International Petroleum Corporation Announces First Quarter 2025 Financial and Operational Results

06 May 2025 07:30 CEST

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq
Stockholm: IPCO) today released its financial and operational results and
related management's discussion and analysis (MD&A) for the three months ended
March 31, 2025.

William Lundin, IPC's President and Chief Executive Officer, comments: "We are
pleased to announce another strong quarter of operational and financial
performance for Q1 2025. IPC achieved an average net daily production during the
quarter of 44,400 barrels of oil equivalent per day (boepd). Our results during
the quarter were in line with the 2025 guidance announced at our Capital Markets
Day in February as we continue to execute according to plan across our
operations in Canada, Malaysia and France. Notably, the transformational
Blackrod Phase 1 development project in Canada has progressed substantially
during the quarter and forecast first oil is maintained with the original
project sanction guidance for late 2026. We also continued with purchases of IPC
common shares under the normal course issuer bid, having completed approximately
60% of the current 2024/2025 program between December 2024 to March 2025."

Q1 2025 Business Highlights

* Average net production of approximately 44,400 boepd for the first quarter
of 2025, within the guidance range for the period (52% heavy crude oil, 15%
light and medium crude oil and 33% natural gas).(()(1))
* Continued progressing Phase 1 development activity as well as future phase
resource maturation works at the Blackrod asset.
* At Onion Lake Thermal, all four planned production infill wells and the
final Pad L well pair have been successfully drilled.
* 3.9 million IPC common shares purchased and cancelled during Q1 2025 and
continuing with target to complete the full 2024/2025 NCIB this year.

Q1 2025 Financial Highlights

* Operating costs per boe of USD 17.3 for Q1 2025, in line with
guidance.(()(3)())
* Operating cash flow (OCF) generation of MUSD 75 for Q1 2025, in line with
guidance.(()(3)())
* Capital and decommissioning expenditures of MUSD 99 for Q1 2025, in line
with guidance.
* Free cash flow (FCF) generation for Q1 2025 amounted to MUSD -43 (MUSD 37
pre-Blackrod capital expenditure).(()(3)())
* Gross cash of MUSD 140 and net debt of MUSD 314 as at March
31, 2025.(()(3)())
* Net result of MUSD 16 for Q1 2025.

Reserves and Resources

* Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life
index (RLI) of 31 years.((1)()()(2)())
* Contingent resources (best estimate, unrisked) as at December 31, 2024 of
1,107 MMboe.((1)()(2)())
* 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10%
discount rate).(()(1)()()(2)())

2025 Annual Guidance

* Full year 2025 average net production guidance range forecast maintained at
43,000 to 45,000 boepd.((1)())
* Full year 2025 operating costs guidance range forecast maintained at USD 18
to 19 per boe.(()(3)())
* Full year 2025 OCF revised guidance estimated at between MUSD 240 and 270
(assuming Brent USD 60 to 75 per barrel for the remainder of 2025) from
previous guidance of between MUSD 210 and 280 (assuming Brent USD 65 to 85
per barrel).(()(3)())((4))
* Full year 2025 capital and decommissioning expenditures guidance forecast
maintained at MUSD 320.
* Full year 2025 FCF revised guidance estimated at between MUSD -135 and -110
(assuming Brent USD 60 to 75 per barrel for the remainder of 2025) from
previous guidance of between MUSD -150 and -80 (assuming Brent USD 65 to 85
per barrel), after taking into account MUSD 230 of forecast full year 2025
capital expenditures relating to the Blackrod asset.(()(3)())((4))

  Three months ended March 31
------------------------------
USD Thousands 2025 2024
-------------------------------------------------------------
Revenue 178,492 206,419

Gross profit 44,149 55,184

Net result 16,231 33,719

Operating cash flow(()(3)()) 74,790 89,301

Free cash flow(()(3)()) (43,172) (43,311)

EBITDA(()(3)()) 70,946 87,020

Net cash/(debt)(()(3)()) (314,255) (60,572)
-------------------------------------------------------------

