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Investor Relations14 Oct 2025
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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.Q2 2025 earnings summary5 Aug, 2025
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.
Assess Blackrod's Phase 1 development progress.
What is driving the change in net debt?
What is the FPSO Bertam depreciation strategy?
How will Bertam evolve in Q3/Q4?
What synergies exist for Blackrod Phase 2?
Thoughts on bond refinancing and ticket increase?
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Next International Petroleum earnings date
Q3 20254 Nov, 2025
Next International Petroleum earnings date
Q3 20254 Nov, 2025
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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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