrod) 268 MUSD 90 USD/bbl (5/15) 229 MUSD 80 USD/bbl (5/15) 222 MUSD 216 MUSD 70 USD/bbl (5/15) (excluding Blackrod Phase 1) 81 USD/bbl (5/15) 144 MUSD 70 USD/bbl (5
Slide 7: 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 -25.5 -8.4 -9.6 +75.8 -8.3 -9.3 -8.3 4% ~4.5x prod
Slide 8: Sustainability
International Petroleum Corp. Sustainability Scope 1 Net Emissions Intensity (kg CO2e/boe) Health & Committed to a strong safety culture Canadian 59 Safety • No material safety incidents in 2024, 2019 40 achieved 35% decrease in the total recordable incident rate relative to 2023 2020 33 2021 28 Cli
Slide 9: Financial Highlights
Year End 2024 Financial Highlights 9
Slide 10: Year End 2024 Financial Highlights
Year End 2024 Financial Highlights Fourth Quarter Full Year 2024 2024 Production (boepd) 47,400 47,400 Average Dated Brent Oil Price (USD/bbl) 74.7 80.7 Operating costs (USD/boe) 18.2 17.0 Operating cash flow (MUSD) 78.2 342.0 EBITDA (MUSD) 76.2 335.5 Capital Expenditure (MUSD) 129.0 442.4 Free cash
Slide 11: Realised Oil Prices
Year End 2024 Realised Oil Prices 2024 2023 USD/bbl Full Year Q4 Q3 Q2 Q1 Full Year Q4 Brent 80.7 74.7 80.1 85.0 83.2 82.6 84.3 Malaysia 86.1 (+5.4) 78.2 (+3.5) 80.9 (+0.8) 93.3 (+8.3) 91.6 (+8.4) 91.0 (+8.4) 85.2 (+0.9) France 80.0 (-0.7) 74.1 (-0.6) 80.5 (+0.4) 85.0 (–) 82.9 (-0.3) 81.9 (-0.7) 82.
Slide 12: Realised Gas Prices
Year End 2024 Realised Gas Prices 2024 2023 CAD/mcf Full Year Q4 Q3 Q2 Q1 Full Year Q4 AECO 1.44 1.44 0.67 1.17 2.49 2.61 2.29 Empress 1.49 1.49 0.68 1.17 2.59 2.61 2.30 Realised (to AECO) 1.51 (+0.07) 1.61 (+0.17) 0.72 (+0.05) 1.17 (–) 2.52 (+0.03) 2.73(1) (+0.12) 2.33 (+0.04) (1) 3.36 CAD/Mcf incl
Slide 13: Financial Results – Operating Cash Flow & EBITDA
Year End 2024 Financial Results – Operating Cash Flow & EBITDA Operating Cash Flow EBITDA 400 400 342 353 350 350 350 Q4 335 Q4 Q4 74 66 78 Q4 76 300 300 Q3 Q3 119 123 250 Q3 Q3 250 73 68 200 200 Million USD Q2 Q2 Million USD 102 104 150 Q2 Q2 150 84 85 100 100 Q1 Q1 89 Q1 87 Q1 76 76 50 50 NC00380
Slide 14: Operating Costs
Year End 2024 Operating Costs USD/boe Quarterly operating costs USD/boe 22 22 20 20 2024 Operating Costs 18 Revised Guidance: <18.0 USD/boe 2024 Operating Costs 17.0 USD/boe 16 16 14 14 12 12 10 10 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Actual Actual Actual Actual NC00380 fin p02 01.25 See Notes and Reader
Slide 15: Netback (USD/boe)
Year End 2024 Netback (USD/boe) Fourth Quarter Full Year 2024 2024 Average Dated Brent oil price (74.7 USD/bbl) (80.7 USD/bbl) Revenue 45.7 46.0 Cost of operations -15.6 -14.5 Tariff and transportation -2.4 -2.2 Production taxes -0.2 -0.3 Operating costs -18.2 -17.0 Cost of blending -8.3 -8.8 Invent
Slide 16: Net Cash/Debt (MUSD)
Year End 2024 Net Cash/Debt (MUSD) 450 Operating Cash Flow 450 MUSD 342.0 400 400 350 350 300 300 250 250 Blackrod Development capex & abex Phase 1 MUSD -442.4 200 MUSD 351.3 200 150 150 MUSD MUSD 100 100 Opening Net Cash 1 Jan 2024 50 50 MUSD 58.0 Other Net Cash Financial 0 MUSD 91.1 items 0 MUSD -
Slide 17: G&A / Financial Items
Year End 2024 G&A / Financial Items MUSD Fourth Quarter 2024 Full Year 2024 Net interest expense 5.9 18.2 Amortisation of capitalised financing fees 0.6 2.1 Unwinding of asset retirement obligation discount 3.7 14.6 Foreign exchange loss (gain), net and others 25.6 24.8 Net Financial Items 35.8 59.7
Slide 18: Financial Results
Year End 2024 Financial Results 900 Revenue 900 MUSD 797.8 47,400 boepd 800 800 Production costs MUSD -448.2 700 17.0 USD/boe 700 600 600 Million USD Million USD 500 500 Depletion 400 MUSD -137.3 400 Cash Margin MUSD 349.6 300 300 Other Income G&A Financial items MUSD 1.1 MUSD -16.1 MUSD -59.7 200 2
Slide 19: 31 December 2024 Balance Sheet
31 December 2024 Balance Sheet MUSD 31 Dec 2024 31 Dec 2023 Assets Oil and gas assets 1,501.3 1,303.9 Other non-current assets 53.5 68.5 Current assets 152.3 173.5 Cash 246.6 517.1 1,953.7 2,063.0 Liabilities Financial liabilities 1.7 5.4 Bonds (net of capitalised fees) 439.9 435.0 Provisions 268.4
Slide 20: 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 21: Hedging - 2024/2025
International Petroleum Corp. Hedging - 2024/2025 2024 Hedges 2025 Hedges Q1 2024: 6,250 bbl/d @ 81 USD/bbl Jan 2025: 7,000 bbl/d @ 71 USD/bbl Oil WTI Q2-Q4 2024: 12,250 bbl/d @ 80 USD/bbl Feb-Dec 2025: 10,000 bbl/d @ 71 USD/bbl Oil WTI-WCS 2024: 17,700 bbl/d @ -15 USD/bbl 2025: 11,700 bbl/d @ -14 U
Slide 22: 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 23: Notes
Notes Page 2: 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 24: 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 25: 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 26: 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 27: 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
Slide 28: www.international-petroleum.com
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International Petroleum — FY2024 Earnings Presentation on 6ix