International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Investor Day (February 2026)
75 slides from International Petroleum Corp. (british Columbia)'s investor day presentation, Feb 10, 2026
Slide 1: Capital Markets Day 2026
International Petroleum Corp. Capital Markets Day 2026 February 10, 2026
Slide 2: Agenda
International Petroleum Corp. Agenda Presenting today Capital Markets Day February 10, 2026 1 Introduction William Lundin 2 2026 Outlook Nicki Duncan William Lundin Nicki Duncan Chris Hogue President and CEO COO SVP Canada 3 Asset Overview Chris Hogue and Nicki Duncan 4 Financial Overview Christophe
Slide 3: Introduction
1 Introduction William Lundin IPC CMD 2026 3
Slide 4: 2025 Highlights
International Petroleum Corp. 2025 Highlights Blackrod Phase 1 First Steam Achieved Capital Expenditure Production Operating Expenditure Guidance 340 MUSD Guidance 43-45 Mboepd Guidance 18-19 USD/boe FY2025 344 MUSD FY2025 44.9 Mboepd FY2025 17.8 USD/boe Cash Flow Balance Sheet Sustainability Focus
Slide 5: History of Growth
International Petroleum Corp. History of Growth IPC Inception 2017 IPC Current 2026 Shares outstanding 113.5 million Shares outstanding 112.2 million Production 10 Mboepd 5x 44-47 Mboepd 2P Reserves 29 MMboe 18x 521 MMboe 8 4x 31 MMboe Reserve Life Index Years Years Years 2C Contingent Resources 0 M
Slide 6: 2P Reserves Growth
International Petroleum Corp. 2P Reserves Growth 2P reserves of 521 MMboe as at December 31, 2025 RRR RRR 277% RRR 251% 521 Reserve Life Index (Years) 78% 493 2P Reserves and Production 471 YE 2016 8 (MMboe) 468 YE 2025 31 RRR 1,388% RRR RRR 173% -93% RRR 300 91% 288 272 270 RRR 18 x 1,379% 135 119
Slide 7: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2026 – 2030 Production Free Cash Flow 88% Organic Growth 18% p.a. 85 USD Brent >2,000 MUSD Stakeholder Returns ~ 62 Mboepd 44% 65 USD 9% p.a. Brent >1,000 MUSD M&A NC00409 p23 01.26 See Notes and Reader Advisory IPC CMD 20
Slide 8: Production Growth
International Petroleum Corp. Production Growth Material increase in production and oil weighting outlook driven by Blackrod GR ow th 70,000 C A Gr 700 15% ecast F or Average Annual Production (boepd) 60,000 600 5 0% Production boepd per Million Shares > 50,000 500 40,000 400 30,000 300 20,000 200 1
Slide 9: Blackrod - A Giant Journey
International Petroleum Corp. Blackrod - Unlocking the Vast Resource - the Last Two Decades Q3 2026 Dec 2025 First oil to be Feb 2023 IPC achieves delivered first steam Dec 2018 IPC sanctions ahead of Phase 1 Sep 2016 IPC acquires schedule and 30,000 bopd BlackPearl on budget Dec 2012 Regulatory dev
Slide 10: Blackrod Valuation
International Petroleum Corp. Blackrod Blackrod Blackrod Valuation Reserves Capex Profitability NPV10 311 MMbbl 850 MUSD 1.4 BUSD @ 01.01.26 Phase 1 development Pre production 47 USD/bbl WTI breakeven @ 01.01.26 Blackrod Phase 1 Production Upside 30 Mbopd Phase 1 1,142 MMbbl 80 Mbopd development reg
Slide 11: Big Fields Get Bigger - Track Record
International Petroleum Corp. Big Fields Get Bigger - Track Record International Petroleum Corp. Alvheim Edvard Grieg Johan Sverdrup Onion Lake Thermal Blackrod MMboe MMboe Bn boe MMboe MMboe 596 311 379 2.7 150 +17% +43% 2.3 +67% 218 +132% +104% 90 257 186 PDO EUR PDO EUR PDO EUR Sanction EUR Sanct
Slide 12: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2026 – 2030 Production Free Cash Flow 88% 18% p.a. Organic Growth 85 USD Brent >2,000 MUSD Stakeholder Returns ~ 62 Mboepd 44% 65 USD 9% p.a. Brent >1,000 MUSD M&A NC00409 p26 01.26 See Notes and Reader Advisory IPC CMD 20
Slide 13: 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 Greater than USD 1 billion of value created from total share repurchases compared to current share price NCIB renewed for 2025/2026: ability to purchase 6
