International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Investor Day (February 2023)
79 slides from International Petroleum Corp. (british Columbia)'s investor day presentation, Feb 7, 2023
Slide 1: Capital Market Day 2023
International Petroleum Corp. Capital Market Day 2023 February 7, 2023 NC00287 p01 01.23
Slide 2: Agenda
International Petroleum Corp. Agenda Presenting today Capital Markets Day February 7, 2023 1. Introduction Mike Nicholson Mike Nicholson 2. 2023 Outlook William Lundin CEO 3. Asset Overview 3a. Canada Chris Hogue 3b. Malaysia William William Lundin Lundin Chris Hogue 3c. France COO SVP Canada 4. Fin
Slide 3: 2022 Highlights
International Petroleum Corp. 2022 Highlights Significant Investment Year Record Production Low Operating Costs 163 MUSD 48.6 Mboepd 16.6 USD/boe Record Cash Flow Strong Balance Sheet Increased Reserves Sustainability Focus 623 MUSD OCF YE Net Cash175 MUSD 13x reserves replacement Carbon reduction o
Slide 4: 2P Reserves Growth
International Petroleum Corp. 2P Reserves Growth Net 2P Reserves and Production 487 (MMboe) Greater than sixteen times 2P reserves growth since inception Estimated 2P reserves of 487 MMboe as at December 31, 2022 Blackrod + Cor4 Reserves life index (RLI) of 27 years Granite 300 288 272 270 6x BlackP
Slide 5: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2023-2027 96% 19% p.a. 95 USD >1,400 MUSD FCF > 50 Mboepd 48% 75 USD 10% p.a. >700 MUSD FCF NCF00293 p22 01.23 See Notes and Reader Advisory IPC CMD 2023 5
Slide 6: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2023-2027 96% Stakeholder Returns 19% p.a. Debt reduction, share buybacks & dividends 95 USD >1,400 MUSD FCF > 50 Mboepd M&A 48% 75 USD 10% p.a. Organic Growth >700 MUSD FCF NCF00293 p23 01.23 See Notes and Reader Advisory
Slide 7: Share Repurchase
International Petroleum Corp. Share Repurchase 53.3 million IPC shares repurchased at average SEK 58 per share >280 MUSD in value created at SEK 112.5/share -25.5 -8.4 -10.3 +75.8 -8.3 >5x production -0.8 136.0 20% 113.5 Dilution >16x 2P reserves Million IPC shares +19 years added to reserves life >
Slide 8: Shareholder Return Proposal
International Petroleum Corp. Shareholder Return Proposal IPC Capital Allocation Framework Provided net Debt / EBITDA <1.0x, 40% of Free Cash Flow returned to Shareholders 2023 Free Cash Flow - Pre Blackrod 70 USD 85 USD 100 USD 142 272 392 MUSD MUSD MUSD 287 MUSD Blackrod Capex 2023 Free Cash Flow
Slide 9: Market Cap Liquidation
International Petroleum Corp. Market Cap Liquidation 4,400 95 MUSD 1,400 MUSD 2,600 75 MUSD Market Cap 1,400 95 1,463 MUSD MUSD January 31, 2023 700 MUSD 75 Market Capitalisation 5 year forecast FCF 10 year forecast FCF including opening cash including opening cash NCF00293 p16 01.23 See Notes and R
Slide 10: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2023-2027 96% Stakeholder Returns 19% p.a. 95 USD >1,400 MUSD FCF M&A > 50 Mboepd 5 transactions since inception 48% 75 USD 10% p.a. Organic Growth >700 MUSD FCF NCF00293 p26 01.23 See Notes and Reader Advisory IPC CMD 202
Slide 11: Value Created from Acquisition
