International Petroleum (IPCO) Q3 2025 earnings summary

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 oil now expected in Q3 2026, a quarter earlier than previous guidance.

• CapEx for 2025 revised to $340 million, up from $320 million, mainly due to accelerated Blackrod drilling.

• Share buyback program completed, reducing shares outstanding by over 6% in 2024/2025 NCIB.

Financial highlights

• Q3 2025 revenue was $172.3M; nine-month revenue was $509.7M.

• Q3 operating cash flow was $66.1M; year-to-date OCF reached $196M.

• Q3 free cash flow was -$23.1M, mainly due to Blackrod capex; full-year FCF forecast is -$160M to -$170M including Blackrod.

• Net debt at end of Q3 was $434.8M; gross cash $45M.

• EBITDA for Q3 was $62.1M; year-to-date EBITDA around $185M.

Outlook and guidance

• Full-year production and operating cost guidance maintained at 43,000–45,000 boepd and $18–19/boe.

• Blackrod Phase 1 first oil now expected in Q3 2026, a quarter ahead of previous guidance.

• 2025 CapEx guidance increased to $340M due to accelerated Blackrod activity.

• 2025 OCF guidance is $245–255M; FCF guidance is -$170M to -$160M, reflecting Blackrod investment.