International Petroleum Corp. (british Columbia) · OMXSTO:IPCO

International Petroleum Corp. (british Columbia) — International Petroleum — Investor Presentation (October 2026)

54 slides from International Petroleum Corp. (british Columbia)'s investor presentation, October 2026

  1. Slide 1: Corporate Presentation

    Corporate Presentation October 2026 Canada France Malaysia International Petroleum Corp. Nasdaq Stockholm: IPCO TSX: IPCO

  2. Slide 2: History of Growth

    International Petroleum Corp. History of Growth IPC Inception 2017 IPC Current 2026 Shares outstanding 113.5 million Shares outstanding 111.7 million Production 10 Mboepd 5x 44-47 Mboepd 2P Reserves 29 MMboe 18x 521 MMboe 2P Reserve Life Index 8 Years 4x 31 Years 2C Contingent Resources 0 MMboe 1 +

  3. Slide 3: 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

  4. Slide 4: Strongly Positioned to Create Stakeholder Value

    International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2026 – 2030 Production Free Cash Flow 74% Organic Growth 15% p.a. 85 USD Brent >2,000 MUSD Stakeholder Returns ~ 62 Mboepd 37% 65 USD 7% p.a. Brent >1,000 MUSD M&A NC00417 p03 05.26 See Notes and Reader Advisory IPC 4

  5. Slide 5: 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

  6. Slide 6: IPC Canada Blackrod Overview

    IPC Canada Blackrod Overview Phase 1 First Oil – May 31, 2026 Blackrod Blackrod Reservoir Phase 1 Profitability Full Field Plateau Forecast Regulatory Approved Production NPV10 Production 30 Mbopd 1.4 BUSD @ 01.01.26 80 Mbopd 2P Reserves Breakeven Resources 311 MMbbl 47 USD/bbl WTI @ 01.01.26 1.45 B

  7. Slide 7: Contingent Resources Growth

    International Petroleum Corp. Contingent Resources Growth More than 1.2 Billion boe underpins organic growth Contingent Resources (MMboe) Integration of stratigraphic well data and additional land acquisition 52 MMbbl at Blackrod matured into 2P reserves at year-end 2025 1,410 128 128 Blackrod Phase

  8. Slide 8: Strongly Positioned to Create Stakeholder Value

    International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2026 – 2030 Production Free Cash Flow 74% 15% p.a. Organic Growth 85 USD Brent >2,000 MUSD ~ 62 Mboepd Stakeholder Returns 37% 65 USD 7% p.a. Brent >1,000 MUSD M&A NC00417 p07 05.26 See Notes and Reader Advisory IPC 8

  9. Slide 9: Share Repurchase

    International Petroleum Corp. Share Repurchase 78 million IPC shares repurchased since inception at an average price of SEK 81 / CAD 11 per share Greater than USD 1.3 billion of value created from total share repurchases compared to current share price 2025/2026 NCIB : ability to purchase up to furt

  10. Slide 10: Forecast Free Cash Flow Generation

    International Petroleum Corp. Forecast Free Cash Flow Generation Forecast Free Cash Flow MUSD 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 at 95 USD/bbl Brent at 85 USD/bbl Brent at 75 USD/bbl Brent at 65 USD/bbl Brent 2026-2030 2031-2035 NC00417 p09 04.26 See Notes and Reader Advisor

  11. Slide 11: Strongly Positioned to Create Stakeholder Value

    International Petroleum Corp. Strongly Positioned to Create Stakeholder Value 2026 – 2030 Production Free Cash Flow 74% 15% p.a. Organic Growth 85 USD Brent >2,000 MUSD Stakeholder Returns ~ 62 Mboepd 37% 65 USD 7% p.a. Brent >1,000 MUSD M&A NC00417 p10 05.26 See Notes and Reader Advisory IPC 11

  12. Slide 12: 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

  13. Slide 13: Net Asset Value (BUSD)

    International Petroleum Corp. Net Asset Value (BUSD) 3.6 Opening net debt 0.5 3.1 2C Upside 2.7 2.7 Opening net debt 0.5 2.2 0.5 YE 2016 NAV YE 2025 YE 2025 NAV 10 IPCO NAV 10 @ YE 2024 prices Market Cap September 30, 2026 NC00417 p12 05.26 See Notes and Reader Advisory IPC 13

