International Petroleum Corporation (IPC) released its financial and operational results for Q2 2025, achieving strong performance in Canada, Malaysia, and France. Average net production was 43,600 boepd, with operating costs per boe at USD 17.8. Operating cash flow was MUSD 55, and net debt stood at MUSD 375 as of June 30, 2025. Reserves and resources as of December 31, 2024, included 493 MMboe of 2P reserves and 1,107 MMboe of contingent resources.

IPC continued to progress Phase 1 development at the Blackrod asset in Canada, with completion expected by late 2026. The asset holds 259 MMboe of 2P reserves and 1,025 MMboe of contingent resources. IPC plans to fund the remaining Blackrod capital expenditure through cash flow, cash on hand, and existing credit facilities. The corporation repurchased and canceled 1.8 million IPC common shares during Q2 2025, with a total of around 85% repurchased since December 2024.

In Canada, IPC’s WTI to WCS crude price differentials averaged USD 10.2 per barrel in Q2 2025. Natural gas markets in Canada remained weak, with an average AECO gas price of CAD 1.7 per Mcf. IPC hedged approximately 50% of its forecast 2025 oil production at USD 76 per barrel for Dated Brent. IPC maintained its full-year 2025 average net production guidance of 43,000 to 45,000 boepd.

IPC also released its sixth annual Sustainability Report, highlighting its approach to sustainability and initiatives. The report details the corporation’s commitment to reducing net GHG emissions intensity by 50% of the 2019 baseline by the end of 2025. IPC’s shares are listed on the TSX and Nasdaq Stockholm exchange under the symbol “IPCO.” The corporation’s financial statements for Q2 2025 have been filed on SEDAR+ and are available on its website.

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