During the first quarter of 2025, oil prices were relatively stable, with Brent
prices averaging just below USD 76 per barrel. Following the quarter, commodity
prices pulled back with spot Brent rates falling to USD 60 per barrel in April
2025. The physical crude market remained tight throughout the first quarter,
prompting OPEC and the OPEC+ group to increase supply ahead of expectations. The
timing of the supply increases coincided with the United States proposing harsh
tariffs to countries deemed in a trade surplus of US goods. These two events
have impacted future crude supply and demand outlooks, in turn weighing on spot
and future oil benchmark prices. Despite the poor market sentiment, global
inventories remain below the 5-year average, high geopolitical tensions persist,
non-OPEC 2025 oil production (namely, in the US) is unlikely to grow at current
prices, and US Federal Reserve Bank rate cuts are likely to occur in the near
future. IPC prudently supplemented downside protection measures at the beginning
of the first quarter of 2025 through financial swap hedging arrangements which
in total represent nearly 40% of our forecast 2025 oil production at around USD
76 and USD 71 per barrel for Dated Brent and West Texas Intermediate (WTI),
respectively, for the remainder of 2025.

In Canada, WTI to Western Canadian Select (WCS) crude price differentials during
the first quarter of 2025 averaged just under USD 13 per barrel, with spot
differentials decreasing to around USD 9 per barrel in April 2025. The Western
Canadian Sedimentary Basin (WCSB) petroleum producers have greatly benefited
from the TMX pipeline expansion with differentials tightening to levels not seen
since 2020. There are currently no tariffs on Canadian crude exports to the
United States, which remain covered by the US Mexico Canada free trade
agreement. IPC has hedged the WTI/WCS differential for approximately 50% of our
forecast 2025 Canadian oil production at USD 14 per barrel for 2025.

Natural gas markets in Canada for the first quarter of 2025 remained weak, given
the softer than average winter weather conditions and high natural gas storage
levels. The average AECO gas price was CAD 2.1 per Mcf for the first quarter of
2025. The forward strip implies improved pricing for Canadian gas benchmark
prices, driven by the pending startup of the West Coast LNG Canada project later
this year. Approximately 50% of our net long exposure is hedged at CAD 2.4 per
Mcf to end October 2025, dropping to around 15% for November and December at CAD
2.6 per mcf.

First Quarter 2025 Highlights and Full Year 2025 Guidance

During the first quarter of 2025, our portfolio delivered average net production
of 44,400 boepd, in line with guidance. Operational performance from our
producing assets was strong to start the year as high facility and well uptimes
were achieved. Drilling activity commenced in the first quarter of 2025 at Onion
Lake Thermal, which aims to sustain production levels at the asset for 2025. In
Malaysia, drilling and well maintenance works are planned to start in the second
quarter of 2025, in line with plan. We maintain the full year 2025 average net
production guidance range of 43,000 to 45,000 boepd.((1))

Our operating costs per boe for the first quarter of 2025 was USD 17.3, in line
with guidance. Full year 2025 operating expenditure guidance of USD 18.0 to
19.0 per boe remains unchanged.(()(3)())

Operating cash flow (OCF) generation for the first quarter of 2025 was MUSD 75.
Full year 2025 OCF guidance is tightened to MUSD 240 to 270 (assuming Brent USD
60 to 75 per barrel for the remainder of 2025).(()(3)())((4))

Capital and decommissioning expenditure for the first quarter of 2025 was MUSD
99 in line with guidance. Full year 2025 capital and decommissioning expenditure
of MUSD 320 is maintained.

