Audiocast: Mike Nicholson and Christophe Nerguararian comment on the Q1 2020 results
May 6, 2020
Listen to Mike Nicholson, CEO, and Christophe Nerguararian, CFO, commenting on the Q1 report and the latest developments from IPC on Wednesday, May 6, 2020 at 09:00 CEST.
Follow the presentation live on www.international-petroleum.com.
You can also dial-in to listen to the presentation on the following telephone numbers:
https://www.international-petroleum.com/wp-content/uploads/2019/11/nicholson-nerguararian-2.jpg528792Keith Lauriehttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgKeith Laurie2020-05-06 08:00:422020-05-06 08:50:03Audiocast – Mike Nicholson and Christophe Nerguararian comment on the Q1 2020 results
IPC First Quarter 2020 Financial Results and Corporate Update
May 6, 2020
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis for the three months ended March 31, 2020.
Corporate Update
In the April 2, 2020 press release, IPC revised its forecast 2020 net average production to be in the range of 30,000 to 45,000 barrels of oil equivalent (boe) per day (boepd), estimated operating costs for 2020 to be in the range of USD 12 to 13 per boe, and reductions in total forecast 2020 expenditure of between USD 125 and 190 million as compared to estimates announced at IPC’s Capital Markets Day (CMD) in February 2020.
Operational decisions that IPC has subsequently made allow it to revise the forecast 2020 expenditure reductions to between USD 175 and 190 million as compared to CMD estimates. This comprises USD 85 million in reduced capital and decommissioning expenditures and USD 90 to 105 million in reduced operating costs. As a result, IPC’s forecast 2020 net average production guidance range is 30,000 to 37,000 boepd. IPC’s estimated 2020 capital and decommissioning expenditures are USD 77 million and IPC’s forecast 2020 operating costs are in the range of USD 140 to 155 million, resulting in estimated 2020 unit operating costs in the range of USD 12 to 13 per boe.
Financial headroom under the current terms of IPC’s existing and new credit facilities has increased to in excess of USD 100 million.
Assuming average 2020 Brent oil prices of USD 25 per barrel and assuming Western Canadian Select (WCS) oil prices are at zero for the remainder of the year, IPC expects to utilize less than 40% of its existing financial headroom.
In March 2020, IPC announced the completion of the acquisition of Granite Oil Corp. (the Granite Acquisition), comprising light oil proved plus probable reserves of 14.0 million barrels of oil equivalent (MMboe) and 6.2 MMboe of contingent resources (best estimate, unrisked) as at December 31, 2019.
Q1 2020 Financial and Operational Highlights
Average net production of approximately 46,000 boepd for Q1 2020 (43% heavy crude oil, 20% light and medium crude oil and 37% natural gas).
First quarter 2020 operating costs per boe of USD 12.5, slightly ahead of Q1 2020 guidance.
In connection with IPC’s revised 2020 business plan, operational activities and capital expenditures have been reduced, deferred or cancelled in each region in response to the low oil price environment.
Three months ended March 31
USD Thousands
2020
2019
Revenue
80,536
147,420
Gross profit
(12,436)
46,885
Net result
(40,069)
33,142
Operating cash flow
21,481
83,056
Free cash flow
(42,712)
52,064
EBITDA
19,009
81,675
Net Debt
302,473
256,962
Net debt increased from USD 291 million as at December 31, 2019 (including the cost of the Granite Acquisition) to USD 302.5 million as at March 31, 2020.
Operating cash flow generation for Q1 2020 amounted to USD 21.5 million, below the original CMD guidance as a result of the weakness in commodity prices towards the end of Q1 2020. This coincided with two cargo liftings in Malaysia in March 2020 when Brent prices averaged USD 32 per bbl and the falling commodity prices also impacted the revenues in France where pricing is based on one month forward Brent prices.
Under the previously announced share repurchase program, IPC repurchased for USD 17.6 million and cancelled approximately 4.4 million IPC shares during Q1 2020, in addition to the 3.9 million IPC shares cancelled in 2019. In order to conserve liquidity, IPC has suspended further share repurchases under the program.
