International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Q2 2025 Earnings Presentation
37 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, Aug 5, 2025
Slide 1: Operations & Financial Update Second Quarter 2025
Q2 25 International Petroleum Corp. Operations & Financial Update Second Quarter 2025 William Lundin, President & CEO Christophe Nerguararian, CFO August 5, 2025 NCF00363
Slide 2: Q2 2025 Highlights
International Petroleum Corp. Q2 2025 Highlights Quarterly average net production 43,600 boepd, in line with guidance Production Guidance 2025 average net production guidance range of 43,000–45,000 boepd maintained Operating costs Q2 operating costs marginally below guidance at 17.8 USD/boe Full yea
Slide 3: 2025 Production
International Petroleum Corp. 2025 Production Production – all assets Q2 2025 average net production 43.6 Mboepd High Canada International Low Guidance Onion Lake Thermal Canada 50 Planned maintenance sustaining wells online Stable performance at all major assets Onion Lake Thermal latest sustaining
Slide 4: 2025 Production Forecast
International Petroleum Corp. 2025 Production Forecast 2025 average net production guidance range of 43 to 45 Mboepd Average Net Production (Mboepd) 2025 Forecast Production Guidance 47.4 High guidance 45 48 46 44.4 43.6 45 43 International, 12% Low guidance 43 Canada Gas, 33% High Guidance Low rang
Slide 5: 2025 Operating Cash Flow
International Petroleum Corp. 2025 Operating Cash Flow 1H 2025 OCF 2025 CMD guidance OCF 2025 Forecast OCF 280 MUSD 85 USD/bbl (5/15)(1) 260 MUSD 75 USD/bbl (5/15)(1) 245 MUSD 60 USD/bbl (3/10)(1) 210 MUSD 65 USD/bbl (5/15)(1) 1H 130 MUSD 72 USD/bbl (4/11)(1) Q2 55 MUSD 68 USD/bbl (4/10)(1) NC00363
Slide 6: 2025 Capital Expenditure
International Petroleum Corp. 2025 Capital Expenditure 2025 CAPEX 320 MUSD 2025 annual capital expenditure guidance maintained Blackrod 230 MUSD Non-Blackrod 83 MUSD 199 MUSD spent in 1H 2025 Decommissioning 7 MUSD Canada 274 MUSD France • Blackrod Phase 1 6 MUSD • Blackrod resource maturation • FAB
Slide 7: 2025 Free Cash Flow
International Petroleum Corp. 2025 Free Cash Flow 1H 2025 FCF 2025 CMD FCF Guidance 2025 Forecast FCF (excluding Blackrod) 150 MUSD (excluding Blackrod) 85 USD/bbl (5/15)(1) 110 MUSD 75 USD/bbl (5/15)(1) 95 MUSD 80 MUSD 60 USD/bbl (3/10)(1) 65 USD/bbl (5/15)(1) 43 MUSD (excluding Blackrod) 72 USD/bb
Slide 8: Share Repurchase
International Petroleum Corp. Share Repurchase 76 million IPC shares repurchased since inception at an average price of SEK 77 / CAD 10 per share Current 2024/2025 NCIB program ~85% Complete Intention to complete provided Net Debt to EBITDA < 1.75x -25.5 -8.4 -9.6 +75.8 -8.3 -9.3 -8.3 No ~4.5x produ
Slide 9: Net Asset Value
International Petroleum Corp. Net Asset Value (MUSD) 3,292 Opening net debt 209 3,083 37 CAD/sh 38% discount (287 SEK/sh) to NAV 1,916 (166 SEK/sh) 23 CAD/sh GR CA 4 % 2 543 YE 2016 NAV YE 2024 IPCO NAV 10 Market Cap NC00363 p08 07.25 July 30, 2025 See Notes and Reader Advisory IPC - Q2 2025 Present
Slide 10: Blackrod Phase 1 Development
IPC Canada Blackrod Phase 1 Development Project progressing on time and on budget Facility fabrication and major equipment delivery substantially complete with all central processing facility modules delivered to site Field construction and preparations for progressive commissioning ongoing Third pa
Slide 11: Blackrod Phase 1 Schedule
IPC Canada Blackrod Phase 1 Schedule 2023 2024 2025 2026 TODAY Civil Plan Build Site Works Complete Facilities Workshop ManufactureTransport Construct CPF Construct CPF Commission Drilling Gas Pipeline 3 Party rd Transport Diluent Pipeline Lines Diluent Bitumen (Dilbit) Pipeline First Steam First Oi
Slide 12: Onion Lake Thermal
