International Petroleum Corporation Announces First Quarter 2026 Financial and Operational Results

About this update from International Petroleum Corp. (british Columbia)

TORONTO, May 05, 2026 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three months ended March 31, 2026.  William Lundin, IPC's President and Chief Executive Officer, comments: “We have seen substantial increases in international commodity prices through March 2026 and into the second quarter, mainly as a result of the conflicts in the Middle East. IPC has been very well-placed to benefit from the price increases as our operational performance and cost discipline remain strong. We remain on track to achieve full year 2026 production in line with the guidance announced at our Capital Markets Day in February. Cash flow generation exceeded our forecasts for the quarter, and we are pleased to revise upwards these forecasts for the full year 2026. IPC originally set out a lean work program and budget for 2026 considering the soft pricing environment entering the year. In response to the improved commodity pricing outlook, IPC has increased our capital expenditure program to accommodate incremental short-cycle investment opportunities at our producing assets. We are also very pleased to report that the transformational Blackrod Phase 1 development project in Canada nears completion with first steam injection having been achieved in December 2025 and first oil continuing to be forecast for Q3 2026, a quarter earlier than originally guided.” Q1 2026 Business Highlights Q1 2026 Financial Highlights Reserves and Resources 2026 Annual Guidance During the first quarter of 2026, commodity prices increased materially compared to the prior quarter, with Brent oil prices averaging over USD 80 per barrel. During the quarter and into the second quarter, commodity prices continued to be high and volatile mainly in response to uncertainties with respect to the conflict in the Middle East and the corresponding effects on supply of oil and gas from the region. As a result of the constrained flows through the Strait of Hormuz from the end of February, one of the largest supply disruptions on record has taken place with an estimated net 10 million barrels per day shortfall. This has prompted coordinated Strategic Petroleum Reserves releases, increased OPEC spare capacity unwinds, and relie...

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