Slide 1: 2022 Full Year Results
2022 Full Year Results Ithaca Energy plc 30 March 2023
Slide 2: Company Overview
Company Overview Ithaca Energy plc 2 FY 2022 Annual Results – March 2023
Slide 3: 2022 highlights – a landmark year for Ithaca Energy
Company Overview Operational Overview Financial Overview 2023 Outlook 2022 highlights – a landmark year for Ithaca Energy Corporate Completed acquisitions of Siccar Point Energy, Summit E&P and Marubeni UK highlights 2022 has been a transformational Admission to the Premium segment of the London Sto
Slide 4: Ithaca Energy – a unique investment proposition
Company Overview Operational Overview Financial Overview 2023 Outlook Ithaca Energy – a unique investment proposition A leader in the UK Track record of material Strong pipeline of organic energy landscape value creation growth opportunities Ranked second by resources Transformational growth Signifi
Slide 5: Clear strategic focus to buy, build & boost assets
Company Overview Operational Overview Financial Overview 2023 Outlook Clear strategic focus to buy, build & boost assets 1 Buy assets Pursue value-accretive Proven M&A capabilities acquisitions 2 Diversified portfolio of Build assets high value developments Develop projects with strong economics and
Slide 6: Strong track record of material value creation
Company Overview Operational Overview Financial Overview 2023 Outlook Strong track record of material value creation Ithaca Energy Equity Value over time Equity Value, multiple vs. 2018 x Equity value vs. 2018 Track record of material value creation - equity value 5.1x vs. 2018 5.1x Diverse portfoli
Slide 7: Energy Profit Levy - unintended consequences
Company Overview Operational Overview Financial Overview 2023 Outlook Energy Profit Levy - unintended consequences Ithaca Energy looking to accelerate developments… …though EPL creating unintended hurdles Attractive and significant pipeline of JV partner confidence: greenfield and brownfield opportu
Slide 8: Operational Overview
Operational Overview Ithaca Energy plc 8 FY 2022 Annual Results – March 2023
Slide 9: Our first priority is safe and environmentally responsible operations
Company Overview Operational Overview Financial Overview 2023 Outlook Our first priority is safe and environmentally responsible operations Focus on process safety and serious events 3.6 million hours worked in 2022 • No serious injuries or spills in the year Significant increase in activity across
Slide 10: 2022 Production of 71.4 kboe/d driven by M&A and organic growth
Company Overview Operational Overview Financial Overview 2023 Outlook 2022 Production of 71.4 kboe/d driven by M&A and organic growth Production 100 kboe/d Summer TAR Activity INVEST TO SUSTAIN Production increased 26% to 71 kboe/d in 2022 90 • Record Q4 2022 production of 81 kboe/d Acquisition of A
Slide 11: Diversified portfolio: in a world of uncertainty, it pays to have options
Company Overview Operational Overview Financial Overview 2023 Outlook Diversified portfolio: in a world of uncertainty, it pays to have options Material resources base with significant optionality • Strong mix of greenfield and brownfield opportunities 63 % 512 77 % • Prioritising capital investment
Slide 12: Significant activity across operated and non-operated asset base
Company Overview Operational Overview Financial Overview 2023 Outlook Significant activity across operated and non-operated asset base Material drilling and well campaigns • Successful drilling campaign at Jade with two new wells completed on time and in budget • Infill drilling campaign at Mariner
Slide 13: Strategy in action: diversified and high value portfolio rich with investment optionality
Company Overview Operational Overview Financial Overview 2023 Outlook Strategy in action: diversified and high value portfolio rich with investment optionality Cambo Rosebank Fotla 146 325 16 mmboe1 mmboe1 mmboe1 Low emissions development (c.3.7 kgCO2/boe)(2) The single largest undeveloped field in
Slide 14: Strategy in action: Pursuing high potential and low-carbon intensity projects
Company Overview Operational Overview Financial Overview 2023 Outlook Strategy in action: Pursuing high potential and low-carbon intensity projects to BUILD a robust long-life portfolio Rosebank 20% Rosebank development nearing Final Investment Decision WI Equinor submits plans to • Single largest u
Slide 15: Ambition to develop one of the lowest carbon emission portfolios in the UK North Sea
