International Petroleum maintained 2026 production guidance at 44,000 to 47,000 boepd after Blackrod Phase 1 reached first oil in May 2026, ahead of schedule and on budget.
International Petroleum Corporation reported second-quarter 2026 operating cash flow of MUSD 67 and free cash flow of MUSD 4, while Blackrod Phase 1 in Canada reached first oil in May 2026 ahead of schedule and on budget. Average net production was approximately 42,200 boepd in the quarter, in line with guidance, and the company kept its full-year production outlook at 44,000 to 47,000 boepd and operating cost guidance at USD 18 to 20 per boe. IPC revised its 2026 operating cash flow guidance to MUSD 230 to 330 and its free cash flow guidance to MUSD 10 to 110, both based on Brent at USD 70 to 90 per barrel for the rest of 2026, while maintaining capital and decommissioning expenditure guidance at MUSD 163. The company also increased its Canadian revolving credit facility to MCAD 348.5 and extended maturity to May 2028. Management said stronger oil prices, supply disruption linked to geopolitical tensions and the end of benchmark oil hedges leave IPC fully exposed to WTI and Brent in the second half of 2026 and beyond, while the Blackrod ramp-up is expected to support more meaningful production and sales volumes in the fourth quarter.