International Petroleum Corporation (TSE:IPCO)
TSX:IPCO
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International Petroleum Corporation
(TSX:IPCO)
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Rating:60Neutral
Price Target:
C$37.00
▲(1.96% Upside)
Action:ReiteratedDate:03/12/26
The score is driven primarily by weakening cash generation and compressed profitability (negative free cash flow in 2024–2025), partially offset by strong technical uptrend/momentum. A high P/E further limits the score by implying demanding expectations without dividend support in the provided data.
Positive Factors
Operating Cash Flow
Consistent positive operating cash flow shows the core upstream operations still generate cash from production. Over a 2–6 month horizon this underpins day-to-day operations, supports working capital and gives management time to address negative free cash flow without immediate liquidity stress.
Negative Factors
Negative Free Cash Flow
Deeply negative free cash flow in consecutive years is a structural concern: it forces reliance on external financing, asset sales, or equity raises to fund capex and dividends. This undermines long-term self-funding, raises execution risk, and constrains strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating Cash Flow
Consistent positive operating cash flow shows the core upstream operations still generate cash from production. Over a 2–6 month horizon this underpins day-to-day operations, supports working capital and gives management time to address negative free cash flow without immediate liquidity stress.
Read all positive factors
International Petroleum Corporation (IPCO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.07B
Dividend YieldN/A
Average Volume (3M)109.84K
Price to Earnings (P/E)70.1
Beta (1Y)0.45
Revenue Growth-9.12%
EPS Growth-70.87%
CountryCA
Employees297
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-0.05
Shares Outstanding112,155,525
10 Day Avg. Volume83,477
30 Day Avg. Volume109,844
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)2.19
Price to Sales (P/S)2.63
P/FCF Ratio-13.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$29.50Price Target Upside-18.71% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.28
Revenue Forecast (FY)C$988.48M
International Petroleum Corporation Business Overview & Revenue Model
Company Description
International Petroleum Corporation explores for, develops, and produces oil and gas. The company holds a portfolio of oil and gas assets in Canada, Malaysia, and France. International Petroleum Corporation was incorporated in 2017 and is headquar...
How the Company Makes Money
IPCO primarily makes money by producing and selling hydrocarbons from its owned interests in oil and gas fields. Its main revenue stream is the sale of crude oil and natural gas volumes at prevailing market prices (often linked to regional or inte...
International Petroleum Corporation Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The earnings call presented a strong operational quarter with production exceeding guidance and the Blackrod Phase 1 development ahead of schedule. Despite these achievements, the company faced challenges with negative free cash flow and increased net debt. However, successful refinancing and no material incidents contribute to a positive outlook.Positive Updates
Production Outperformance
Average production rates of 45,900 barrels of oil equivalent per day for the quarter, above guidance. Year-to-date production averaged 44,600 BOEs per day.
Negative Updates
Negative Free Cash Flow
Free cash flow for the third quarter was minus USD 23 million due to Blackrod expenditure.
Read all updates
Q3-2025 Updates
Positive
Negative
Production Outperformance
Average production rates of 45,900 barrels of oil equivalent per day for the quarter, above guidance. Year-to-date production averaged 44,600 BOEs per day.
