International Petroleum reports Q1 results; reaffirms FY23 guidance
May 02, 2023 1:49 AM ETInternational Petroleum Corporation (IPCFF), IPCO:CABy: Meghavi Singh, SA News Editor
- International Petroleum press release (OTCPK:IPCFF): Q1 Net result of $40M for Q1 2023.
- Operating costs per boe of $17.3 for Q1 2023 in line with CMD guidance for Q1 2023.
- Operating cash flow generation for Q1 2023 amounted to $76M.
- Capital and decommissioning expenditures of $55M for Q1 2023 in line with CMD guidance.
- Free cash flow generation for Q1 2023 amounted to $16M.
- Net cash of $67M as at March 31, 2023.
- Revenue of $192.52M (-25.9% Y/Y).
- FY23 guidance: Full year 2023 average net production forecast expected to be at the upper end of 48,000 to 50,000 boepd guidance range.
- Full year 2023 operating costs guidance forecast at USD 17.5 to 18 per boe.
- Full year 2023 OCF guidance estimated at between MUSD 250 to 495 (assuming Brent USD 70 to 100 per barrel).
- Full year 2023 capital and decommissioning expenditures guidance forecast at MUSD 365, including MUSD 287 relating to Phase 1 of the Blackrod project.
- Full year 2023 FCF forecast ranges from approximately MUSD -145 to 105 (assuming Brent USD 70 to 100 per barrel) after taking into account MUSD 287 of proposed 2023 Blackrod capital expenditures.