Slide 14: Cash Flow Per Share (CFPS) Growth
International Petroleum Corp. Cash Flow Per Share (CFPS) Growth Forecast CFPS growth from 2026 to 2030 (at 65 USD/bbl WTI and 3.50 USD/Mcf AECO) of IPC compared to Canadian listed oil and gas companies 30 25 IPCO Upside 20 Base CFPS CAGR (%) 15 10 5 0 Peer 1 Peer 2 IPCO Peer 3 Peer 4 Peer 5 Peer 6 P
Slide 15: Strongly Positioned to Create Stakeholder Value
International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2026 – 2030 Production Free Cash Flow Organic Growth 85 USD Brent Stakeholder Returns ~ 62 Mboepd 65 USD Brent M&A NC00409 p27 02.26 See Notes and Reader Advisory IPC CMD 2026 15
Slide 16: IPC Value Creation
International Petroleum Corp. IPC Value Creation Jan 2018 Mar 2020 Mar 2023 2017 Dec 2018 Apr 2021 2023-2026 Suffield Assets IPC spun off from Lundin Petroleum 25% Bertam Field with producing assets in Malaysia, Blackrod France and the Netherlands. Phase 1 MUSD 0 500 1,000 1,500 2,000 Total acquisit
Slide 17: Enterprise Value Liquidation
International Petroleum Corp. Enterprise Value Liquidation Forecast FCF as a percentage of Enterprise Value Enterprise Value 0 550 1,100 1,650 2,200 2,750 3,300 3,850 4,400 4,950 MUSD at 95 USD/bbl Brent at 85 USD/bbl Brent at 75 USD/bbl Brent at 65 USD/bbl Brent 2026-2030 2031-2035 0% 20% 40% 60% 8
Slide 18: Canada Oil Outlook
Fort McMurray International Petroleum Corp. Edmonton Canada Oil Outlook Burnaby Hardisty Canadian oil exports to countries other than the US (% of total output) PADD V 14 12 PADD IV Montreal 10 Sarnia 8 PADD II Chicago 6 Patoka/ 4 PADD I Wood River 2 Cushing 0 2016 2017 2018 2019 2020 2021 2022 2023
Slide 19: Net Asset Value (BUSD)
International Petroleum Corp. Net Asset Value (BUSD) 3.6 2C Upside Opening net debt 0.5 3.1 2.7 Opening net debt 0.5 2.3 2.2 0.5 YE 2016 NAV YE 2025 YE 2025 NAV 10 IPCO NAV 10 @ YE 2024 prices Market Cap NCF00409 p28 02.26 February 2, 2026 See Notes and Reader Advisory IPC CMD 2026 19
Slide 20: The Power of Growth and Buybacks
International Petroleum Corp. The Power of Growth and Buybacks Net Asset Value per Share as at January 1, 2031 with FCF used for share buybacks 1,200 950 SEK/sh 1,000 (141 CAD/sh) 85 SEK/sh cash 800 SEK/share 500 SEK/sh 600 (74 CAD/sh) 1 SEK/sh cash 400 200 - 75 USD 95 USD Brent Brent 195 SEK/Share
Slide 21: 2026 Outlook
2 2026 Outlook Nicki Duncan IPC CMD 2026 21
Slide 22: 2P Reserves - Year End 2025
International Petroleum Corp. 2P Reserves (MMboe) 2P Reserves - Year End 2025 Canada Gas, 46.4 Malaysia, 4.4 France, 8.4 9% 2P reserves increased to 521 MMboe 1% 277% reserves replacement ratio <2% 89% Canada Crude, 461.3 Reserve life index (RLI) 31 years MMboe +43 521 493 -16 2P Reserves MMboe End
Slide 23: Best Estimate Contingent Resources - Year End 2025
International Petroleum Corp. Best Estimate Contingent Resources - Year End 2025 Contingent Resources (MMboe) Other, 21.8 Blackrod resource growth continues with land acquisition Canada Gas, 42.8 and further appraisal work <2% ~3% 95% Canada Crude, 1,159.5 MMboe +110 1,224 1,107 +64 -6 -52 Best Esti
Slide 24: 2026 Investment Strategy
International Petroleum Corp. 2026 Investment Strategy 2026 Forecast Capital Expenditure Blackrod Phase 1 first oil and ramp-up Malaysia 3% Capital expenditure of 27 MUSD on other assets France 2% Canada Other 18% Mature organic growth opportunities in all regions Retain ability to adjust expenditur
Slide 25: 2026 Production Operations
International Petroleum Corp. 2026 Forecast Production Guidance 2026 Production Operations International, 10% nt Canada Gas, 31% Bre 2026 average net production guidance range of 44 to 47 Mboepd Ga s CS W Canada Crude, 59% Average Net Production (Mboepd) High guidance 44.9 47 2026 Forecast Operating
Slide 26: 2026 Budget - Forecast Capital Expenditure
International Petroleum Corp. 2026 Budget - Forecast Capital Expenditure Deliver First Oil at Blackrod Phase 1 2026 Expenditure 122 MUSD Blackrod 90 Other assets 27 Canada Abandonment 5 116 MUSD • Blackrod 90 • Other assets 21 • Abandonment 5 International 6 MUSD • France 3 • Malaysia 3 FRANCE Black
Slide 27: Production and Expenditure Outlook
International Petroleum Corp. Five Year Outlook Production and Expenditure Outlook ~62 Mboepd forecast average 17–19 USD/boe forecast operating net production costs ~62 Mboepd forecast average net production over the next 5 years >75% of 2P reserves remaining beyond 2030 Capital outlook includes: Bl
Slide 28: Asset Overview
3 Asset Overview Chris Hogue and Nicki Duncan IPC CMD 2026 28
Slide 29: IPC Canada Overview
IPC Canada Overview Alberta Saskatchewan Blackrod Phase 1 first oil and ramp-up Blackrod Heavy oil Onion Lake Edmonton Heavy oil Retain optionality to increase base business capital investments Calgary Regina Suffield/Alderson/Brooks Medicine Hat Gas & Heavy oil Ferguson Light oil 0 KM 200 NC00412 p
Slide 30: Blackrod Phase 1 - Key Achievements
IPC Canada Blackrod Phase 1 - Key Achievements First steam achieved ahead of schedule in December 2025 Project cost in line with guidance, 96% of growth capex spent by end Q4 2025 Staged construction handover and progressive commissioning ongoing 300+ people at site, including operations team Commer
Slide 31: Blackrod Phase 1
IPC Canada Operations and Construction Camp Blackrod Phase 1 Well Pad A Pilot Facility Well Pad B Central Processing Facility (CPF) NC00412 p29 02.26 IPC CMD 2026 31
Slide 32: Blackrod Phase 1 - Project Execution
IPC Canada Blackrod Phase 1 - Project Execution ~ 2.0 million manhours safely executed project to date Compressed and accelerated schedule Manage multiple work fronts simultaneously Progressive turnover and commissioning strategy implemented Progressive pre-commissioning 160,000 Early pre-commission
Slide 33: Blackrod Phase 1 – Progressive Commissioning
IPC Canada Blackrod Phase 1 – Progressive Commissioning Steam STAGE 1 Complete Initial Pad A North Oil Handling Storage and Sale Truck Export + B North Wells Steam STAGE 2 Remaining Pad A North Ongoing + B North Wells Oil Handling Storage and Sale Pipeline Export Water Recycle STAGE 3 Ongoing Pad A
Slide 34: Blackrod Phase 1 - Drilling Update
Blackrod Well Pads overlay on Calgary City Center Comparison IPC Canada Pad A North WP3 Pilot Blackrod Phase 1 - Drilling Update Pad B North WP2 Pilot 3 SAGD well pads 40 well pairs to 30,000 bopd as part of Phase 1 6 additional sustaining well pairs Pad A North and B North completed and part of Sta
Slide 35: Circulation Targets and Steam Chamber Development
IPC Canada Blackrod Phase 1 - Circulation Targets and Steam Chamber Development Steam phase - pre-heat the wellbore Top Pay Stage 1 well pairs on circulation at Injector Steam Steam Steam target rate “Water” Injector Steam circulation duration driven by 80°C target 5–6 m achieving heel to toe heat c
Slide 36: Blackrod Phase 1 - Production Ramp-up
IPC Canada Blackrod Phase 1 - Production Ramp-up Phased well ramp-up in line with progressive handover strategy Expect to reach facility capacity of 30,000 bopd by YE 2027 Production Ramp-up 30,000 40 Oil production (bbl/d) Pad A South Well count (#) Pad B North Pad A North 24 Months See Notes and R
Slide 37: Blackrod - Material Value Beyond Phase 1
IPC Canada Blackrod - Material Value Beyond Phase 1 Blackrod Reservoir er R iv ca Focus on unlocking the intrinsic value at Blackrod as ab h At Extensive contingent resources base being worked for maturation into reserves 52 MMboe 2P reserves addition YE 2025 YE 2024 CPF Phase 1 Retain flexibility o
Slide 38: Onion Lake Thermal
IPC Canada Onion Lake Thermal Well path Strong production in 2025 2025 wells 2025 infill wells and L Pad well pair LP9 online with production Reservoir OLT main facility performance ahead of expectations Pads Onion Lake Thermal area 2026 outlook Preparation for H Pad development 4D seismic for poten
Slide 39: Suffield Area Assets
Glauconitic extension Suffield/Alderson/Brooks assets IPC Canada Suffield Suffield Area Assets ay a ir w li eF er s E ll Continue to successfully offset historic field declines Ellerslie fields No major development planned in 2026 Retain capability to increase activity levels CFB Suffield Suffield o
Slide 40: Canada Other Assets Overview
Major Oil pipeline Major Gas pipeline IPC Canada IPC asset Other Assets Overview Mooney Blackrod Pilot Mooney Phase 2 EOR polymer flood ahead of forecast No development activity planned in 2026 Onion Lake Edmonton Primary Ferguson Phase 1 development Alberta Canada Other Assets 5 John Lake divestmen
Slide 41: IPC International Overview
France IPC International 0 KM 200 Overview Paris Basin France Aquitaine Basin Focus on operational excellence Malaysia Mature next phase of development drilling South China in France Sea Malaysia Bertam Kuala Lumpur Natuna Sea NC00413 p01 02.26 Singapore Indonesia 0 KM 400 See Notes and Reader Advis
Slide 42: IPC Malaysia - Bertam
Bertam North-East Development IPC Malaysia Bertam PM307 Continued focus on operational excellence A20 A21 A20 >10 years LTI free Bertam-3 >99% facility uptime achieved Bertam-5 A15st FPSO class certification renewed A15st Successful completion of 2025 capital program Field development studies in 202
Slide 43: IPC France Operations Overview
Potential IPC France Hautefeuille development targets Operations Overview Fontaine-au-Bron Villeperdue Stable production performance in 2025 Next round of development opportunities Fontaine-au-Bron Phase 1 development ready for sanction Villeperdue West Phase 2 target maturation 0 KM 4 France Produc
Slide 44: Sustainability
International Petroleum Corp. Sustainability Committed to a strong safety culture Health & Safety • No material safety incidents in 2025 • Sixth Sustainability Report issued Pursuing our climate strategy Climate • On track to achieve 50% net emissions Action intensity reduction to 20 kg CO2 /boe, ai
Slide 45: 2026 Summary
International Petroleum Corp. 2026 Summary Production Production 44 to 47 Production guidance range of 44,000 to 47,000 boepd Mboepd 5 year business plan targets ~62 Mboepd >50% production growth forecast by 2028 Investments Capex Blackrod Phase 1 first oil 122 MUSD Moderate base business investment
Slide 46: Financial Overview
4 Financial Overview Christophe Nerguararian IPC CMD 2026 46
Slide 47: 2026 CMD Economic Assumptions
International Petroleum Corp. 2026 CMD Economic Assumptions Low Case Base Case High Case 2025 Actual Oil in USD/bbl Brent 55 65 75 69 WTI 51 60 70 65 WCS 38 46 56 54 Gas in CAD/Mcf AECO 2.25 2.25 2.25 1.63 Sensitivities WTI-WCS differential (USD/bbl) +/- 3 USD/bbl AECO gas price (CAD/Mcf) +/- 1.00 C
Slide 48: 2026 CMD Guidance
International Petroleum Corp. 2026 CMD Guidance Main Assumptions Production 44,000 to 47,000 boepd Capital Expenditure 122 MUSD Operating Costs 19.0 USD/boe Forecast Base Case Financials USD/boe Revenue 38.4 Operating Cash Flow 10.4 EBITDA 9.5 Free Cash Flow 0.2 NC00415 p06 01.26 See Notes and Reade
Slide 49: Realized Oil and Gas Prices
International Petroleum Corp. Realized Oil and Gas Prices Forecast Actual 2026 2025 2024 2023 Oil Brent 65.0 69.1 80.7 82.6 (USD/bbl) Malaysia 69.0 (+4.0) 71.5 (+2.4) 86.1 (+5.4) 91.0 (+8.4) France 64.3 (-0.7) 69.6 (+0.5) 80.0 (-0.7) 81.9 (-0.7) WTI 60.0 64.8 75.7 77.7 WCS (calculated) 46.0 53.7 60.
