International Petroleum Shares Drop After Weaker-Than-Expected 4Q Earnings

By Robb M. Stewart

International Petroleum’s shares retreated after the oil and gas company’s financial performance in the final quarter of last year fell short of expectations.
In early trading, the shares were 3.2% lower at C$13.90 on the Toronto Stock Exchange, narrowing the advance over the past 12 months to 1.8%.

The Canadian energy company recorded fourth-quarter net income of $29.7 million, down from $61.2 million a year earlier and below the $38.9 million mean forecast of analysts polled by FactSet.
Revenue was down 22% for the three months at $198.5 million, missing the $225.3 million expected.
International Petroleum’s assets delivered average net production of 49,600 oil-equivalent barrels a day in the quarter, in line with the high end of the company’s guidance and the volume analysts had penciled in.
The company forecast production of between 46,000 and 48,000 barrels of oil equivalent a day this year, below the average 51,100 barrels in 2023, but it is targeting average net production of about 55,000 between 2024 and 2028 and 65,000 from 2029 to 2033.
Despite what the company said was a record level of capital investment planned for 2024, it affirmed an intention to continue purchasing shares under a buyback program to the remaining limit of 6.5 million common shares by Dec. 4. That would result in the cancellation of 6.5% of its shares outstanding as of last December.
Write to Robb M. Stewart at robb.stewart@wsj.com