IPCFF - International Petroleum reports Q2 results; reaffirms FY23 guidance

2023-08-01 04:00:33 ET

• International Petroleum press release ( OTCPK:IPCFF ): Q2 met profit of $32.03M.
• Revenue of $205.56M (-34.9% Y/Y) misses by $36.65M .
• Operating costs per boe of $17.0 for Q2 2023.
• Operating cash flow generation for Q2 2023 amounted to $84M.
• Capital and decommissioning expenditures of $62M for Q2 2023.
• Free cash flow ( FCF ) generation for Q2 2023 amounted to $16M ($65M pre Blackrod funding).
• Net cash of $64M as at June 30, 2023.
• Outlook: Full year 2023 average net production forecast expected to exceed the upper end of 48,000 to 50,000 boepd guidance range.
• Full year 2023 operating costs guidance forecast remains unchanged at USD 17.5 to 18.0 per boe.
• Full year 2023 OCF guidance tightened to between $320M to $390M (assuming Brent USD 75 to 90 per barrel for the remainder of 2023) from previous guidance of $250M to $495M (assuming Brent USD 70 to 100 per barrel).
• Full year 2023 capital and decommissioning expenditures guidance forecast unchanged at $365M, including $287M relating to Phase 1 of the Blackrod project.
• Full year 2023 FCF forecast range tightened to between MUSD -65 to 5 (assuming Brent USD 75 to 90 per barrel for the remainder of 2023) from previous guidance of MUSD -145 to 105 (assuming Brent USD 70 to 100 per barrel), after taking into account MUSD 287 of proposed 2023 Blackrod capital expenditures.

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