International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Q2 2026 Earnings Presentation
32 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, Aug 4, 2026
Slide 1: Operations & Financial Update Second Quarter 2026
Q 2 26 Operations & Financial Update Second Quarter 2026 William Lundin, CEO Christophe Nerguararian, CFO August 4, 2026 NC00249 p01 02.22
Slide 2: Second Quarter 2026 Highlights
International Petroleum Corp. Second Quarter 2026 Highlights Q2 average net production of 42,200 boepd, in line with guidance Production Guidance Full year average net production guidance maintained at 44,000 – 47,000 boepd Operating costs Q2 operating costs in line with guidance at 19.1 USD/boe Ful
Slide 3: 2026 Production
International Petroleum Corp. 2026 Production Production – all assets 1H 2026 average net production 42.6 Mboepd High Canada International Low Guidance 50 Stable operational performance in all regions 40 Production growth forecast through 2H 2026 30 Mboepd 20 10 0 Jan Feb Mar Apr May Jun Jul NC00427
Slide 4: 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 net production guidance range of 44 to 47 Mboepd s Q2 2026 average net operating costs of
Slide 5: 2026 Operating Cash Flow
International Petroleum Corp. 2026 Operating Cash Flow 330 MUSD Q4 230 MUSD 250 MUSD (1) 75 USD/bbl (5/14) Q4 1H Q3 134 MUSD (1) Q3 92 USD/bbl (10/14) Q2 67 MUSD 100 MUSD 104 USD/bbl (12/15) (1) 55 USD/bbl (4/13) (1) Q1 1H 2026 2026 Forecast 2026 Forecast 2026 CMD guidance Actual @ 70 USD/bbl (5/14)
Slide 6: 2026 Capital Expenditure
International Petroleum Corp. 2026 Capital Expenditure Capital expenditure budget maintained at 163 MUSD 2026 Expenditure 163 MUSD Production well drilling commenced in Canada and France Blackrod 104 Other assets 54 Abandonment 5 Canada 142 MUSD • Blackrod 104 • Other assets 33 • Abandonment 5 Inter
Slide 7: 2026 Free Cash Flow
International Petroleum Corp. 2026 Free Cash Flow 1H 2026 FCF 2026 Forecast FCF 2026 CMD FCF Guidance 110 MUSD (1) 90 USD/bbl (5/14) 85 MUSD (1) 75 USD/bbl (5/14) 10 MUSD (1) 70 USD/bbl (5/14) -13 MUSD (1) 92 USD/bbl (10/14) -70 MUSD (1) 55 USD/bbl (4/13) NC00427 p05 07.26 See Notes and Reader Advis
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 1.0 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 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 online at end Q2
Slide 10: Blackrod Valuation
IPC Canada Blackrod Valuation 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
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 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
Slide 12: Suffield Area Assets
IPC Canada Suffield Area Assets Suffield Area Assets Liquidity Suffield Reliable low decline production Basal Quartz Fairway (Ellerslie ) Drilling of four Basal Quartz oil production wells commenced early Q3 2026 Fair way r s lie e Ell Ellerslie fields Suffield Area Oil and Gas Production 25 CFB Suf
Slide 13: France - Paris Basin and Malaysia - Bertam Field
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 Four well sidetrack drilling campaign
Slide 14: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights 14
Slide 15: First Six Months 2026 Financial Highlights
First Six Months 2026 Financial Highlights Second Quarter First Six Months 2026 2026 Production (boepd) 42,200 42,600 Average Dated Brent Oil Price (USD/bbl) 103.8 92.3 Operating costs (USD/boe) 19.1 18.4 Operating cash flow (MUSD) 66.5 134.3 EBITDA (MUSD) 63.8 128.1 Capital Expenditure (MUSD) 49 11
Slide 16: Realized Oil Prices
First Six Months 2026 Realized Oil Prices 2026 2025 2025 2024 USD/bbl YTD Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 92.3 103.8 81.1 63.7 69.1 67.9 75.7 69.1 80.7 Malaysia 106.9 (+14.6) 103.7 (-0.1) 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 84.2 (-
Slide 17: Realized Gas Prices
First Six Months 2026 Realized Gas Prices 2026 2025 2025 2024 CAD/Mcf YTD Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year AECO 1.80 1.61 1.98 2.16 0.62 1.65 2.13 1.63 1.44 Empress 2.04 1.60 2.47 2.38 0.62 1.96 2.43 1.84 1.49 Realized (to AECO) 2.13(+0.33) 1.75 (+0.14) 2.51 (+0.53) 2.46 (+0.30) 0.84 (+0.22) 1.
