Slide 1: H1 2022 Results
H1 2022 Results August 2022
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: Today's presenters
Today’s presenters Alan Bruce David Crawford Iain Lewis Chief Chief Incoming Chief Financial Executive Officer Financial Officer Officer (effective 01.09.22) 3
Slide 4: Agenda
Agenda 1 Company Overview 2 H1 2022 Financial Results 3 Reserves Update & Near-Term Outlook 4 Emissions Reduction 5 Appendices 4
Slide 5: Company Overview
Company Overview 5
Slide 6: Our vision
Our vision 1 Scale and longevity One of the largest UK independent producers with long reserves life 2 Operating excellence Established operator focused on safe and efficient operations 3 Development expertise Leading development capabilities and strong growth pipeline 4 Decarbonisation focus Well-d
Slide 7: One of the only independents with deep expertise across the full E&P lifecycle
One of the only independents with deep expertise across the full E&P lifecycle Notes: 7 1. Includes c.260 Ithaca Energy employees plus contractors and contract for services staff
Slide 8: H1 2022 at a glance
H1 2022 at a glance Key Operational Highlights Key Financial Highlights* c.67 kboe/d Average Production 1 $19/boe Average Opex 1 $1,564MM LTM H1 2022 EBITDAX 1 c.63% Operated Portfolio 2 $905MM H1 2022 EBITDAX 1 c.244 mmboe 2P Reserves 2 $270MM Liquidity Headroom 5 c.301 mmboe 2C Resources 2 $0.9x L
Slide 9: Q2 key highlights
Q2 key highlights Siccar Point Energy and Summit E&P acquisitions 1 completed on 30.06.2022 Successful Installation of Pre-Assembled Units on EOR 2 Stage 2 Captain – New deck installation 3 New Captain C69 (W01A) well online 17th April 2022 4 Successful turnarounds on FPF1 and Cook 5 Drilling campai
Slide 10: Q3 key highlights
Q3 key highlights 1 Completion of Alba turnaround 2 Captain EORII Riser Caisson installation Captain EORII - Riser caisson clamp installation 3 Abigail first oil forecast for the end of September 2022 Captain LCS Producer, C71 (LM32P) due online in 4 September 2022 Captain EORII – Riser caisson sche
Slide 11: H1 2022 Financial Results
H1 2022 Financial Results 11
Slide 12: H1 2022 operational and financial results
H1 2022 operational and financial results1 Production Realised Hydrocarbon Unit Operating (kboe/d) Price ($/boe)2 Expenditure ($/boe)3 EBITDAX ($/boe) 98 22 67 75 56 68 50 10 18 19 19% 41% 6% 50% 2021 full year 1H 2022 2021 full year 1H 2022 2021 full year 1H 2022 2021 full year 1H 2022 Revenue Hedg
Slide 13: 12 months actual production
12 months actual production Net Production (kboe/d) 80 70 60 50 • Average H1 2022 production of 67 kboe/d 40 • Captain was the biggest single contributor (c.19 kboe/d average) 30 • Q2 2022 production was lower primarily due to the 20 planned summer shutdowns at Jade and the Greater 10 Stella Area fi
Slide 14: H1 2022 EBITDAX
H1 2022 EBITDAX Due to continued rise in commodity prices, represents losses on realised hedges during1H 2022 Lifting costs $19/boe in line with 2022 Budget, excluding the Q2 acquisitions. Lifting costs forecasts to be $18-$20/boe for the full year 2022, including Summit and Siccar Point acquisition
Slide 15: Q2 2022 total production and income statement
Q2 2022 total production and income statement Income Statement Analysis Q2 2022 Q1 2022 PRODUCTION kboed mmboe Kboed mmboe Oil 38.8 3.5 40.4 3.7 • Production in 2Q was 7.6 kboed (11%) down on Q1 mainly due to Gas 21.8 2.0 25.2 2.3 planned summer shutdowns at Jade and the Greater Stella Area NGL 2.3
Slide 16: Liquidity overview
Liquidity overview 1.5x 0.9x 0.6x 0.9x • Prudent financial framework underpinned by low leverage, 590 high liquidity and capital discipline 620 305 • Increase in Net Debt at 30 June 2022 primarily due to RBL 78 200 drawdown of $750MM to fund the Summit and Siccar Point acquisitions ($590m presented
Slide 17: Oil and gas hedging overview
Oil and gas hedging overview >44% of H2 2022 and >37% of 2023 Oil >67% of H2 2022 and >17% of 2023 Gas Production Hedged* Production Hedged* Period Average Volume Period Average Volume Oil hedged floor ($/bbl) hedged (mmboe) Gas hedged floor (p/therm) hedged (mmboe) H2 2022 114 3.5 H2 2022 56 4.7 H1
Slide 18: Reserves Update & Near-Term Outlook
Reserves Update & Near-Term Outlook 18
Slide 19: Reserves and Resources update
Reserves and Resources update Net 2P Reserves & 2C Resources as at 30 June 2022 (mmboe) 214 • 2P reserves addition of 46 mmboe associated with the Summit and Siccar (20) Point assets acquired at 30 June 2022 107 545 • A further 214 mmboe 2C resources 46 added from the Siccar Point (8) acquisition 24
Slide 20: Active portfolio of projects in execution and development phase
Active portfolio of projects in execution and development phase 6 highly attractive development opportunities Rosebank Cambo Captain EOR II • Diversified portfolio of developments The single largest undeveloped field Material development with low Leading EOR technology expected to underpinning mater
Slide 21: Near term outlook
Near term outlook Production - kboe/d Opex - $/boe Capex - $m ~900 - 1,300 1,200.0 78-90 18-20 1,000.0 72-78 19 18-20 68 800.0 480 430-470 600.0 400.0 200.0 0.0 2022 2022 2023-25 2022 2022 2023-25 2022 Budget 2022 2023-25 Budget Guidance Guidance Budget Guidance Guidance (Ithaca + Guidance Guidance
Slide 22: Energy Profits Levy favours companies in investment phase
Energy Profits Levy favours companies in investment phase Energy Profits Levy (EPL) Objective • Reduce cost-of-living for UK households • Incentivise new investment in the UK upstream Terms • 25% incremental tax applied to pre-abex profits • Investment allowance of 80% • 2025 sunset clause Implicati
Slide 23: Emissions Reduction
Emissions Reduction 23
Slide 24: We aim to have one of the lowest carbon emission portfolios in the UK North Sea
We aim to have one of the lowest carbon emission portfolios in the UK North Sea 24
Slide 25: We have several levers available to achieve our emissions reduction targets
We have several levers available to achieve our emissions reduction targets 25
Slide 26: Appendices
Appendices 26
Slide 27: Appendix 1: Summary statement of income
Appendix 1: Summary statement of income Source: 6 months to 30 June 2022 Financial Results 27 * H1 2022 production and Profit and Loss reflects Ithaca Energy standalone (including Marubeni); Balance Sheet at 30 June 2022 reflects aggregate Ithaca Energy, Summit and Siccar Point
Slide 28: Appendix 2: Summary balance sheet
Appendix 2: Summary balance sheet Source: 6 months to 30 June 2022 Financial Results 28 * H1 2022 production and Profit and Loss reflects Ithaca Energy standalone (including Marubeni); Balance Sheet at 30 June 2022 reflects aggregate Ithaca Energy, Summit and Siccar Point
Slide 29: Thank you
Thank you