Core Insights - The presentation is part of IPC's Capital Markets Day for 2026, highlighting the company's strategic outlook and operational assets [1][2]. Group 1: Company Overview - The CEO, William Lundin, introduced the agenda, which includes an overview of the company's strategy and operational assets [2]. - The presentation will cover financial overviews for 2026 and reserves evaluation for the year [3]. Group 2: Presentation Structure - The presentation will begin with an introduction and strategy overview, followed by operational insights from team members Nicki and Chris [2]. - Christophe will provide a financial overview specifically for 2026, while Rebecca Gordon will discuss reserves evaluation [3].

Core Insights - International Petroleum Corporation (IPCFF) is a significant player in the oil and gas sector, with operations in Canada, Malaysia, and France, competing with companies like Suncor Energy and Canadian Natural Resources [1] Financial Performance - IPCFF reported earnings per share of $0.08 for Q4 2026, exceeding the estimated $0.04, indicating effective management and operational efficiency [2] - The company achieved actual revenue of approximately $174.1 million, surpassing the estimated $146.2 million, reflecting successful strategic initiatives [2] Project Developments - The 2026 budget emphasizes the completion of the Blackrod Phase 1 project in Canada, with first oil production anticipated by Q3 2026, a quarter earlier than expected [3] - The first steam injection at the Blackrod project was achieved in December 2025, which is expected to positively impact financial performance in upcoming quarters [3] Production and Reserves - IPCFF has set a capital and decommissioning expenditure budget of $122 million for 2026, projecting average daily production between 44,000 and 47,000 barrels of oil equivalent [4] - As of the end of 2025, the company's proved plus probable reserves are 521 million barrels of oil equivalent, with best estimate contingent resources at 1.224 billion barrels of oil equivalent [4] Financial Metrics - IPCFF's financial metrics indicate a strong market position, with a price-to-earnings (P/E) ratio of approximately 73.80, a price-to-sales ratio of about 3.24, and an enterprise value to sales ratio of approximately 3.80 [5] - The company has a debt-to-equity ratio of about 0.52, indicating a moderate level of debt compared to equity, and a current ratio of approximately 1.00, suggesting sufficient assets to cover current liabilities [5]

Core Insights - The presentation focuses on the 2025 results of International Petroleum, highlighting a strong performance in production and cost management [2]. Production Performance - The average production for Q4 was 45,600 barrels of oil equivalent per day, with a full year average of 44,900 BOEs per day, which is near the top end of the guidance range of 43,000 to 45,000 BOEs per day [2]. Cost Management - Operating costs for Q4 were $17.40 per barrel of oil equivalent, while the annual operating cost was $17.80 per BOE, aligning with the forecast range of $18 to $19 per BOE for the full year [3]. Capital Expenditure - The total capital expenditure for IPC, including decommissioning, was $344 million, consistent with the company's financial plans [3]. Project Development - The Blackrod Phase 1 development project was completed approximately a quarter earlier than initially guided, indicating efficient project management [3].

Core Viewpoint - International Petroleum Corporation (IPC) reported strong operational and financial results for 2025, with a focus on advancing the Blackrod Phase 1 project in Canada, forecasting significant cash flow generation starting in 2026 [1][2][3]. Financial Highlights - IPC's average net production for 2025 was 44,900 barrels of oil equivalent per day (boepd), at the high end of the guidance range [6][18]. - Total revenue for 2025 was USD 685.9 million, down from USD 797.8 million in 2024 [10]. - Operating cash flow (OCF) for 2025 was USD 258.9 million, while free cash flow (FCF) was negative USD 153.1 million [10][20]. - IPC's net debt as of December 31, 2025, was USD 484 million, following the refinancing of USD 450 million in unsecured bonds [21]. Operational Highlights - The Blackrod Phase 1 project achieved first steam injection in December 2025, with first oil expected in Q3 2026, a quarter earlier than previously guided [1][24]. - Development activities for Blackrod Phase 1 were completed ahead of schedule and on budget, with a total of USD 820 million spent on growth capital since project sanction [24][25]. - IPC's 2026 average daily production guidance is set between 44,000 and 47,000 boepd, with operating costs forecasted at USD 18 to 20 per boe [12][37]. Reserves and Resources - As of December 31, 2025, IPC's proved plus probable (2P) reserves were 521 million barrels of oil equivalent (MMboe), with a reserve life index of 31 years [12][34]. - Contingent resources (unrisked) were reported at 1,224 MMboe, with significant increases attributed to the Blackrod asset [12][36]. - The reserves replacement ratio for 2025 was 277%, indicating strong reserve additions relative to production [34]. Strategic Focus - IPC aims to generate USD 1 to 2 billion in free cash flow from 2026 to 2030, assuming Brent oil prices between USD 65 and 85 per barrel [3][9]. - The company emphasizes prudent capital allocation towards organic growth, stakeholder returns, and mergers and acquisitions to enhance shareholder value [3][11]. Shareholder Returns - In 2025, IPC returned USD 100 million to shareholders through share buybacks, purchasing approximately 7.7 million common shares [2][28]. - The company has committed to a new normal course issuer bid (NCIB) for the period of December 2025 to December 2026, allowing for the repurchase of up to 6.5 million shares [30]. Environmental, Social, and Governance (ESG) Performance - IPC recorded no material safety or environmental incidents in 2025, reflecting its commitment to operational excellence and responsible development [32]. - The company is on track to achieve a 50% reduction in net greenhouse gas emissions intensity by the end of 2025 compared to its 2019 baseline [33].

