Q1 2025 International Petroleum Corp Earnings Call Transcript
Key Points
- International Petroleum Corp (IPCFF) delivered a strong quarter with production of 44,000 barrels of oil equivalent per day, in line with guidance.
- The company maintained its full-year production guidance of 43,000 to 45,000 barrels of oil equivalent per day.
- Operating costs for Q1 were $17.30 per barrel, slightly below the annual guidance range of $18 to $19.
- The company has hedged a significant portion of its oil exposure, providing downside protection in a volatile market.
- No material safety incidents were reported during the first quarter, highlighting a strong safety record.
- Free cash flow for Q1 was negative at minus USD43 million, primarily due to significant capital expenditure.
- The company has a net debt position of USD314 million, which increased by roughly USD100 million during the quarter.
- The macroeconomic environment remains uncertain, with potential impacts from global economic conditions and oil price volatility.
- The full-year free cash flow forecast is negative, projected between minus USD135 million to minus USD110 million.
- The company faces potential risks in executing the Blackrod Phase 1 project, with significant work still required before completion.
Okay. So welcome, everybody, to IPC's 2025 first quarter results update presentation. I'm William Lundin, the CEO; and joined today by Christophe Nerguararian, our CFO; as well as Rebecca Gordon, our SVP of Corporate Planning and Investor Relations.
I'll start with the highlights and provide an operational update across our assets, then Christophe will expand on the financial detail. Following the presentation, we'll take questions, which can be sent online or through conference call. So getting right into the highlights for the quarter. It was a strong quarter for the company. The portfolio delivered 44,000 barrels of oil equivalent per day through Q1, which was in line with guidance.
We are maintaining our full year 2025 production guidance of 43,000 to 45,000 barrels of oil equivalent per day. The operating costs for Q1 were $17.30, in line with guidance or marginally below. However, no structural changes observed to our overall operating cost base, and we maintain our full year OpEx guidance per unit production of $18 to $19.
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