Q4 2023 International Petroleum Corp Earnings Call Transcript
Okay, so welcome everyone to the IPC 2023 Q4 and year-end operations and financial update presentation. My name is William Lundin, I'm the CEO. I'm also joined by Christophe, our CFO, as well as Rebecca, our SVP of IR and Corporate Planning.
So I'll begin with the highlights for the full year 2023. This presentation update will be focused on this past year's results and in terms of the detailed forward-looking short and long-term business plans that will be covered during the CMD presentation later on today. So it was a record investment year of USD327 million in 2023. About USD240 million of that was spent on our Blackrod Phase 1 development. IPC achieved a new all-time high annual production average of 51.1 thousand barrels of oil equivalent per day in 2023. Our operating costs settled at $17.60 per BOE for the full year, representing good cost control and overall financial discipline.
We had strong cash flow generation from the business amounting to USD353 million in operating cash flow and USD3 million for the full
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