Slide 50: Hedging - 2026 Onwards
International Petroleum Corp. Hedging - 2026 Onwards 2026 Hedges Executed Oil Brent Feb-Jun: 1,500 bbl/d @ 66.67 USD/bbl Oil WTI Feb-Jun: 7,500 bbl/d @ 61.53 USD/bbl Oil WTI-WCS 2026: 5,000 bbl/d @ -12.50 USD/bbl Gas Apr-Oct: 14,500 Mcf/d @ 2.84 CAD/Mcf See Notes and Reader Advisory IPC CMD 2026 50
Slide 51: Margin Netback (USD/boe)
International Petroleum Corp. Margin Netback (USD/boe) 2026 Forecast 2025 Low Base High Actual Brent/WTI/WCS (USD/bbl) (55/51/38) (65/60/46) (75/70/56) (69/65/54) Production Guidance (boepd) 44,000–47,000 44,900 Revenue 32.9 38.4 44.6 41.8 Cost of operations -16.0 -16.0 -16.0 -15.2 Tariff and transp
Slide 52: Operating Costs Forecast (USD/boe)
International Petroleum Corp. Operating Costs Forecast (USD/boe) USD/boe Quarterly operating costs USD/boe 24 24 22 22 20 20 2026 Operating Costs Guidance: 18.0-20.0 USD/boe 18 18 16 16 14 14 12 12 10 10 Q1 2026 Q2 2026 Q3 2026 Q4 2026 NC00415 p07 01.26 See Notes and Reader Advisory IPC CMD 2026 52
Slide 53: Operating Cash Flow and EBITDA Netback
International Petroleum Corp. Operating Cash Flow and EBITDA Netback (USD/boe) 2026 Forecast 2025 Low Base High Actual Brent/WTI/WCS (USD/bbl) (55/51/38) (65/60/46) (75/70/56) (69/65/54) Cash Margin Netback 6.2 10.4 15.3 15.8 Cash Taxes – – -0.1 – Operating Cash Flow Netback 6.2 10.4 15.2 15.8 EBITD
Slide 54: Profit Netback (USD/boe)
International Petroleum Corp. Profit Netback (USD/boe) 2026 Forecast 2025 Low Base High Actual Brent/WTI/WCS (USD/bbl) (55/51/38) (65/60/46) (75/70/56) (69/65/54) Cash Margin Netback 6.2 10.4 15.3 15.8 Depletion/depreciation -7.8 -7.8 -7.8 -7.8 Business development and exploration costs -0.4 -0.3 -0
Slide 55: Oil Sensitivity to WTI/WCS Differential
International Petroleum Corp. Oil Sensitivity to WTI/WCS Differential 2026 Forecast Base Case WTI oil price (USD/bbl) 60 60 WTI/WCS Differential (USD/bbl) 14 17 Difference Total Revenue (USD/boe) 38.4 37.1 -1.3 Operating Cash Flow (USD/boe) 10.4 9.2 -1.2 EBITDA (USD/boe) 9.5 8.2 -1.3 See Notes and R
Slide 56: Gas Sensitivity to Realized Canadian Gas Price
International Petroleum Corp. Gas Sensitivity to Realized Canadian Gas Price 2026 Forecast Base Case Gas price (CAD/Mcf) 2.25 3.25 Difference Total Revenue (USD/boe) 38.4 39.4 +1.0 Operating Cash Flow (USD/boe) 10.4 11.0 +0.6 EBITDA (USD/boe) 9.5 10.1 +0.6 See Notes and Reader Advisory IPC CMD 2026
Slide 57: Free Cash Flow (USD/boe)
International Petroleum Corp. Free Cash Flow (USD/boe) 2026 Forecast 2025 Low Base High Actual Brent/WTI/WCS (USD/bbl) (55/51/38) (65/60/46) (75/70/56) (69/65/54) Operating Cash Flow Netback 6.2 10.4 15.2 15.8 Cash General and Administration Costs -1.0 -1.0 -1.0 -0.9 Cash Financial Items -2.0 -1.9 -
Slide 58: 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 59: Reserves Evaluation
5 Reserves Evaluation Rebecca Gordon IPC CMD 2026 59
Slide 60: Long-term Pricing Forecast
International Petroleum Corp. Long-term Pricing Forecast Brent USD/bbl Western Canadian Select (WCS) USD/bbl Empress Gas Price CAD/Mcf 90 70 68.7 5.0 86.6 67.4 84.9 66.1 64.8 83.2 63.3 63.5 82 81.6 4.5 80 80.0 80.0 61 4.32 80 4.23 60 59 58.9 4.16 4.15 76.4 58.5 57.7 4.07 75.0 74.9 3.99 3.99 73.4 56.
