In its tenth year of operations, International Petroleum Corporation (IPC) announced its 2025 financial and operating results, along with its budget and guidance for 2026. The company highlighted strong operational execution, progress ahead of schedule on the Blackrod Phase 1 project and a clear strategy to generate sustainable cash flow in the coming years.
Production aligned with projections and focus on Canada
During the fourth quarter of 2025, IPC achieved average net production of 45,600 barrels of oil equivalent per day (boepd), bringing the annual average to 44,900 boepd, at the high end of its guidance. This result was driven by the efficient operation of assets in Canada, Malaysia and Europe.
At Blackrod, IPC’s flagship Alberta project, first steam injection was achieved in December 2025, marking a crucial breakthrough. The first oil production is now scheduled for the third quarter of 2026, one quarter ahead of the original plan. This development is expected to reach stable production of 30,000 barrels per day by the end of 2027.
Strategic investments and cash flow under control
The company invested US$344 million in capital and decommissioning expenditures in 2025, of which US$256 million went to Blackrod. Despite this high outlay, operating cash flow reached US$259 million, and adjusted free cash flow (excluding the Blackrod investment) was positive at US$103 million.
Looking ahead to 2026, IPC plans to invest $122 million, allocating $90 million to the final development of Blackrod and the remainder to maintenance and optimization of existing assets. With these figures, the company is projecting free cash flow of between -$70 million and +$85 million, depending on the Brent crude oil price.
Record reserves and share repurchases
At year-end 2025, IPC reported 521 million barrels equivalent of 2P reserves, with a life index of 31 years and a replacement rate of 277%. In addition, unrisked contingent resources reached 1,224 million barrels equivalent, mostly related to future phases of the Blackrod project.
The company repurchased and cancelled 7.7 million common shares in 2025, with an average price of SEK 144. Since inception, it has returned more than $600 million to shareholders, canceling more than 77 million shares. Currently, the number of outstanding shares stands at 112.2 million, down from the 2017 level.
Sustainability and long-term vision
IPC reaffirmed its commitment to sustainability, achieving a reduction of its GHG emissions intensity to 50% of the 2019 baseline. No environmental or safety incidents were reported during 2025.
With a projected free cash flow generation of between US$1 billion and US$2 billion between 2026 and 2030, IPC assures that its strategy remains steadfast: to generate long-term value through organic growth, shareholder returns and merger or acquisition opportunities.
Source: International Petroleum Corporation
Photo: Shutterstock