International Petroleum Corp. (british Columbia) · OMXSTO:IPCO
International Petroleum Corp. (british Columbia) — International Petroleum — Q3 2026 Earnings Presentation
31 slides from International Petroleum Corp. (british Columbia)'s earnings presentation, Nov 3, 2026
Slide 1: Operations & Financial Update Third Quarter 2026
Q 3 26 Operations & Financial Update Third Quarter 2026 William Lundin, CEO Christophe Nerguararian, CFO November 3, 2026 NC00249 p01 02.22
Slide 2: Third Quarter 2026 Highlights
International Petroleum Corp. Third Quarter 2026 Highlights Production guidance Q3 average net production of 44,000 boepd, in line with guidance for the quarter 2026 net production guidance maintained at 44,000 – 47,000 boepd Operating costs Q3 operating costs in line with forecast for the period at
Slide 3: 2026 Forecast Production Guidance
International Petroleum Corp. 2026 Forecast Production Guidance Production and Operating Costs Guidance International, 10% nt Canada Gas, 31% Bre 2026 average production guidance range maintained at 44 to 47 Mboepd Ga s Material production growth forecast in Q4 2026 continuing into 2027 CS W Canada
Slide 4: 2026 Operating Cash Flow
International Petroleum Corp. 2026 Operating Cash Flow 350 MUSD 275 MUSD 250 MUSD 214 MUSD (1) 75 USD/bbl (5/14) (1) 94 USD/bbl (10/14) Q3 79 MUSD 97 USD/bbl (11/14) (1) Q2 100 MUSD (1) 55 USD/bbl (4/13) Q1 First 9M 2026 2026 Forecast 2026 Forecast 2026 CMD guidance @ 80 USD/bbl (5/22) (1) @ 110 USD
Slide 5: 2026 Capital Expenditure
International Petroleum Corp. 2026 Capital Expenditure Capital expenditure budget increased to 185 MUSD Production well drilling completed in Canada and France 2026 Expenditure 185 MUSD Accelerated Onion Lake Thermal infills Blackrod 112 Additional Blackrod resource maturation Other assets 68 Abando
Slide 6: 2026 Free Cash Flow
International Petroleum Corp. 2026 Free Cash Flow First 9M 2026 FCF 2026 Forecast FCF 2026 CMD FCF Guidance 110 MUSD 110 USD/bbl (10/22) (1) 85 MUSD 75 USD/bbl (5/14) (1) 14 MUSD 35 MUSD 94 USD/bbl (10/14) (1) 80 USD/bbl (5/22) (1) -70 MUSD 55 USD/bbl (4/13) (1) NC00434 p05 10.26 See Notes and Reade
Slide 7: Share Repurchase
International Petroleum Corp. Share Repurchase 78 million IPC shares repurchased since inception at an average price of SEK 81 / CAD 11 per share Greater than USD 1.3 billion of value created from total share repurchases compared to current share price 1.3 million shares repurchased under 2025/2026
Slide 8: IPC Canada Blackrod Phase 1 Progress Update
IPC Canada Blackrod Phase 1 Progress Update T77 First oil achieved in Q2 2026 Ahead of original schedule guidance set in 2023 YE25 Reserves Pads Project delivered on budget Total growth capital spend to first oil of 855 MUSD Phased production start and ramp-up through 2H 2026 Drilled Wells 12 produc
Slide 9: IPC Canada Blackrod Overview
Blackrod IPC Canada Blackrod Reservoir Blackrod Overview Phase 1 First Oil – May 31, 2026 Phase 1 Ownership Full Field YE 2024 CPF Phase 1 Plateau Forecast Regulatory Approved Production 100% Production Liquids, gas and condensate 30 Mbopd Working Interest 80 Mbopd export pipelines YE 2025 2P Reserv
Slide 10: IPC Canada Onion Lake Thermal
