International Petroleum Corporation (IPCO) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, so welcome everyone to the IPC 2023 Q4 and year-end operations and financial update presentation. My name is William Lundeen. I'm the CEO. I'm also joined by Christoph, our CFO, as well as Rebecca, our SVP of IR and Corporate Planning. So I'll begin with the highlights for the full year 2023. This presentation update will be focused on this past year's results and in terms of the detailed forward-looking short and long-term business plans that will be covered during the CMD presentation later on today. So it was a record investment year of 327 million USD in 2023, about 240 million of that was spent on our BlackRod phase one development. IPC achieved a new all-time high annual production average of 51.1%. thousand barrels of oil equivalent per day in 2023. Our operating costs settled at $17.60 per BOE for the full year, representing good cost control and overall financial discipline. We had strong cash flow generation from the business amounting to 353 million USD in operating cash flow and 3 million USD for the full year in free cash flow. meaning the record capital investment year was fully funded by the base business free cash flow generation notwithstanding acquiring core 4 resources in march of 2023 for 60 million us and returning 95 million usd in share buybacks the company enters 2024 in a net cash position of $58 million USD in a gross cash position of $517 million when including the funds from the bonds that we have in place. We repurchased and cancelled 100% of the available 2022-2023 Normal Course Issuer Bid Program representing 9.3 million shares. And I'm pleased to share there were no material safety or environmental incidents in 2023, and we're well on track to achieve our 50% net emissions intensity reduction come 2025. The record production year...