International Petroleum Corporation (IPC) had a strong Q3 2024, with production, costs, and projects on track.
From GlobeNewswire: 2024-11-05 01:30:00
International Petroleum Corporation (IPC) released its financial and operational results for Q3 2024, achieving 45,000 boepd production and purchasing 2.6 million common shares under the NCIB. Operating costs were below guidance at USD 17.9 per boe, with net debt at USD 157 million. IPC plans to renew the NCIB in December 2024.
IPC’s Q3 2024 saw Brent prices average USD 80 per barrel, with volatile prices ranging from USD 70 to USD 89 due to supply management efforts and geopolitical conflicts. IPC hedged 50% of its 2024 oil production at USD 80 per barrel. The TMX pipeline helped reduce WTI/WCS differentials, with natural gas pricing remaining low in Canada.
Q3 2024 highlights include successful shutdowns at key assets and operating costs below forecast. OCF was USD 73 million, with FCF at USD -38 million. Net debt increased to USD 157 million, with the Blackrod Phase 1 project progressing on schedule. IPC aims to fund future development with operational cash flow.
The Blackrod Phase 1 project, targeting 218 MMboe of 2P reserves, is on track for first oil in late 2026. IPC has spent approximately USD 245 million on the project, with a total project cost of USD 850 million. IPC aims to reduce net GHG emissions intensity and maintain ESG commitments.
IPC’s NCIB aims to repurchase and cancel common shares, reducing outstanding shares by 6.5%. The Board approved a renewal of the NCIB for a further twelve months. IPC maintains a strong balance sheet to support strategic growth and value for stakeholders. Environmental and safety performance remain top priorities for IPC.
IPC’s financial and operational results demonstrate strong performance in challenging market conditions. With a focus on sustainable growth and shareholder returns, IPC remains committed to responsible development and operational excellence. For more information, visit the IPC website or contact investor relations.
Read more at GlobeNewswire:: International Petroleum Corporation Announces Third Quarter