Core Insights - International Petroleum Corporation (IPC) reported strong operational and financial results for 2025, with a focus on the Blackrod Phase 1 project in Canada, forecasting first oil in Q3 2026, a quarter earlier than previously expected [1][4][10] - The company achieved an average net production of 44,900 barrels of oil equivalent per day (boepd) for the full year 2025, at the high end of its guidance range [4][14] - IPC's 2026 budget is set at USD 122 million, with production guidance between 44,000 and 47,000 boepd, and a forecast of USD 1 to 2 billion in free cash flow generation from 2026 to 2030 [1][6][25] Business Highlights - IPC's average net production for Q4 2025 was approximately 45,600 boepd, consistent with guidance [4][14] - The company completed the acquisition of lands adjacent to the Blackrod project, adding 64 million barrels of contingent resources [4][10] - IPC's operating costs per boe were USD 17.8 for the full year 2025, below the guidance range [4][14] Financial Highlights - IPC generated operating cash flow of USD 259 million for the full year 2025, despite weaker oil prices [3][14] - The company reported a net result of USD 28.9 million for 2025, with a negative free cash flow of USD 153 million [3][9] - As of December 31, 2025, IPC's net debt stood at USD 484 million [3][15] Reserves and Resources - IPC's proved plus probable (2P) reserves as of December 31, 2025, were 521 million boe, with a reserve life index of 31 years [1][9][24] - The company replaced 277% of its annual production with new reserves in 2025 [24][54] - Contingent resources (unrisked) were reported at 1,224 million boe, with significant contributions from the Blackrod project [1][24] 2026 Annual Guidance - IPC forecasts average net production for 2026 to be between 44,000 and 47,000 boepd, with operating costs expected to be between USD 18 and 20 per boe [6][25] - The capital and decommissioning expenditure budget for 2026 is set at USD 122 million, primarily focused on the Blackrod project [6][25] - Free cash flow for 2026 is projected to range from negative USD 70 million to positive USD 85 million, depending on oil prices [6][10]

Core Viewpoint - International Petroleum Corporation (IPC) has received approval from the Swedish Financial Supervisory Authority for the prospectus related to the listing of its USD 450 million senior unsecured bonds on Euronext Oslo Børs, with trading expected to commence around February 6, 2026 [1][2]. Group 1: Bond Details - IPC's senior unsecured bonds were issued on October 10, 2025, with a maturity date set for October 2030 [2]. - The bonds carry an interest rate of 7.50 percent [1]. Group 2: Company Overview - IPC is an international oil and gas exploration and production company with a portfolio of assets located in Canada, Malaysia, and France, which supports both organic and inorganic growth [3]. - IPC is part of the Lundin Group of Companies and is incorporated in Canada, with shares listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [3].

Core Insights - International Petroleum Corporation (IPC) will release its financial and operating results for the year ended December 31, 2025, on February 10, 2026, at 07:30 CET, followed by an audiocast at 10:00 CET [1] - IPC's annual Capital Markets Day will also take place on February 10, 2026, as a webcast at 15:00 CET [1] Company Overview - IPC is an international oil and gas exploration and production company with a high-quality portfolio of assets located in Canada, Malaysia, and France, which supports both organic and inorganic growth [4] - IPC is a member of the Lundin Group of Companies and is incorporated in Canada, with shares listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [4]

Group 1 - International Petroleum Corporation (IPC) will release its financial and operating results for the year ended December 31, 2025, on February 10, 2026, at 07:30 CET, followed by an audiocast at 10:00 CET [1] - IPC's annual Capital Markets Day will also take place on February 10, 2026, as a webcast at 15:00 CET [1][3] - The financial results presentation can be followed live on IPC's website [2][3] Group 2 - IPC is an international oil and gas exploration and production company with assets in Canada, Malaysia, and France, supporting both organic and inorganic growth [4] - IPC is part of the Lundin Group of Companies and is listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [4]

Core Insights - International Petroleum Corporation (IPC) will release its financial and operating results for the year ended December 31, 2025, on February 10, 2026, at 07:30 CET, followed by an audiocast at 10:00 CET [1] - IPC's annual Capital Markets Day will also take place on February 10, 2026, as a webcast at 15:00 CET [1] Company Overview - IPC is an international oil and gas exploration and production company with a high-quality portfolio of assets located in Canada, Malaysia, and France, which supports both organic and inorganic growth [4] - IPC is a member of the Lundin Group of Companies and is incorporated in Canada, with shares listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [4]

Core Viewpoint - International Petroleum Corporation (IPC) has made significant progress on the Blackrod Phase 1 development project, with first steam injection occurring on December 20, 2025, and first oil production expected in Q3 2026, a quarter earlier than previously anticipated [1][2]. Project Development - The Blackrod Phase 1 project is on budget, with a forecast growth capital expenditure of USD 850 million to reach first oil [2]. - As of the end of Q3 2025, IPC has incurred capital expenditures of USD 785 million, which is approximately 92% of the total growth capital guidance [2]. - The Blackrod asset is 100% owned by IPC and contains 259 million barrels of oil equivalent (MMboe) of 2P reserves and 1,025 MMboe of contingent resources as of December 31, 2024 [2]. Production Capacity - The project has regulatory approval to produce up to 80,000 barrels of oil per day (bopd) and is targeting plateau production rates of 30,000 bopd [2]. - IPC plans to provide further updates on production and cash flows during its Capital Markets Day on February 10, 2026 [2]. Company Overview - IPC is an international oil and gas exploration and production company with a portfolio of assets in Canada, Malaysia, and France, which supports both organic and inorganic growth [3]. - IPC is part of the Lundin Group of Companies and is listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [3].