Free cash flow (FCF) generation was MUSD -43 (MUSD 37 pre-Blackrod capital
expenditure) during the first quarter of 2025. Full year 2025 FCF guidance is
tightened to MUSD -135 to -110 (assuming Brent USD 60 to 75 per barrel for the
remainder of 2025) after taking into account MUSD 320 of forecast full year
2025 capital expenditures (including MUSD 230 relating to the Blackrod
asset).(()(3)())((4))

As at March 31, 2025, IPC's net debt position was MUSD 314, from a net debt
position of MUSD 209 as at December 31, 2024, mainly driven by the funding of
forecast capital expenditures and the continuing share repurchase program
(NCIB). Gross cash on the balance sheet as at March 31, 2025 amounts to MUSD
140 and IPC has access to an undrawn Canadian credit facility of greater than
130 MUSD. The access to liquidity supports IPC to follow through on its key
strategic objectives of enhancing stakeholder value through organic growth,
stakeholder returns, and pursuing value adding M&A.((3))

Blackrod

During the first quarter of 2025, IPC continued to advance the Phase 1
development of the Blackrod asset. Growth capital expenditure to first oil is
maintained at MUSD 850. First oil of the Phase 1 development is estimated to be
in late 2026, with forecast net production of 30,000 boepd by 2028. IPC
forecasts capital expenditure in 2025 at the Blackrod asset of MUSD 230, of
which MUSD 77 was invested in the Phase 1 development project during Q1 2025.
Since the transformational organic growth project was sanctioned in early 2023,
MUSD 669, or approximately 80% of the total multi-year project capital budget,
has been incurred.((1))

Project activities for the multi-year Blackrod Phase 1 development have
progressed according to plan. Engineering, procurement and fabrication is
substantially complete with greater than 90% of all facility modules delivered
to site. Equipment installation, piping inter-connects, electrical and
instrumentation are the key areas of focus for construction at the Central
Processing Facility (CPF) and well pad facilities.

Resource maturation drilling for future phase expansion considerations took
place during Q1 2025. Commercial operational readiness planning has ramped up in
line with our progressive turnover strategy to ensure a seamless transition from
build to start-up. IPC intends to fund the remaining Blackrod capital
expenditure with forecast cash flow generated by its operations, cash on hand
and drawing under the existing Canadian credit facility if needed.(()(3))

Stakeholder Returns: Normal Course Issuer Bid

In Q4 2024, IPC announced the renewal of the NCIB, with the ability to
repurchase up to approximately 7.5 million common shares over the period of
December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased
and cancelled approximately 0.8 million common shares in December 2024, 3.7
million common shares during Q1 2025, and a further 0.2 million common shares
purchased under other exemptions in Canada. The average price of common shares
purchased under the 2024/2025 NCIB during Q1 2025 was SEK 146 / CAD 20 per
share.

As at March 31, 2025, IPC had a total of 115,176,514 common shares issued and
outstanding and IPC held no common shares in treasury. As at April 30, 2025, IPC
had a total of 114,248,119 common shares issued and outstanding and IPC held no
common shares in treasury.

Notwithstanding the final major capital investment year at Blackrod in 2025, IPC
had purchased and cancelled 73% of the maximum 7.5 million common shares allowed
under the 2024/2025 NCIB by the end of April 2025 and intends to purchase and
cancel the remaining 2.0 million common shares under that program in 2025. This
would result in the cancellation of 6.2% of common shares outstanding as at the
beginning of December 2024. IPC continues to believe that reducing the number of
shares outstanding in combination with investing in long-life production growth
at the Blackrod project will prove to be a winning formula for our stakeholders.

Environmental, Social and Governance (ESG) Performance

During the first quarter of 2025, IPC recorded no material safety or
environmental incidents.

As previously announced, IPC targets a reduction of our net GHG emissions
intensity by the end of 2025 to 50% of IPC's 2019 baseline and IPC remains on
track to achieve this reduction. IPC has also made a commitment to maintain
2025 levels of 20 kg CO(2)/boe through to the end of 2028.(()(5)())

Notes:

