- International Petroleum Corporation (IPCO) has provided a quarterly financial and operational update with record high production
- It had an average net production of approximately 49,400 barrels of oil equivalent per day
- It also generated US$150 million of free cash flow
- US$100 million was returned it shareholder via the substantial issuer bid
- International Petroleum Corporation (IPCO) is up 1.47 per cent and is trading at $15.88 per share as of 2:22 p.m. ET
International Petroleum Corporation (IPCO) has provided a quarterly financial and operational update with record high production.
IPCO stated it had a record average net production of approximately 49,400 barrels of oil equivalent per day for its second quarter. Of this, 47 per cent was heavy crude oil, 20 per cent light and medium crude oil, and 33 per cent was natural gas.
“Record high production levels in parallel with record high realized pricing paved the way for [IPCO] to generate more than [US$150 million] of free cash flow… represents an astonishing industry-leading annualized 31 per cent free cash flow yield,” Mike Nicholson, CEO of IPCO, said.
The company also concluded its first substantial issuer bid during the quarter, which returned US$100 million to participating shareholders and 8.25 million common shares being purchased and cancelled earlier this month.
IPCO also shared its drilling operations on the A15 side-track well and three well pump upgrades at the Bertam field in Malaysia were successfully completed during the quarter.
Operating costs per barrel of oil equivalent were reported to be US$16.20 (each) for the second quarter, in line with the company’s latest guidance. Capital and decommissioning expenditures were $32 million.
IPCO stated its net cash is US$14 million as of June 30th, up from the net debt of US$94 million recorded at the end of last year.
International Petroleum Corporation (IPCO) is up 1.47 per cent and is trading at $15.88 per share as of 2:22 p.m. ET.