Company Overview Operational Overview Financial Overview 2023 Outlook Ambition to develop one of the lowest carbon emission portfolios in the UK North Sea Plan to significantly reduce emissions by optimising current portfolio in the short term and fundamentally transitioning the portfolio over the m
Slide 16: Financial Overview
Financial Overview Ithaca Energy plc 16 FY 2022 Annual Results – March 2023
Slide 17: 2022 Performance at a glance
Company Overview Operational Overview Financial Overview 2023 Outlook Record free cash flow generation in year 2022 Performance at a glance TOTAL PRODUCTION GROUP ADJUSTED EBITDAX 71.4 kboe/d $1,916m GROUP NET INCOME GROUP FREE CASH FLOW $1,032m $1,135m M&A INVESTMENT NET DEBT INVEST EVOLVE $957m $9
Slide 18: Record financial performance delivering $1.9 billion EBITDAX
Company Overview Operational Overview Financial Overview 2023 Outlook Record financial performance delivering $1.9 billion EBITDAX Production Realised Commodity Price Unit Operating (kboe/d) ($/boe)1 149 Expenditure ($/boe)2 EBITDAX ($/boe) Oil Gas 100 96 71 73 69 56 50 +45% +55% +26% 18 19 +46% +5%
Slide 19: Net Income generated of $1.0 billion
Company Overview Operational Overview Financial Overview 2023 Outlook Net Income generated of $1.0 billion Income Statement Analysis FY 2021 FY 2022 Q4 2022 PRODUCTION kboed mmboe kboed mmboe kboed mmboe Record financial performance in 2022 Oil 33 12 43 16 51 5 Gas 21 8 24 9 26 2 NGL 3 1 4 1 4 0 Pro
Slide 20: Material cash flow generation supporting deleveraging of the Balance Sheet
Company Overview Operational Overview Financial Overview 2023 Outlook Material cash flow generation supporting deleveraging of the Balance Sheet 2,000 Net cash from MATERIAL INVESTMENT: operating activities $1,723m 1,800 • Significant investment for growth in 2022 • Cash flow used in investing activ
Slide 21: Robust financial framework underpinned by low leverage and capital discipline
Company Overview Operational Overview Financial Overview 2023 Outlook Robust financial framework underpinned by low leverage and capital discipline • Strong cash flow generation in year has materially reduced the Group’s leverage position to 0.5x at end 2022 (0.9x : December 2021) • Rapid deleveragi
Slide 22: Actively managed hedge programme to protect revenue while accessing upside exposure
Company Overview Operational Overview Financial Overview 2023 Outlook Actively managed hedge programme to protect revenue while accessing upside exposure Strong realised commodity prices in 2022 through active management of Flexibility in hedging requirements providing greater access to commodity he
Slide 23: Balanced capital allocation framework supports strong sustainable returns
Company Overview Operational Overview Financial Overview 2023 Outlook Balanced capital allocation framework supports strong sustainable returns Our robust and balanced capital allocation framework maximises growth while • Deliver committed organic capex protecting the business from risks and support
Slide 24: 2023 Outlook
2023 Outlook Ithaca Energy plc 24 FY 2022 Annual Results – March 2023
Slide 25: 2023 Guidance
Company Overview Operational Overview Financial Overview 2023 Outlook 2023 Guidance Previous Revised Q1 Q4 2022 Q4 2022 FY 2023 FY 2023 FY 2023 Guidance Actual Guidance Guidance Guidance 77 - 80 80.8 72 – 80 68 – 74 70 – 72 Production Kboe/d Kboe/d Kboe/d Kboe/d Kboe/d Net Opex1 $130 – 150m $137m $5
Slide 26: Changes to 2023 guidance forecast to have limited cash impact
Company Overview Operational Overview Financial Overview 2023 Outlook Changes to 2023 guidance forecast to have limited cash impact Limited impact to pre-tax cash flows at $75/boe 0 Revenue Opex Capex Cash Production Guidance -20 • Guidance range reflects impact of non-operated portfolio delivery, A
Slide 27: Concluding remarks
Company Overview Operational Overview Financial Overview 2023 Outlook Concluding remarks ENTERED FOCUS ON MAXIMISING VALUE TO SHAREHOLDERS THROUGH TARGETED INVESTMENT ACROSS OUR DIVERSE PORTFOLIO WITH SIGNIFICANT FTSE 250 OPTIONALITY OVER CAPITAL ALLOCATION IN MARCH 2023 Buy Build Boost INTERIM DIVI
Slide 28: Q&A
Q&A Gilad Myerson Alan Bruce Iain Lewis Executive Chairman Chief Executive Officer Chief Financial Officer Ithaca Energy plc FY 2022 Annual Results – March 2023
Slide 29: Appendix – Cautionary Statement
Appendix 1 – Cautionary Statement Ithaca Energy plc 29 FY 2022 Annual Results – March 2023
Slide 30: 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 31: Thank you.
Thank you. Ithaca Energy plc FY 2022 Annual Results – March 2023