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International Petroleum Corporation (IPCFF) CEO Mike Nicholson on Q1 2022 Results - Earnings Call Transcript

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International Petroleum Corporation (OTCPK:IPCFF) Q1 2022 Earnings Conference Call May 3, 2022 3:00 AM ET

Company Participants

Mike Nicholson - Chief Executive Officer

Christophe Nerguararian - Chief Financial Officer

Rebecca Gordon - Vice President, Investor Relations

Conference Call Participants

Teodor Nilsen - SpareBank 1 Markets

Mark Wilson - Jefferies

Lars Dollmann - Aramea

Mike Nicholson

Okay. So, very good morning to everybody and welcome to IPC’s First Quarter Results and Operations Update Presentation. My name is Mike Nicholson. I am the CEO of IPC. Joining me this morning is Christophe Nerguararian, the CFO; and Rebecca Gordon, who is our VP of Investor Relations.

I will begin in the usual fashion by walking you through the highlights and the operations update. And then I will pass across to Christophe and he will walk through the financial numbers. And then at the end of the presentation, we will – you have the opportunity to ask questions and you can submit those online or also we can take calls from the conference call number.

So to get started then with the highlights from the first quarter, it’s been another phenomenal performance for the company and record high financial performance. And if we start with our production numbers for the first quarter, 45,800 barrels of oil equivalent per day and that was actually above the high-end of our guidance range for the first quarter. We are retaining the full year production guidance of 46,000 to 48,000 barrels of oil equivalent per day. And then operating costs, the first quarter OpEx was marginally above our guidance, $17.70 per BOE, $0.50 per barrel above guidance, but really driven by higher gas and energy prices and Christophe will go into more detail, actually a net positive for us given how much gas that we produce in Canada. But we are taking the opportunity with the stronger gas prices

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