International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Q1 2025 Earnings Presentation
37 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, May 6, 2025
Slide 1: Operations & Financial Update First Quarter 2025
Q1 25 International Petroleum Corp. Operations & Financial Update First Quarter 2025 William Lundin, CEO Christophe Nerguararian, CFO May 6, 2025
Slide 2: Q1 2025 Highlights
International Petroleum Corp. Q1 2025 Highlights Quarterly average net production 44,400 boepd, in line with guidance Production Guidance 2025 average net production guidance range of 43,000–45,000 boepd maintained Operating costs Q1 operating costs in line with guidance at 17.3 USD/boe Full year fo
Slide 3: First Quarter 2025 Production
International Petroleum Corp. First Quarter 2025 Production Production – all assets Q1 2025 average net production 44.4 Mboepd High Canada International Low Q1 Guidance 50 Canada Strong performance at all major assets 40 Moderate gas freeze off impact International 30 High uptime at the Bertam field
Slide 4: 2025 Production Forecast
International Petroleum Corp. 2025 Forecast Production Guidance 2025 Production Forecast International, 12% 2025 average net production guidance range of 43 to 45 Mboepd Canada Gas, 33% 2025 full year operating costs guidance range of 18 to 19 USD/boe Canada Crude, 55% Average Net Production (Mboepd
Slide 5: 2025 Operating Cash Flow
International Petroleum Corp. 2025 Operating Cash Flow Q1 2025 OCF 2025 CMD guidance OCF 2025 Forecast OCF 280 MUSD 270 MUSD 85 USD/bbl (5/15)(1) 75 USD/bbl (5/15)(1) 240 MUSD 60 USD/bbl (3/10)(1) 210 MUSD 65 USD/bbl (5/15)(1) 75 MUSD 76 USD/bbl (4/13)(1) NC00386 p04 04.25 See Notes and Reader Advis
Slide 6: 2025 Capital Expenditure Forecast
International Petroleum Corp. 2025 Capital Expenditure Forecast 2025 CAPEX 320 MUSD Blackrod 230 MUSD 2025 annual capital expenditure guidance maintained Non-Blackrod 83 MUSD Decommissioning 7 MUSD Canada 274 MUSD France • Blackrod Phase 1 6 MUSD • Blackrod resource maturation • FAB development prep
Slide 7: 2025 Free Cash Flow
International Petroleum Corp. 2025 Free Cash Flow Q1 2025 FCF 2025 CMD FCF Guidance 2025 Forecast FCF (excluding Blackrod) 150 MUSD (excluding Blackrod) 85 USD/bbl (5/15)(1) 120 MUSD 75 USD/bbl (5/15)(1) 95 MUSD 80 MUSD 60 USD/bbl (3/10)(1) 65 USD/bbl (5/15)(1) 37 MUSD (excluding Blackrod) 76 USD/bb
Slide 8: Share Repurchase
International Petroleum Corp. Share Repurchase 75 million IPC shares repurchased since inception at an average price of SEK 77 / CAD 10 per share Current 2024/2025 NCIB program 73% 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 1% ~4.5x produc
Slide 9: Net Asset Value
International Petroleum Corp. Net Asset Value (MUSD) 3,292 Opening net debt 209 3,083 (287 SEK/sh) 37 CAD/sh 49% discount to NAV G R 1,559 CA (132 SEK/sh) 19 CAD/sh 4 % 2 543 YE 2016 NAV YE 2024 IPCO NAV 10 Market Cap NC00386 p08 04.25 April 30, 2025 See Notes and Reader Advisory IPC - Q1 2025 Prese
Slide 10: Blackrod Phase 1 Development Progress Update
IPC Canada Blackrod Phase 1 Development Progress Update Project progressing in line with schedule and budget Facility fabrication and major equipment delivery sustantially complete Field construction ongoing Third party transport pipeline installation progressing Well pad drilling on track NC00386 p
Slide 11: Blackrod Phase 1 Schedule
IPC Canada Blackrod Phase 1 Schedule 2023 2024 TODAY 2025 2026 Civil Plan Build Site Works Complete Facilities Workshop ManufactureTransport Construct CPF Construct CPF Commission Drilling Gas Pipeline 3rd Party Transport Diluent Pipeline Lines Diluent Bitumen (Dilbit) Pipeline First Steam First Oil
Slide 12: Onion Lake Thermal
IPC Canada Onion Lake Thermal Export Pipeline 2025 Infill Wells Reservoir OLT Main Facility Pads Onion Lake Thermal Area First 7 Pad L Wells Stable production performance Drilling of four infill wells and final Pad L well pair completed Infill drilling 2025 outlook L Ramp up two remaining Pad L and
Slide 13: Suffield Area Assets
0 50 KM 200 0 25 Miles 100 Saskatchewan IPC Canada 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: Canada Other Assets
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 2025 Edmonton Onion Lake Canada Other Assets 5 Ferguson infill drilling and Mooney Phase 2 response Alberta 4 S
Slide 15: Bertam Field Production
IPC Malaysia Operations Overview High facility uptime of > 99% achieved in Q1 2025 Malaysia Bertam Drilling and workover campaign underway Planned maintenance activity in Q3 2025 Drilling Rig at Bertam Field Bertam Field Production 5 Bertam North-East Development Well downtime 4 3 Production (Mbopd)
Slide 16: France Operations Overview
Potential IPC France Hautefeuille development targets Operations Overview Fontaine-au-Bron Villeperdue Stable operations in Q1 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
First Quarter 2025 Financial Highlights 17
Slide 18: Financial Highlights
First Quarter 2025 Financial Highlights First Quarter Full Year 2025 2024 Production (boepd) 44,400 47,400 Average Dated Brent Oil Price (USD/boe) 75.7 80.7 Operating costs (USD/boe) 17.3 17.0 Operating cash flow (MUSD) 74.8 342.0 EBITDA (MUSD) 70.9 335.5 Capital and decommissioning expenditure (MUS
Slide 19: Realised Oil Prices
First Quarter 2025 Realised Oil Prices 2025 2024 2024 2023 USD/bbl Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 75.7 74.7 80.1 85.0 83.2 80.7 82.6 Malaysia 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 75.8 (+0.1) 74.1 (-0.6) 80.5 (+0.4) 85.0 (–) 82.9 (-0.3)
Slide 20: Realised Gas Prices
First Quarter 2025 Realised Gas Prices 2025 2024 2024 2023 CAD/mcf Q1 Q4 Q3 Q2 Q1 Full Year Full Year AECO 2.13 1.44 0.67 1.17 2.49 1.44 2.61 Empress 2.43 1.49 0.68 1.17 2.59 1.49 2.61 Realised (to AECO) 2.40(1) (+0.27) 1.61 (+0.17) 0.72 (+0.05) 1.17 (–) 2.52 (+0.03) 1.51 (+0.07) 2.73 (+0.12) (1) 2.
