International Petroleum Corporation Announces Third Quarter 2026 Financial and Operational Results
Key Highlights
- ➤Q3 production 44,000 boepd, in line with guidance
- ➤Q3 operating cash flow $79M and free cash flow $27M
- ➤Net debt fell to $473M from $509M during Q3
- ➤2026 OCF guidance raised to $275M-$350M
- ➤Blackrod Phase 1 spot rates exceed 10,000 bopd after May first oil
Expert Statements
William Lundin, President and Chief Executive Officer of International Petroleum Corporation
“2026 continues to be a transformational year for IPC as the Blackrod Phase 1 development in Canada progressively ramps up production after successfully achieving first oil in May 2026. We are very pleased with the performance of the Blackrod field and the constructed facilities, and IPC remains on track to achieve the Phase 1 forecast plateau production rate of 30,000 barrels of oil per day (bopd) in 2027. IPC benefited from exposure to strong benchmark oil prices in the third quarter, with robust operating cash flows ahead of forecast. Following the completion of the Blackrod Phase 1 project spend, IPC recommenced share repurchases under the normal course issuer bid (NCIB), purchasing and cancelling approximately 1.1 million IPC shares during the quarter. The Board has authorized IPC to apply for renewal of the NCIB into 2027 as we continue to see share repurchases as an effective way to return value to shareholders at the same time as IPC aims to grow production and cash flows.”
TORONTO, Nov. 03, 2026 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2026.
William Lundin, IPC's President and Chief Executive Officer, comments: “2026 continues to be a transformational year for IPC as the Blackrod Phase 1 development in Canada progressively ramps up production after successfully achieving first oil in May 2026. We are very pleased with the performance of the Blackrod field and the constructed facilities, and IPC remains on track to achieve the Phase 1 forecast plateau production rate of 30,000 barrels of oil per day (bopd) in 2027. IPC benefited from exposure to strong benchmark oil prices in the third quarter, with robust operating cash flows ahead of forecast. Following the completion of the Blackrod Phase 1 project spend, IPC recommenced share repurchases under the normal course issuer bid (NCIB), purchasing and cancelling approximately 1.1 million IPC shares during the quarter. The Board has authorized IPC to apply for renewal of the NCIB into 2027 as we continue to see share repurchases as an effective way to return value to shareholders at the same time as IPC aims to grow production and cash flows.”
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