Estimate changes from Crude Quarterly

研报英文原文证据摘录

Estimate changes from Crude Quarterly

Equity Research - 25 June 2026 06:46 CEST

Reason: Estimate change notificationInt'l Petroleum Corp.

• We raise our '26e oil price forecast to USD 84/bbl (prev. 81) and

reiterate our long-term oil price forecast of USD 75/bbl for '27e-'30e.

• We lower our '26e gas price forecast to USD 14.4/MMBtu (prev. Oil & Oil Services

14.6). We reiterate our '27e gas price forecast of USD 11.0/MMBtu

and our long-term gas price forecast of USD 9.0/MMBtu for '28e-'30e. Estimate changes (%)

• We reiterate our USD/NOK assumption of 10.0 from Q3'26e onwards. 2026e 2027e 2028e

• Please see the table below for a summary of the estimate changes Sales 12.3 6.5 -0.2 EBIT 16.6 7.9 -0.6

and refer to our Crude Quarterly report for further details.

EPS 26.5 10.2 0.1

Source: ABG Sundal Collier

In our 25 June Crude Quarterly report, we update our oil and gas price

assumptions for our covered E&Ps. See the report for more details on our IPCO-SE/IPCO SS

new oil market estimates and our updated price assumptions. Also, see Share price (SEK) 23/6/2026 218.20

below in this report for quarterly and annual company estimates. Target price (200.00) 206.00

Note: On 15 June, IPC announced that first oil at Blackrod Phase 1 was

achieved on budget on 31 May, which was ahead of schedule vs. Q3'26. MCap (SEKm) 24,747

Due to the accelerated timeline, it also expects Blackrod to reach plateau MCap (EURm) 2,238

production of ~30 kboe/d by late ’27 (vs. early ’28 previously). This is

No. of shares (m) 112.8

reflected in our positive estimate revisions.

Free float (%) 57.7

Av. daily volume (k) 305

Next event Q2 report 4 August 2026

Performance

Source: ABG Sundal Collier 300.00

250.00

200.00

150.00

Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

IPCO-SE Stockholm OMX All Share Index