International Petroleum Corp. (british Columbia) · OMXSTO:IPCO

International Petroleum Corp. (british Columbia) — International Petroleum — Q1 2026 Earnings Presentation

29 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, May 5, 2026

  1. Slide 1: Operations and Financial Update Third Quarter 2018

    International Petroleum Corp. Operations and Financial Update Third Quarter 2018 Mike Nicholson, CEO Christophe Nerguararian, CFO November 6, 2018 NCF00101 Q3 2018

  2. Slide 2: Corporate Strategy

    International Petroleum Corp. Corporate Strategy Deliver operational excellence Maintain financial resilience Maximize the value of our resource base Grow through M&A NCF00101 p01 10.18 2

  3. Slide 3: Q3 2018 Highlights

    International Petroleum Corp. Q3 2018 Highlights Q3 average production at 35,200 boepd, high end of Q3 guidance Production Guidance Full year average production expected at or above 34,000 boepd Q3 operating cost of 12.0 USD/boe, year to date 12.1 USD/boe Operating Costs (1) Full year guidance retai

  4. Slide 4: Production Growth >3x

    International Petroleum Corp. Production Growth Record production level in Q3 Full year forecast expected at or above top end of guidance range (32,500 – 34,000 boepd) 40,000 Original CMD guidance Q4 to date (1) 34,900 35,200 32,900 Latest guidance 30,000 >3x boepd 20,000 10,300 boepd 10,000 Q1 Q2 Q

  5. Slide 5: Low Operating Costs

    International Petroleum Corp. Low Operating Costs (1) CMD guidance of USD 12.6 (2) per boe retained 20 16.1 15 -22% USD/boe 12.6 (2) YTD 12.1 Q3 12.0 10 0 NCF00101 p08 10.18 2017 Actual 2018 Guidance 1) Non-IFRS measure, see MD&A 2) Full year guidance 5

  6. Slide 6: Operating Cash Flow

    International Petroleum Corp. Operating Cash Flow (1) First nine months operating cash flow => 95% of full year guidance (2) Net Debt (1) reduced by 38% to 213 MUSD since Suffield acquisition completion Significantly exceeding 250 CMD OCF Forecast 233 70 USD/bbl (4) 221 @ 72.1 USD/bbl 200 201 60 USD

  7. Slide 7: Capital Expenditure (net)

    International Petroleum Corp. Capital Expenditure (net) 2018 Capital Expenditure maintained at 44.0 MUSD Additional capital approved in Q2 mainly for gas optimisation in Canada Keruing-1 exploration well in Malaysia Exploring opportunities to integrate with 2019 infill campaign (A14 pilot) Canada –

  8. Slide 8: Future Growth in Malaysia

    International Petroleum Corp. N 2016 Infill A15 Future Growth in Malaysia 2017 Infill Campaign Infill A16 Infill A17 Production Operational performance remains strong – >99% facility uptime Future infills Infill wells continue to perform ahead of expectations Bertam A14 Growth Optimise for 2019 exec

  9. Slide 9: Strong Delivery from Canadian Gas

    International Petroleum Corp. Strong Delivery from Canadian Gas Canada Gas Annual Historical Decline Rates (1) 4% 2% 2% Gas performance continues to exceed expectation Average Annual Decline Rate (%) 0% Q3 production ahead of 2017 average -2% 3% Annual declines of 9% arrested -4% -6% More opportunit

  10. Slide 10: Organic Growth in France

    Vert-La-Gravelle Hydrocarbon Saturation International Petroleum Corp. Development target Organic Growth in France Vert-La-Gravelle Development target Horizontal wells and engineering unlocks significant Water injector potential Vert-La-Gravelle Engineering and planning matured for 1H 2019 execution

  11. Slide 11: Net Asset Value Per Share vs Share Price

    International Petroleum Corp. Net Asset Value Per Share vs Share Price(1) USD per share 11 11 NAV per share IPCO USD share price 10 10 01/01/18 USD 9.1 USD per share 9 9 Additional gas optimisation in 8 Canada approved 8 9 % +8 7 ~51%7 discount Infill drilling to NAV 6 Canada acquisition starts in M

  12. Slide 12: BlackPearl Proposed Acquisition Highlights

    BlackPearl Proposed Acquisition Highlights Adds forecast 16,000 boepd production in 2019 (1) ~50% increase >2x 2P reserves to 292 MMboe (2) for the combined company +7 years on reserve life (3) +789 MMboe contingent resources (2) Addition of high calibre team with long track record of value creation

  13. Slide 13: Canadian Macro Supply and Pipeline Egress

    International Petroleum Corp. Canadian Macro Supply and Pipeline Egress Estimated US Midwest refining outages (2018) Western Canada oil supply vs. WCS differential vs. pipeline egress 7.5 W. CAN current rail loading capacity (1,044) 1,400 60 7.0 Keystone XL (789) WCS diff. Actual outages 6.5 TMX (59

  14. Slide 14: IPC and BlackPearl

    IPC and BlackPearl 2P Net Asset Value (NAV) – Transaction Highly Value Accretive 3,000 2,850 2,850 69 PXX 355 IPCO 2,500 2,426 2,000 1,699 71% discount to combined core NAV MUSD 1,500 1,000 702 PXX 308 500 1,151 IPCO 394 0 IPCO PXX IPCO/PXX IPCO/PXX IPCO/PXX IPCO+PXX 2P Asset Value 2P Asset Value 2P

