International Petroleum Corporation (OTCPK:IPCFF) Q1 2025 Earnings Conference Call May 6, 2025 3:00 AM ET
Company Participants
William Lundin – Chief Executive Officer
Christophe Nerguararian – Chief Financial Officer
Rebecca Gordon – Investor Relations
Conference Call Participants
Teodor Nilsen – SB1 Markets
William Lundin
So, welcome everybody to IPC’s 2025 First Quarter Results Update Presentation. I’m William Lundin, the CEO; and joined today by Christophe Nerguararian, our CFO; as well as Rebecca Gordon, our SVP of Corporate Planning and Investor Relations. I’ll start with the highlights and provide an operational update across our assets, then Christophe will expand on the financial detail. Following the presentation, we’ll take questions which can be sent online or through conference call.
So getting right into the highlights for the quarter. It was a strong quarter for the company. The portfolio delivered 44,000 barrels of oil equivalent per day through Q1 which was in line with guidance. We are maintaining our full year 2025 production guidance of 43,000 to 45,000 barrels of oil equivalent per day. The operating costs for Q1 were $17.30, in line with guidance or marginally below. However, no structural changes observed to our overall operating cost base and we maintain our full year OpEx guidance per unit production of $18 to $19.
On the organic growth front, our 2025 CapEx forecast is maintained at US$320 million which is the same as we put out at Capital Markets Day earlier this year. We spent just shy of $100 million in Q1 with $77 million of that allocated to the transformational Blackrod Phase 1 project.
Cash flow for the first quarter was $75 million in OCF and the full year operating cash flow for 2025 is expected to be between $240 million to $270 million, between $60 and $75 Brent for the remainder of the year. Q1 free cash flow, in
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