Slide 61: Net Present Value (NPV10) Changes (MUSD)
International Petroleum Corp. Net Present Value (NPV10) Changes (MUSD) 3,565 3,432 3,292 3,023 2,692 2,258 2,151 2,058 1,450 1,061 YE17 YE18 YE19 YE20 YE21 YE22 YE23 YE24 YE25 YE25 @ YE24 price 86 81 80 80 5-Year Average 72 70 Reserves Auditor 70 69 67 Brent Price (USD/bbl) NC00415 p11 02.26 53 See
Slide 62: Net Present Value at Year End 2025 (MUSD)
International Petroleum Corp. Net Present Value at Year End 2025 (MUSD) 3,371 Malaysia/France 3% 2,692 Canada other including tax 9% Southern Assets 10% 1,896 NPV10 2P 53% Blackrod Onion Lake Thermal 25% NPV10 1P NPV10 2P NPV10 3P NC00415 p03 02.26 See Notes and Reader Advisory IPC CMD 2026 62
Slide 63: Cash Flow Generation Power of Oil Sands Projects
International Petroleum Corp. Cash Flow Generation Power of Oil Sands Projects Blackrod Phase 1 Cash Flow (before taxes) 4.0B 8,000 to 7.1B 0 B USD 2 . 7,000 SD BU 3.5 6,000 2.0B to 5,000 3.6B BU SD 1.8 4,000 SD U MUSD 3 B 3,000 200 to 2,000 650 1,000 0 -1,000 2023 2024 2025 2026 2027 2028 2029 2030
Slide 64: Conclusion
6 Conclusion William Lundin IPC CMD 2026 64
Slide 65: Conclusions
International Petroleum Corp. Conclusions Cash Flow Production Growth Generation 2026 Production Guidance Blackrod Phase 1 44–47 Mboepd 1–2 BUSD 311 MMbbl 2026–2030 >50% production growth 1.4 BUSD value by 2028 Shareholders Balance Sheet Return M&A Safety Focus ~200 MCAD available >27% absolute shar
Slide 66: Q&A
Z Z IPC CMD 2026 y Z International Petroleum Corp. 66
Slide 67: Notes
Notes Page 4: 2025 Highlights • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the Corporation’s material change report dated February 10, 2026 (MCR) available on IPC’s website at www.international- p
Slide 68: Notes
Notes Page 17: Enterprise Value Liquidation • FCF is a “Non-IFRS Measure”. See Reader Advisory and MD&A. • Enterprise value is IPC’s market capitalization at close on February 2, 2026 (USD 2,277 million based on 182 SEK/share, 112.2 million IPC shares outstanding and exchange rate of 8.97 SEK/USD) p
Slide 69: Notes
Notes Page 34: Blackrod Phase 1 - Drilling Update • For risks and uncertainties related to the Blackrod Phase 1 project, see Reader Advisory, MD&A and MCR. Page 35: Blackrod Phase 1 - Circulation Targets and Steam Chamber Development • For risks and uncertainties related to the Blackrod Phase 1 proj
Slide 70: Notes
Notes Page 57: Free Cash Flow (USD/boe) • See Notes for Page 53:”Operating Cash Flow and EBITDA Netback”. • OCF and FCF are “Non-IFRS Measures”. See Reader Advisory and MD&A. • Capital expenditures includes exploration and appraisal costs and decommissioning expenditure. Page 60: Long-term Pricing F
Slide 71: 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 72: Reader Advisory
Reader Advisory • the ability to attract, engage and retain skilled employees; • incorrect assessment of the value of acquisitions; • failure to complete or realize the anticipated benefits of acquisitions or dispositions; • the ability to access sufficient capital from internal and external sources
Slide 73: Reader Advisory
Reader Advisory Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one
Slide 74: 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 BUSD Billion US dollar MUSD Million US dollar MYR Ma
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