International Petroleum Corp. Value Created from Acquisition 2.8 billion USD in value added from 4 acquisitions Total acquisition cost 875 MUSD; Total FCF 635 MUSD Suffield - Jan 2018 BlackPearl - Dec 2018 Granite - Mar 2020 Bertam 25% WI - Apr 2021 972 155 65 2,452 + 65 MUSD + 553 MUSD value added
Slide 12: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2023-2027 96% Stakeholder Returns 19% p.a. 95 USD >1,400 MUSD FCF > 50 Mboepd M&A 48% 75 10% p.a. USD Organic Growth Blackrod + 1.2 billion boe contingent resources >700 MUSD FCF NCF00293 p27 01.23 See Notes and Reader Adv
Slide 13: Contingent Resources Growth
International Petroleum Corp. Contingent Resources Growth Net Contingent Resources (MMboe) 1,410 128 Blackrod Phase 1 1,162 Estimated 1.2 billion boe to drive organic growth 1,089 1,102 96 +217 MMboe in Blackrod contingent resources now in reserves 102 115 > 1 Bn boe of Blackrod resources remains to
Slide 14: Production Growth - 2P + Blackrod Phase 1
International Petroleum Corp. Production Growth - 2P + Blackrod Phase 1 Blackrod Future Phases IPC Forecast Production including Blackrod Phase 1 80 >65 Mboepd 70 >50 Mboepd 60 Blackrod Phase 1 50 Mboepd 40 30 20 2P Production 10 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 NCF00293 p28 02.23
Slide 15: Blackrod Valuation
International Petroleum Corp. Blackrod Valuation Capital Resources Expenditure Knowledge 10+ years 1,283 MMbbl Full field development 850 MUSD Successful pilot Pre production 218 MMbbl Phase 1 (Nominal) Local expertise development in SAGD operations Production Profitability NPV10 80 Mbopd developmen
Slide 16: Net Asset Value (MUSD)
International Petroleum Corp. Net Asset Value (MUSD) 4,184 (319 SEK/sh) Opening cash +113 3,545 Blackrod (270 SEK/sh) +1,128 Opening cash +113 Blackrod 2,942 +807 59-65% d dde 2,625 ea discount alu to NAV Dv US on 1,463 illi b (112.5 SEK/sh) 3.7 3 to 543 2017 YE 2022 YE 2022 IPCO NCF00293 p29 02.23
Slide 17: Creating Stakeholder Value - 5 Year + 5 Year FCF including Blackrod
International Petroleum Corp. Creating Stakeholder Value - 5 Year + 5 Year FCF including Blackrod 2023-2027 2028-2032 80% of 2P Reserves Remaining 96% 95 205% 95 19% p.a. USD 41% p.a. USD >3,000 MUSD FCF >1,400 MUSD FCF >50 30% Mboepd + >65 Mboepd 48% 75 10% p.a. 75 130% 26% p.a. USD USD >700 MUSD F
Slide 18: The Power of Growth and Buy Backs
International Petroleum Corp. 80 >65 Mboepd 70 >50 Mboepd The Power of Growth and Buy Backs 60 50 Blackrod Phase 1 Mboepd 40 30 1.1.28 2P Production 20 10 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 901 NAV10/share 01.01.2028 with FCF used for buyback 502 397 Blackrod SEK/share 185 2P SEK/sh
Slide 19: Sustainability & ESG
International Petroleum Corp. Sustainability & ESG Health and safety No material safety incidents in 2022 Climate strategy On track to achieve 50% net emissions intensity reduction by 2025 Commitment extended to end 2027 Compliant with Global Reporting Initiative (GRI) Alignment with Task Force on C
Slide 20: 2. 2023 Outlook
2. 2023 Outlook William Lundin IPC CMD 2023 20
Slide 21: Resource Maturation Strategy
International Petroleum Corp. Resource Maturation Strategy Proven track record of reserve replacement 2P Reserves: 487 MMboe, reserve replacement ratio of >1,300% 2C Resources: 1,162 MMboe Discovered Resource Update 1,400 1410 Organic Growth 1,200 +220 2C to 2P 1162 1,000 MMboe 800 Acquisition Growt
