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International Petroleum Corporation

IPCFF
41
Oil & Gas Exploration & Production · Energy
Price
$21.95
-0.09 (-0.41%)
Market Cap
$2.48B
Exchange
Other OTC
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

29.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 158.4M (2021) → 112.2M (2025)

International Petroleum Corporation (IPC) is an oil and gas company that finds, develops, and produces crude oil and natural gas. Its main products are barrels of oil and natural gas sold to refiners and energy traders. IPC operates producing assets primarily in Canada, Malaysia, and France, making it a mid-sized international exploration and production company.

IPC earns money by selling the oil and gas it pumps out of the ground, so its revenue rises and falls with global commodity prices. The company is headquartered in Vancouver, Canada, and is listed on the Toronto Stock Exchange and Nasdaq Stockholm. IPC has a relatively low-cost production base and has used share buybacks to return value to shareholders, which provides some financial discipline. The key risk is that IPC's profitability is directly tied to crude oil prices — a sustained drop in prices would quickly squeeze margins and limit its ability to fund new drilling activity.

Winston Score History

Score breakdown

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Quality

Gross Margin
23.4%
Thin — 23.4% gross margin
Operating Margin
21.3%
Excellent — 21.3% operating margin
ROCE
2.7%
Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-12.3%
Shrinking sales (-12.3% YoY)
EPS YoY
-68.4%
Earnings shrinking (-68.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
731%
Turns 731% of profit into real cash
FCF Margin
-18.0%
Burning cash (-18.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.58
Conservative — low debt load (0.58)
Interest Cover
2.00x
Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
100.2x
Expensive — P/E 100.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+92.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (100.2 → 8.0)

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Dividends

Not applicable for this business.
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