(1)     See "Supplemental Information regarding Product Types" in "Reserves and
Resources Advisory" below. See also the annual information form for the year
ended December 31, 2024 (AIF) available on IPC's website at www.international-
petroleum.com and under IPC's profile on SEDAR+ at www.sedarplus.ca.
(2)     See "Reserves and Resources Advisory" below. Further information with
respect to IPC's reserves, contingent resources and estimates of future net
revenue, including assumptions relating to the calculation of net present value
(NPV), are described in the AIF. NAV is calculated as NPV less net debt of USD
209 million as at December 31, 2024.
(3)     Non-IFRS measures, see "Non-IFRS Measures" below and in the MD&A.
(4)     OCF and FCF forecasts at Brent USD 60 and 70 per barrel assume Brent to
WTI differential of USD 3 and 5 per barrel, respectively, and WTI to WCS
differential of USD 10 and 15 per barrel, respectively, for the remainder of
2025. OCF and FCF forecasts assume gas price on average of CAD 2.25 per Mcf for
the remainder of 2025.
(5)     Emissions intensity is the ratio between oil and gas production and the
associated carbon emissions, and net emissions intensity reflects gross
emissions less operational emission reductions and carbon offsets.

International Petroleum Corp. (IPC) is an international oil and gas exploration
and production company with a high quality portfolio of assets located in
Canada, Malaysia and France, providing a solid foundation for organic and
inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is
incorporated in Canada and IPC's shares are listed on the Toronto Stock Exchange
(TSX) and the Nasdaq Stockholm exchange under the symbol "IPCO".

For further information, please contact:

Rebecca Gordon Robert Eriksson
SVP Corporate Planning and Investor Relations   Media Manager
rebecca.gordon@international-petroleum.com reriksson@rive6.ch
Tel: +41 22 595 10 50 Or Tel: +46 701 11 26 15

This information is information that International Petroleum Corporation is
required to make public pursuant to the EU Market Abuse Regulation and the
Securities Markets Act. The information was submitted for publication, through
the contact persons set out above, at 07:30 CEST on May 6, 2025. The
Corporation's unaudited interim condensed consolidated financial statements
(Financial Statements) and management's discussion and analysis (MD&A) for the
three months ended March 31, 2025 have been filed on SEDAR+ (www.sedarplus.ca)
and are also available on the Corporation's website (www.international-
petroleum.com).

Forward-Looking Statements
This press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information" (within the
meaning of applicable securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events, including the
Corporation's future performance, business prospects or opportunities. Actual
results may differ materially from those expressed or implied by forward-looking
statements. The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement. Forward-looking statements
speak only as of the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update these forward-
looking statements, except as required by applicable laws.

All statements other than statements of historical fact may be forward-looking
statements. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "forecast", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"budget" and similar expressions) are not statements of historical fact and may
be "forward-looking statements".

Forward-looking statements include, but are not limited to, statements with
respect to:

* 2025 production ranges (including total daily average production),
production composition, cash flows, operating costs and capital and
decommissioning expenditure estimates;
* Estimates of future production, cash flows, operating costs and capital
expenditures that are based on IPC's current business plans and assumptions
regarding the business environment, which are subject to change;
* IPC's financial and operational flexibility to navigate the Corporation
through periods of volatile commodity prices;
* The ability to fully fund future expenditures from cash flows and current
borrowing capacity;
* IPC's intention and ability to continue to implement its strategies to build
long-term shareholder value;
* The ability of IPC's portfolio of assets to provide a solid foundation for
organic and inorganic growth;
* The continued facility uptime and reservoir performance in IPC's areas of
operation;
* Development of the Blackrod project in Canada, including estimates of
resource volumes, future production, timing, regulatory approvals, third
party commercial arrangements, breakeven oil prices and net present values;
* Current and future production performance, operations and development
potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney
operations, including the timing and success of future oil and gas drilling
and optimization programs;
* The potential improvement in the Canadian oil egress situation and IPC's
ability to benefit from any such improvements;
* The ability to maintain current and forecast production in France and
Malaysia;
* The intention and ability of IPC to acquire further Common Shares under the
NCIB, including the timing of any such purchases;
* The return of value to IPC's shareholders as a result of the NCIB;
* IPC's ability to implement its greenhouse gas (GHG) emissions intensity and
climate strategies and to achieve its net GHG emissions intensity reduction
targets;
* IPC's ability to implement projects to reduce net emissions intensity,
including potential carbon capture and storage;
* Estimates of reserves and contingent resources;
* The ability to generate free cash flows and use that cash to repay debt;
* IPC's continued access to its existing credit facilities, including current
financial headroom, on terms acceptable to the Corporation;
* IPC's ability to identify and complete future acquisitions;
* Expectations regarding the oil and gas industry in Canada, Malaysia and
France, including assumptions regarding future royalty rates, regulatory
approvals, legislative changes, tariffs, and ongoing projects and their
expected completion; and
* Future drilling and other exploration and development activities.

