International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Q1 2026 Earnings Presentation
32 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, May 5, 2026
Slide 1: Operations & Financial Update First Quarter 2026
Q 1 26 Operations & Financial Update First Quarter 2026 William Lundin, CEO Christophe Nerguararian, CFO May 5, 2026 NC00249 p01 02.22
Slide 2: Q1 2026 Highlights
International Petroleum Corp. Q1 2026 Highlights First quarter production average of 43,000 boepd, at high end of guidance Production Guidance 2026 guidance retained at 44,000 – 47,000 Operating costs Q1 operating costs below guidance at 17.6 USD/boe Full year forecast guidance range maintained at 1
Slide 3: 2026 Production
International Petroleum Corp. 2026 Production Production – all assets High Canada International Low Q1 Guidance 50 Q1 2026 average net production 43 Mboepd 40 Strong operational performance at all producing assets 30 Mboepd 20 10 0 Jan Feb Mar Apr NC00422 p02 04.26 2026 See Notes and Reader Advisory
Slide 4: Production and Operating Expenditure Guidance
International Petroleum Corp. 2026 Forecast Production Guidance Production and Operating Expenditure Guidance International, 10% nt Canada Gas, 31% Bre Well positioned to deliver within guidance range of 44 to 47 Mboepd Ga s Q1 2026 average net operating cost of 17.6 USD/boe CS W Canada Crude, 59% A
Slide 5: 2026 Operating Cash Flow
International Petroleum Corp. 2026 Operating Cash Flow Q1 2026 OCF 2026 Forecast OCF 2026 CMD guidance OCF 340 MUSD (1) 90 USD/bbl (5/14) 250 MUSD (1) 75 USD/bbl (5/14) 220 MUSD (1) 70 USD/bbl (5/14) 100 MUSD (1) 55 USD/bbl (4/13) 68 MUSD (1) 81 USD/bbl (9/14) NC00422 p04 04.26 See Notes and Reader
Slide 6: 2026 Capital Expenditure
International Petroleum Corp. 2026 Capital Expenditure Increasing capital expenditure budget to 163 MUSD 2026 Expenditure 163 MUSD Accelerate high value fast payback activity Blackrod 104 Other assets 54 Abandonment 5 Canada 142 MUSD • Blackrod 104 • Other assets 33 • Abandonment 5 International 21
Slide 7: 2026 Free Cash Flow
International Petroleum Corp. 2026 Free Cash Flow Q1 2026 FCF 2026 Forecast FCF 2026 CMD FCF Guidance 120 MUSD (1) 90 USD/bbl (5/14) 85 MUSD (1) 75 USD/bbl (5/14) 0 MUSD (1) 70 USD/bbl (5/14) (17) MUSD (1) 81 USD/bbl (9/14) -70 MUSD (1) 55 USD/bbl (4/13) NC00422 p05 04.26 See Notes and Reader Adviso
Slide 8: 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 1.4 billion of value created from total share repurchases compared to current share price NCIB renewed for 2025/2026: ability to purchase
Slide 9: Blackrod Phase 1 Progress Update
IPC Canada Blackrod Phase 1 Progress Update On track for first oil Q3 2026 One quarter ahead of original schedule guidance set in 2023 Cumulative growth capital spent to end Q1 2026: 842 MUSD Well positioned to deliver in line with original capex guidance of 850 MUSD to first oil Successful progress
Slide 10: Blackrod Valuation
IPC Canada Blackrod Valuation Blackrod Reserves Capex Profitability Blackrod Reservoir NPV10 311 MMbbl 850 MUSD 1.4 BUSD @ 01.01.26 Phase 1 development Pre production 47 USD/bbl WTI breakeven @ 01.01.26 Production Upside 30 Mbopd Phase 1 1,142 MMbbl CPF Phase 1 80 Mbopd development regulatory approv
Slide 11: Onion Lake Thermal
IPC Canada Onion Lake Thermal Well path 2025 wells Reservoir OLT main facility Pads Onion Lake Thermal area Stable performance through Q1 2026 Preparation ongoing for next phases of production well drilling L D’ E A Onion Lake Thermal Production C 14 H B 12 F Saskatchewan Production (Mboepd) 10 H Al
Slide 12: Suffield Area Assets
IPC Canada Suffield Area Assets Suffield Area Assets Suffield Reliable low decline production Basal Quartz Fairway (Ellerslie ) Capital expenditure budget increase to allow drilling of four Basal Quartz wells Fair way r s lie e Ell Ellerslie fields Suffield Area Oil & Gas Production 25 CFB Suffield
Slide 13: International Assets: France and Malaysia
France - Paris Basin IPC International Fontaine-au-Bron (FAB) Assets Overview Châlons-en- La Motte Noire Fontaine-au-Bron Champagne Villeperdue (VPU) FAB3 FAB16G Vert-la-Gravelle Villeseneux Mclaunay Mclaunay Amaltheus Soudron FAB6 Villeperdue Dommartin-Lettrée Vitry-le-François Stable production pe
Slide 14: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights 14
Slide 15: Financial Highlights
First Quarter 2026 Financial Highlights First Quarter Full Year 2026 2025 Production (boepd) 43,000 44,900 Average Dated Brent Oil Price (USD/bbl) 81.1 69.1 Operating costs (USD/boe) 17.6 17.8 Operating cash flow (MUSD) 67.7 258.9 EBITDA (MUSD) 64.3 243.5 Capital Expenditure (MUSD) 71.1 344 Free cas
