Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Q1 2024 Earnings Presentation
27 slides from Ithaca Energy's earnings presentation, May 2024
Slide 1: Q1 2024 Results
ITHACA ENERGY Q1 2024 Results Ithaca Energy plc May 2024
Slide 2: Today's presenter
Today’s presenter lain Lewis Interim Chief Executive Officer Chief Financial Officer 2 Q1 2024 RESULTS ~ MAY 2024 ITHACA ENERGY PLC
Slide 3: Executive changes to support next phase of growth
Executive changes to support next phase of growth following transformational Business Combination 3 Yaniv Friedman Significant global energy and infrastructure sector experience bringing considerable strategic, public company and M&A expertise. Proposed for appointment Q1 2024 RESULTS ~ MAY 2024 gle
Slide 4: Continued delivery against strategy, announcing transformational Business Combination
Continued delivery against and strategy, announcing transformational Business Combination and achieving major project milestones Transformational Business Captain EOR Phase II project Rig recertification successfully Two-year license extension Combination, implementing Eni’s complete with milestone
Slide 5: Strategic and operational highlights
Strategic and operational highlights ITHACA ENERGY
Slide 6: Transformational Combination Of Ithaca Energy And Eni UK
Transformational Combination Of Ithaca Energy And Eni UK UKCS powerhouse producing 100 -110kboe/d! Agility of an Independent & capability of a Major, implementing Eni’s regional satellite ITHACA model Highly cash generative combination providing material dividend capacity with ambition for . ni up t
Slide 7: Compelling Combination Creating A Large, Diversified And Long-Life Portfolio
Compelling Combination Creating A Large, Diversified And Long-Life Portfolio Proven track record of growth and value ws Highly cash-generative UKCS production creation 3 portfolio ITHACA Significant long-life development portfolio to emi Material 2P reserves of 114 mmboe! underpin production growth
Slide 8: Combined asset map
Rosebank Mariner Cambo Cygnus Schiehallion Elgin / Franklin Captain Gas Liquids J Area
Slide 9: Transformational Combination Of Ithaca Energy And Eni UK
Transformational Combination Of Ithaca Energy And EniUK ITHACA ENERGY (UK Assets) Creates 24 largest UKCS Independent operator by production! Creates a UKCS ERC Significantly grows pro forma production to between 100-110 kboe/d? Stakes in 6 of the 10 largest UKCS fields? Combines the agility Eni to
Slide 10: Partnership With Eni Will Support Ithaca Energy's Growth Ambitions
tnership With Eni Will Support Ithaca Energy's Growth Ambitions | Ithaca Energy to become the latest Eni satellite Significant benefits from strategic p rship Eni’s debt free portfolio strengthens Ithaca Energy’s balance sheet, providing financial firepower to support execution of , and strategy Acc
Slide 11: Q1 2024 FY 2024 Ithaca Economic
100 90 80 70 • 60 • 50 • 40 30 20 10 0 • Q1 2024 FY 2024 Ithaca Economic Proforma FY 2024 • •
Slide 12: EOR Phase II project successfully executed, on time and within budget
EOR Phase II project successfully executed, on time and within budget Build Assets Project successfully Expansion of platform First injection of polymer executed on time and based EOR | project to in subsea area wells in within budget focus on subsea area May 2024 Project sanctioned in 2021, with Si
Slide 13: Captain: rig recertification to support upcoming drilling campaign
Captain: Successful completion of rig recertification to support upcoming platform drilling campaign in Q3 202 1 2 3 High levels of activity continue at Recertification work scopes included 13" Platform drilling campaign the captain field with successful refurbishing fingerboards, 5 yearly to commen
Slide 14: Our Financials
Our Financials ITHACA ENERGY
Slide 15: Q1 2024 Performance at a glance
Solid FY2023 financial performance ez Q1 2024 Performance at a glance INTERIM DIVIDEND PAID APRIL 2024 AVERAGE PRODUCTION UNIT OPERATING COST NET CASH FLOW FROM OPS $134m 58.7kboe/d $22.9/boe $314m TOTAL 2023 DIVIDEND $400m ADJUSTED EBITDAX STATUTORY NET INCOME LEVERAGE RATIO $339m $43m 0.30X ADJUST
Slide 16: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis Ql 2024 Q1 2023 FY 2023 Production kboe/d mmboe kboe/d mmboe kboe/d mmboe Oil 38 3 47 4 43 16 Gas 18 2 25 2 24 9 Condensate 3 : 3 : 3 1 Total production 59 5 75 7 70 26 Revenues! $/boe $m __$/boe $m__ §/boe $m Oil revenue 88 303 83 313 85 1,330 Gas revenue 54 89 101 227 76
Slide 17: Liquidity and net debt
30 Jun 22 31 Dec 22 31-Dec-23 31-Mar-24 Total Drawn Undrawn Cash Liquidity 31 Dec 2022 31-Dec-23 31-Mar-24 Available Facilities Facilities Facilities Senior Notes Other RBL (less cash)
Slide 18: Oil and gas price
100 200 180 90 160 140 80 120 70 100 80 60 60 40 50 20 40 0 Oil price ($/bbl) Gas Price (p/therm)
Slide 19: Hedging profile
30 Oil Puts Oil Collars Oil Swaps 70 25 60 Gas Puts/Wide ZCCs Gas Collars Gas Swaps 20 50 15 40 30 10 20 5 10 0 0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Slide 20: Ithaca Energy
folate ENERGY
Slide 21: 2024 Guidance for Business Combination unchanged
2024 Guidance for Business Combination unchanged 21 PRODUCTION 56 — 61 kboe/d NET OPERATING COST? $540 — 590m NET PRODUCING ASSET CAPEX? $335 -— 385m ROSEBANK CAPEX $190 — 230m CASH TAX $345 - 355m Q1 2024 RESULTS ~ MAY 2024 ITHACA ENERGY ITHACA ENERGY (UK Assets) PRODUCTION 80 — 87 kboe/d NET OPERA
Slide 22: Capital Allocation Framework supports strong returns
Capital Allocation Framework supports strong returns Illustrative post-tax CFFO Balanced Capital Allocation Framework maintained supporting strong sustainable returns 22 Q1 2024 RESULTS ~ MAY 2024 1. INVEST Sustaining capex Includes all post-FID projects (including Rosebank) expected to maintain com
Slide 23: Closing remarks
Closing remarks Transformational Business Combination with Eni’s S.p.A’s UK business announced 23 April creating UK powerhouse Executive changes announced to support next phase of growth in readiness for completion of Business Combination Captain EOR Phase II delivered on time and on budget with fir
Slide 24: Q&A
Q&A lain Lewis Interim Chief Executive Officer Chief Financial Officer 24 Q1 2024 RESULTS ~ MAY 2024 ITHACA ENERGY PLC
Slide 25: Appendix
Appendix Cautionary Statement ENERGY
Slide 26: Cautionary Statement
THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED OR COMMUNICATED DURING ANY PRESENTATION OR DELIVERY OF THIS PRESENTATION ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, A
Slide 27: Thank You!
ITHACA ENERGY Thank You!