International Petroleum Corporation (IPC) released its financial results for the three months and year ended December 31, 2025, with a budget focus on finalizing the Blackrod Phase 1 project in Canada. IPC achieved first steam injection at Blackrod Phase 1 in December 2025 and forecasts first oil in Q3 2026. The 2026 capital budget is USD 122 million, with average daily production guidance between 44,000 and 47,000 boepd. Year-end 2025 reserves are 521 MMboe, with 2026 expected to generate USD 1 to 2 billion in free cash flow. IPC returned USD 100 million to shareholders in 2025 through share buybacks.
Operating costs for the fourth quarter of 2025 were USD 18.4 per boe, and full-year operating costs were USD 17.8 per boe. Operating cash flow for the full year was USD 259 million, with capital expenditures at USD 344 million. Free cash flow for 2025 was negative USD 153 million. IPC’s net debt at the end of 2025 was USD 484 million. The company repurchased approximately 7.7 million common shares in 2025 and returned over USD 600 million to shareholders since inception.
IPC’s Blackrod Phase 1 project achieved first steam injection in December 2025, ahead of schedule. The total growth capital expenditure for the project remains at USD 850 million, with approximately USD 30 million still to be spent in 2026. IPC is well-positioned to deliver on its budget. The project saw a significant increase in recoverable resources in 2025, with 2P reserves increasing by 52 MMboe to 311 MMboe. Contingent resources for the Blackrod asset increased by 117 MMboe to 1,142 MMboe.
IPC’s 2026 average net production is forecasted between 44,000 and 47,000 boepd, with operating costs estimated at USD 18 to 20 per boe. The 2026 capital budget is USD 122 million. IPC aims to generate USD 1 to 2 billion in free cash flow from 2026 to 2030, with a forecast of approximately negative USD 70 to positive USD 85 million in free cash flow for 2026.
IPC’s financial and operational results have been strong in 2025, with average net production at 44,900 boepd for the full year, at the high end of guidance. Operating cash flow was USD 63 million for the fourth quarter and USD 259 million for the full year. Capital expenditures were in line with guidance at USD 344 million. Free cash flow for 2025 was negative USD 153 million. Net debt was USD 484 million as of December 31, 2025.
Read more at GlobeNewswire: International Petroleum Corporation Announces 2025 Year-End