Statements relating to "reserves" and "contingent resources" are also deemed to
be forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves and resources described
exist in the quantities predicted or estimated and that the reserves and
resources can be profitably produced in the future. Ultimate recovery of
reserves or resources is based on forecasts of future results, estimates of
amounts not yet determinable and assumptions of management.

The forward-looking statements are based on certain key expectations and
assumptions made by IPC, including expectations and assumptions concerning: the
potential impact of tariffs implemented in 2025 by the U.S. and Canadian
governments and that other than the tariffs that have been implemented, neither
the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes
new tariffs, on the import of goods from one country to the other, including on
oil and natural gas, and/or (ii) imposes any other form of tax, restriction or
prohibition on the import or export of products from one country to the other,
including on oil and natural gas; prevailing commodity prices and currency
exchange rates; applicable royalty rates and tax laws; interest rates; future
well production rates and reserve and contingent resource volumes; operating
costs; our ability to maintain our existing credit ratings; our ability to
achieve our performance targets; the timing of receipt of regulatory approvals;
the performance of existing wells; the success obtained in drilling new wells;
anticipated timing and results of capital expenditures; the sufficiency of
budgeted capital expenditures in carrying out planned activities; the timing,
location and extent of future drilling operations; the successful completion of
acquisitions and dispositions and that we will be able to implement our
standards, controls, procedures and policies in respect of any acquisitions and
realize the expected synergies on the anticipated timeline or at all; the
benefits of acquisitions; the state of the economy and the exploration and
production business in the jurisdictions in which IPC operates and globally; the
availability and cost of financing, labour and services; our intention to
complete share repurchases under our normal course issuer bid program, including
the funding of such share repurchases, existing and future market conditions,
including with respect to the price of our common shares, and compliance with
respect to applicable limitations under securities laws and regulations and
stock exchange policies; and the ability to market crude oil, natural gas and
natural gas liquids successfully.

Although IPC believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because IPC can give no assurances
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks.

These include, but are not limited to: general global economic, market and
business conditions; the risks associated with the oil and gas industry in
general such as operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of estimates and projections relating
to reserves, resources, production, revenues, costs and expenses; health, safety
and environmental risks; commodity price fluctuations; interest rate and
exchange rate fluctuations; marketing and transportation; loss of markets;
environmental and climate-related risks; competition; innovation and
cybersecurity risks related to our systems, including our costs of addressing or
mitigating such risks; the ability to attract, engage and retain skilled
employees; incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or dispositions;
the ability to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals; geopolitical
conflicts, including the war between Ukraine and Russia and the conflict in the
Middle East, and their potential impact on, among other things, global market
conditions; political or economic developments, including, without limitation,
the risk that (i) one or both of the U.S. and Canadian governments increases the
rate or scope of tariffs implemented in 2025, or imposes new tariffs on the
import of goods from one country to the other, including on oil and natural gas,
(ii) the U.S. and/or Canada imposes any other form of tax, restriction or
prohibition on the import or export of products from one country to the other,
including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on
other countries and responses thereto could have a material adverse effect on
the Canadian, U.S. and global economies, and by extension the Canadian oil and
natural gas industry and the Corporation; and changes in legislation, including
but not limited to tax laws, royalties, environmental and abandonment
regulations. Readers are cautioned that the foregoing list of factors is not
exhaustive.

