Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Q1 2021 Earnings Presentation
12 slides from Ithaca Energy's earnings presentation, Jun 2, 2021
Slide 1: Q1 2021 Financial Results
Q1 2021 Financial Results 2 June 2021
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: Strong performance in a challenging macro environment
Strong performance in a challenging macro environment Solid 65 66 Production Operations Q1 2021 production in line with Q4 2020 Safeguard Personnel kboe/d & Maintain Production Q1 2021 Full year 2020 Financial Continuing to reduce portfolio and field development 745 EBITDAX Resilience breakeven
Slide 4: Q1 2021 Financial Results
Q1 2021 Financial Results Production Realised Hydrocarbon Unit Operating (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 EBITDAX ($/boe) 55 66 65 47 38 31 16 16 2% 17% = 23% 2020 full year Q1 2021 2020 full year Q1 2021 2020 full year Q1 2021 2020 full year Q1 2021 Revenue Hedging gain incl impact of 2
Slide 5: ? 79$$ :* : ** ( *> *: 79B "!> "!8 "!> "! !
? 79$$ :* : ** 39 ( *> 8 *: 79B "!> "!8 "!> "! ! "# $ # "# $ # !" #$ % &' ( )( ( * " + , $- . %/! 0 1 ( 23 '4 3 %/ " 3 *' .) 5 23 , 2 3 % ! &'( & () 5 2 *6 ( , ) 3 7 89$$ ) )5 2 *+*! * ,-# , ,-# , *:39 ( 39 (" ( ) )) ( 5 7!82 ) ) ( ) % ( , ' 55 $- 5 7 *2 ( ) " % # 5 * :#$$ 4 ! " #$ % & % & 2 - , $-
Slide 6: Continued strong cash generation enabling deleveraging
Continued strong cash generation enabling deleveraging Net Debt Evolution1 ($M) 2,150 Simple capital structure 1,550 $1,650M Reserves Based Lending (RBL) maturing June 2024 RBL 1,650 1,219 $500M senior unsecured notes due July 2024 1,070 Material deleveraging strategy continues… $330M RBL repa
Slide 7: Hedging Overview
Hedging Overview Hedging Summary Hedged Volumes Q2-4 2021 2022 2023 Total Robust commodity hedging book providing Oil MMbbl 8 3 11 significant protection against downside risk in % Swaps 47% 100% 63% oil and gas prices Gas Mil. Therms 241 146 11 398 % Swaps 56% 75% 100% 64% Near term… >75% of oil
Slide 8: Captain… EOR Stage II Sanction
Captain… EOR Stage II Sanction Captain WPP & BLP Polymer Mixing, Buffer Storage and Injection FPSO Oil Processing and EOR Stage II involves the extension of the proven New Subsea Polymer Storage Injection System Polymer EOR technology to the subsea area of the Existing Subsea Captain Field Productio
Slide 9: Near Term Outlook
Near Term Outlook Production - kboe/d Operating Expenditure - $/boe Capital Expenditure - $M 65 60-65 16 ~14 ~250 37 Q1 2021 2021-23 Q1 2021 2021-23 Q1 2021 2021 Guidance Guidance Guidance Production expected to be Operating cost reduction Return to drilling on Captain broadly aligned with 202
Slide 10: 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% Business performing well in a challenging environment – responded quickly to Business Resilience mitigate the operational and financing risks
Slide 11: Appendix
Appendix ITHACA ENERGY Q1 2021 Financial Results | 11
Slide 12: 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