IPC Canada Onion Lake Thermal Export Pipeline 2025 Infill Wells Reservoir OLT Main Facility Pads Onion Lake Thermal Area Stable production performance Infill drilling Ramping up latest infill and remaining L Pad wells L D’ E A Onion Lake Thermal Production New production wells online C 14 Planned ma
Slide 13: Suffield Area Assets
0 50 KM 200 0 25 Miles 100 IPC Canada Saskatchewan Alberta 0 KM 1 Suffield Area Assets Low decline production Fort McMurray Fort St. John No major development planned in 2025 Blackrod Retain capability to increase activity levels Grande Prairie Slave Lake Mooney Athabasca Lac La Biche Prince George
Slide 14: Other Assets Overview
Major Oil pipeline Major Gas pipeline IPC Canada IPC asset Other Assets Overview Mooney Blackrod Pilot Mooney Phase 2 polymer flood response ahead of forecast No development activity planned in 2025 Edmonton Onion Lake Canada Other Assets 5 Planned maintenance Alberta 4 Saskatchewan Production (Mboe
Slide 15: Operations Update (Malaysia)
IPC Malaysia Operations Update High facility uptime of > 99% achieved Malaysia Bertam Drilling and workover campaign successfully completed in early Q3 2025 Planned maintenance activity scheduled in Q3/Q4 2025 Drilling Rig at Bertam Field Bertam Field Production 5 Bertam North-East Development Well
Slide 16: Operations Overview (France)
Potential IPC France Hautefeuille development targets Operations Overview Fontaine-au-Bron Villeperdue Stable operations in Q2 2025 Well maintenance work ongoing Maturing organic growth opportunities Fontaine-au-Bron Phase 1 development preparations 0 KM 4 France Production 3.0 Fontaine-au-Bron (FAB
Slide 17: Financial Highlights
Second Quarter 2025 Financial Highlights IPC - Q2 2025 Presentation 17
Slide 18: First Six Months 2025 Financial Highlights
First Six Months 2025 Financial Highlights Second Quarter First Six Months 2025 2025 Production (boepd) 43,600 44,000 Average Dated Brent Oil Price (USD/boe) 67.9 71.9 Operating costs (USD/boe) 17.8 17.5 Operating cash flow (MUSD) 54.9 129.7 EBITDA (MUSD) 51.5 122.5 Capital and decommissioning expen
Slide 19: Realised Oil Prices
First Six Months 2025 Realised Oil Prices 2025 2024 2024 2023 USD/bbl YTD Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 71.9 67.9 75.7 74.7 80.1 85.0 83.2 80.7 82.6 Malaysia 73.3 (+1.4) 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 (+5.4) 91.0 (+8.4) France 72.2 (+0.3) 6
Slide 20: Realised Gas Prices
First Six Months 2025 Realised Gas Prices 2025 2024 2024 2023 CAD/mcf YTD Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year AECO 1.89 1.65 2.13 1.44 0.67 1.17 2.49 1.44 2.61 Empress 2.19 1.96 2.43 1.49 0.68 1.17 2.59 1.49 2.61 Realised (to AECO) 2.10(1) (+0.21) 1.82 (+0.17) 2.40(1) (+0.27) 1.61 (+0.17) 0.72 (+0
Slide 21: Financial Results – Operating Cash Flow & EBITDA
First Six Months 2025 Financial Results – Operating Cash Flow & EBITDA Operating Cash Flow EBITDA 200 200 191 191 Q2 Q2 102 104 150 150 130 123 Q2 Q2 Million USD 55 Million USD 52 100 100 Q1 Q1 89 87 Q1 Q1 75 71 50 50 0 0 NC00386 fin p01 04.25 2025 2024 2025 2024 See Notes and Reader Advisory IPC -
Slide 22: Operating Costs
First Six Months 2025 Operating Costs USD/boe Quarterly operating costs USD/boe 22 22 20 20 2025 Operating Costs Guidance: 18–19 USD/boe 18 16 16 14 14 12 12 10 10 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Actual Actual Forecast Forecast NC00386 fin p02 04.25 See Notes and Reader Advisory IPC - Q2 2025 Presen
Slide 23: Netback (USD/boe)
First Six Months 2025 Netback (USD/boe) Second Quarter First Six Months 2025 2025 Average Dated Brent oil price (67.9 USD/bbl) (71.9 USD/bbl) Revenue 40.0 42.3 Cost of operations -15.3 -14.9 Tariff and transportation -2.1 -2.3 Production taxes -0.3 -0.3 Operating costs -17.7 -17.5 Cost of blending -
