International Petroleum Corp.

International Petroleum Corporation achieved first oil at its transformational Blackrod Phase 1 development in Canada in May 2026, ahead of schedule and on budget. The project is forecast to reach a plateau production rate of 30,000 barrels of oil per day by late 2027, a quarter earlier than originally guided. IPC reported second-quarter average net production of approximately 42,200 barrels of oil equivalent per day, in line with guidance, and operating cash flow of 67 million US dollars. Full-year 2026 production guidance is maintained at 44,000 to 47,000 barrels of oil equivalent per day, while operating cash flow guidance was tightened to between 230 and 330 million US dollars. The company also released its annual Sustainability Report alongside the financial results.

The first new oil sands project in Alberta since 2014 has started commercial production. International Petroleum Corp.'s Blackrod project began output at the end of May, ahead of its scheduled third-quarter start, and plans to ramp up to 30,000 barrels per day by late 2027, earlier than originally planned. The project stayed mostly within its $1.2 billion budget, with a cost overrun of just $5 million. The start-up comes amid renewed interest in Canadian oil sands, driven by energy security concerns and falling breakeven costs, with majors like Shell, TotalEnergies, Equinor, ConocoPhillips, and BP exploring acquisition opportunities in the region. Alberta's oil sands output hit a record 3.67 million barrels per day last July, and production is expected to rise further with the Trans Mountain pipeline fully booked.