International Petroleum Corporation (IPCO) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, so welcome everybody to IPC's 2025 First Quarter Results Update presentation. I'm William Lundeen, the CEO, and joined today by Christoph Nergerarian, our CFO, as well as Rebecca Gordon, our SVP of Corporate Planning and Investor Relations. I'll start with the highlights and provide an operational update across our assets, then Christoph will expand on the financial detail. Following the presentation, we'll take questions which can be sent online or through conference call. So getting right into the highlights for the quarter, it was a strong quarter for the company. The portfolio delivered 44,000 barrels of oil equivalent per day through Q1, which was in line with guidance. We are maintaining our full year 2025 production guidance of 43 to 45,000 barrels of oil equivalent per day. The operating costs for Q1 were $17.30. in line with guidance are marginally below. However, no structural changes observed to our overall operating cost base, and we maintain our full year OpEx guidance per unit production of $18 to $19. On the organic growth front, our 2025 CapEx forecast is maintained at $320 million USD, which is the same as we put out at Capital Markets Day earlier this year. We spent just shy of $100 million in Q1, with 77 of that allocated to the transformational Black Rod Phase 1 project. Cash flow for the first quarter was $75 million in OCF, and the full year operating cash flow for 2025 is expected to be between $240 to $270 million, between $60 and $75 Brent for the remainder of the year. Q1 free cash flow in line with expectations at minus $43 million USD when taking into account all of the growth capital expenditure. The full year forecast for free cash flow is between minus $135 to minus $110 million USD at Brent 60 to 75 for the rest of the calendar y...