- Canadian energy stock International Petroleum Corp. (TSX:IPCO) rose in Tuesday trading on its Q1 2024 financial and operational results
- The oil and gas exploration and production company achieved an average net production of approximately 48,800 barrels of oil equivalent per day (boepd), surpassing the high end of the guidance range
- The energy company generated operating cash flow of US$89 million for Q1 2024, surpassing guidance
- International Petroleum Corp. opened trading at C$17.16 per share
Canadian energy stock International Petroleum Corp. (TSX:IPCO) rose in Tuesday trading on its Q1 2024 financial and operational results.
The oil and gas exploration and production company touted robust performance across key metrics.
Operational performance
The company achieved an average net production of approximately 48,800 barrels of oil equivalent per day (boepd), surpassing the high end of the guidance range for the period. The production mix was composed of 51 per cent heavy crude oil, 16 per cent light and medium crude oil, and 33 per cent natural gas, reflecting its diversified portfolio and strategic asset allocation.
Financial delivery
In addition to operational achievements, IPCO demonstrated solid financial performance during Q1 2024. Operating costs per boe stood at US$17.1, below guidance, underscoring the company’s cost-effective operational practices. The energy company generated operating cash flow of US$89 million for Q1 2024, surpassing the guidance range.
Strategic investments
International Petroleum’s attention to strategic investments and capital allocation is evident from its capital and decommissioning expenditures of US$125 million for Q1 2024, aligning with guidance. The team pointed to these investments as proof of its focus on optimizing asset development and enhancing long-term value creation.
Project development milestones
The company has advanced its development activities, notably making significant progress on Phase 1 of the Blackrod project, which continues to track on schedule and within budget.
Operational efficiency
The successful drilling, completion, and tie-in of three out of five 2024 budgeted Ellerslie wells within the Suffield area highlight the company’s operational efficiency and project execution capabilities.
“We are pleased to announce another strong quarter of production and operational performance, which was combined with favourable commodity prices,” William Lundin, International Petroleum Corp.’s president and chief executive officer, said in a news release. “Our financial results during the quarter are in line with the 2024 guidance announced at our Capital Markets Day in February as we continue to excel operationally across our operations in Canada, Malaysia and France. At the same time, we also continued with purchases of IPC common shares under the normal course issuer bid, having completed approximately one-third of the current 2023/2024 program between December 2023 and March 2024. In addition, we are progressing the development of Phase 1 of the Blackrod project in Canada according to plan, which continues to forecast first oil in late 2026.”
International Petroleum Corp. has a portfolio of assets located in Canada, Malaysia and France. Its oil and gas assets in Canada are in Alberta and Saskatchewan.
International Petroleum Corp. (TSX:IPCO) opened trading at C$17.16 per share. Its stock was up 0.40 per cent by midday in Toronto and has risen 42.17 per cent since this time last year.
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