From Investing.com: 2024-05-12 19:51:50

IPC has had a strong start to the year, hitting the upper end of its production guidance with 48,800 BOE/d and lower than expected operating costs. With investments in key projects like Blackrod Phase 1, the company remains financially solid and focused on growth prospects, maintaining full-year guidance unchanged. Trading levels are currently at a discount to net asset value, indicating potential growth.

Key takeaways include steady operating costs of $17.10 per BOE, $125 million invested in Q1 with majority going to Blackrod Phase 1, and full-year production guidance of 46,000 to 48,000 BOE/d. IPC’s net debt is at $61 million, and they anticipate a net cash position until 2024. The company has hedged 50% of oil production at favorable prices and is on track with emissions reduction plan and share repurchase program.

IPC’s financial performance has been strong, with EBITDA and operating cash flow generating a net profit of $34 million. Despite experiencing negative free cash flow due to investments in the Blackrod project, production in Malaysia, France, and Canada has been stable, contributing to a positive outlook. The Blackrod Phase 1 project is on budget, with first oil expected in late 2026.

IPC expects to maintain a net cash position until 2024, despite a shift to a net debt position due to investments. The company remains focused on operational efficiency, financial solidity, and strategic growth. With a clear vision for the future and a commitment to sustainability, IPC is navigating the oil and gas landscape with confidence and determination, positioning itself for value creation and shareholder returns.



Read more at Investing.com: IPC reports strong Q1 performance, maintains full-year guidance By Investing.com