  15. Slide 15: Third Quarter 2018 Financial Highlights

    Third Quarter 2018 Financial Highlights 15

  16. Slide 16: First Nine Months 2018 Financial Highlights

    First Nine Months 2018 Financial Highlights Third Quarter First Nine Months 2018 2018 Production (boepd) 35,200 34,400 Average Dated Brent Oil Price (USD/boe) 75.2 72.1 Operating costs (USD/boe) (1) 12.0 12.1 Operating cash flow (MUSD) (1) 67.9 220.7 EBITDA (MUSD) (1) 66.2 206.0 Net result (MUSD) 26

  17. Slide 17: Realised Prices

    International Petroleum Corp. Realised Prices Brent, WTI, WCS and realised oil prices AECO, Empress and realised gas prices Bertam Realised oil price Brent Spot Realised price year to date in line with Realised Price CAD/Mcf France Realised oil price WTI Spot with CMD guidance of 2.40 CAD/Mcf Empres

  18. Slide 18: First Nine Months 2018 Financial Results – Operating Cash Flow

    First Nine Months 2018 Financial Results – Operating Cash Flow (1) 250 250 220.7 200 200 150 150 Million USD Million USD 100 100 101.2 67.9 50 50 28.9 0 0 First 9 Months First 9 Months Q3 Q3 2018 2017 2018 2017 (1) Non-IFRS Measure, see MD&A 18

  19. Slide 19: First Nine Months 2018 Financial Results – EBITDA

    First Nine Months 2018 Financial Results – EBITDA (1) 250 250 200 200 206.0 150 150 Million USD Million USD 100 100 95.9 66.2 50 50 26.4 0 0 First 9 Months First 9 Months Q3 Q3 2018 2017 2018 2017 (1) Non-IFRS Measure, see MD&A 19

  20. Slide 20: First Nine Months 2018 Operating Costs

    First Nine Months 2018 Operating Costs (1) USD/boe USD/boe operating costs 20 20 Increased activity 16 16 Guidance 12 12 12.6 USD/boe (unchanged from CMD) 8 8 4 4 0 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Actual Actual Actual Forecast (1) Non-IFRS Measure, see MD&A 20

  21. Slide 21: First Nine Months 2018 Netback

    First Nine Months 2018 Netback (1) (USD/boe) Third Quarter First Nine Months 2018 2018 Average Dated Brent oil price (75.2 USD/bbl) (72.1 USD/bbl) Revenue 33.0 36.5 Cost of operations -10.2 -10.1 Tariff and transportation -1.1 -1.3 Production taxes -0.7 -0.7 Operating costs (2) -12.0 -12.1 Cost of b

  22. Slide 22: First Nine Months 2018 Net Debt

    First Nine Months 2018 Net Debt (1) Exploration & evaluation MUSD -2.2 Financial 200 MUSD -18.1 200 180 180 160 160 140 Development 140 120 MUSD -20.4 G&A 120 MUSD -9.5 100 100 80 80 60 Suffield acquisition 60 40 MUSD -341.1 40 20 20 0 0 -20 -20 Opening Cash 1 Jan 2018 -40 -40 MUSD -26.3 -60 Operati

  23. Slide 23: First Nine Months 2018 G&A / Financial Items

    First Nine Months 2018 G&A / Financial Items Third Quarter First Nine Months MUSD 2018 2018 G&A 2.7 9.5 G&A – Depreciation 0.1 0.4 G&A Expense 2.8 9.9 Third Quarter First Nine Months 2018 2018 Interest expense 3.4 11.8 Amortisation of loan fees 0.8 2.5 Loan facility commitment fees 0.2 0.6 Unwinding

  24. Slide 24: First Nine Months 2018 Financial Results

    First Nine Months 2018 Financial Results Revenue MUSD 342.5 34,400 boepd 350 350 Production costs MUSD 127.0 300 Operating costs (1) 12.1 USD/boe 300 250 Depletion 250 MUSD 94.5 Cash Margin MUSD 215.5 200 200 Million USD Million USD 150 G&A 150 MUSD 9.9 Gross profit Tax MUSD 8.9 MUSD 120.6 100 Explo

  25. Slide 25: First Nine Months 2018 Balance Sheet

    First Nine Months 2018 Balance Sheet MUSD 30 Sep 2018 31 Dec 2017 Assets Oil and gas properties 699.9 319.8 Other non-current assets 101.8 135.4 Current assets 117.4 134.5 919.1 589.7 Liabilities Financial liabilities 216.9 59.3 Provisions 174.5 105.9 Other non-current liabilities 58.8 53.9 Current

  26. Slide 26: Q3 2018 Highlights

    International Petroleum Corp. Q3 2018 Highlights Q3 average production at 35,200 boepd, high end of Q3 guidance Production Guidance Full year average production expected at or above 34,000 boepd Q3 operating cost of 12.0 USD/boe, year to date 12.1 USD/boe Operating Costs (1) Full year guidance retai

  27. Slide 27: 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

  28. Slide 28: Reader Advisory

    Reader Advisory Reserves estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of January 5, 2018, being the completion date for the acquisition of these assets by IPC, and were evaluated by McDaniel & Associate

  29. Slide 29: International Petroleum Corp.

    a, International 4 Petroleum Corp.

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