Business
First Half Results: Six Months to 30 June 2025
Ithaca Energy PLC announced its unaudited first-half 2025 results, reporting strong production and adjusted EBITDAX, supporting investments in growth and shareholder distributions. Average H1 2025 production was 123,566 kboe/d (H1 2024: 53,046 kboe/d), and adjusted H1 2025 EBITDAX exceeded $1.1 billion (H1 2024: $533 million). Operating expenditure per barrel reduced to $17.5/boe (H1 2024: $27.3/boe). A first interim 2025 dividend of $167 million ($0.101 per share) was declared, with a second interim dividend of $133 million expected in December 2025, totaling $500 million in cash distributions for 2025. Full-year 2025 production guidance was upgraded to 119-125 kboe/d from 109-119 kboe/d. Net operating cost guidance was reduced to $790-840 million, and net producing asset capital cost guidance increased to $630-670 million. Rosebank net capital cost guidance increased to $230-270 million. The company also completed the Japex UK E&P acquisition and expects to complete acquisition of a further 46.25% stake in the Cygnus Field by October 1, 2025. Available liquidity at June 30, 2025 was $1,228.6 million, with a pro forma leverage ratio of 0.32x. The company expects a year-end 2025...
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\nPlease see the Full Audited Results in attached PDF\nhttp://www.rns-pdf.londonstockexchange.com/rns/9793V_1-2025-8-19.pdf\n \n20 August 2025\nITHACA ENERGY PLC\n(\"Ithaca Energy\", the \"Company\" or the \"Group\")\nFirst Half Results for the Six Months to 30 June 2025\n \nExcellent H1 performance\nGuidance upgrade for the full year reflects improved organic production performance\nand value-driven capital investment across the portfolio\n \nIthaca Energy today announced its unaudited financial results for the six months ended 30 June 2025.\n \nKey H1 2025 highlights- Strong production and adjusted EBITDAX supporting investment in value-accretive growth and shareholder distributions:\n· Materially transformed business delivering consistently robust performance:\n- Significant improvements in safety and environmental performance, with >50% reduction in incident frequency and emissions\n- H1 2025 average production of 123.6 kboe/d (H1 2024: 53.0 kboe/d)\n- Adjusted H1 2025 EBITDAX over $1.1 billion (H1 2024: $533.0 million)\n- Material reduction in opex per barrel to $17.5/boe in H1 2025 from $27.3/boe in H1 2024\n- Low pro forma leverage position of 0.32x with available liquidity of over $1.2 bn\n- Additional 9 mmboe of oil hedges added in Q2 providing material cash flow protection\n· Continuing to deliver highly attractive shareholder returns\n- First interim 2025 dividend of $167 million declared today, representing dividend per share of $0.101, supporting the reaffirmation of the Group's FY 2025 dividend target of $500 million\n- Expected acceleration of second interim 2025 dividend to December 2025, of $133 million, due to strong year-to-date performance and cash generation totalling $500 million of cash distributions in 2025\n· Increased and targeted organic investment supporting production upside, reliability enhancement and efficiency focus alongside incremental investment in high return wells in the year\n· Significant progress towards unlocking long-term value creation in West of Shetland...