IPC Canada Onion Lake Thermal Well path 2025 wells Q4 2026 Infill wells Reservoir OLT main facility Q3 2026 production in line with guidance Pads Onion Lake Thermal area Drilling of 2 additional production infill wells Wells are expected online towards the end of Q4 2026 L D’ E A Onion Lake Thermal
Slide 11: IPC Canada Suffield Area Assets
IPC Canada Suffield Area Assets Suffield Area Assets Suffield Stable low decline production Basal Quartz Fairway (Ellerslie ) Successful execution of 4 new Basal Quartz production wells with initial results in line with expectations Fa ir w ay er slie E ll Ellerslie fields Suffield Area Oil and Gas
Slide 12: France - Paris Basin and Malaysia Assets Overview
France - Paris Basin IPC International Fontaine-au-Bron (FAB) Assets Overview Villeperdue (VPU) La Motte Noire Fontaine-au-BronChâlons-en- Champagne FAB3 FAB16G Vert-la-Gravelle Villeseneux Mclaunay Mclaunay Amaltheus High quality light oil exposed to Brent pricing Soudron FAB6ST Dommartin-Lettrée V
Slide 13: Third Quarter 2026 Financial Highlights
Third Quarter 2026 Financial Highlights 13
Slide 14: First Nine Months 2026 Financial Highlights
First Nine Months 2026 Financial Highlights Third Quarter First Nine Months 2026 2026 Production (boepd) 44,000 43,100 Average Dated Brent Oil Price (USD/bbl) 96.7 93.8 Operating costs (USD/boe) 20.9 19.2 Operating cash flow (MUSD) 79.4 213.6 EBITDA (MUSD) 79.4 207.5 Capital Expenditure (MUSD) 37.3
Slide 15: First Nine Months 2026 Realized Oil Prices
First Nine Months 2026 Realized Oil Prices 2026 2025 2025 2024 USD/bbl YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 93.8 96.7 103.8 81.1 63.7 69.1 67.9 75.7 69.1 80.7 Malaysia 112.8 (+19.0) 126.9 (+30.2) 103.7 (-0.1) 110.1 (+29.0) 67.7 (+4.0) 74.5 (+5.4) 67.3 (-0.6) 78.8 (+3.1) 71.5 (+2.4) 86.
Slide 16: First Nine Months 2026 Realized Gas Prices
First Nine Months 2026 Realized Gas Prices 2026 2025 2025 2024 CAD/Mcf YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year AECO 1.71 1.55 1.61 1.98 2.16 0.62 1.65 2.13 1.63 1.44 Empress 1.86 1.52 1.60 2.47 2.38 0.62 1.96 2.43 1.84 1.49 Realized (to AECO) 1.94(+0.23) 1.58 (+0.03) 1.75 (+0.14) 2.51 (+0.53) 2
Slide 17: Financial Results – Operating Cash Flow and EBITDA
First Nine Months 2026 Financial Results – Operating Cash Flow and EBITDA Operating Cash Flow EBITDA 250 250 214 207 200 Q3 196 Q3 200 79 79 185 Q3 66 Q3 62 150 150 Million USD Million USD Q2 67 Q2 Q2 55 64 Q2 100 52 100 Q1 Q1 Q1 75 Q1 50 68 64 71 50 0 0 NC00434 fin p01 10.26 2026 2025 2026 2025 See
Slide 18: First Nine Months 2026 Operating Costs
First Nine Months 2026 Operating Costs USD/boe Quarterly operating costs USD/boe 26 26 24 24 22 22 20 20 2026 Operating Costs Guidance: 18–20 USD/boe 18 18 16 16 14 14 12 12 10 10 Q1 2026 Q2 2026 Q3 2026 Q4 2026 NC00434 fin p02 10.26 Actual Actual Actual Forecast See Notes and Reader Advisory 18
Slide 19: First Nine Months 2026 Netback
First Nine Months 2026 Netback (USD/boe) Third Quarter First Nine Months 2026 2026 Average Dated Brent oil price (96.7 USD/bbl) (93.8 USD/bbl) Revenue 52.4 48.6 Cost of operations -17.9 -16.3 Tariff and transportation -2.7 -2.6 Production taxes -0.3 -0.3 Operating costs -20.9 -19.2 Cost of blending
Slide 20: First Nine Months 2026 Net Debt
