Stockholm, Sweden – International Petroleum Corporation (IPCFF) announced its Q2 2024 earnings on July 30, 2024. The company reported a successful quarter, with notable achievements in production and financial performance.
William Lundin, the CEO of IPC, highlighted the strong results of the second quarter. The company delivered a net production average of 48.4 thousand barrels of oil equivalent per day, in line with guidance. Operating costs remained below $15 per barrel of oil equivalent, driven by lower energy input costs at Canadian assets. IPC also reduced its OpEx guidance for the full year, expecting it to be at the low end of the range of $18 to $19 per BOE.
In terms of financial performance, IPC reported robust operating cash flow generation of $102 million and EBITDA of $104 million. The company spent $212 million in CapEx in the first six months of the year, with a significant portion allocated to the Blackrod Phase 1 development. Despite heavy investment, IPC generated positive cash flow of nearly $8 million and posted a net profit of $45 million.
The company’s balance sheet remains strong, with net debt at $88 million and gross cash resources of $369 million. IPC has been actively repurchasing shares, with nearly 5 million shares repurchased under its normal course issuer bid program.
On the environmental sustainability front, IPC reported no material safety incidents in the quarter and issued its fifth sustainability report. The company remains committed to reducing its net emissions intensity and has set a goal to halve its emissions intensity by 2028.
Looking ahead, IPC is maintaining its production guidance and continues to focus on operational excellence, financial discipline, and sustainable growth. The company is balancing its capital allocation between organic growth investments, shareholder returns through buybacks, and remaining opportunistic about potential M&A opportunities.
Overall, IPC’s strong performance in the second quarter underscores the company’s commitment to delivering value to shareholders, maintaining financial stability, and advancing its sustainability goals.
