EarningsQ2 2026 Earnings Report
IPCFF Q2 2026 EPS Results
Actual EPS$0.09
Consensus EPS$0.26
Beat/MissMissed by -$0.17
One Year Ago EPS$0.12
IPCFF Q2 2026 Revenue Results
Actual Revenue$214.96M
Expected Revenue$215.27M
Beat/MissMissed by -$307.36K
YoY Revenue Growth+40.21%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
IPCFF Upcoming Earnings
International Petroleum Corporation's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly positive operational and financial inflection: a transformational milestone was reached with Blackrod Phase 1 coming on stream ahead of schedule and on budget, Q2 showed strong operating cash flow and the first quarterly positive free cash flow since 2023, guidance (production, OpEx, and CapEx) was maintained, liquidity headroom is healthy and differential hedges are in-the-money. Headwinds are manageable in the near term — a Q3 OpEx bump from expensed enhancement activity, weak Canadian gas realizations, limited benefit from Q2 spot price spikes due to prior hedges, and a still-elevated net debt position with modest cash on hand — but these do not outweigh the key operational achievements and the clear path toward larger cash generation in Q4 and beyond.Company Guidance
Production in Line with Guidance
Q2 average production of 42,200 BOE/day (H1 average ~42,600 BOE/day) met guidance; full-year 2026 production guidance maintained at 44,000–47,000 BOE/day. Current production mix ~70% oil / 30% gas.
Blackrod Phase 1 — First Oil Achieved Ahead of Schedule and On Budget
Blackrod Phase 1 CPF reached first oil at end-May, delivered ahead of schedule and on budget. Phase 1 plateau target 30,000 bbl/day; 311 million 2P reserves assigned to Phase 1 and combined 2C+2P recoverable resource ~1.45 billion barrels. Blackrod growth capital reported at USD 855 million.
Operating Cash Flow, EBITDA and Free Cash Flow Turnaround
Q2 operating cash flow of USD 67 million and EBITDA USD 64 million. H1 operating cash flow USD 134 million. Q2 free cash flow positive USD 4 million — first positive quarter since 2023. Full-year OCF guidance USD 230–330 million and full-year free cash flow expected USD 10–110 million (assumes Brent USD 70–90).
Costs and Capital Discipline Maintained
Q2 operating cost USD 19.10/BOE, within guided range USD 18–20/BOE. Full-year CapEx guidance maintained at USD 163 million; Q2 CapEx USD 49 million and approximately USD 120 million (≈75% of budget) spent in H1.
Improving Balance Sheet and Liquidity
Net debt reduced to USD 509 million (USD 4 million reduction vs prior quarter, ~0.8% decrease). More than USD 150 million of undrawn credit availability under Canadian bank syndicate; revolving credit facility CAD 250 million with CAD 100 million drawn at quarter end; bonds outstanding USD 450 million. Cash balance typically around USD 10 million.
Hedges and Differential Protection in Place
During Q2 roughly 40% of oil exposure was hedged (WTI in low–mid 60s; Brent mid–high 60s). As of July 1 benchmark Brent/WTI hedges rolled off, but company retains in‑the‑money differential and transport hedges (WTI/WCS differential hedged at around -USD 12.5 with positive mark-to-market ~USD 6 million) and some natural gas hedges for 2026.
Strong Realizations in Key Markets and Ongoing Field Activity
High dated-Brent realizations in Q2 (average dated Brent ~USD 104 in Q2) and strong premiums on Malaysia cargoes; ongoing drilling in France with encouraging early results; Bertam workovers expected to boost Q4 production; stable performance from Onion Lake Thermal and Suffield assets.
Share Buybacks and Share Count Reduction
Since inception IPC repurchased 77 million shares at avg SEK 79 (CAD 11), representing ~USD 1 billion of value creation versus prior share price; ability to repurchase up to 6.5 million shares under current NCIB (~10% of free float) provides optionality to return capital.
IPCFF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed