Lundin-family-controlled international independent anchored by low-decline Canadian assets (Onion Lake Thermal heavy oil, Suffield gas/oil) plus offshore Malaysia (Bertam) and onshore France, generating ~45 kboe/d and a 31-year reserve life index.
FY2025 was the peak-investment year for Blackrod Phase 1 SAGD oil sands (first oil Q3 2026), which flipped IPC to ~$0.48bn net debt and negative FCF; management continues aggressive buybacks (77M+ shares / $600M+ returned since inception) and guides to $1-2bn cumulative FCF 2026-2030.
Its EV/EBITDA of 12.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -6.0% is lower than the 6.5% median, and at $8.44/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, International Petroleum Corporation scores 38/100, strongest on safety (57/100). Sub-scores: value 19, quality 43, growth 38, risk 43 (higher = riskier).
International Petroleum Corporation holds approximately 0.36 billion boe of proved (1P) reserves with FY2025 production of about 45 thousand boe/d (67% liquids), a reserve life of roughly 21.8 years. Break-even: ~$40 (Brent FCF breakeven) — Low-decline base (Onion Lake Thermal, Suffield gas, Bertam, France) with opex ~$18-20/boe sustains free cash flow to roughly the low-$40s Brent; post-Blackrod the corporate breakeven falls further as high-margin SAGD barrels come online.
For International Petroleum Corporation, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 83% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
| France | 9% | 20 | Stable; domestic upstream ban, majors operate abroad. |
| Malaysia | 8% | 36 | Stable NOC-led PSCs; Petronas dominance, South China Sea claims. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Onion Lake Thermal | Canada | Thermal heavy oil | Core producing asset; ~23.6 kbopd heavy crude, low decline |
| Blackrod Phase 1 | Canada | SAGD oil sands | Flagship growth project; first oil Q3 2026, long-plateau bitumen |
| Suffield | Canada | Gas + conventional oil | Large shallow gas plus oil; bulk of the ~33% gas cut |
| Ferguson | Canada | Conventional oil | Southern Alberta light/medium oil, stable cash flow |
| Bertam | Malaysia | Offshore oil | Mature FPSO-based offshore field, in decline |
| Paris Basin (Villeperdue et al.) | France | Onshore oil | Legacy onshore light oil, low opex |
| Blackrod future phases | Canada | SAGD oil sands | Large contingent resource upside (~1.2 Bboe best-estimate) |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 46 | 49 | 51 | 47 | 45 |
| Proved reserves (bnboe) | 0.20 | 0.24 | 0.28 | 0.32 | 0.36 |
| Revenue ($bn) | 0.6 | 1.1 | 0.8 | 0.7 | 0.7 |
| EBITDA ($bn) | 0.3 | 0.6 | 0.3 | 0.3 | 0.2 |
| Net income ($bn) | 0.1 | 0.3 | 0.2 | 0.1 | 0.0 |
| Free cash flow ($bn) | 0.2 | 0.4 | 0.0 | -0.1 | -0.1 |
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✓ FY2025 figures verified against primary sources:
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