Business
Full Year 2024 Results
Full Year 2024 Results.
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\n\nPlease see the Full Audited Results in attached PDF\nhttp://www.rns-pdf.londonstockexchange.com/rns/2686C_1-2025-3-26.pdf\n \n \n26 March 2025\n \nITHACA ENERGY PLC\n(\"Ithaca Energy\", the \"Company\" or the \"Group\")\n \nFull Year 2024 Results\nTransformational year with continued strategic delivery\nRobust 2024 operational and financial performance at the top end of management guidance\nStrong Q4 production and EBITDAX, supporting delivery of total 2024 dividend of $500m\n \nIthaca Energy, a leading UK independent production and growth company, today announces its audited full year results for the year ended 31 December 2024. Actuals to 31 December 2024 reflect the completion of the Group's business combination with substantially all of Eni S.p.A's (\"Eni\") UK upstream oil and gas assets (\"Business Combination\") on 3 October 2024 and include approximately three months contribution from Eni UK's assets. Pro forma 2024 reflects a full year of operations for the enlarged Group.\n \n2024 Highlights:\n· Material dividend distributions to shareholders with third interim 2024 dividend of $200 million declared today delivering total 2024 dividends declared of $500 million, in line with our 2024 target\n· Reaffirming dividend policy for 2025 targeting dividend of 30% post-tax CFFO, with a dividend target of $500 million for FY 2025\n· Completion of transformational Business Combination with Eni UK in October 2024\n· Entering 2025 as the largest resource holder in UKCS, with estimated 2P Reserves & 2C Resources of 657 mmboe1 as at 31 December 2024 (2023: 544 mmboe)\n· Second largest independent producer in UKCS with pro forma 2024 production of 105.5kboe/d1\n· Q4 production of 116.0 kboe/d and opex per boe of $14/boe delivering Q4 Adjusted EBITDAX of $646 million, reflects the transformational nature of the Business Combination\n· Continued strong production trend into 2025, with average production from November 2024 to February 2025 of >120 kboe/d\n· Improved safety record with zero Tier 1 or 2 incidents in the year\n· Rosebank project continues to progress in line with multi-year development timeline, following Judicial Review r...