First Nine Months 2026 Net Debt (MUSD) (240) (240) Operating Cash Flow (260) MUSD 213.6 (260) (280) Development Capex & Abex (280) MUSD -157.1 (300) (300) (320) (320) (340) (340) (360) (360) MUSD Blackrod MUSD MUSD 107.0 (380) (380) Share buyback (400) Cash G&A Net Cash Financial MUSD -27 (400) MUSD
Slide 21: G&A / Financial Items
First Nine Months 2026 G&A / Financial Items MUSD Third Quarter 2026 First Nine Months 2026 Net interest expense 9.6 28.9 Amortisation of capitalised financing fees 0.6 1.7 Unwinding of asset retirement obligation discount 4.1 12.4 Foreign exchange loss (gain), net and others -1.7 12.7 Net Financial
Slide 22: First Nine Months 2026 Financial Results
First Nine Months 2026 Financial Results Revenue MUSD 570.7 600 43,100 boepd 600 550 550 500 500 Production costs MUSD -351.9 450 19.2 USD/boe 450 400 400 Million USD Million USD 350 350 300 300 Depletion 250 MUSD -89.2 250 Other income/(expense) G&A Cash Margin MUSD 0.6 MUSD -12.9 Financial items M
Slide 23: Balance Sheet
30 September 2026 Balance Sheet MUSD 30 Sep 2026 31 Dec 2025 Assets Oil and gas assets 1,796.1 1,798.2 Other non-current assets 51.0 49.1 Current assets 188.7 123.3 Cash 22.3 7.0 2,058.1 1,977.6 Liabilities Financial liabilities 45.1 38.7 Bonds (net of capitalised fees) 443.5 442.3 Provisions 283.2
Slide 24: Capital Structure
International Petroleum Corp. Capital Structure Bonds MUSD 450 Maturity October 2030 7.50% coupon Interest payable April and October Canadian RCF MCAD 348.5 Maturity May 2028 Drawdown at September 30, 2026: MCAD 64 (MUSD 45) Letter of Credit Facility MCAD 11.9 letters of credit issued See Notes and
Slide 25: Hedging - 2026/2027
International Petroleum Corp. Hedging - 2026/2027 2026-2027 Hedges Executed 2026 Feb-Jun: 1,500 bbl/d @ 66.67 USD/bbl Oil Brent 2026 Mar-Jun: 500 bbl/d @ 72.25 USD/bbl 2026 Feb-Jun: 7,500 bbl/d @ 61.53 USD/bbl Oil WTI 2026 Mar-Jun: 1,500 bbl/d @ 66.50 USD/bbl 2026: Diff. 5,000 bbl/d @ -12.50 USD/bbl
Slide 26: Conclusion
International Petroleum Corp. Conclusion Cash Flow Production Resource Generation 2026 Production Guidance 2P 521 MMboe 2026 OCF 44–47 Mboepd 275 to 350 MUSD 2C 1,224 MMboe 50% production growth by 2028 Shareholders Balance Sheet Return M&A Sustainability 200 MUSD liquidity 27% absolute share 5 acqu
Slide 27: Notes
Notes Page 2: Q3 2026 Highlights • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the annual information form for the year ended December 31, 2025 (AIF) available on IPC’s website at www.international
Slide 28: Reader Advisory
Reader Advisory Forward-Looking Statements This presentation 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 state
Slide 29: Reader Advisory
Reader Advisory Estimated production and FCF generation are based on IPC’s current business plans over the periods of 2026 to 2030 and 2031 to 2035, less net debt of USD 484 million as at December 31, 2025, with assumptions based on the reports of IPC’s independent reserves evaluator and auditor, an
Slide 30: Reader Advisory
Reader Advisory Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 thousand cubic feet (Mcf) per 1 barrel (bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. A
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