Slide 22: 2P Reserves – Year End 2022
International Petroleum Corp. 2P Reserves – Year End 2022 2P Reserves Life Index 27 years International, 4% Canada Gas, 14% 2P Reserves MMboe End 2021 270 2022 Production -17 Canada Other Oil, 9% Blackrod Phase 1 +218 Malaysia PSC Extension +3 Total Other Revisions -3 487 MMboe End 2022 Pre Acquisit
Slide 23: 2C Contingent Resources – Year End 2022
International Petroleum Corp. 2C Contingent Resources – Year End 2022 Opportunities to mature contingent resources to reserves in all countries Best estimate contingent resources position >2x proved plus probable reserves Light and medium oil, 27 Heavy Oil, 29 Gas, 40 Blackrod 92% 2C Contingent Reso
Slide 24: 2023 Investment Strategy
International Petroleum Corp. 2023 Investment Strategy Forecast 2023 Capital Expenditure Malaysia 1% Major Investment in Blackrod Phase 1 development France 4% Cor4 acquisition Blackrod Phase 1 Reduced base business capital expenditure of 78 MUSD 79% 365 Mature organic growth opportunities in all re
Slide 25: 2023 Production Guidance
International Petroleum Corp. 2023 Production Guidance 2023 Production Guidance International, 14% a aysi Mal ce Canada Gas, 33% Canada Other an Fr Suffield Gas Ferguson 2023 production guidance: 48,000 to 50,000 boepd Inclusive of Cor4 acquisition Onion Lake Thermal Reduced base business investment
Slide 26: 2023 Operating Costs
International Petroleum Corp. 2023 Operating Costs 2023 full year operating expenditure range of 17.5 to 18 USD/boe Blackrod WP3 pilot expenditure reclassed to operating costs 2023 CMD Operating Costs Inclusive of Cor4 operating costs International, 24% Canada, 76% France Includes maintenance and wo
Slide 27: 2023 Budget - Capital Expenditure
International Petroleum Corp. 2023 CMD 2023 Budget - Capital Expenditure Capital Allocation Malaysia,1% France, 4% Blackrod Phase 1 development 287 MUSD Reduced base business expenditure to 78 MUSD 365 MUSD Canada Bl ack 9 % 345 MUSD France rod 7 Blackrod Phase 1 Canada, 95% 16 MUSD OLT facility opt
Slide 28: 5 Year + 5 Year Outlook
International Petroleum Corp. 5 Year + 5 Year Outlook Production Outlook ~65 Mboepd ~50 Mboepd Strongly positioned for long-term growth ~50 Mboepd average net production over the next 5 years 80% of 2P reserves remaining beyond 2027 50% of 2P reserves remaining beyond 2032 2023-27e 2028-32e Long-ter
Slide 29: 3. Asset Overview a. Canada
3. Asset Overview a. Canada Chris Hogue William Lundin IPC CMD 2023 29
Slide 30: IPC Canada Overview
IPC Canada Overview Alberta Saskatchewan Blackrod Phase 1 development Blackrod Heavy oil Integrate Cor4 assets Onion Lake Edmonton Heavy oil Conventional Assets Heavy oil Maintain optionality to increase base business Calgary capital investments Regina Suffield Medicine Hat Gas & Heavy oil Ferguson
Slide 31: IPC Canada Blackrod Overview
0 10 KM 40 IPC Canada Blackrod Overview Fort McMurray Blackrod Phase 1 development Phase 1 IPC 100% first oil Blackrod Working Interest sanctioned in Feb 2023 late 2026 Slave Lake Phase 1 Targets 30,000 bbl/d 218 MMbbls Phase 1 Development Mooney 2P reserves Pipelines ~1.0 billion bbl Bonnyville rem
