06:49 AM EDT, 05/07/2024 (MT Newswires) -- International Petroleum ( IPCFF ) on Tuesday reported a lower net result in the first quarter despite an increase in revenue and production that came in above the high end of its guidance range for the period.

The company reported a first-quarter net result of US$33.7 million, down from US$39.6 million. Revenue rose to US$206.4 million from US$192.5 million.

Operating cash flow was US$89.3 million, an increase from US$75.9 million and exceeding the company's guidance range.

International Petroleum ( IPCFF ) reported an average net production of about 48,800 barrels of oil equivalent per day (boe/d), above the high end of the guidance range for the quarter.

"Our financial results during the quarter are in line with the 2024 guidance announced at our Capital Markets Day in February as we continue to excel operationally across our operations in Canada, Malaysia and France," said International Petroleum ( IPCFF ) President and CEO William Lundin.

In view of a favorable pricing outlook, International Petroleum ( IPCFF ) increased its benchmark hedged volumes to around 50% of its oil production at about US$80.3 per barrel for West Texas Intermediate and about US$85.5/b for Dated Brent for the remainder of 2024.

The company maintained its 2024 guidance of 46,000 to 48,000 boe/d for production and US$323 million to US$363 million for operating cash flow.