International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Q4 2025 Earnings Presentation
27 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, Feb 10, 2026
Slide 1: Operations & Financial Update Year End 2025
Q 4 25 Operations & Financial Update Year End 2025 William Lundin, CEO Christophe Nerguararian, CFO February 10, 2026 NC00249 p01 02.22
Slide 2: Q4 and Full Year 2025 Highlights
International Petroleum Corp. Q4 and Full Year 2025 Highlights Quarterly average net production 45,600 boepd Production Guidance 2025 average net production of 44,900 boepd, at high end of guidance range 43,000 – 45,000 boepd Operating costs Q4 operating costs of 18.4 USD/boe 2025 operating costs of
Slide 3: 2025 Production and Operating Expenditure
International Petroleum Corp. 2025 Production and Operating Expenditure 2025 average net production of 44.9 Mboepd 2025 operating expenditure of 17.8 USD/boe near high end of CMD production guidance range Below low end of guidance Production (Mboepd) 51 50 49 50 47.4 46 46 48 48 48 46 46 46 45 44.9
Slide 4: 2025 Operating Cash Flow
International Petroleum Corp. 2025 Operating Cash Flow 2025 OCF 2025 CMD guidance OCF 2025 Forecast OCF 280 MUSD 85 USD/bbl (5/15)(1) 255 MUSD 259 MUSD 65 USD/bbl (3/10)(1) 69 USD/bbl (4/11) (1) 245 MUSD 55 USD/bbl (3/10)(1) 210 MUSD 65 USD/bbl (5/15)(1) Q4 63 MUSD 64 USD/bbl (5/11)(1) NC00408 p04 0
Slide 5: 2025 Capital Expenditure
International Petroleum Corp. 2025 Capital Expenditure 2025 CAPEX 344 MUSD Blackrod Phase 1 228 MUSD Blackrod Other 26 MUSD 2025 annual capital expenditure of 344 MUSD Non-Blackrod 83 MUSD Decommissioning 7 MUSD Canada 296 MUSD France • Blackrod Phase 1 6 MUSD • Blackrod resource maturation • FAB de
Slide 6: 2025 Free Cash Flow
International Petroleum Corp. 2025 Free Cash Flow 2025 FCF 2025 CMD FCF Guidance 2025 Forecast FCF (excluding Blackrod) 150 MUSD (excluding Blackrod) 85 USD/bbl (5/15)(1) 90 MUSD 103 MUSD (excluding Blackrod) 65 USD/bbl (3/10)(1) 69 USD/bbl (4/11) (1) 80 MUSD 80 MUSD 65 USD/bbl (5/15)(1) 55 USD/bbl
Slide 7: Share Repurchase
International Petroleum Corp. Share Repurchase 77 million IPC shares repurchased since inception at an average price of SEK 79 / CAD 11 per share Normal Course Issuer Bid (NCIB) 2024/2025 completed -25.5 -8.4 -9.6 +75.8 -8.3 -9.3 ~4.5x production -8.3 No 113.5 -7.7 112.2 Dilution 18x 2P reserves +23
Slide 8: Financial Highlights
Year End 2025 Financial Highlights 8
Slide 9: Year End 2025 Financial Highlights
Year End 2025 Financial Highlights Fourth Quarter Full Year 2025 2025 Production (boepd) 45,600 44,900 Average Dated Brent Oil Price (USD/bbl) 63.7 69.1 Operating costs (USD/boe) 18.4 17.8 Operating cash flow (MUSD) 63.1 258.9 EBITDA (MUSD) 59.0 243.5 Capital Expenditure (MUSD) 63 344 Free cash flow
Slide 10: Realised Oil Prices
Year End 2025 Realised Oil Prices 2025 2024 2024 2023 USD/bbl Full Year Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 69.1 63.7 69.1 67.9 75.7 74.7 80.1 85.0 83.2 80.7 82.6 Malaysia 71.5 (+2.4) 67.7 (+4.0) 74.5 (+5.4) 67.3 (-0.6) 78.8 (+3.1) 78.2 (+3.5) 80.9 (+0.8) 93.3 (+8.3) 91.6 (+8.4) 86.1 (
Slide 11: Realised Gas Prices
Year End 2025 Realised Gas Prices 2025 2025 2024 2024 CAD/Mcf Full Year Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Full Year AECO 1.63 2.16 0.62 1.65 2.13 1.44 0.67 1.17 2.49 1.44 Empress 1.84 2.38 0.62 1.96 2.43 1.49 0.68 1.17 2.59 1.49 Realised (to AECO) 1.87 (+0.24) 2.46 (+0.30) 0.84 (+0.22) 1.82 (+0.17) 2.40 (+0.2
Slide 12: Financial Results – Operating Cash Flow & EBITDA
Year End 2025 Financial Results – Operating Cash Flow & EBITDA Operating Cash Flow EBITDA 350 342 335 350 Q3 78 Q4 76 300 300 259 Q3 244 250 Q4 73 Q3 250 68 63 Q4 59 200 200 Q3 Million USD Q2 Q2 Million USD 66 102 Q3 104 62 150 150 Q2 Q2 100 55 52 100 Q1 Q1 89 87 Q1 Q1 50 75 71 50 0 0 NC00402 fin p0
Slide 13: Operating Costs
Year End 2025 Operating Costs USD/boe Quarterly operating costs USD/boe 22 22 20 20 2025 Operating Costs Guidance: 18–19 USD/boe 18 2025 Operating Costs 17.8 USD/boe 16 16 14 14 12 12 10 10 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Actual Actual Actual Actual NC00402 fin p02 10.25 See Notes and Reader Advisor
