Slide 1: Ithaca Energy plc 3Q 2022 Results
Ithaca Energy plc 3Q 2022 Results 30 November2022
Slide 2: Cautionary Statement
Cautionary Statement THIS PRESENTATION AND ITS CONTENTS 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, ISRAEL, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE SUCH R
Slide 3: Cautionary Statement (Continued)
Cautionary Statement (Continued.) Non-International Financial Reporting Standards Terms This presentation contains non-International Financial Reporting Standards (“IFRS”) industry benchmarks and terms, such as “free cashflow”, “net debt”, “adjusted EBITDAX”, “net debt to adjusted EBITDAX”, “unit op
Slide 4: Agenda
Agenda 1. IPO of Ithaca Energy plc 2. Key highlights 3. Q3 2022 Financial results 4. Emissions reduction 4
Slide 5: IPO of Ithaca Energy plc
IPO of Ithaca Energy plc 5
Slide 6: Ithaca Energy plc listed on the Main Market of the London Stock Exchange
Ithaca Energy plc listed on the Main Market of the London Stock Exchange • Ithaca Energy plc was admitted to the Premium Listing Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange plc on 14 November 2022 • Trading under the
Slide 7: We have assembled a strong Board of Directors with significant Oil & Gas experience
We have assembled a strong Board of Directors with significant Oil & Gas experience John Mogford Deborah Gudgeon Dave Blackwood Lynne Clow Assi Ginzburg Senior Independent Director Independent NED & Independent NED & Independent NED & Independent NED Audit Committee Chair HSE Committee Chair Remuner
Slide 8: Key highlights
Key highlights 8
Slide 9: Strong Platform Developed to Continue UKCS Growth
Strong Platform Developed to Continue UKCS Growth Strong Financial Performance Captain EOR II • YTD Q3 EBITDAX of $1.4Bn • Net Debt of $1.1Bn at end Q3 Continued production growth following completion of acquisitions at end Q2 • 68 kboe/d Q3 YTD production; Q3 71 kboe/d • Production guidance maintai
Slide 10: Our First Priority is Safe and Environmentally Responsible Operations
Our First Priority is Safe and Environmentally Responsible Operations Process Safety Events Focus on process safety and serious events 2 • Significant increase in activity across operated infrastructure hubs 1 1 • No serious injuries or spills to end Q3 2022 0 0 0 • Leveraging IOGP Life Saving Rules
Slide 11: YTD September 2022 At A Glance
YTD September 2022 At A Glance Operational highlights Financial highlights Tier 1 (0) / Tier 2 (1) c. 63% $1,438MM $399MM Process Safety Events Operated Portfolio2 YTD 2022 EBITDAX1 Available Liquidity3 492 kTe CO2e c. 244 mmboe $531MM $1.1BN Estimated 2022 2P Reserves2 Q3 2022 EBITDAX Net Debt3 GHG
Slide 12: Continuing Development of the Captain Field
Strategy: Continuing Development of the Captain Field Build Assets • Flagship asset with ~1Bn BBL oil initially in place • Enhancing recovery through the use of pioneering polymer flood technology • First stage of polymer recovery (EOR I) has produced over 10 MMBBL • Second stage expansion (EOR II)
Slide 13: Enhancing Cash Flow Through Organic Investment
Strategy: Enhancing Cash Flow Through Organic Investment Boost Assets ABIGAIL ALBA • Single well tieback to • Preparing for platform FPF1 came online 20 drilling campaign in October 2023 • Development consent to • Short payback first production in ~10 production months enhancement opportunities JADE
Slide 14: Continuing to Progress the UK's Largest Development Opportunities
Continuing to Progress the UK’s Largest Development Strategy: Opportunities Build Assets CAMBO ROSEBANK • Second largest undeveloped field in UK with 148 mmboe • Single largest undeveloped field in the UK with 329 mmboe Gross 2C and additional development potential gross 2C and additional developmen
Slide 15: Q3 2022 Financial results
Q3 2022 Financial results 15
Slide 16: Strong 2022 Year to date operational and financial results
Strong 2022 Year to date operational and financial results Production Realised Hydrocarbon Unit Operating (kboe/d) Price ($/boe)1 Expenditure ($/boe)2 EBITDAX ($/boe) 3 103 97 71 81 68 77 68 56 50 43% 54% 21% 18 19 19 6% 2021 full year YTD Sep 2022 Q3 2022 2021 full year YTD Sep 2022 Q3 2022 2021 fu
Slide 17: Focus on 2022 Year to Date EBITDAX Performance
Focus on 2022 Year to Date EBITDAX Performance 9 months to end September 2022 3,000 Total Revenue $2,461m ($132/boe) 2,500 Hedging Losses Stock Movements $449m $170m ($26/boe) ($9/boe) 2,000 Gas Revenue Tanker Costs, Stella Royalties, $1,038m G&A and FX gains Lifting Costs ($161/boe) $48m $355m $mil
Slide 18: 3Q 2022 EBITDAX analysis
3Q 2022 EBITDAX analysis Income Statement Analysis Q3 2022 Q2 2022 Q1 2022 Continued Production Growth strengthened via PRODUCTION kboed mmboe kboed mmboe kboed mmboe acquisitions completed end Q2 Kboe/d Oil 44 4 39 4 40 4 Gas 24 2 22 2 25 2 71 9 71 NGL 3 0 2 0 5 0 61 63 TOTAL PRODUCTION 71 7 63 6 7
Slide 19: Prudent Financial Framework underpinned by low leverage, high liquidity and capital discipline
Prudent Financial Framework underpinned by low leverage, high liquidity and capital discipline Senior Notes Nordic Bond RBL (less cash) LTM leverage 0.9x 0.6x 0.9x 0.6x 590 512 305 200 78 8 625 625 625 625 Net Debt Net Debt Net Debt Net Debt 31 Dec. 2021 31 Mar. 2022 30 Jun. 2022 30 Sep. 2022 • RBL
Slide 20: Overview of Oil and Gas Hedging
Overview of Oil and Gas Hedging Oil hedging Gas hedging 40 35 30 120 25 10 6 80 mmscf/d 20 32 14 30 kbbl/d 12 5 5 15 9 12 10 12 40 25 25 59 51 11 13 5 9 10 8 25 25 8 3 5 - 0 - Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Oil Swaps Oil Collars Oil Puts Gas Swaps
Slide 21: Near term outlook – confirmation of guidance previously provided for producing assets
Near term outlook – confirmation of guidance previously provided for producing assets • Management confirms the guidance ranges previously provided for currently producing assets on short-term production, operating costs and capital costs as follows: Net Production - kboe/d Net Opex1 - $MM Net Capex
Slide 22: Emissions Reduction
Emissions Reduction 22
Slide 23: Ambition to develop one of the lowest carbon emission portfolios in the UK North Sea
Ambition to develop one of the lowest carbon emission portfolios in the UK North Sea Plan to significantly reduce emissions and exceed industry targets – by optimising current portfolio in the short term and fundamentally transitioning the portfolio over the medium to long term Short term Medium ter
Slide 24: Thank you.
Thank you.