International Petroleum Corporation (IPCO) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, so welcome, everybody, to IPC's second quarter results update presentation for 2025. I'm William Lundeen, the president and CEO, and alongside me today is Christoph Nergerarian, our CFO, as well as Rebecca Gordon, our SVP of corporate planning and investor relations. So I'll start in the usual format with the quarterly highlights and provide an operational update at each of our assets. Then Christophe will go into greater detail on the financial aspects for the quarter. Following the presentation, we'll take questions which can be submitted online or through the conference call. This was another solid quarter for the company with average daily production rates of 43.6 thousand barrels of oil equivalent per day. I was in line with guidance and our full year production guidance is maintained at 43 to 45 thousand barrels of oil equivalent per day. Operating costs for the quarter were slightly below guidance at $17.80. There's slightly cheaper input costs as well as some activity refacing. Full year operating expenditure outlook is maintained between 18 and $19 a barrel. On the capital expenditure front, our full year guidance is maintained at 320 million USD. Through the first six months of the year, we spent around 199 So that represents slightly more than 60% of our full year capital program. And with about 138 out of the $199 million spent through the first six months of the year, that was allocated towards the transformational BlackRod phase one development. And we did host a large investor and an analyst site visit in the quarter to showcase the world-class asset, which was very well received. And a special hats off to our team for facilitating a great tour to some of our key stakeholders during that period in June. So on the cash flow front, Brent averaged a...