Oil company reports $257M profit from Suffield Block
By MEDICINE HAT NEWS on November 3, 2023.
https://www.medicinehatnews.com@MedicineHatNews International Petroleum is reporting a quarterly profit of $257 million as the producer at the Suffield Block released its latest quarterly financial report on Wednesday. That is $40 million less than the same quarter, ending Sept. 31, in 2022, due mainly to lower commodity prices. Total production from the company, which also operates in France and Malaysia, topped 50,000 barrels of oil equivalent per day, above its “high-end guidance” at the start of the year. IPC expects oil prices to rise due to political instability in the Middle East, and the differential between U.S. benchmarks and Canadian prices to remain manageable. “The fundamental outlook for 2024 differentials remains positive with the expansion of the Trans Mountain pipeline,” the release states. Higher production is due to new wells and acquisitions in southern Alberta along with better than expected results at its unconventional oil property in the north of the province. The company brought four of six planned wells in southeast Alberta, including several in areas acquired when the company purchased Cor4 Energy properties near Brooks. The company planned to spend $12.6 million in development costs in southern Alberta in 2023 and $154 million to advance the initial phase of its Black Rod steam assisted gravity project near Onion Lake. The company also announced that current CEO and president Mike Nicholson will leave the position in January to be replaced by current chief operating officer William Lundin. 11-10