Slide 32: Blackrod - History
IPC Canada Blackrod - History Exploration Appraisal IPC Development 1957-1990’s 2009 2010+ 2019 2023 Initial drilling Appraisal begins; 30 stratigraphic wells IPC ownership Blackrod Phase 1 10 stratigraphic wells 3D Seismic Well pair 3 pilot sanction Blackpearl 2 SAGD well pair pilots Development pl
Slide 33: Blackrod – Phase 1 Field Development Plan
IPC Canada Blackrod – Phase 1 Field Development Plan Development Concept – Wells 1,400m well pair length, 50m inter-well spacing 16 well pairs per pad where possible Well drilling & completion design aligned with wellpair 3 197 total well pairs Development Concept – Facilities Central Processing Fac
Slide 34: Blackrod – Central Process Facility (CPF)
IPC Canada Blackrod – Central Process Facility (CPF) Fuel Gas Building Emulsion Inlet / Steam Outlet Inlet Degasser Package Drum Boilers Inlet Building Tank Building Skim Tank Future Carbon Capture Area Make-up Water Sale Tanks Treatment Package Slop Tanks BFW Tank De-oiled Tank LACT Evaporator Pack
Slide 35: Blackrod Phase 1 Forecast Capital Expenditure (MUSD)
IPC Canada Blackrod Phase 1 Forecast Capital Expenditure (MUSD) 4 years acceleration 850 to 30 Mbopd 110 820 70 80 540 60 500 YE 2021 Facilities Drilling Cost Contingency YE 2022 Nominal scope acceleration scope acceleration Inflation Nominal Real Real NCF00295 p016 02.23 See Notes and Reader Adviso
Slide 36: Blackrod Phase 1 Schedule
IPC Canada Blackrod Phase 1 Schedule 2023 2024 2025 2026 Civil Plan Build Facilities Workshop Manufacture Transport Construct CPF Commission Drilling Gas Pipeline 3 Party rd Transport Diluent Pipeline Lines Diluent Bitumen (Dilbit) Pipeline First Steam First Oil Start-up NCF00295 p017 01.23 See Note
Slide 37: Onion Lake Thermal
IPC Canada Onion Lake Thermal - Net Pay Onion Lake Thermal Pad L Record production achieved in 2022 Daily rates in excess of 14,000 bopd name plate capacity 2023 outlook Pad L Pad L completion and startup Complete facility optimisation scope Evaluating plant expansion upside Onion Lake Thermal Produ
Slide 38: Suffield/Alderson & Cor4 Assets
Suffield/Alderson & Cor4 Assets Cor4 Glauconitic IPC Canada extension Suffield Asset Expansion Suffield Building on the success at Suffield Growth through acquisition of Cor4 assets Cor4 Pekisko field Fa irwa y lie 16 MMboe of 2P reserves added e rs Ell Increases production by ~4,000 boepd in 2023 E
Slide 39: Suffield Reserves and Production
IPC Canada Suffield Reserves and Production Suffield History 160 140 +47% 120 Oil and gas production excels under IPC operatorship 100 MMboe Historical decline rates offset through drilling and 80 optimisation activity 60 31 MMboe organic reserve replacement since acquisition +16 MMboe reserve addit
Slide 40: Suffield Ellerslie Fairway Development
IPC Canada 0 KM 20 Suffield Ellerslie Fairway Development Suffield y wa Fair er slie Ell Cor4 Glauconitic IPC acquired Ellerslie acreage at end 2022 extension >10 development target locations CFB Suffield Alderson Cor4 producing assets with significant development potential acquired in 2023 Redcliff