Slide 24: Net Debt (MUSD)
First Six Months 2025 Net Debt (MUSD) 0 0 Operating Cash Flow (50) MUSD 129.7 (50) (100) (100) Development capex & abex Blackrod MUSD -199.2 (150) Phase 1 (150) MUSD -137.9 (200) (200) Opening Net Debt 1 Jan 2025 Net Cash Financial MUSD MUSD -208.5 (250) Other items (250) MUSD -61.3 MUSD -23.8 Share
Slide 25: G&A / Financial Items
First Six Months 2025 G&A / Financial Items MUSD Second Quarter 2025 First Six Months 2025 Net interest expense 8.3 15.5 Amortisation of capitalised financing fees 0.5 1.0 Unwinding of asset retirement obligation discount 4.1 8.1 Foreign exchange loss (gain), net and others -13.1 -5.9 Net Financial
Slide 26: Financial Results
First Six Months 2025 Financial Results 400 Revenue 400 MUSD 337.4 44,000 boepd 350 350 Production costs MUSD -207.3 300 17.5 USD/boe 300 250 250 Million USD Million USD 200 200 Depletion 150 MUSD -61.7 150 Cash Margin MUSD 130.1 Exploration and 100 Business Development G&A 100 costs MUSD -0.6 MUSD
Slide 27: Balance Sheet
30 June 2025 Balance Sheet MUSD 30 Jun 2025 31 Dec 2024 Assets Oil and gas assets 1,723.1 1,501.3 Other non-current assets 57.8 53.5 Current assets 164.1 152.3 Cash 78.9 246.6 2,023.9 1,953.7 Liabilities Financial liabilities – 1.7 Bonds (net of capitalised fees) 442.3 439.9 Provisions 290.2 268.4 O
Slide 28: Capital Structure
International Petroleum Corp. Capital Structure Bonds MUSD 450 Maturity February 2027 7.25% coupon Interest payable February 1st and August 1st Canadian RCF MCAD 250 Maturity May 2027 Fully undrawn at end of Q2 2025 Letter of Credit Facility MCAD 40.2 letters of credit issued including MCAD 35 for B
Slide 29: Hedging
International Petroleum Corp. Hedging 2025 Hedges Executed Jan: 7,000 bbl/d @ 70.57 USD/bbl Oil WTI Feb-Dec: 10,000 bbl/d @ 71.30 USD/bbl Oil WTI Collar Jul-Dec: 4,000 bbl/d @ 65.00–75.45 USD/bbl Oil WTI-WCS 2025: 11,700 bbl/d @ -14.26 USD/bbl Jan: 1,000 bbl/d @ 75.00 USD/bbl Oil Brent Feb-Dec: 2,00
Slide 30: First Six Months 2025 Highlights
International Petroleum Corp. First Six Months 2025 Highlights Investment Production Stable Operating Costs Blackrod Phase 1 138 MUSD Q2 43.6 Mboepd Q2 17.8 USD/boe 1H 2025 199 MUSD FY2025 43–45 Mboepd FY2025 18–19 USD/boe Strong Cash Flow Robust Balance Sheet Sustainability Focus Share Repurchase Q
Slide 31: Notes
Notes Page 2: Q2 2025 Highlights • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the annual information form for the year ended December 31, 2024 (AIF) available on IPC’s website at www.international
Slide 32: Notes
Notes Page 18: Financial Highlights • Operating costs, OCF, EBITDA, FCF and net debt are “Non-IFRS Measures”. See Reader Advisory and MD&A. Page 21: Financial Results – Operating Cash Flow & EBITDA • OCF and EBITDA are “Non-IFRS Measures”. See Reader Advisory and MD&A. Page 22: Operating Costs • Ope
Slide 33: 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 34: Reader Advisory
Reader Advisory • political or economic developments, including, without limitation, the risk that (i) one or both of the U.S. and Canadian governments increases the rate or scope of tariffs implemented in 2025, or imposes new tariffs on the import of goods from one country to the other, including o
Slide 35: Reader Advisory
Reader Advisory include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Conting
Slide 36: Reader Advisory
Reader Advisory Currency All dollar amounts in this presentation are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars. Oil related terms and measurements AECO The daily average benchm
Slide 37: www.international-petroleum.com
www.international-petroleum.com Follow us on social media 37
International Petroleum — Q2 2025 Earnings Presentation on 6ix