IPC’s shares fell 4.3% after the company increased capital expenditure guidance notably, reflecting investor concerns over margin compression and free cash flow pressure despite stable production and raised operating cash flow outlook.

• Q1 production was steady at 43,000 boe/d, at the high end of guidance, with full-year production guidance maintained at 44,000–47,000 boe/d.
• Operating expenditure remained disciplined at below $18/boe in Q1, with annual guidance unchanged at $18–$20/boe.
• Capital expenditure guidance was raised from $122 million to $163 million, driven by accelerated short-cycle investments and fast payback drilling.
• Operating cash flow forecast was increased to $220 million–$340 million (assuming $70-90 Brent), supporting higher capex but free cash flow remained negative in Q1 at -$17 million.
• Market reaction suggests investor skepticism, likely due to increased capex and sustained near-term negative free cash flow despite promising ramp-up prospects at Blackrod Phase 1.