Additional information on these and other factors that could affect IPC, or its
operations or financial results, are included in the MD&A (See "Risk Factors",
"Cautionary Statement Regarding Forward-Looking Information" and "Reserves and
Resources Advisory"), the Corporation's Annual Information Form (AIF) for the
year ended December 31, 2024, (See "Cautionary Statement Regarding Forward-
Looking Information", "Reserves and Resources Advisory" and "Risk Factors") and
other reports on file with applicable securities regulatory authorities,
including previous financial reports, management's discussion and analysis and
material change reports, which may be accessed through the SEDAR+ website
(www.sedarplus.ca) or IPC's website (www.international-petroleum.com).

Management of IPC approved the production, operating costs, operating cash flow,
capital and decommissioning expenditures and free cash flow guidance and
estimates contained herein as of the date of this press release. The purpose of
these guidance and estimates is to assist readers in understanding IPC's
expected and targeted financial results, and this information may not be
appropriate for other purposes.

Estimated production and FCF generation are based on IPC's current business
plans over the periods of 2025 to 2029 and 2030 to 2034, less net debt of USD
209 million as at December 31, 2024, with assumptions based on the reports of
IPC's independent reserves evaluators, and including certain corporate
adjustments relating to estimated general and administration costs and hedging,
and excluding shareholder distributions and financing costs. Assumptions include
average net production of approximately 57 Mboepd over the period of 2025 to
2029, average net production of approximately 63 Mboepd over the period of 2030
to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per
year, and average Brent to Western Canadian Select differentials and average gas
prices as estimated by IPC's independent reserves evaluator and as further
described in the AIF. IPC's current business plans and assumptions, and the
business environment, are subject to change. Actual results may differ
materially from forward-looking estimates and forecasts.

Non-IFRS Measures
References are made in this press release to "operating cash flow" (OCF), "free
cash flow" (FCF), "Earnings Before Interest, Tax, Depreciation and Amortization"
(EBITDA), "operating costs" and "net debt"/"net cash", which are not generally
accepted accounting measures under International Financial Reporting Standards
(IFRS) and do not have any standardized meaning prescribed by IFRS and,
therefore, may not be comparable with similar measures presented by other public
companies. Non-IFRS measures should not be considered in isolation or as a
substitute for measures prepared in accordance with IFRS.

The definition of each non-IFRS measure is presented in IPC's MD&A (See "Non-
IFRS Measures" therein).

Operating cash flow
The following table sets out how operating cash flow is calculated from figures
shown in the Financial Statements:

  Three months ended March
31
--------------------------
USD Thousands 2025 2024
-------------------------------------------------------------------------------
Revenue 178,492 206,419

Production costs and net sales of diluent to third
party (1) (103,188) (115,745)

Current tax (514) (1,373)
--------------------------
Operating cash flow 74,790 89,301
-------------------------------------------------------------------------------

(1) Includes net sales of diluent to third party amounting to USD 191 thousand
for the first quarter of 2025.

Free cash flow
The following table sets out how free cash flow is calculated from figures shown
in the Financial Statements:

  Three months ended March
31
--------------------------
USD Thousands 2025 2024
-------------------------------------------------------------------------------
Operating cash flow - see above 74,790 89,301

Capital expenditures (98,886) (125,256)

Abandonment and farm-in expenditures(1) (321) (122)

General, administration and depreciation expenses
before depreciation(2) (4,358) (3,653)

Cash financial items(3) (14,397) (3,581)
--------------------------
Free cash flow (43,172) (43,311)
-------------------------------------------------------------------------------

(1 )See note 16 to the Financial Statements
(2 )Depreciation is not specifically disclosed in the Financial Statements
(3 )See notes 4 and 5 to the Financial Statements

EBITDA
The following table sets out the reconciliation from net result from the
consolidated statement of operations to EBITDA:

  Three months ended March
31
--------------------------
USD Thousands 2025 2024
-------------------------------------------------------------------------------
Net result 16,231 33,719

Net financial items 18,855 9,770

Income tax 4,679 7,746

Depletion and decommissioning costs 29,016 33,153

Depreciation of other tangible fixed assets 1,917 2,262

Exploration and business development costs 31 75

Sale of assets (1) (94) -

Depreciation included in general, administration and
depreciation expenses (2) 311 295
--------------------------
EBITDA 70,946 87,020
-------------------------------------------------------------------------------

