Q4 2025 International Petroleum Corp Earnings Call Transcript

Feb 10, 2026 / 09:00 AM GMT

Release Date Price: $22.3

Transcript

Key Points

Positve

International Petroleum Corp (IPCFF) achieved a strong production average of 44.9 thousand barrels of oil equivalent per day for 2025, near the top end of their guidance range.
The company successfully delivered first steam for the Black Rod Phase One development project ahead of schedule, approximately a quarter earlier than originally planned.
Operating costs were well-managed, with Q4 and annual costs at $17.40 and $17.80 per barrel of oil equivalent, respectively, below the forecast range.
IPCFF generated a robust operating cash flow of $259 million for the year, slightly ahead of their latest guidance.
The company completed a significant share buyback program, reducing shares outstanding by approximately 6.5% and returning to the original share count since inception.

Negative

Free cash flow for the year was negative at $-153 million, impacted by the substantial capital expenditure on the Black Rod project.
Net debt increased to $484 million by the end of 2025, partly due to the high investment in Black Rod Phase One and the share buyback program.
Oil prices were lower in the fourth quarter, with Brent averaging below $65, affecting overall revenue.
Gas prices remained relatively weak due to high storage levels in Canada, impacting profitability in that segment.
Despite strong cash flow generation, the company had to refinance $450 million of bonds, indicating reliance on debt markets for liquidity.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IPCOR.ST - International Petroleum Corp
Q4 2025 International Petroleum Corp Earnings Call
Feb 10, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Okay, so, welcome everyone to the IPC 2025 year-end update presentation. My name is William Lundin. I'm the President and CEO and along with me is Christoph Nerggrarian, the CFO, as well as Rebecca Gordon, our SVP of Investor Relations and Corporate Planning. I'll begin with some of the highlights, and then Christoph will touch on our financial performance in 2025. So this presentation update is really focused largely on our 2025 results. We'll be quite efficient overall, and our 2026 forward-looking business plans will be covered later on today during our CMD presentation.

So jumping into the highlights for the year for the fourth quarter as well as 2025, overall is a really strong year for international

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