IPC Announces First Quarter 2022 Financial and Operational Results and Intention to Launch USD 100 million Share Repurchase Offer

May 3, 2022


International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three months ended March 31, 2022.

 

Q1 2022 Business and Financial Highlights
Accelerating share repurchases with the intention to launch a substantial issuer bid (SIB) to purchase for cancellation up to approximately MUSD 100 of IPC common shares.
Average net production of approximately 45,800 barrels of oil equivalent (boe) per day (boepd) for the first quarter of 2022, above high end guidance (49% heavy crude oil, 17% light and medium crude oil and 34% natural gas).(1)
Full year 2022 average net production guidance range is retained at 46,000 to 48,000 boepd.
Drilling operations on the A15 side-track well and three well pump upgrades at the Bertam field, Malaysia were completed by April 2022.
Operating costs per boe of USD 17.7 for the first quarter of 2022, above the CMD guidance of USD 17.2 per boe mainly as a result of higher gas and energy prices. Full year 2022 operating costs guidance revised at between USD 16 to 17 per boe from USD 15.2 per boe.(3)
Record high operating cash flow (OCF) generation for IPC for the first quarter 2022 amounted to MUSD 145.(3)
Full year OCF guidance increased to between MUSD 430 to 635 (Brent USD 70 to 100 per barrel).(3)
Capital and decommissioning expenditures of MUSD 40 for the first quarter of 2022, in line with CMD guidance.
Record high free cash flow (FCF) generation for IPC for the first quarter of 2022 amounted to MUSD 96.(3)
Full year 2022 FCF guidance increased to between MUSD 275 to 480 (Brent USD 70 to 100 per barrel).(3)
IPC’s inaugural MUSD 300 bond issuance completed on February 1, 2022, with a portion of the bond proceeds used to fully repay and cancel IPC’s existing reserve-based lending credit facilities.