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International Petroleum (IPCO) investor relations material
International Petroleum Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net production averaged 43,600 BOE/d, within guidance; full-year guidance remains 43,000–45,000 BOE/d.
Operating costs for Q2 were $17.8/BOE, slightly below guidance; full-year forecast is $18–$19/BOE.
Major CapEx focused on Blackrod Phase 1, with $138M of $199M H1 CapEx spent; project on time and budget, 86% of growth CapEx incurred.
Q2 operating cash flow was $55M; free cash flow was -$58M due to Blackrod CapEx; net debt at $375M and gross cash $79M as of June 30, 2025.
No material safety or environmental incidents in Q2; sixth sustainability report released, with emissions reduction targets on track.
Financial highlights
Q2 2025: production 43,600 BOE/d, revenue $158.9M, OCF $54.9M, EBITDA $51.5M, FCF -$58.3M, net result $13.9M.
H1 2025: production 44,000 BOE/d, revenue $337.4M, OCF $130M, EBITDA $123M, FCF -$101.4M, net result $30.1M.
Net debt at June 30, 2025 was $375M; cash and cash equivalents $79M; working capital $36.4M.
Share repurchases progressed to 85% of NCIB program; 76M shares repurchased since inception, 5.7M cancelled in H1 2025.
Realized Brent price averaged $67.9/bbl in Q2; AECO gas price averaged CAD 1.89/Mcf for H1 2025.
Outlook and guidance
2025 production guidance reiterated at 43,000–45,000 BOE/d; CapEx guidance maintained at $320M.
OCF guidance for 2025 is $245M–$260M; FCF guidance -$135M to -$120M, reflecting Blackrod CapEx.
Operating costs expected to rise slightly in H2 due to maintenance, especially in Malaysia.
Oil and gas hedges in place for 2025, covering ~50% of production.
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