Read all positive updates
Company Guidance
During IPC's third-quarter results presentation, the company reported a robust performance with production rates reaching 45,900 barrels of oil equivalent per day, surpassing guidance. The full-year production guidance remains at 43,000 to 45,000 BOEs per day. Operating costs came in below expectations at $17.90 per barrel, with full-year costs maintained at $18 to $19 per barrel. The Blackrod Phase 1 development project is progressing ahead of schedule, with first steam anticipated by year-end and first oil in Q3 2026, prompting a revision of the 2025 CapEx to $340 million. Operating cash flow for the quarter was $66 million, with full-year expectations ranging from $245 million to $255 million, based on a Brent price of $55 to $65 per barrel. Free cash flow, excluding Blackrod expenditure, was $36 million for the quarter, while net debt stood at $435 million. The company also successfully refinanced its Nordic bonds at a 7.5% coupon rate, maturing in 2030, and completed a share repurchase program, reducing shares outstanding by over 6%.International Petroleum Corporation Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 772.09M | 913.18M | 853.91M | 1.13B | 741.03M |
| Gross Profit | 128.12M | 210.17M | 362.60M | 652.31M | 243.91M |
| EBITDA | 218.06M | 310.01M | 365.28M | 620.26M | 311.45M |
| Net Income | 28.94M | 102.20M | 172.95M | 337.68M | 146.03M |
Balance Sheet | |||||
| Total Assets | 1.98B | 1.95B | 2.06B | 1.68B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 7.04M | 246.59M | 517.07M | 483.24M | 18.81M |
| Total Debt | 486.86M | 448.28M | 446.97M | 308.84M | 112.69M |
| Total Liabilities | 1.05B | 1.01B | 982.73M | 714.29M | 426.13M |
| Stockholders Equity | 927.03M | 939.32M | 1.08B | 965.14M | 847.39M |
Cash Flow | |||||
| Free Cash Flow | -152.21M | -168.99M | 32.91M | 444.00M | 236.95M |
| Operating Cash Flow | 194.00M | 266.09M | 346.15M | 601.82M | 281.18M |
| Investing Cash Flow | -346.21M | -434.86M | -352.47M | -157.81M | -44.23M |
| Financing Cash Flow | -74.49M | -107.10M | 37.56M | 11.11M | -224.58M |
International Petroleum Corporation Technical Analysis
Positive
36.29
Price Trends
32.15
Positive
28.94
Positive
26.16
Positive
Market Momentum
1.32
Positive
58.14
Neutral
54.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IPCO, the sentiment is Positive. The current price of 36.29 is above the 20-day moving average (MA) of 35.71, above the 50-day MA of 32.15, and above the 200-day MA of 26.16, indicating a bullish trend. The MACD of 1.32 indicates Positive momentum. The RSI at 58.14 is Neutral, neither overbought nor oversold. The STOCH value of 54.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:IPCO.
International Petroleum Corporation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$2.97B | 14.55 | 20.71% | 4.58% | 6.44% | -6.74% | |
80 Outperform | C$5.18B | 14.32 | 27.19% | ― | 3.04% | 115.77% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | C$4.38B | -1.00 | -16.22% | 2.07% | -8.89% | ― | |
65 Neutral | C$2.80B | 27.14 | 8.82% | 7.05% | 2.52% | -8.32% | |
60 Neutral | C$4.07B | 70.08 | 3.12% | ― | -9.12% | -70.87% |
* Energy Sector Average
TSE:IPCO
International Petroleum Corporation
36.29
18.86
108.20%
TSE:BTE
Baytex Energy
5.92
3.65
160.45%
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Athabasca Oil
10.80
6.34
142.15%
TSE:HWX
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12.48
7.51
151.01%
TSE:FRU
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17.05
6.69
64.50%
International Petroleum Corporation Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
International Petroleum Updates Share Capital After Employee Share Issuance
Neutral
Feb 27, 2026
International Petroleum Corporation has updated its share capital following the issuance of 671,225 common shares tied to the vesting of employee share units under the company’s Share Unit Plan. After this transaction, the company’s to...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
IPC Eyes Cash Flow Inflection as Blackrod Phase 1 Nears First Oil
Positive
Feb 10, 2026
International Petroleum Corporation reported strong 2025 operational performance, with average annual production of 44,900 barrels of oil equivalent per day at the top end of guidance and operating costs below forecast. The company advanced Phase ...
Business Operations and StrategyFinancial Disclosures
International Petroleum Corporation Sets February 10 Date for 2025 Results and Capital Markets Day
Neutral
Feb 5, 2026
International Petroleum Corporation announced it will release its financial and operating results, including management’s discussion and analysis, for the fourth quarter and full year ended December 31, 2025, on February 10, 2026, at 07:30 C...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
International Petroleum Corporation Clears Prospectus for USD 450 Million Bond Listing in Oslo
Positive
Feb 5, 2026
International Petroleum Corporation has secured approval from the Swedish Financial Supervisory Authority for the prospectus tied to its USD 450 million 7.50% senior unsecured bonds, clearing the way for their listing on Euronext Oslo Børs. T...
Business Operations and Strategy
IPC Starts Steam Injection at Blackrod Phase 1 Ahead of First Oil in 2026
Positive
Jan 5, 2026
International Petroleum Corporation has begun steam injection at its 100%-owned Blackrod Phase 1 heavy oil development in Canada, marking a key milestone toward first oil production, which the company continues to forecast for the third quarter of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.