International Petroleum Reports Lower Hydrocarbon Output, Higher Sales in Q1

-- Canadian upstream energy company International Petroleum Tuesday reported a year-over-year decline in its hydrocarbon production in Q1, although corresponding sales rose due to higher commodity prices.

Oil and gas output averaged at 43.0 million barrels of oil equivalent per day in the quarter ended March 31, down from 44.4 mboe/d in the year-ago period.

Due to lower output from the company's southern assets in Canada, crude oil production dropped to 28.7 mboe/d from 29.7 mboe/d, and gas production fell to 14.3 mboe/d from 14.7 mboe/d.

Of this year's Q1 production, heavy crude oil accounted for 52%, light and medium crude 15%, and natural gas 33%, the company said.

During the same period, net sales of oil and gas grew to $206.5 million from the prior year's $202.0 million, due to higher sales in Malaysia and France.

International Petroleum said that it was "very well-placed" to benefit from the price increases brought about by the conflict in the Middle East, citing its strong operational performance and cost discipline.

It expects oil and gas net production for this year to range from 44 mboe/d to 47 mboe/d, in line with the original guidance.

Improved commodity pricing outlook also prompted the company to expand its 2026 capital expenditure program by an additional $41 million, it said.

The company also reported that the Blackrod Phase 1 development project in Canada achieved first steam injection in December 2025 and is targeted for first oil in Q3.

Corporate Earnings, Easing Oil Prices Lift European Bourses Midday

European bourses tracked moderately higher midday Tuesday as oil prices eased and as the continental earnings season continued to pour in.Tech and energy stocks led gains on continental trading floors.UniCredit shares rose 5.6% mid-session after the company reported strong Q1 profits.Front-month North Sea Brent crude-oil futures were down 1% at $113.28 a barrel.Investors also eyed Wall Street futures in the green amid mixed closes overnight on Asian exchanges.In economic news, the European Union and Japan agreed to expand cooperation across data, digital identity, AI, quantum, infrastructure, standardization, and online platform issues, the EU-Japan Digital Partnership Council reported.The pan-continental Stoxx Europe 600 Index was up 0.5% mid-session.The Stoxx Europe 600 Technology Index was up 1.6%, and the Stoxx 600 Banks Index gained 0.1%.The Stoxx Europe 600 Oil and Gas Index rose 0.7%, while the Stoxx 600 Europe Food and Beverage Index edged 0.6% higher.The REITE, a European REIT index, gained 0.2%.On the national market indexes, Germany's DAX was up 1.3%, but the FTSE 100 in London lost 1.3%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 advanced 1.5%.Yields on benchmark 10-year German bonds were higher, near 3.1%.The Euro Stoxx 50 volatility index was down 3.3% at 24.08, but still indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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Seres Group's Vehicle Sales, Output Slide in April

Seres Group (SHA:601127, HKG:9927) sold 35,461 vehicles in April, down 0.8% from a year earlier.Output for the month slipped 4.2% year over year to 37,167 units, the vehicle maker said Tuesday in a Hong Kong bourse filing.For the four months ended April 30, group sales and output were up 19% and 15.4%, respectively, to 123,906 vehicles and 123,876 units.

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International Petroleum Reports Lower Hydrocarbon Output, Higher Sales in Q1

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