International Petroleum . (british Columbia) Stock Earnings Reports

IPC reported a strong Q3 driven by operational outperformance and continued progress on the transformational Blackrod Phase 1 development. Production averaged ~45,900 BOE/d (above guidance) and full-year production guidance of 43,000–45,000 BOE/d is maintained. Q3 operating costs were $17.90/BOE with full-year guidance unchanged at $18–$19/BOE. Blackrod Phase 1 is now expected to deliver first steam by year-end 2025 and first oil in Q3 2026 — roughly one quarter ahead of original schedule — prompting IPC to accelerate some 2026 activity into 2025 and raise 2025 CapEx to $340 million (from $320 million). Q3 operating cash flow was $66 million; year-to-date operating cash flow was ~$196 million. Full-year operating cash flow is forecast at $245–$255 million (assuming $55–$65 Brent). Full-year free cash flow including Blackrod CapEx is forecast to be negative ~$160–$170 million (reflecting the final major growth spend at Blackrod), whereas excluding Blackrod it is expected to be positive ~$80–$90 million. Net debt was $435 million at end-September with $45 million cash on hand and additional RCF headroom. IPC completed a bond refinancing in October (new coupon 7.5%, maturity Oct 2030) and has hedges in place covering ~50% of 2025 exposure plus selective 2026 differential and gas hedges. No material incidents were recorded and IPC completed its share buyback program (reducing shares outstanding by >6%), intends to renew an NCIB in December, and continues to emphasize per-share value creation and optionality for Blackrod Phase 2 or M&A depending on market conditions.