Canada’s International Petroleum Corporation (IPC) saw its first-quarter profit grow to US$26.3 million from $4.5 million a year earlier on the back of higher output from newly-acquired assets.
The spin-off from Sweden’s Lundin Petroleum also saw revenues more than double to $115.2 million from $51.9 million in the first period of 2017.
Its earnings benefited from production of 32,900 barrels of oil equivalent per day — a threefold increase on the fourth quarter of last year — largely due to the output contribution of the Suffield conventional oil and gas assets in Canada finally acquired in early January.
