International Petroleum Corporation (IPCO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, so welcome everyone to the IPC 2025 year-end update presentation. My name is William Lundeen. I'm the President and CEO, and along with me is Christophe Naderarian, the CFO, as well as Rebecca Gordon, our SVP of Investor Relations and Corporate Planning. I'll begin with some of the highlights, and then Christophe will touch on our financial performance in 2025. So this presentation update is really focused largely on our 2025 results will be quite efficient overall and our 2026 forward looking business plans will be covered later on today during our CMD presentation. Jumping into the highlights for the year for the fourth quarter as well as 2025 overall is a really strong year for International Petroleum. Our Q4 production average was 45.6 thousand barrels of oil equivalent per day, and we're very pleased to finish with a full year production average of 44.9 thousand barrels of oil equivalent per day, which is near the top end of our guidance range, which was 43 to 45 thousand BOEs per day. The Q4 in annual operating costs achieved was $17.40 and $17.80 per barrel of oil equivalent, respectively, largely in line with the forecast range of USD 18 to $19 per BOE for the full year. We're really thrilled to have delivered first steam at year-end 2025 for the Black Rod Phase 1 development project, approximately a quarter earlier than originally guided when the project was sanctioned in the beginning of 2023. The full-year capital expenditure for IPC, inclusive of decommissioning, was $344 million, which is in line with our guidance of $340 million USD. The Black Rod Phase 1 development remains on budget, with $228 million of growth capital incurred in 2025. and a cumulative spend of $820 million spent on the Phase 1 developments, out of the total $850 million budget...