IPC third quarter 2022 financial and operational results
November 1, 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 nine months ended September 30, 2022.
Mike Nicholson, IPC’s Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved record quarterly average net production of 50,000 barrels of oil equivalent per day during the third quarter, with very strong operational performance across all our areas of operation. We produced strong cash flows from our business, ending the quarter with a net cash position of MUSD 89. This was achieved with no material safety or environment incidents during the quarter, and as we continue to work toward our net emissions intensity reduction target. Pricing for oil and gas, though stepped back from second quarter levels, remained high during the third quarter. We are confident that given forecast demand and the continuing under-investment in the oil and gas industry, this strong pricing should continue. We continue to work toward adding shareholder value through our well-balanced portfolio of light and heavy oil and gas assets and the development potential of the Blackrod project in Canada as well as shareholder returns under our capital allocation framework.”
Q3 2022 Business and Financial Highlights
Q3 2022 Achievements
- Successful conclusion of IPC’s first Substantial Issuer Bid (SIB) returning MUSD 100 to participating shareholders and approximately 8.3 million common shares being purchased and cancelled in early July 2022.
- Record spot production rates achieved during the third quarter under IPC operatorship at the Onion Lake Thermal and Ferguson assets in Canada.
- Front End Engineering Design (FEED) studies on the Blackrod project, Canada progressing for scheduled completion by end 2022.
- Release of IPC’s third Sustainability Report in August 2022.
Q3 2022 Results
- Record average net production of approximately 50,000 barrels of oil equivalent (boe) per day (boepd) for the third quarter of 2022, above high end guidance (45% heavy crude oil, 21% light and medium crude oil and 34% natural gas).(1)
- Net result of MUSD 91 for the third quarter of 2022.
- Operating costs per boe of USD 15.7 for the third quarter of 2022, below latest guidance.(2)
- Strong operating cash flow (OCF) generation for I