Q3 2024 International Petroleum Corp Earnings Call Transcript
Key Points
- International Petroleum Corp (IPCFF) delivered an average production of 45,000 barrels of oil equivalent per day, aligning with their forecast range.
- The company maintained its full-year production guidance at 46,000 to 48,000 barrels of oil equivalent per day.
- Operating costs for Q3 were slightly below guidance, leading to a revised full-year operating expenditure forecast of below $18 per BOE.
- The company has a strong balance sheet with net debt at $157 million USD and gross cash resources just shy of $300 million USD.
- No material safety incidents were reported in the quarter, and the company is on track to achieve its net emissions intensity reduction target by 2025.
- Q3 free cash flow was negative $38 million USD, although it was positive $44 million USD excluding Blackrod growth spend.
- Gas prices remained weak, impacting revenues and reducing optimization activity at the Suffield gas assets.
- The company experienced a slight build in net debt relative to the prior quarter, attributed to growth spend at Blackrod and share buybacks.
- Operating cash flow for the first nine months was $264 million USD, lower than the previous year.
- The company anticipates a significant CapEx spend in 2025, with around $250 million USD expected for the Blackrod project alone.
Okay, so welcome everybody to IPC's third quarter results update presentation. I'm William Lundin, the CEO and joining me in presenting this morning is Christophe Nerguararian our CFO I'll begin with the highlights and touch on the operational performance of our assets. Then pass it to Christophe for a more detailed overview of the financial numbers. Following that. We'll open up the floor to take questions which can be submitted via conference call or by the web.
So getting right into it in the highlights for the third quarter of this year, I PC delivered an average production of 45,000 barrels of oil equivalent per day, which is in line with the forecast range for the quarter. Our full year 2024 production guidance is maintained at 46 to 48,000 barrels of oil equivalent per day. On the operating cost front, the Q3 OpEx per BOE was $17.90.
Slightly below guidance. And we've taken the opportunity to revise our full year operating expenditure per BOE for this year at below $18 per BOE.
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