Slide 41: Ferguson - 2022 Production Wells
IPC Canada Ferguson - 2022 Production Wells Ferguson R18 R17 R16 R15W4 N T4 2022 development program successfully executed 16 new production wells online T3 Facility upgraded to handle increased rates Ferguson Minimum firm capital expenditure in 2023 2022 wells Oil wells >30 drilling locations ready
Slide 42: Mooney and Conventional Assets Overview
Major Oil pipeline Major Gas pipeline IPC Canada IPC asset Mooney and Conventional Assets Overview Mooney Conventional and Mooney assets forecast to provide ~2,000 bopd in 2023 Conventional Assets Minimum firm investment in 2023 Optionality to increase drilling and optimisation activity Edmonton Oni
Slide 43: 3. Asset Overview b. Malaysia
3. Asset Overview b. Malaysia William Lundin IPC CMD 2023 43
Slide 44: IPC Malaysia Overview
IPC Malaysia Overview Production Sharing Contract successfully extended by 10 years to 2035 Sustain high level of operational excellence South China Evaluate next phase of field development plan Sea Malaysia Bertam Kuala Lumpur Natuna Sea NCF00297 p01 01.23 Singapore Indonesia See Notes and Reader A
Slide 45: IPC Malaysia Operations Update
IPC Malaysia Operations Update High facility uptime and strong base well performance >99% uptime achieved Malaysia Infills account for >60% of current production Bertam Rapid payback of 2022 capital program Bertam Field Production (Net IPC) Planned A15 drilling and maintenance ESP upgrades 6,000 100
Slide 46: 3. Asset Overview c. France
3. Asset Overview c. France William Lundin IPC CMD 2023 46
Slide 47: IPC France Overview
Paris Basin Licences IPC France 0 KM 50 IPC licences Production Reims Exploration Overview Oil field Plivot ILE DE FRANCE ne La Motte Noire La Mar Vert-la-Gravelle Paris Fontaine-au-Bron W&S Soudron La Ma rn Villeperdue e Dommartin-Lettrée Amaltheus Courdemanges Merisier La L’Aube Se in e eine Grand
Slide 48: IPC France Operations Overview
IPC France Operations Overview Long life assets with low decline ~90% of 2P reserves developed and producing Stable operations in 2022 High uptime at all major producing fields Development drilling in 2023 Complete 3 well drilling program at Villeperdue West Deliver Merisier 3H sidetrack France Prod
Slide 49: 2023 Summary
International Petroleum Corp. 2023 Summary Production Production Production Range of 48 to 50 Mboepd 48 to 50 Mboepd 5 year business plan targets ~50 Mboepd Production growth to ~65,000 Mboepd Capital Investments Blackrod Phase 1 development 365 MUSD Suffield Cor4 asset acquisition Reduced base busi
Slide 50: 4. Financial Overview
4. Financial Overview Christophe Nerguararian IPC CMD 2023 50
Slide 51: 2023 CMD Economic Assumptions
International Petroleum Corp. 2023 CMD Economic Assumptions Low Case Base Case High Case 2022 Actual Oil in USD/bbl Brent 70 85 100 101 WTI 65 80 95 94 WCS 45 60 75 76 Gas in CAD/mcf AECO 3.50 3.50 3.50 5.23 Sensitivities WTI-WCS differential (USD/bbl) +/- 5 USD/bbl AECO gas price (CAD/mcf) +/- 1.00
Slide 52: 2023 CMD Guidance
International Petroleum Corp. 2023 CMD Guidance Main Assumptions Production 48,000 to 50,000 boepd Capital Expenditure 365 MUSD Operating Costs 17.8 USD/boe Forecast Base Case Financials USD/boe Revenue 49.1 Operating Cash Flow 20.9 EBITDA 21.3 Free Cash Flow (excluding Blackrod Phase 1) 15.2 NC0029