Mike Nicholson, IPC’s Chief Executive Officer, commented, “Given the extraordinary market situation that the oil and gas business is facing in response to the global Covid-19 outbreak, the resulting collapse in world oil demand, and the initial breakdown in co-operation among the OPEC+ group in dealing with the supply challenge, we have witnessed an unprecedented level of volatility and commodity price weakness during 2020. As a result of this, IPC announced on April 2, 2020 that we are taking decisive action to reset our 2020 expenditure plans in order to maximize the financial flexibility of the Corporation.
Since that announcement, we have seen encouraging steps taken by OPEC+, G20 nations and oil producers that we are confident should remove significant supply, helping to deal with the massive demand destruction that we have witnessed as well as the inevitable inventory build. We expect that these actions should flatten the curve of inventory builds and set a course to rebalance markets in the second half of 2020 and into 2021. Clearly though, the magnitude and pace of the recovery in oil demand will be critical in reducing the uncertainty around when oil prices will recover.
Reset of 2020 CMD Business Plan Given that IPC operates the majority of our assets, IPC has the financial and operational flexibility to react swiftly to recent events and to positively prepare the Corporation to navigate through this period of extremely low commodity prices. All remaining discretionary 2020 expenditures have been deferred or cancelled and we have built into our forecast production range the temporary curtailment of production from those fields that are not expected to generate positive cash flows at these low pricing levels. These production curtailments relate to a portion of our oil production. Our Canadian gas production is not curtailed as we currently forecast positive cash flows.
In our April 2, 2020 announcement, we revised our forecast 2020 net average production to be in the range of 30,000 to 45,000 boepd, estimated operating costs for 2020 to be in the range of USD 12 to 13 per boe, and reductions in total forecast 2020 expenditure of between USD 125 and 190 million as compared to 2020 CMD estimates.
Operational decisions that we have subsequently made allow us to revise our forecast 2020 expenditure reductions to between USD 175 and 190 million as compared to CMD estimates. This comprises USD 85 million in reduced capital and decommissioning expenditures and USD 90 to 105 million in reduced operating costs. As a result, our forecast 2020 net average production guidance range is 30,000 to 37,000 boepd. IPC’s estimated 2020 capital and decommissioning expenditures are USD 77 million and IPC’s forecast 2020 operating costs are in the range of USD 140 to 155 million, resulting in estimated 2020 unit operating costs in the range of USD 12 to 13 per boe. The upper end of our revised production guidance assumes that the curtailments in Canada to the end of June 2020 continue through to the end of the year, with the lower end of the range assuming full curtailment of our Canadian oil production in the second half of 2020. We retain the flexibility to ramp production back up during the second half of 2020 should market conditions improve.
Maximizing Financial Flexibility Having reset our 2020 business plan, we have also been very active in engaging with our banks to ensure that we can maximize our financial flexibility. As at the end of the first quarter 2020, we had available liquidity headroom of around USD 90 million under our existing international and Canadian credit facilities. We commenced discussions with our international banking partners to potentially extend the maturity of and increase our existing reserves-based lending (RBL) credit facility as we do not believe that this was fully maximized under previous conditions. In parallel, we have been exploring IPC’s ability to access some of the special financial assistance packages being offered by the government authorities in France.
I am very pleased to report a positive outcome on the latter. We have been able to secure a EUR 13 million credit facility from a French financial institution under this program. The credit facility has an initial term of 12 months and is extendable by IPC for up to a further five years. The credit facility is unsecured and is on less expensive terms than IPC’s existing credit facilities.
In Canada, we have also commenced discussions with our banking partners. Our primary Canadian RBL facility is currently sized at CAD 375 million and we have drawn CAD 297 million at the end of the first quarter. Whilst our RBL redetermination discussions are not expected to be completed until later in Q2 2020, we have been encouraged by the financial support package that has been announced by the Canadian Federal Government, through Export Development Canada (EDC). This program aims to support the oil and gas sector by maintaining liquidity during the crisis, through the form of guarantees provided by EDC in respect of RBL facilities. Our CAD 42.5 million facility assumed as part of the Granite Acquisition is not up for review until the year end. This is currently drawn at CAD 40 million.
In addition, IPC has the benefit of a hedging program in Canada in place through to the end of June 2020, that is expected to provide a minimum average realized WCS price of approximately USD 16 per bbl on our curtailed oil production levels in Canada during Q2 2020.