Slide 16: Realized Oil Prices
First Quarter 2026 Realized Oil Prices 2026 2025 2025 2024 USD/bbl Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 81.1 63.7 69.1 67.9 75.7 69.1 80.7 Malaysia 110.1 (+29.0) 67.7 (+4.0) 74.5 (+5.4) 67.3 (-0.6) 78.8 (+3.1) 71.5 (+2.4) 86.1 (+5.4) France 73.9 (-7.2) 64.1 (+0.4) 69.5 (+0.4) 68.5 (+0.6) 75.8 (+
Slide 17: Realized Gas Prices
First Quarter 2026 Realized Gas Prices 2026 2025 2025 2024 CAD/Mcf Q1 Q4 Q3 Q2 Q1 Full Year Full Year AECO 1.98 2.16 0.62 1.65 2.13 1.63 1.44 Empress 2.47 2.38 0.62 1.96 2.43 1.84 1.49 Realized (to AECO) 2.51 (+0.53) 2.46 (+0.30) 0.84 (+0.22) 1.82 (+0.17) 2.40 (+0.27) 1.87 (+0.24) 1.51 (+0.07) Empre
Slide 18: Financial Results – Operating Cash Flow & EBITDA
First Quarter 2026 Financial Results – Operating Cash Flow & EBITDA Operating Cash Flow EBITDA 100 100 80 80 Q1 75 Q1 Q1 71 60 68 Q1 60 64 Million USD Million USD 40 40 20 20 0 0 NC00422 fin p01 04.26 2026 2025 2026 2025 See Notes and Reader Advisory 18
Slide 19: Operating Costs
First Quarter 2026 Operating Costs 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 Actual Forecast Forecast Forecast NC00422 fin p02 04.26 See Notes and Reader Advisory 19
Slide 20: Netback (USD/boe)
First Quarter 2026 Netback (USD/boe) First Quarter Full Year 2026 2025 Average Dated Brent oil price (81.1 USD/bbl) (69.1 USD/bbl) Revenue 44.7 41.9 Cost of operations -14.7 -15.2 Tariff and transportation -2.6 -2.4 Production taxes -0.3 -0.3 Operating costs -17.6 -17.9 Cost of blending -10.1 -8.2 I
Slide 21: Net Debt (MUSD)
First Quarter 2026 Net Debt (MUSD) (400) (400) Operating Cash Flow MUSD 67.7 (420) (420) Development capex & abex MUSD -71.1 (440) (440) MUSD (460) (460) MUSD Net Cash Financial (480) items (480) Opening Net Debt MUSD -9.8 1 Jan 2026 MUSD -483.6 (500) Cash G&A (500) MUSD -3.9 Closing Net Debt 31 Mar
Slide 22: G&A / Financial Items
First Quarter 2026 G&A / Financial Items MUSD First Quarter 2026 Full Year 2025 Net interest expense 9.5 38.6 Amortisation of capitalised financing fees 0.5 4.3 Unwinding of asset retirement obligation discount 4.2 16.5 Foreign exchange loss (gain), net and others 6.5 6.4 Net Financial Items 20.7 65
Slide 23: Financial Results
First Quarter 2026 Financial Results 200 200 Revenue MUSD 173 180 43,000 boepd 180 160 160 Production costs MUSD -105.0 17.64 USD/boe 140 140 Million USD Million USD 120 120 100 100 Depletion 80 MUSD -29.9 80 Cash Margin MUSD 68.0 60 Exploration and 60 Business Development G&A Financial items costs
Slide 24: Balance Sheet
31 March 2026 Balance Sheet MUSD 31 Mar 2026 31 Dec 2025 Assets Oil and gas assets 1,805.0 1,795.1 Other non-current assets 51.1 52.2 Current assets 152.4 123.3 Cash 11.8 7.0 2,020.3 1,977.6 Liabilities Financial liabilities 74.3 38.7 Bonds (net of capitalised fees) 442.7 442.3 Provisions 283.3 284.
Slide 25: Capital Structure
International Petroleum Corp. Capital Structure Bonds MUSD 450 Maturity October 2030 7.50% coupon Interest payable April 10th and October 10th Canadian RCF increased from MCAD 250 to 348.5 Maturity May 2028 (1 year extension) Drawdown at March 31, 2026: MCAD 104 Letter of Credit Facility MCAD 11.9 l
Slide 26: Hedging - 2026/2027
International Petroleum Corp. Hedging - 2026/2027 2026-2027 Hedges Executed 2026 Feb-Jun: 1,500 bbl/d @ 66.67 USD/bbl Oil Brent 2026 Mar-Jun: 500 bbl/d @ 72.25 USD/bbl 2026 Feb-Jun: 7,500 bbl/d @ 61.53 USD/bbl Oil WTI 2026 Mar-Jun: 1,500 bbl/d @ 66.50 USD/bbl 2026: Diff. 5,000 bbl/d @ -12.50 USD/bbl
Slide 27: 2026 Highlights
International Petroleum Corp. 2026 Highlights Capital Expenditure Production Operating Costs Q1 2026 71 MUSD Q1 2026 43 Mboepd Q1 2026 17.6 USD/boe FY 2026 163 MUSD FY 2026 44-47 Mboepd FY 2026 18-20 USD/boe Operating Cash Flow Balance Sheet Sustainability Focus Q1 2026 68 MUSD OCF >150 MUSD Liquidi
Slide 28: Notes
Notes Page 2: Q1 2026 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, 2025 (AIF) available on IPC’s website at www.international
Slide 29: 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 30: Reader Advisory
Reader Advisory Estimated production and FCF generation are based on IPC’s current business plans over the periods of 2026 to 2030 and 2031 to 2035, less net debt of USD 484 million as at December 31, 2025, with assumptions based on the reports of IPC’s independent reserves evaluator and auditor, an
Slide 31: Reader Advisory
Reader Advisory Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 thousand cubic feet (Mcf) per 1 barrel (bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. A
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International Petroleum — Q1 2026 Earnings Presentation on 6ix