International Petroleum (IPCO) Q2 2025 earnings summary

Executive summary

• Q2 2025 average daily production was 43,600 boepd, in line with guidance; full-year guidance maintained at 43,000–45,000 boepd.

• Operating costs for Q2 were $17.8/boe, below guidance; full-year OpEx outlook remains $18–$19/boe.

• Operating cash flow for Q2 was $54.9M–$55M; free cash flow was -$58.3M to -$58M, reflecting Blackrod investment; net debt at June 30, 2025 was $375M, with gross cash of $79M.

• Share repurchase program is 85% complete, with 1.8M shares repurchased in Q2 2025 and 6.6M since Dec 2024; share count reduced by 17.5% since Blackrod sanction.

• No material safety or environmental incidents in Q2 2025; sixth annual sustainability report released, with emissions intensity reduction targets on track.

Financial highlights

• Q2 2025 revenue was $158.9M; H1 2025 revenue was $337.4M; production costs for H1 were $207.3M.

• Q2 2025 net result was $13.9M; H1 2025 net result was $30.1M.

• Q2 2025 EBITDA was $51.5M; H1 2025 EBITDA was $122.5M; operating cash flow for H1 was $129.7M.

• Netback for Q2 2025 was $13.9/boe; for H1 2025, $16.3/boe.

• G&A costs maintained at $1/boe.

Outlook and guidance

• Full-year 2025 production, OpEx, and capex guidance reiterated at 43,000–45,000 boepd, $18–$19/boe, and $320M respectively.

• OCF guidance for 2025 is $245–$260M, FCF guidance is -$135M to -$120M, assuming Brent at $60–$75/bbl.

• Blackrod Phase I on schedule for first oil in late 2026, ramping to 30,000 bpd by early 2028.

• Capex profile expected to decrease in H2 as Blackrod nears completion.

• Oil and gas hedges in place for 2025, including WTI, Brent, AECO, and electricity positions.