IPC second quarter 2021 financial results and sustainability report 2020

August 3, 2021

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2021. IPC also released its Sustainability Report 2020, which details the Corporation’s environmental, social and governance (ESG) performance.

Q2 2021 Business and Financial Highlights

  • Average net production of approximately 44,600 barrels of oil equivalent (boe) per day (boepd) for the second quarter of 2021 is above the high end of the 2021 Capital Markets Day (CMD) guidance range for the period (42% heavy crude oil, 20% light and medium crude oil and 38% natural gas)(1).
  • Full year 2021 average net production forecast revised upwards to above 44,000 boepd(1).
  • Operating costs(2) per boe of USD 15.6 for the second quarter of 2021, in line with CMD guidance. Full year guidance revised to USD 15.5 per boe from USD 14.6 per boe.
  • Capital and decommissioning expenditures of MUSD 21 for the first six months of 2021, in line with CMD guidance. Full year guidance has been increased to MUSD 73 from MUS