We retain access to financial headroom under the current terms of our existing and new credit facilities available to us in excess of USD 100 million. Taken together with our operational choices and updated hedging program, we expect to be able to fully fund our revised 2020 expenditure program from cash flows and current borrowing capacity. Assuming average 2020 Brent oil prices of USD 25 per barrel and assuming WCS oil prices are at zero for the remainder of the year, we expect to utilize less than 40% of our existing liquidity headroom. This demonstrates the financial resilience of IPC to respond to sustained low oil prices.
Q1 2020 Performance During Q1 2020, our assets delivered average daily net production of 46,000 boepd, in line with our original CMD Q1 2020 guidance. Our operating costs per boe for Q1 2020 was USD 12.5, slightly below our original CMD Q1 2020 guidance.
Operating cash flow generation for the first quarter amounted to USD 21.5 million, below our original CMD guidance as a result of the weakness in commodity prices towards the end of Q1 2020. This coincided with two cargo liftings in Malaysia in March 2020 when Brent prices averaged USD 32 per bbl and the falling commodity prices also impacted the revenues in France where pricing is based on one month forward Brent prices.
Capital expenditure during Q1 2020 of USD 56 million was around USD 6 million below forecast as we began implementation of our expenditure reduction program.
Net debt increased from the 2019 year end level of USD 291 million (including the cost of the Granite Acquisition) to USD 302.5 million as at March 31, 2020 which also includes the funding of USD 17 million of share repurchases under the share repurchase program in Q1 2020.”
IPC announces 2020 Annual General Meeting voting results
May 5, 2020
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the voting results from the Corporation’s 2020 Annual General Meeting of Shareholders (the 2020 AGM) held on May 5, 2020 in Toronto, Ontario.
Number of Directors The number of Directors of the Corporation was set at seven.
Votes For
% For
Votes Against
% Against
61,956,502
99.99%
8,502
0.01%
Election of Directors The seven nominees listed in the Corporation’s management information circular dated March 25, 2020 were elected as Directors of the Corporation to hold office for the ensuing year.
Nominee
Votes For
% For
Votes Withheld
% Withheld
Mike Nicholson
61,957,968
99.99%
7,035
0.01%
C. Ashley Heppenstall
61,267,787
98.87%
697,216
1.13%
Donald K. Charter
61,905,350
99.90%
59,653
0.10%
Chris Bruijnzeels
61,945,091
99.97%
19,912
0.03%
Torstein Sanness
61,693,876
99.56%
271,127
0.44%
Daniella Dimitrov
61,950,662
99.98%
14,341
0.02%
Harry Lundin
61,955,441
99.98%
9,562
0.02%
The Directors appointed C. Ashley Heppenstall as Chairman of the Board.
Appointment of Auditor PricewaterhouseCoopers SA was appointed as auditor of the Corporation for the ensuing year and the Directors of the Corporation were authorized to fix the remuneration of the auditor.
IPC to release 2020 First Quarter Financial Results on May 6, 2020
May 1, 2020
International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management’s discussion and analysis for the three months ended March 31, 2020, on Wednesday, May 6, 2020 at 07:30 CET, followed by an audio cast at 09:00 CET.
Listen to Mike Nicholson, CEO, and Christophe Nerguararian, CFO, commenting on the report and the latest developments from IPC.
Follow the presentation live on www.international-petroleum.com.
You can also dial-in to listen to the presentation on the following telephone numbers:
https://www.international-petroleum.com/wp-content/uploads/2020/05/IPC_calgary.jpg596894Keith Lauriehttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgKeith Laurie2020-05-01 12:00:352020-05-01 12:01:21IPC to release 2020 First Quarter Financial Results on May 6, 2020
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) announces its plans to reduce total forecast 2020 expenditure by between USD 125 and 190 million. IPC’s revised total estimated 2020 capital and decommissioning expenditures account for approximately USD 85 million of the total forecast reduction. IPC’s total forecast 2020 operating costs are revised downwards by between USD 40 and 105 million, depending on production levels and commodity prices.
Mike Nicholson, IPC’s Chief Executive Officer, comments: “Following the extraordinary developments in the world since we released our 2020 budget and production guidance and held our 2020 Capital Markets Day in February, IPC is taking decisive action to reset our 2020 expenditure plans in order to maximise the financial flexibility of the Corporation.