Slide 21: Operating Cash Flow & EBITDA
First Quarter 2025 Financial Results – Operating Cash Flow & EBITDA Operating Cash Flow EBITDA 100 100 Q1 Q1 89.3 80 87.0 80 Q1 74.8 Q1 70.9 60 60 Million USD Million USD 40 40 20 20 0 0 NC00386 fin p01 04.25 2025 2024 2025 2024 See Notes and Reader Advisory IPC - Q1 2025 Presentation 21
Slide 22: Operating Costs
First Quarter 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 Forecast Forecast Forecast NC00386 fin p02 04.25 See Notes and Reader Advisory IPC - Q1 2025 Present
Slide 23: Netback
First Quarter 2025 Netback (USD/boe) First Quarter 2025 Average Dated Brent oil price (75.7 USD/bbl) Revenue 44.6 Cost of operations -14.6 Tariff and transportation -2.5 Production taxes -0.2 Operating costs -17.3 Cost of blending -9.4 Inventory movements 0.9 Revenue – production costs 18.8 Cash tax
Slide 24: Net Debt
First Quarter 2025 Net Debt (MUSD) 0 0 (50) (50) (100) Operating Cash Flow (100) MUSD 74.8 Development capex & abex MUSD (150) MUSD -99.2 (150) Blackrod MUSD Phase 1 MUSD -77.3 Net Cash Financial (200) (200) Opening Net Debt items 1 Jan 2025 Other MUSD -14.4 Share buyback MUSD -21.9 MUSD -208.5 MUSD
Slide 25: G&A / Financial Items
First Quarter 2025 G&A / Financial Items MUSD First Quarter 2025 Net interest expense 7.1 Amortisation of capitalised financing fees 0.5 Unwinding of asset retirement obligation discount 4.0 Foreign exchange loss (gain), net and others 7.3 Net Financial Items 18.9 MUSD First Quarter 2025 G&A 4.4 G&A
Slide 26: Financial Results
First Quarter 2025 Financial Results 200 Revenue 200 MUSD 178.5 44,400 boepd Production costs MUSD -103.4 17.3 USD/boe 150 150 Million USD Million USD 100 100 Depletion MUSD -30.9 Cash Margin MUSD 75.1 G&A MUSD -4.7 Financial items 50 MUSD -18.9 50 Gross profit Other income/(expense) MUSD 44.2 MUSD
Slide 27: Balance Sheet
31 March 2025 Balance Sheet MUSD 31 Mar 2025 31 Dec 2024 Assets Oil and gas properties 1,574.9 1,501.3 Other non-current assets 52.5 53.5 Current assets 133.4 152.3 Cash 140.2 246.6 1,901.0 1,953.7 Liabilities Financial liabilities 0.9 1.7 Bonds (net of capitalised fees) 441.1 439.9 Provisions 272.6
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 180 Maturity May 2026 Fully undrawn at end Q1 2025 Letter of Credit Facility MCAD 40 letters of credit issued including MCAD 35 for Blackr
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-WCS 2025: 11,700 bbl/d @ -14.26 USD/bbl Jan: 1,000 bbl/d @ 75.00 USD/bbl Oil Brent Feb-Dec: 2,000 bbl/d @ 75.78 USD/bbl Jan-Dec: 9,600 mcf/d @ 2.60 CAD/mc
Slide 30: Q1 2025 Highlights
International Petroleum Corp. Q1 2025 Highlights Investment Production Stable Operating Costs Blackrod Phase 1 77 MUSD Q1 44.4 Mboepd Q1 17.3 USD/boe Q1 2025 99 MUSD FY2025 43–45 Mboepd FY2025 18-19 USD/boe Strong Cash Flow Robust Balance Sheet Sustainability Focus Share Repurchase Q1 2025 75 MUSD O
Slide 31: Notes
Notes Page 2: Q1 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 • geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; • political or economic developments, including, without limitation, the risk that (i) one or both
Slide 35: 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 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
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