Slide 53: Realised Oil and Gas Prices
International Petroleum Corp. Realised Oil and Gas Prices Forecast Actual 2023 2022 2021 2020 Oil (USD/bbl) Brent 85.0 101.3 70.9 41.8 Malaysia 90.0 (+5.0) 111.9 (+10.6) 75.1 (+4.2) 44.5 (+2.7) France 84.9 (-0.1) 98.3 (-3.0) 71.0 (+0.1) 35.8 (-6.0) WTI 80.0 94.3 68.1 39.6 WCS (calculated) 60.0 76.1
Slide 54: Hedging
International Petroleum Corp. Hedging 2023 Canadian Hedges Oil hedging Historic WTI/WCS Differential (USD/bbl) 50 WCS - ARV: 12.0 mbo/d at -10 USD/bbl 44.73 45 Gas hedging 40 Q1 2023: 33,700 mcf/d @ AECO 6.26 CAD/mcf 35 30 Apr-Oct 2023: 33,700 mcf/d @ AECO 4.10 CAD/mcf 25 20 Malaysian/French oil pro
Slide 55: Margin Netback (USD/boe)
International Petroleum Corp. Margin Netback (USD/boe) 2023 Forecast 2022 Low Base High Actual Brent/WTI/WCS (USD/bbl) (70/65/45) (85/80/60) (100/95/75) (101/94/76) Production Guidance 48,000–50,000 48,600 Revenue 39.8 49.1 58.2 64.0 Cost of operations -15.5 -15.5 -15.5 -13.8 Tariff and transportati
Slide 56: Operating Costs Forecast (USD/boe)
International Petroleum Corp. Operating Costs Forecast (USD/boe) USD/boe Quarterly operating costs USD/boe 26 26 24 24 22 22 Bertam shutdown 20 20 2023 Operating Costs 18 Guidance: 17.5-18.0 USD/boe 16 16 14 14 12 12 10 10 8 8 6 6 4 4 Q1 2023 Q2 2023 Q3 2023 Q4 2023 NC00299 p07 02.23 See Notes and R
Slide 57: Operating Cash Flow and EBITDA Netback (USD/boe)
International Petroleum Corp. Operating Cash Flow and EBITDA Netback (USD/boe) 2023 Forecast 2022 Low Base High Actual Brent/WTI/WCS (USD/bbl) (70/65/45) (85/80/60) (100/95/75) (101/94/76) Cash Margin Netback 14.4 22.1 29.6 36.7 Cash Taxes -0.5 -1.2 -2.0 -1.7 Operating Cash Flow Netback 13.9 20.9 27
Slide 58: Profit Netback (USD/boe)
International Petroleum Corp. Profit Netback (USD/boe) 2023 Forecast 2022 Low Base High Actual Brent/WTI/WCS (USD/bbl) (70/65/45) (85/80/60) (100/95/75) (101/94/76) Cash Margin Netback 14.4 22.1 29.6 36.7 Depletion/depreciation -7.6 -7.6 -7.6 -7.5 Business development and exploration costs -0.2 -0.2
Slide 59: Oil Sensitivity to WTI/WCS Differential
International Petroleum Corp. Oil Sensitivity to WTI/WCS Differential 2023 Forecast Base Case WTI oil price (USD/bbl) 80 80 WTI/WCS Differential (USD/bbl) 20 25 Difference Total Revenue (USD/boe) 49.1 46.8 -2.3 Operating Cash Flow (USD/boe) 20.9 18.6 -2.3 EBITDA (USD/boe) 21.3 19.0 -2.3 See Notes an
Slide 60: Gas Sensitivity to Realised Canadian Gas Price
International Petroleum Corp. Gas Sensitivity to Realised Canadian Gas Price 2023 Forecast Base Case Gas price (CAD/mcf) 3.50 4.50 Difference Total Revenue (USD/boe) 49.1 50.1 +1.0 Operating Cash Flow (USD/boe) 20.9 21.5 +0.6 EBITDA (USD/boe) 21.3 22.0 +0.6 See Notes and Reader Advisory IPC CMD 2023
Slide 61: Free Cash Flow (USD/boe)
International Petroleum Corp. Free Cash Flow (USD/boe) 2023 Forecast 2022 Low Base High Actual Brent/WTI/WCS (USD/bbl) (70/65/45) (85/80/60) (100/95/75) (101/94/76) Operating Cash Flow Netback 13.9 20.9 27.6 35.0 Cash General and Administration Costs -0.7 -0.7 -0.7 -0.7 Cash Financial Items -0.7 -0.
