Business
FY 2025 Trading Update
Ithaca Energy PLC reported strong operational results for 2025, with average production reaching 119 kboe/d, and anticipates a 2025 dividend target of $500 million, expecting $200 million to be declared with full-year results. The company achieved an adjusted preliminary EBITDAX of $2.0 billion and reduced net unit operating costs to $19/boe, while maintaining a low leverage position of 0.56x and significant liquidity of $1.5 billion. Ithaca Energy also saw substantial capital expenditure on the Rosebank project, with an estimated $224 million spent in 2025, and has built a robust hedge position for 2026, covering 43.8 mmboe. Disclaimer*
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\nITHACA ENERGY PLC\n(\"Ithaca Energy\", the \"Company\" or the \"Group\")\n \nFY 2025 Trading Update\n5 February 2026\n \nStrong operational results in 2025, delivering on upgraded outlook.\nEntering 2026 with increased production capacity and strong hedge position.\nReaffirming 2025 dividend target of $500 million with $200 million expected to be declared on FY Results\n \n \nIthaca Energy, a leading UK independent production and growth company, today provides the following unaudited trading update for the year ended 31 December 2025.\n \nYaniv Friedman, Executive Chairman, commented: \"2025 was a year of great progress as we continued to deliver on our value creation strategy. We fully integrated a number of accretive acquisitions, increased our financial firepower for growth and built on our robust hedge book to secure future investments and distributions. We also delivered meaningful increases in production, revenue and EBITDAX whilst reducing costs, all of which drove increased free cashflow, supporting our $500 million dividend commitment. We're excited by our prospects for the year ahead and beyond, and we enter the year with a significantly increased production rate.\"\n \nOperational Highlights:\n· Strong 2025 production: Average production of 119 kboe/d (2024: 80 kboe/d) in-line with previously upgraded guidance of 119-125 kboe/d and notwithstanding unprecedented levels of turnaround activity in the year\n· Entering 2026 with increased installed production capacity: 2025 exit rate of approximately 148 kboe/d achieved, with a peak daily production exceeding 150 kboe/d in the period following delivery of new wells at Cygnus, Seagull and J Area\n· Safe and responsible operator with 'perfect day' strategy driving positive trend in HSE performance: Zero Tier 1 or Tier 2 events recorded in the year and improved HSE performance with a material reduction in Total Recordable Injury Rate and in Greenhouse Gas emission intensity from 2024\n· Material resource base: Preliminary 2P Reserves of over 350 mmboe and 2C Resources of over 300 mmboe as at 31 December 2025 (2024 2P Reserves and 2C Resources: 657 mmboe). Reserve/resource replacement delivered through material organic and inorganic investment across key growth areas with 2P reserves ...