International Petroleum Corporation

IPCO

Equity

ISIN null / Valor 36475291

NASDAQ Nordic Exchange Stockholm, Equities (2025-11-21)

SEK 174.65-2.32%

International Petroleum Corporation
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About company

International Petroleum Corporation (IPC), a subsidiary of the Lundin Group, is a publicly traded upstream oil and gas company listed on both the Toronto Stock Exchange and Nasdaq Stockholm under the symbol "IPCO." Headquartered in Canada, IPC operates a diverse portfolio of exploration, production, and development assets across Canada, Malaysia, and France. The company reported proven and probable reserves totaling 493 million barrels of oil equivalent (boe) and holds over 1.1 billion boe in contingent resources as of the end of 2024. For the full year 2025, IPC forecasts an average net production of between 43,000 and 45,000 boe per day, with operating costs projected to range from USD 18 to 19 per boe. IPC's strategic asset locations and substantial reserve base position it for both organic growth and potential acquisitions within the global energy market.

Summarized from source with an LLMView SourceSector: Energy

Production Performance

IPC achieved an average net daily production of 45,000 barrels of oil equivalent per day (boepd) in Q3 2024, aligning with company guidance. The production mix consisted of 49% heavy crude oil, 17% light and medium crude oil, and 34% natural gas.

Maintenance and Operations

The company successfully completed planned maintenance shutdowns at the Onion Lake Thermal facility in Canada and the Bertam field in Malaysia, ensuring continued operational efficiency and reliability.

Blackrod Phase 1 Development

Development activities for Phase 1 of the Blackrod project in Canada remained on schedule and within budget. The project is expected to achieve first oil in late 2026, targeting plateau production of 30,000 barrels per day by early 2028.

Share Repurchase Program

IPC purchased and cancelled 2.6 million common shares during Q3 2024 under its normal course issuer bid (NCIB), reducing outstanding shares by over 6% since December 2023. The company plans to seek Toronto Stock Exchange approval to renew the NCIB in December 2024.

Financial Highlights

Operating costs for Q3 2024 were USD 17.9 per boe, below guidance. Operating cash flow and EBITDA were in line with expectations, while free cash flow stood at USD -38 million. Net debt increased to USD 157 million as of September 30, 2024, supported by capital expenditures for the Blackrod project and ongoing share repurchases.

Summarized from source with an LLMView Source

Key figures

40.6%1Y

58.2%3Y

918%5Y

Performance

42.0%1Y

37.8%3Y

41.6%5Y

Volatility