Slide 14: Netback (USD/boe)
Year End 2025 Netback (USD/boe) Fourth Quarter Full Year 2025 2025 Average Dated Brent oil price (63.7 USD/bbl) (69.1 USD/bbl) Revenue 42.0 41.9 Cost of operations -15.8 -15.2 Tariff and transportation -2.3 -2.4 Production taxes -0.3 -0.3 Operating costs -18.4 -17.9 Cost of blending -7.4 -8.2 Invent
Slide 15: Net Cash/Debt (MUSD)
Year End 2025 Net Cash/Debt (MUSD) Operating Cash Flow MUSD 258.9 50 50 0 0 (50) (50) Blackrod (100) Phase 1 (100) MUSD -228.4 Development capex & abex MUSD -344.2 (150) (150) (200) (200) Opening Net Debt 1 Jan 2025 Other MUSD MUSD -208.5 (250) MUSD -115.8 Net Cash Financial (250) items MUSD MUSD -5
Slide 16: G&A / Financial Items
Year End 2025 G&A / Financial Items MUSD Fourth Quarter 2025 Full Year 2025 Net interest expense 13.5 38.6 Amortisation of capitalised financing fees 2.8 4.3 Unwinding of asset retirement obligation discount 4.2 16.5 Foreign exchange loss (gain), net and others 5.6 6.4 Net Financial Items -26.1 -65.
Slide 17: Financial Results
Year End 2025 Financial Results Revenue MUSD 685.9 44,900 boepd 700 700 Production costs 650 MUSD -427.6 650 17.8 USD/boe 600 600 550 550 500 500 450 450 Million USD 400 400 350 350 Million USD Depletion 300 MUSD -128.4 300 Cash Margin 250 250 MUSD 258.3 200 Exploration and 200 Business Development
Slide 18: Balance Sheet
31 December 2025 Balance Sheet MUSD 31 Dec 2025 31 Dec 2024 Assets Oil and gas assets 1,795.1 1,501.3 Other non-current assets 52.2 53.5 Current assets 123.3 152.3 Cash 7.0 246.6 1,977.6 1,953.7 Liabilities Financial liabilities 38.7 1.7 Bonds (net of capitalised fees) 442.3 439.9 Provisions 284.2 2
Slide 19: Capital Structure
International Petroleum Corp. Capital Structure Bonds MUSD 450 Refinanced in Q4 2025 Maturity October 2030 7.50% coupon, MUSD 25 semi-annual amortization starting April 2028 Canadian RCF MCAD 250 Maturity May 2027 Drawdown at December 31, 2025: MCAD 53 Letter of Credit Facility MCAD 19.7 letters of
Slide 20: Hedging - 2025
International Petroleum Corp. Hedging - 2025 2025 Hedges Executed 2025 Jan: 7,000 bbl/d @ 70.57 USD/bbl Oil WTI 2025 Feb-Dec: 10,000 bbl/d @ 71.30 USD/bbl Oil WTI Collar 2025 Jul-Dec: 4,000 bbl/d @ 65.00–75.85 USD/bbl Oil WTI-WCS 2025: 11,700 bbl/d @ -14.26 USD/bbl 2025 Jan: 1,000 bbl/d @ 75.00 USD/
Slide 21: 2025 Highlights
International Petroleum Corp. 2025 Highlights Capital Expenditure Production Stable Operating Costs Blackrod Phase1 228 MUSD Q4 45.6 Mboepd Q4 18.4 USD/boe FY2025 344 MUSD FY2025 44.9 Mboepd FY2025 17.8 USD/boe Robust Cash Flow Balance Sheet Sustainability Focus Share Repurchase FY2025 259 MUSD OCF
Slide 22: Notes
Notes Page 2: Q4 and Full Year 2025 Highlights • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the material change report dated February 10, 2026 (MCR) available on IPC’s website at www.international
Slide 23: Reader Advisory
Reader Advisory Forward-Looking Statements This presentation contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking state
Slide 24: Reader Advisory
Reader Advisory • the ability to access sufficient capital from internal and external sources; • failure to obtain required regulatory and other approvals; • geopolitical conflicts, including current and potential future conflicts in Ukraine, the Middle East, South America and elsewhere, and their p
Slide 25: Reader Advisory
Reader Advisory There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the COGE Handbook as being considered to be the best estimate of the quantity that will be actually recovered.
Slide 26: Reader Advisory
Reader Advisory Currency All dollar amounts in this presentation are expressed in United States dollars, except where otherwise noted. Currency Abbreviations CAD Canadian dollar MCAD Million Canadian dollar EUR Euro MEUR Million Euro USD US dollar MUSD Million US dollar MYR Malaysian Ringgit MMYR Mi
Slide 27: www.international-petroleum.com
www.international-petroleum.com Follow us on social media 27
International Petroleum — Q4 2025 Earnings Presentation on 6ix