International Petroleum Corporation (IPCFF) Q4 2022 Earnings Call Transcript

International Petroleum Corporation (OTCPK:IPCFF) Q4 2022 Earnings Conference Call February 7, 2023 3:00 AM ET

Company Participants

Mike Nicholson – Chief Executive Officer

Christophe Nerguararian – Chief Financial Officer

Rebecca Gordon – Vice President of Corporate Planning & Investor Relations

Conference Call Participants

Teodor Nilsen – SB1 Markets

Mike Nicholson

Okay. So a very good morning to everybody and welcome to IPC’s Year End Results and Financial Update Presentation. My name is Mike Nicholson. I’m the CEO. Also joining me in presenting this morning is Christophe Nerguararian, the CFO. And Rebecca Gordon, who’s our VP of Investor Relations and Corporate Planning.

I’ll begin with the highlights from the full year 2023, it will be a much shorter presentation for me this morning than usual. I’ll be just focused really on the 2023 results in terms of the operations update, and all of our forward looking and business plan we announced this morning that will all be covered in much more detail in our Capital Markets Day presentation which is due to start this afternoon at 2 O’clock. So to get started with the highlight from 2023, it was really truly an exceptional year and for IPC, a record performance across all of the business and if we start by looking at the investment year, and we originally guided through year capital investment of $170 million. We ended up spending slightly less than that, $163 million and we did have some carryover we expect, the bounds of our capital expenditure and to be concluded as part of our 2023 work program.

In terms of production, it was a record high for IPC. And in the third quarter, you’ll recall that we touched 50,000 barrels of oil equivalent per day, our original guidance was on the high side was 48,000. So to come in at 48,600 barrels

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