Slide 18: Operating Cash Flow and EBITDA
First Six Months 2026 Financial Results – Operating Cash Flow and EBITDA Operating Cash Flow EBITDA 160 160 140 140 134 130 Q2 128 Q2 Q2 123 120 67 120 55 64 Q2 52 100 100 Million USD Million USD 80 80 Q1 Q1 75 Q1 60 68 Q1 71 60 64 40 40 20 20 0 0 NC00427 fin p01 07.26 2026 2025 2026 2025 See Notes
Slide 19: Operating Costs
First Six Months 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 NC00427 fin p02 07.26 Actual Actual Forecast Forecast See Notes and Reader Advisory 1
Slide 20: Netback (USD/boe)
First Six Months 2026 Netback (USD/boe) Second Quarter First Six Months 2026 2026 Average Dated Brent oil price (103.8 USD/bbl) (92.3 USD/bbl) Revenue 48.4 46.5 Cost of operations -16.4 -15.6 Tariff and transportation -2.4 -2.5 Production taxes -0.3 -0.3 Operating costs -19.1 -18.4 Cost of blending
Slide 21: Net Debt (MUSD)
First Six Months 2026 Net Debt (MUSD) Operating Cash Flow (340) MUSD 134.3 (340) (360) (360) (380) (380) Development Capex & Abex MUSD -119.7 (400) (400) (420) (420) MUSD MUSD (440) (440) Cash G&A Net Cash Financial (460) MUSD -7.8 Items (460) MUSD -20.0 Sale of Assets Opening Net Debt (480) MUSD 6.
Slide 22: G&A / Financial Items
First Six Months 2026 G&A / Financial Items MUSD Second Quarter 2026 First Six Months 2026 Net interest expense 9.9 19.3 Amortisation of capitalised financing fees 0.6 1.1 Unwinding of asset retirement obligation discount 4.1 8.3 Foreign exchange loss (gain), net and others 7.8 14.4 Net Financial It
Slide 23: First Six Months 2026 Financial Results
First Six Months 2026 Financial Results 400 Revenue 400 MUSD 358.7 42,600 boepd 350 350 Production costs MUSD -223.2 300 19.1 USD/boe 300 Million USD Million USD 250 250 200 200 Depletion MUSD -58.7 150 150 Cash Margin MUSD 135.5 Exploration and G&A Business Development Financial items 100 costs MUS
Slide 24: 30 June 2026 Balance Sheet
30 June 2026 Balance Sheet MUSD 30 Jun 2026 31 Dec 2025 Assets Oil and gas assets 1,787.9 1,795.1 Other non-current assets 51.3 52.2 Current assets 159.9 123.3 Cash 11.2 7.0 2,010.3 1,977.6 Liabilities Financial liabilities 70.2 38.7 Bonds (net of capitalised fees) 443.1 442.3 Provisions 282.8 284.2
Slide 25: 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
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 Q2 2026 Full Year 2026 Balance Sheet Production Production 42.2 Mboepd 44-47 Mboepd Liquidity Headroom >150 MUSD Operating Costs Operating Costs 19.1 USD/boe 18-20 USD/boe CAPEX CAPEX Sustainability Focus 49 MUSD 163 MUSD Sustainability Report OCF OCF is
Slide 28: Notes
Notes Page 2: Q2 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 — Q2 2026 Earnings Presentation on 6ix