International Petroleum Co (TSE:IPCO) has released an update.
International Petroleum Corporation (IPC) reported a robust first quarter in 2024, with net daily production surpassing expectations at 48,800 barrels of oil equivalent per day, fueled by strong operational performance and favorable market conditions. Financially, IPC’s operational costs were below guidance and operating cash flow exceeded forecasts, however, the company faced a free cash flow deficit due to funding for the Blackrod project. Despite this, IPC maintained its full-year production and cost guidance, while continuing its share buyback program.
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