  14. Slide 14: 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 0 75 USD 95 USD Brent Brent 195 SEK/Share

  15. Slide 15: Appendix

    International Petroleum Corp. Z Z Appendix

  16. Slide 16: Operations & Financial Overview

    Operations & Financial Overview

  17. Slide 17: 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

  18. Slide 18: Contingent Resources - Year End 2025

    International Petroleum Corp. 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 +110 1,224 1,107 +64 -6 -52 Contingent Resources MMboe MM

  19. Slide 19: Production and Operating Costs Guidance

    International Petroleum Corp. 2026 Forecast Production Guidance Production and Operating Costs Guidance International, 10% nt Canada Gas, 31% Bre Strongly positioned to deliver within full year 2026 average Ga production guidance range of 44 to 47 Mboepd s Q2 2026 average net operating costs of 19.1

  20. Slide 20: 2026 Capital Expenditure

    International Petroleum Corp. 2026 Capital Expenditure 2026 Expenditure 163 MUSD Capital expenditure budget of 163 MUSD Blackrod 104 Production well drilling commenced in Canada and France Other assets 54 Abandonment 5 Canada 142 MUSD • Blackrod 104 • Other assets 33 • Abandonment 5 International 21

  21. Slide 21: 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

  22. Slide 22: Industry Leading Low Production Decline

    International Petroleum Corp. Industry Leading Low Production Decline Production Timing Base Decline Trend 50% IPCO 9.5% 14.5% 7.6% 68.4% Peer 1 27.5% 40.5% 32.0% 45% 2.9% Peer 2 29.1% 9.5% 58.5% 40% Peer 3 41.7% 26.4% 8.2% 23.6% Peer 4 42.9% 21.0% 8.4% 27.7% 35% 34% 33% Peer 5 45.6% 20.4% 10.5% 23.

  23. Slide 23: 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

  24. Slide 24: Canada Asset Overview

    Asset Overview Canada

  25. Slide 25: IPC Canada Overview

    IPC Canada Overview Alberta Saskatchewan Blackrod Heavy oil Onion Lake Edmonton Heavy oil Calgary Regina Suffield/Alderson/Brooks Medicine Hat Gas & Heavy oil 0 KM 200 Ferguson Light oil IPC Northern Assets NC00417 ops p01 02.26 IPC Southern Assets Major oil sands deposits See Notes and Reader Advis

  26. Slide 26: Blackrod Phase 1 - Delivered on Time and on Budget

    IPC Canada Blackrod Phase 1 - Delivered on Time and on Budget First oil achieved on May 31, 2026 Ahead of original schedule guidance set in 2023 Project delivered on budget Total growth capital spend to first oil of 855 MUSD Phased production start and ramp-up through 2H 2026 5 production well pairs

  27. Slide 27: Blackrod Phase 1 - 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 30 well pairs on circulation at Injector Steam Steam Steam target rate at end Q2 2026 “Water” Injector Steam circulation duration driven by 80°C target 5–6 m achieving heel to

  28. Slide 28: Blackrod - Material Value Beyond Phase 1

    IPC Canada Blackrod - Material Value Beyond Phase 1 Blackrod Reservoir er Riv 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 on

  29. Slide 29: 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

  30. Slide 30: Onion Lake Thermal

    IPC Canada Onion Lake Thermal Well path 2025 wells Reservoir OLT main facility Pads Onion Lake Thermal area Stable performance through 1H 2026 Preparations 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 A

  31. Slide 31: Suffield Area Assets

    IPC Canada Suffield Area Assets Suffield Area Assets Suffield Reliable low decline production Basal Quartz Fairway (Ellerslie ) Drilling of four Basal Quartz oil production wells commenced Q3 2026 Fa ir w ay er slie E ll Ellerslie fields Suffield Area Oil & Gas Production 25 CFB Suffield Production

  32. Slide 32: Other Assets Overview

    0 50 KM 200 0 25 Miles 100 IPC Canada Saskatchewan Alberta Other Assets Overview Fort McMurray Stable performance in Q2 2026 Fort St. John Focus on low cost well optimization in 2026 Blackrod Grande Prairie Slave Lake Athabasca Lac La Biche Prince George Cold Lake Alberta St. Paul Meadow Lake Fergus