Given that we operate the majority of our assets, IPC has significant financial and operational flexibility to react swiftly to recent events and to positively prepare the Corporation to navigate through this period of extremely low commodity prices. All remaining discretionary 2020 expenditures have been deferred or cancelled and we have built into our forecast range the temporary curtailment of production from those fields that are not expected to generate positive cash flows at these low pricing levels. These proposed production curtailments relate to our oil production, as we currently forecast positive cash flows from our gas production in Canada. We currently expect our 2020 net average production to be in the range of 30,000 to 45,000 barrels of oil equivalent (boe) per day, depending on how commodity prices evolve over the remainder of 2020 and the operational choices that we make to maximise the liquidity position of the Corporation. Operating costs for 2020 are expected to be in the range of USD 12 to 13 per boe.
We retain access to significant financial headroom, with undrawn amounts under existing credit facilities currently at around USD 90 million.
We expect to be able to fully fund our revised 2020 expenditure program from cash flows and current borrowing capacity. Assuming average 2020 Brent oil prices of USD 25 per barrel and assuming Western Canadian Select oil prices are at zero for the remainder of the year, we would expect to utilise around half of our liquidity headroom. This demonstrates the financial resilience of IPC to respond to sustained low oil prices.
The situation around the Covid-19 outbreak continues to evolve in all of our countries of operation. We are focused on protecting the health and safety of our employees, contractors and other stakeholders, while also working to ensure business continuity. The revised expenditure program and changes to operations will commence immediately. The Corporation will continue to monitor the commodity price outlook, as well as the restrictions and potential disruptions relating to the Covid-19 outbreak, and IPC has the ability to make further adjustments to these forecasts as needed.”
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) reports the following, in accordance with the Swedish Financial Instruments Trading Act:
Following the cancellation of 42,336 common shares repurchased by IPC under the share repurchase program announced on November 7, 2019, the total number of issued and outstanding common shares of the Corporation is 155,342,757 common shares with voting rights.
IPC Annual General Meeting to be held on May 5, 2020
March 31, 2020
International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that its Annual General Meeting of Shareholders will be held at the offices of Blake, Cassels and Graydon LLP, Ottawa Room, Suite 4000, Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L 1A9 on Tuesday, May 5, 2020 at 9:00 a.m. (Eastern time), for the following purposes:
To receive the audited consolidated financial statements of the Corporation for the financial year ended December 31, 2019 and accompanying report of the auditor, and the management’s discussion and analysis of the Corporation for the year ended December 31, 2019;
To set the number of directors of the Corporation at seven;
To elect the seven nominees of the Corporation standing for election as directors of the Corporation to hold office until the next annual meeting of Shareholders or until his or her successor is duly elected or appointed;
To appoint PricewaterhouseCoopers SA, as the auditor of the Corporation, to hold office until the next annual general meeting of Shareholders and to authorize the directors to fix the auditor’s remuneration; and
To transact such other business as may properly come before the Meeting.
Mr. Harry Lundin is proposed for election as a new director of the Corporation at the Meeting. Mr. Lukas H. Lundin, currently the Chairman and a director of the Corporation, has decided not to stand for re-election due to other commitments and board duties. Mr. John Festival, currently a director of the Corporation, has also decided not to stand for re-election. The Board of Directors intends to appoint Mr. C. Ashley Heppenstall as the Chairman of the Board effective from the Meeting.
The record date for the Annual General Meeting is March 20, 2020. The Notice of Meeting, the accompanying Management Information Circular and related Meeting materials, and the Corporation’s Annual Information Form for the year ended December 31, 2019, are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.international-petroleum.com.
Due to the public health restrictions related to the Covid-19 virus and taking into account the health and safety of our employees, shareholders, service providers and other stakeholders, the Meeting will only be open to registered Shareholders and duly appointed proxy holders. Further restrictions with regard to the Meeting may be implemented by the Corporation as required in accordance with applicable law. Shareholders are encouraged to vote by proxy, by mail, by telephone or on the Internet, in advance of the deadline set forth in the Management Information Circular. The Corporation is not aware of any items of business to be brought before the Meeting other than those described in the Management Information Circular and there will be no management presentation on the business and operations of the Corporation at the Meeting.