(1) Sale of assets is included under "Other income/(expense)" but not
specifically disclosed in the Financial Statements
(2) Item is not shown in the Financial Statements

Operating costs
The following table sets out how operating costs is calculated:

  Three months ended March 31
------------------------------
USD Thousands 2025 2024
-------------------------------------------------------------
Production costs 103,379 115,745

Cost of blending (37,726) (45,206)

Change in inventory position 3,500 5,277
------------------------------
Operating costs 69,153 75,816
-------------------------------------------------------------

Net cash/(debt)
The following table sets out how net cash / (debt) is calculated from figures
shown in the Financial Statements:

USD Thousands March 31, 2025 December 31, 2024
-----------------------------------------------------------------
Bank loans (4,449) (5,121)

Bonds(1) (450,000) (450,000)

Cash and cash equivalents 140,194 246,593
-------------------------------------
Net cash/(debt) (314,255) (208,528)
-----------------------------------------------------------------

(1 )The bond amount represents the redeemable value at maturity (February 2027).

Reserves and Resources Advisory
This press release contains references to estimates of gross and net reserves
and resources attributed to the Corporation's oil and gas assets. For additional
information with respect to such reserves and resources, refer to "Reserves and
Resources Advisory" in the MD&A. Light, medium and heavy crude oil
reserves/resources disclosed in this press release include solution gas and
other by-products. Also see "Supplemental Information regarding Product Types"
below.

Reserve estimates, contingent resource estimates and estimates of future net
revenue in respect of IPC's oil and gas assets in Canada are effective as of
December 31, 2024, and are included in the reports prepared by Sproule
Associates Limited (Sproule), an independent qualified reserves evaluator, in
accordance with National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the
COGE Handbook) and using Sproule's December 31, 2024 price forecasts.

Reserve estimates, contingent resource estimates and estimates of future net
revenue in respect of IPC's oil and gas assets in France and Malaysia are
effective as of December 31, 2024, and are included in the report prepared by
ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in
accordance with NI 51-101 and the COGE Handbook, and using Sproule's December
31, 2024 price forecasts.

The price forecasts used in the Sproule and ERCE reports are available on the
website of Sproule (sproule.com) and are contained in the AIF. These price
forecasts are as at December 31, 2024 and may not be reflective of current and
future forecast commodity prices.

The reserve life index (RLI) is calculated by dividing the 2P reserves of 493
MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production
guidance of 43,000 to 45,000 boepd.

IPC uses the industry-accepted standard conversion of six thousand cubic feet of
natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1
is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. As the
value ratio between natural gas and crude oil based on the current prices of
natural gas and crude oil is significantly different from the energy equivalency
of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of
value.

Supplemental Information regarding Product Types

The following table is intended to provide supplemental information about the
product type composition of IPC's net average daily production figures provided
in this press release:

  Light and
Heavy Crude Oil Medium Crude Conventional Natural Total
(Mbopd) Oil (Mbopd) Gas (per day) (Mboepd)
-------------------------------------------------------------------------------
Three months
ended

March 31, 2025 88.2 MMcf
23.2 6.5 (14.7 Mboe) 44.4

March 31, 2024 96.0 MMcf
24.9 7.9 (16.0 Mboe) 48.8

Year ended

December 95.1 MMcf
31, 2024 23.9 7.7 (15.8 Mboe) 47.4
-------------------------------------------------------------------------------

This press release also makes reference to IPC's forecast total average daily
production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately
52% of that production will be comprised of heavy oil, approximately 15% will be
comprised of light and medium crude oil and approximately 33% will be comprised
of conventional natural gas.

Currency
All dollar amounts in this press release are expressed in United States dollars,
except where otherwise noted. References herein to USD mean United States
dollars and to MUSD mean millions of United States dollars. References herein to
CAD mean Canadian dollars.

More information:
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645345_IPC_qr_1_2025_FSandMDA.pdf