Slide 62: Capital Structure
International Petroleum Corp. Capital Structure Bonds 300 MUSD 5 years - Maturity February 2027 7.25% coupon Interest payable 1st February and 1st August French unsecured loan 13 MEUR (outstanding 11.4 MEUR at YE 2022) Maturity May 2026 Repayments commenced August 2022 Canadian RCF 75 MCAD Maturity
Slide 63: 5. Reserves Valuation
5. Reserves Valuation Rebecca Gordon IPC CMD 2023 63
Slide 64: Long-term Brent Price Forecast
International Petroleum Corp. Long-term Brent Price Forecast Brent USD/bbl Realised Price Year End 2022 Price Deck 110 101 100 90 90 87 85 84 82 80 71 70 64 60 50 42 40 30 NC00299 p01 02.23 2019 2020 2021 2022 2023 2024 2025 2026 2027 See Notes and Reader Advisory IPC CMD 2023 64
Slide 65: Long-term Canadian Pricing Forecast
International Petroleum Corp. Long-term Canadian Pricing Forecast Western Canadian Select (WCS) USD/bbl Empress Gas Price CAD/mcf 80 6.5 6.42 76 6.02 75 6.0 72 70 70 69 67 5.5 66 65 4.96 5.0 4.82 4.63 4.72 60 4.5 55 55 4.0 3.90 CAD/mcf USD/bbl 50 3.5 45 44 3.0 40 2.49 2.5 35 2.22 30 2.0 27 25 1.5 20
Slide 66: Net Present Value per Share (MUSD)
International Petroleum Corp. Net Present Value per Share (MUSD) NPV10 2P 3,432 2P NPV10 (SEK/share) Malaysia/France NPV10 1P Canada other incl. tax 2,350 23 Onion Lake Thermal Ferguson 14 12 94 Enterprise Value 262 1,288 MUSD NPV10 PDP SEK/share 1,236 Suffield 46 12 61 Cor4 Blackrod 94 179 262 SEK/
Slide 67: NAV Changes (MUSD)
International Petroleum Corp. NAV Changes (MUSD) 3,545 +113 3,432 2,377 2,258 +113 -94 2,264 2,164 Net Cash Net Debt NAV 2022 2023 2023 @ 2022 price NC00299 p04 02.23 See Notes and Reader Advisory IPC CMD 2023 67
Slide 68: 6. Conclusion
6. Conclusion Mike Nicholson IPC CMD 2023 68
Slide 69: Conclusions
International Petroleum Corp. Conclusions Production Growth Value 2023 Production Guidance Blackrod Sanction 2P value 3.5 BUSD NAV 10 48-50 Mboepd +218 MMboe Growth to 65 Mboepd +807 MUSD value 270 SEK/share Shareholders Sustainability Balance Sheet M&A Return Focus 425 MUSD 7% share buyback Cor4 is
Slide 70: Q&A
Bn Zz Petroleum Corp. g IPC CMD 2023 W
Slide 71: Notes
Notes Page 3 1) For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Disclosure of Oil and Gas Information” and the material change report dated February 7, 2023 (MCR) available on IPC’s website at www.international-petroleum.com and filed und
Slide 72: Notes
Notes Page 14: 1) In respect of estimated production, see Reader Advisory and MCR, including “Disclosure of Oil and Gas Information”. 2) Includes the forecast production attributable to the oil and gas assets of Cor4, assuming acquisition as of December 31, 2022. Completion of the Cor4 transaction r
Slide 73: Notes
Notes Page 27: 1) Capital expenditure forecast of USD 78 million includes decommissioning expenditure forecast of USD 9 million. Page 28: 1) In respect of estimated production, see Reader Advisory and MCR, including “Disclosure of Oil and Gas Information”. 2) Includes the forecast production and cap
Slide 74: Notes
Notes Page 52: 1) See Notes for Page 25. 2) Capital expenditure forecast of USD 365 million includes decommissioning expenditure forecast of USD 9 million. 3) OCF, FCF, EBITDA and operating costs are “Non-IFRS Measures”. See Reader Advisory and MD&A. Page 55: 1) See Notes for Page 25. 2) Operating c
Slide 75: 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
Slide 76: Reader Advisory
Reader Advisory Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-lo
Slide 77: Reader Advisory
Reader Advisory The price forecasts used in the Sproule and ERCE reports, and in respect of Cor4, are available on the website of Sproule (sproule.com) and are contained in the MCR. These price forecasts are as at December 31, 2022 and may not be reflective of current and future forecast commodity p
Slide 78: Reader Advisory
Reader Advisory Supplemental Information regarding Product Types The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this document: Heavy Crude Oil Light and Medium Crude Oil Conventional Nat
Slide 79: www.international-petroleum.com
www.international-petroleum.com Follow us on social media
International Petroleum — Investor Day (February 2023) on 6ix