Slide 1: 2019 Financial Results
2019 Financial Results 29 April 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: Ithaca Energy
Ithaca Energy ▪ One of the UK North Sea’s leading independent E&P Scale companies – diverse production base 75 kboe/d1 Enhanced Opportunity Set ▪ Full-cycle asset portfolio – mix of production, 2019 Production & Efficiencies development and near-field exploration Cash Flow ▪ Solid netback production
Slide 4: 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 5: Solid free cash flow outlook underpinned by material commodity hedging
Solid free cash flow outlook underpinned by material commodity hedging Robust commodity hedging book providing major Hedge Summary Post $150M Resets Completed protection against current slump in oil and gas prices ▪ Near term… 80% of forecast oil and gas production from Hedged Volumes 2020 2021 2022
Slide 6: 2019 financial results
2019 financial results Production Realised Hydrocarbon Unit Operating Cashflow from (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 Operations ($/boe) 56 75 54 50 34 35 30 29 19 19 17 16 78% 12% 0% 13% 2018 2019 2019 2018 2019 2019 2018 2019 2019 2018 2019 2019 Pro-Forma Pro-Forma Pro-Forma Pro-Forma R
Slide 7: 2019 financial results
2019 financial results Financial Summary 2019 2018 Revenue1 $M 576 291 Revenue almost doubled, driven mainly by increased production from CNSL transaction closing in Nov. 2020 Opex 2 $M (196) (109) Opex increase driven by higher production – flat unit cost G & A underlying $M (5) (4) G&A costs
Slide 8: Strong balance sheet and liquidity headroom
Strong balance sheet and liquidity headroom Net Debt Evolution1 ($M) Simple capital structure Leverage Ratio ▪ $1,650M Reserves Based Lending (RBL) five year facility 2,150 maturing June 2024 – no amortisation in first three years 1.6x ▪ $500M senior unsecured notes due July 2024 1,600 1,550 1,400 M
Slide 9: Summary
Summary Captain* GSA* Alba* Erskine* Britannia & Sats. Elgin / Franklin Jade 85% 100% 23.37% 50% Various1 3.9% 19.93% Low cost, heavily hedged portfolio combined with strong balance sheet provides resilience to manage a challenging macro environment High Quality Portfolio Diverse portfolio of high q