International Petroleum Q4 Earnings Call Highlights

International Petroleum (TSE:IPCO) executives highlighted beardown operational execution and advancement astatine the Blackrod Phase 1 improvement during the company’s 2025 year-end update presentation, portion noting that superior spending kept full-year escaped currency travel negative.

President and CEO William Lundin and CFO Christophe Nerguararian said accumulation and costs came successful astatine oregon amended than guidance, the institution delivered “first steam” astatine Blackrod earlier than expected, and IPC refinanced its bonds to widen maturities to 2030. Management besides emphasized stock repurchases completed nether the company’s mean people issuer bid (NCIB) program.

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IPC reported fourth-quarter mean accumulation of 45.6 1000 barrels of lipid equivalent per day, and full-year 2025 accumulation of 44.9 1000 BOE per day, which Lundin said was adjacent the apical extremity of the company’s 43–45 1000 BOE per day guidance range.

Operating costs were described arsenic unchangeable and disciplined. The institution posted operating costs of $18.40 per BOE successful Q4 and $17.80 per BOE for the afloat year, which absorption said was somewhat beneath its guidance scope of $18–$19 per BOE for 2025. Lundin attributed the little full-year portion costs chiefly to cheaper vigor input costs successful Canada and somewhat higher accumulation than the mid-case estimation utilized astatine its 2025 superior markets day.

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Management besides pointed to sustaining enactment that supported output during the year, citing enactment astatine Onion Lake Thermal successful Canada and drilling and workovers astatine the Bertam tract successful Malaysia, which Lundin said boosted accumulation midway done 2025.

A cardinal taxable of the update was operation and startup advancement astatine the Blackrod Phase 1 development. Lundin said IPC delivered first steam astatine year-end 2025, astir a 4th earlier than primitively guided erstwhile the task was sanctioned successful aboriginal 2023.

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Spending astatine Blackrod remained important successful 2025. IPC incurred $228 million of maturation superior astatine Blackrod Phase 1 during the year, bringing cumulative spending to $820 million since sanction, retired of a full maturation superior fund of $850 million. Management said the task remains connected fund and that first lipid is expected successful Q3 2026.

Lundin besides noted that aft IPC accelerated the docket and brought guardant drilling for the last pad astatine Blackrod, the institution raised its 2025 superior guidance to $340 cardinal from $320 million. Drilling progressed good and is expected to proceed into 2026. Beyond maturation capital, IPC spent $26 million successful 2025 connected capitalized operations and assets maturation enactment astatine Blackrod, with operating-related expenditures expected to emergence arsenic the task transitions from physique to startup and past beryllium reclassified to operating disbursal erstwhile commercialized accumulation begins.