International Petroleum (IPCO) Q1 2025 earnings summary

Executive summary

• Q1 2025 average net production was 44,400 BOE/day, in line with guidance; full-year guidance maintained at 43,000–45,000 BOE/day.

• Operating costs for Q1 were $17.3/BOE, below or within guidance; full-year OpEx guidance remains $18–$19/BOE.

• Q1 operating cash flow was $74.8 million; free cash flow was -$43.2 million due to front-loaded CapEx, mainly for Blackrod Phase 1.

• Net debt at March 31, 2025, was $314 million; gross cash resources of $140 million.

• No material safety or environmental incidents in Q1; share buyback program 73% complete, with 3.9–5.7 million shares repurchased since December 2024.

Financial highlights

• Q1 2025 revenue was $178.5 million; gross profit $44.1 million; net profit $16.2 million.

• EBITDA for Q1 was $70.9 million.

• Q1 CapEx was just under $100 million, with $77 million spent on Blackrod Phase 1.

• Q1 free cash flow before Blackrod CapEx was just under $40 million; after Blackrod CapEx, -$43.2 million.

• Realized Brent price averaged $75.7/bbl; realized gas price (AECO) was $2.13/mcf.

Outlook and guidance

• Full-year 2025 production guidance maintained at 43,000–45,000 BOE/day.

• Full-year OpEx guidance per BOE is $18–$19.

• 2025 CapEx forecast remains $320 million, with Blackrod Phase 1 as the main growth driver.

• Operating cash flow for 2025 expected at $240–$270 million at Brent $60–$75.

• Free cash flow excluding Blackrod CapEx projected at $95–$120 million for the year; including Blackrod CapEx, -$135 million to -$110 million.