IPC second quarter 2022 financial results and sustainability report 2021

August 2, 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 and six months ended June 30, 2022. IPC also released its Sustainability Report 2021, which details the Corporation’s environmental, social and governance (ESG) performance.

Mike Nicholson, IPC’s Chief Executive Officer, comments: “The second quarter results set a new high watermark for IPC across the board. Record high production levels in parallel with record high realized pricing paved the way for IPC to generate more than MUSD 150 of free cash flow. That represents an astonishing industry leading annualized 31% free cash flow yield. On the value front, IPC shares still trade at a significant discount to our 2P reserves value using conservative pricing, with no value assigned to our 1.4 billion barrels of oil equivalent (boe) of contingent resources. We were therefore very pleased to have followed through on our shareholder returns framework by successfully completing the substantial issuer bid (SIB) to repurchase approximately 8.3 million shares, or 5.5% of the shares outstanding, and then restarting the normal course issuer bid (NCIB) to purchase a further 3.3 million shares in July. Notwithstanding the material shareholder returns, IPC ends the second quarter in a net cash position. I give huge credit to the entire IPC team for delivering such excellence.”

Q2 2022 Business and Financial Highlights

Q2 2022 Achievements

  • Successful conclusion of IPC’s first Substan