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International Petroleum (IPCO) investor relations material
International Petroleum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 net production averaged 45,900 boepd, exceeding guidance; full-year guidance maintained at 43,000–45,000 boepd.
Operating costs for Q3 were $17.9/boe, below guidance; full-year cost guidance remains $18–19/boe.
Blackrod Phase 1 development is ahead of schedule, with first steam expected by year-end 2025 and first oil in Q3 2026.
CapEx for 2025 revised to $340 million, up from $320 million, due to accelerated Blackrod activity.
No material safety incidents reported; ESG focus maintained; share buyback program completed, reducing shares outstanding by over 6%.
Financial highlights
Q3 operating cash flow was $66.1 million; year-to-date OCF reached $196 million.
Q3 free cash flow was -$23.1 million (or +$36 million pre-Blackrod CapEx); year-to-date FCF excluding Blackrod CapEx is just under $80 million.
Net debt at end of Q3 was $434.8 million; gross cash stood at $45 million.
Full-year OCF guidance is $245–$255 million at $55–$65 Brent; full-year FCF forecast (including Blackrod) is -$160 to -$170 million.
Revenues for the first nine months were nearly $510 million, with net profit of $34 million.
Outlook and guidance
Production guidance for 2025 remains at 43,000–45,000 boepd.
Operating cost guidance for the year is unchanged at $18–19/boe, expected to end at the lower end.
Blackrod Phase 1 first oil now expected in Q3 2026, a quarter ahead of previous guidance.
2025 CapEx increased to $340 million due to accelerated Blackrod drilling.
Free cash flow (excluding Blackrod CapEx) for 2025 expected at $80–$90 million.
Blackrod Phase 1 timeline and capital impact
Detail bond refinancing terms and costs
IPC's 2025/2026 NCIB renewal plans
What factors accelerated Blackrod Phase 1?
How will Blackrod impact future gas consumption?
M&A strategy given recent sector consolidation?
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Next International Petroleum earnings date
CMD 202610 Feb, 2026
Next International Petroleum earnings date
CMD 202610 Feb, 2026
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Frequently asked questions
International Petroleum Corporation explores for, develops, and produces oil and gas. It operates through the Exploration and Drilling segment. International Petroleum Corporation was incorporated in 2017 and is headquartered in Vancouver, Canada.
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