  33. Slide 33: Canada Oil Outlook

    Fort McMurray IPC Canada Edmonton Canada Oil Outlook Hardisty Burnaby Canadian oil exports to countries other than the US (% of total output) PADD V 14 PADD IV Montreal 12 10 Sarnia PADD II 8 Chicago 6 Patoka/ PADD I Wood River 4 Cushing 2 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 PADD III

  34. Slide 34: International Asset Overview

    Asset Overview International

  35. Slide 35: IPC International Assets Overview

    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 Amaltheus Mclaunay Soudron FAB6 Villeperdue Dommartin-Lettrée Four well sidetrack drilling campaign initiated

  36. Slide 36: Financial Overview

    2 — hom @ => © S +) — G £ LL.

  37. Slide 37: 2026 Economic Assumptions as of Q2 2026

    International Petroleum Corp. 2026 Economic Assumptions as of Q2 2026 Oil in USD/bbl Low Base High Brent 70 80 90 WTI 65 75 85 WCS 51 61 71 Gas in CAD/Mcf AECO 1.88 1.88 1.88 Production 44,000 to 47,000 boepd Capital and decommissioning expenditures 163 MUSD Operating costs 18-20 USD/boe See Notes a

  38. Slide 38: 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

  39. Slide 39: 2026 Operating Costs

    International Petroleum Corp. 2026 Operating Costs USD/boe Quarterly operating costs USD/boe 26 26 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 NC00417 p23 05.26 Actual Actual Forecast Forecast See Notes and Reader A

  40. Slide 40: 2026 Forecast Guidance as of Q2 2026

    International Petroleum Corp. 2026 Forecast Guidance as of Q2 2026 2026 Forecast Low Base High Brent/WTI/WCS (USD/bbl) 70/65/51 80/75/61 90/85/71 Production guidance 44,000 - 47,000 Revenue 44.9 48.8 52.6 Operating costs -19.8 -19.8 -19.8 Cost of blending and other (inventory) -11.2 -12.1 -12.9 Cash

  41. Slide 41: Capital Structure

    International Petroleum Corp. Capital Structure Bonds MUSD 450 Maturity October 2030 7.50% coupon Interest payable April and October Canadian RCF MCAD 348.5 Maturity May 2028 Drawdown at June 30, 2026: MCAD 100 Letter of Credit Facility MCAD 11.9 letters of credit issued French loan fully repaid in

  42. Slide 42: Reserves Valuation

    International —, Petroleum Corp. Reserves Valuation

  43. Slide 43: 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.

  44. Slide 44: 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) NC00417 p26 02.26 53 See

  45. Slide 45: 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 NC00417 p27 02.26 See Notes and Reader Advisory IPC 45

  46. Slide 46: 2026 Summary

    International Petroleum Corp. 2026 Summary Production Production Production guidance range of 44,000 to 47,000 boepd 44 to 47 5 year business plan targets ~62 Mboepd Mboepd >50% production growth forecast by 2028 Investments Capex Blackrod Phase 1 first oil achieved Base business investments added f

  47. Slide 47: Notes & Reader Advisory

    Notes & Reader Advisory

  48. Slide 48: Notes

    Notes Page 2: History of Growth • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the Corporation’s annual information form for the year ended December 31, 2025 (AIF) available on IPC’s website at www.

  49. Slide 49: Notes

    Notes Page 14: The Power of Growth and Buybacks • FCF and net cash/net debt are “Non-IFRS Measures”. See Reader Advisory and MD&A. • Estimated FCF generation is based on IPC’s current business plans over the period of 2026 to 2030, including net debt of USD 484 million as at December 31, 2025 and as

  50. Slide 50: Notes

    Notes Page 31: Suffield Area Assets • For production figures, see Reader Advisory and AIF, including “Reserves and Resources Advisory”. Page 32: Canada Other Assets Overview • For production figures, see Reader Advisory and AIF, including “Reserves and Resources Advisory”. Page 35: International Ass

  51. Slide 51: 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

  52. Slide 52: 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

  53. Slide 53: Reader Advisory

    Reader Advisory Supplemental Information regarding Product Types The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this document: Heavy Crude Oil Light and Medium Crude Oil Conventional Nat

  54. Slide 54: www.international-petroleum.com

    www.international-petroleum.com Follow us on social media

International Petroleum — Investor Presentation (October 2026) on 6ix