International Petroleum Corporation (IPCO) Earnings Call Transcripts

International Petroleum Corporation's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, International Petroleum Corporation (IPCO:CA) reported production at the high end of guidance, reaching 43,000 barrels of oil equivalent per day. Revenue for the quarter was $173 million, with net profit of $13 million, while operating cash flow was robust at $68 million. Management raised full-year operating cash flow guidance to a range of $220 million to $340 million, reflecting improved pricing conditions, particularly with Brent oil prices expected to average between $70 and $90 per barrel for the remainder of the year. The increase in capital expenditure guidance from $122 million to $163 million is aimed at accelerating production growth, particularly from the Blackrod project, which is expected to achieve first oil in Q3 2026.

Reported metrics

Guidance from management

Management raised full-year operating cash flow guidance to $220 million to $340 million and maintained production guidance of 44,000 to 47,000 boe/day. They expect to achieve positive free cash flow in the second half of 2026 as Blackrod production ramps up.

What management said

Sorry, just to add to that in terms of being a great signal in terms of Shell increasing its exposure in Canada just for the upstream overall Canadian landscape there. And now with that acquisition, Shell has secured roughly 3/4 of its feed gas requirements for both Phase 1 and Phase 2 of LNG Canada. So it certainly bodes well and signaling for an FID of Phase 2, but we're still yet to see that for that LNG project o...

Yes. That was Mark Carney, and he said a sovereign wealth fund. The extent of the details are yet to be understood in terms of where the funding is going to come from to be able to do that. But that is the headline that Mark Carney announced, was a sovereign wealth fund.

What analysts pressed on

Analysts expressed concerns regarding the recent increase in capital expenditures and the potential for continued negative free cash flow in Q2. There were also questions about the hedging strategy and its impact on future cash flows, particularly with a significant portion of production hedged until June.

Main topics on the call

• Production Performance — IPCO's production for Q1 was at 43,000 barrels of oil equivalent per day, aligning with the top end of guidance. Management stated, "We're well positioned to deliver within our production guidance," indicating confidence...
• Capital Expenditure Increase — Management raised the full-year CapEx guidance from $122 million to $163 million, driven by increased activity in Canada and France. The CEO noted, "The lion's share of that is for capital activity in France and Canada,"...
• Operating Cash Flow Guidance — Operating cash flow guidance was revised upwards to $220 million to $340 million for 2026, based on expected Brent prices of $70 to $90 per barrel. This marks a significant improvement from previous forecasts, with manag...
• Blackrod Project Progress — The Blackrod Phase 1 project is on track for first oil in Q3 2026, ahead of the original timeline. Management emphasized, "This asset is going to propel the company to new levels," indicating its importance for future pr...

Read the full International Petroleum Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 33 International Petroleum Corporation earnings call transcripts on record, spanning February 11, 2020 to August 4, 2026. Based on this history, International Petroleum Corporation reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

IPCO

Exchange

TSX

Country

CA

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

33

First call

February 11, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly