International Petroleum (IPCO) Q3 2026 earnings summary

Executive summary

• Q3 average production was 44,000 boe/d, in line with guidance; FY2026 production guidance remained 44,000–47,000 boe/d.

• Q3 revenue was $212.0M, operating cash flow $79.4M and free cash flow $27.3M; net debt fell to $472.8M at September 30.

• Blackrod Phase 1 ramp-up continued after first oil in May, with 12 well pairs online at Q3-end and spot production above 10,000 bbl/d.

Financial highlights

• Q3 gross profit was $52.3M and net result $59.9M, including a $45.2M gain on asset sales.

• First-nine-month revenue was $570.7M, gross profit $127.6M, net result $82.6M and operating cash flow $213.6M.

• First-nine-month free cash flow was $14.2M; Q3 capital and decommissioning expenditure was $37M.

• Q3 Dated Brent averaged $96.7/bbl; Malaysia realized $126.9/bbl, a $30.2/bbl premium to Brent.

Outlook and guidance

• FY2026 production guidance remains 44,000–47,000 boe/d; exit production is expected to exceed 50,000 boe/d, with material growth continuing into 2027.

• FY2026 operating-cost guidance remains $18–20/boe; capital and decommissioning expenditure guidance increased to $185M.

• FY2026 operating cash flow guidance is $275–350M and free cash flow guidance $35–110M, assuming Brent at $80–110/bbl for the remainder of 2026.

• Blackrod is targeting plateau production of 30,000 bbl/d by end-2027; production growth target is 50% by 2028 versus first-nine-month 2026 average production.