Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Q1 2020 Earnings Presentation
11 slides from Ithaca Energy's earnings presentation, Jun 30, 2020
Slide 1: Q1-2020 Financial Results
Q1-2020 Financial Results 30 June 2020
Slide 2: 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 3: 2020 Priorities and deliverables
2020 Priorities and deliverables Covid-19 mitigations and protocols successful to date Macro Challenges – reduced offshore manning / home working ~72 kboe/d1 Safeguard Personnel & Flexing and rescheduling investment programmes, with 2020-YTD Production Maintain Production non-critical maintenanc
Slide 4: Q1-2020 financial results
Q1-2020 financial results Realised Hydrocarbon Reduction in Oil Inventory Unit Operating Cashflow from Price ($/boe)1 Value due to Price ($/boe) Expenditure ($/boe)2 Operations ($/boe) 50 54 35 32 17 16 8% 6 6% 9% 0 2019 Q1 2020 2019 Q1 2020 2019 Q1 2020 2019 Q1 2020 Pro-Forma Pro-Forma Pro-Forma Pr
Slide 5: Q1-2020 financial results
Q1-2020 financial results Financial Summary Q1-2020 Q1-2019 Production kboe/d 75 21 Step change in production driven by acquired CNSL assets Revenue1 $M 333 106 Revenue more than trebled, driven mainly by increased production and strong hedging Opex 2 $M (107) (28) Opex increase due to higher
Slide 6: Solid free cash flow outlook underpinned by material commodity hedging
Solid free cash flow outlook underpinned by material commodity hedging Post Reset Hedging Summary Robust commodity hedging book providing major protection against current slump in oil and gas prices Near term… 80% of forecast oil and gas production from Hedged Volumes Q2-Q4 ‘20 2021 2022 Total cur
Slide 7: Strong balance sheet and liquidity headroom
Strong balance sheet and liquidity headroom Net Debt Evolution1 ($M) 2,150 Leverage Ratio Simple capital structure 1.6x $1,650M Reserves Based Lending (RBL) five year facility maturing June 2024 – no amortisation in first three years 1,600 1,550 1,400 $500M senior unsecured notes due July 2024 R
Slide 8: Solid performance underpinning a strong outlook
Solid performance underpinning a strong outlook Captain* GSA* Alba* Erskine* Britannia & Sats. Elgin / Franklin Jade 85% 100% 23.37% 50% Various1 3.9% 19.93% Minimising Covid-19 risks and safeguarding personnel while delivering strong Resilience operational results Proactively flexing investment pro
Slide 9: Appendix
Appendix ITHACA ENERGY Q1-2020 Financial Results | 9
Slide 10: Maintaining resilience and flexibility in a challenging environment
Maintaining resilience and flexibility in a challenging environment Integrated response to managing the challenges of Covid-19 and lower oil prices – protecting personnel, minimising operational risks, preserving financial strength and flexibility Modest 2020 production impact of reduced activity
Slide 11: Producing assets overview
Producing assets overview Reservoir Reservoir Field Wells Liquids Gas Operator Interest Field Infrastructure Joint Venture Partners Fluids Type Start-Up Prod. / Inj. Export Export Wellhead and bridge linked processing platforms Dana Petroleum 15% Captain 85% Conventional 1997 36 / 12 Tankers - c