Advice to Holders of Euroclear Sweden Registered Shares
Shareholders who hold their common shares (“Euroclear Registered Shares”) through Euroclear Sweden AB, which common shares trade on the NASDAQ Stockholm, are not registered holders of common shares for the purposes of voting at the Meeting. Instead, Euroclear Registered Shares are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Shares will receive a voting instruction form (the “VIF”) by mail directly from Computershare AB (“Computershare Sweden”). Additional copies of the VIF, together with the Management Information Circular, can also be obtained from Computershare Sweden and are available on the Corporation’s website at www.international-petroleum.com. The VIF cannot be used to vote common shares directly at the Meeting. Instead, the VIF must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines that will be described in the instructions provided with the VIF.
https://www.international-petroleum.com/wp-content/uploads/2020/03/canada-worker-suffield.jpg596894Davide Gaiohttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgDavide Gaio2020-03-31 17:00:432020-03-31 17:13:04IPC Annual General Meeting to be held on May 5, 2020
IPC Announces Completion of Acquisition of Light Oil Assets in Southern Alberta
March 6, 2020
International Petroleum Corp. (“IPC”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the closing of the previously announced acquisition of Granite Oil Corp. (“Granite”) (TSX:GXO; OTCQX:GXOCF) (the “Acquisition”). The Acquisition includes total proved plus probable (“2P”) reserves of 14.0 million barrels of oil equivalent (MMboe) and 6.2 MMboe of unrisked contingent resources (best estimate) as at December 31, 2019.
The Acquisition is comprised of high netback, light oil producing assets in southern Alberta (the “Assets”). The Assets include existing infrastructure to enable the current gas injection enhanced oil recovery (EOR) scheme, with capacity to allow for potential further field development opportunities. The Assets also include associated oil and gas processing and injection facilities located in proximity to key sales points.
Under the terms of the Acquisition, IPC acquired all of the issued and outstanding common shares of Granite (“Granite Shares”) for consideration of approximately USD 27 million (CAD 37.1 million) and IPC assumed Granite’s net debt of approximately USD 30 million (CAD 40 million). Each former Granite shareholder is entitled to receive CAD 0.95 for each Granite Share held prior to the Acquisition (the “Cash Consideration”).
The Granite Shares are expected to be delisted from the Toronto Stock Exchange and the OTCQX on or around March 10, 2020.
Pursuant to the letter of transmittal mailed to Granite shareholders in connection with the special meeting of Granite shareholders held on March 5, 2020, in order to receive the Cash Consideration, registered holders of Granite Shares are required to deposit a duly completed the letter of transmittal together with their share certificates, with Computershare Trust Company of Canada. Shareholders whose Granite Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee with questions regarding receipt of the Cash Consideration.
https://www.international-petroleum.com/wp-content/uploads/2020/03/Granite.jpg596894Davide Gaiohttps://www.international-petroleum.com/wp-content/uploads/2020/03/IPC_200x100.svgDavide Gaio2020-03-06 08:30:152020-03-06 08:35:16IPC Announces Completion of Acquisition of Light Oil Assets in Southern Alberta
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 348,936 IPC common shares (ISIN: CA46016U1084) during the period of February 17 to 28, 2020 under the previously announced share repurchase program.
The share repurchase program, announced by IPC on November 7, 2019, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.
During the period of February 17 to 28, 2020, IPC repurchased a total of 300,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.
For more information regarding transactions under the share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of February 17 to 28, 2020, see the following link to Nasdaq Stockholm’s website:
During the period of February 17 to 28, 2020, IPC purchased a total of 48,936 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by Stifel Nicolaus Canada Inc. on behalf of IPC.
As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 155,378,693 and IPC will not hold any common shares in treasury. On February 28, 2020, IPC cancelled 1,865,776 common shares and the total number of issued and outstanding shares is 155,385,093. IPC currently holds 6,400 common shares in treasury.
A full breakdown of the transactions conducted during the period of February 17 to 28, 2020 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is attached to this press release. Since November 11, 2019 up to and including February 28, 2020, a total of 8,341,372 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. Under the applicable TSX normal course issuer bid rules, a maximum of 11,517,057 IPC common shares may be repurchased over the period of twelve months commencing November 11, 2019 and ending November 10, 2020, or until such earlier date as the normal course issuer bid is completed or terminated by IPC.
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) reports the following, in accordance with the Swedish Financial Instruments Trading Act:
Following the cancellation of a further 1,865,776 common shares repurchased by IPC under the share repurchase program announced on November 7, 2019, the total number of issued and outstanding common shares of the Corporation is 155,385,093 common shares with voting rights.
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