Business
Half Year Results: Six Months to 30 June 2024
Half Year Results: Six Months to 30 June 2024.
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/3372B_1-2024-8-21.pdf \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\nTHIS IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR PROSPECTUS OR EQUIVALENT DOCUMENT AND INVESTORS AND PROSPECTIVE INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION ON THE BASIS OF ITS CONTENTS. A CIRCULAR AND PROSPECTUS IN RELATION TO THE COMBINATION DESCRIBED IN THIS ANNOUNCEMENT WILL EACH BE PUBLISHED IN DUE COURSE.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n ITHACA ENERGY PLC\n(\"Ithaca Energy\", the \"Company\" or the \"Group\")\n \nFirst Half Results for the Six Months to 30 June 2024\n \nContinued execution of 2024 strategic objectives driving robust cash generation Transformational Business Combination supports long-term growth\n \nIthaca Energy, a leading UK independent exploration and production company, today announced its unaudited financial results for the six months ended 30 June 2024.\n \n\n\n\n\nFinancial key performance indicators (KPIs)\n\n\n\n\n\n\n\n\n\n\n\n\n\nH1 2024\n\n\nH1 2023\n\n\n\n\nAdjusted EBITDAX1 ($m)\n\n\n533.0\n\n\n979.7\n\n\n\n\nStatutory net income ($m)\n\n\n105.7\n\n\n159.6\n\n\n\n\nAdjusted net income1 ($m)\n\n\n124.7\n\n\n253.2\n\n\n\n\nBasic EPS (cents)\n\n\n10.5\n\n\n15.9\n\n\n\n\nNet cash flow from operating activities ($m)\n\n\n559.8\n\n\n691.0\n\n\n\n\nAvailable liquidity 1 ($m)\n\n\n1,028.0\n\n\n791.3\n\n\n\n\nUnit operating expenditure1 ($/boe)\n\n\n27.3\n\n\n19.8\n\n\n\n\nAdjusted net debt 1 ($m)\n\n\n506.0\n\n\n698.7\n\n\n\n\nAdjusted net debt/adjusted EBITDAX 1\n\n\n0.40x\n\n\n0.35x\n\n\n\n\nOther KPIs\n\n\n\n\n\n\n\n\n\n\nTotal production (boe/d)\n\n\n53,046\n\n\n75,755\n\n\n\n\nTier 1 and 2 process safety events\n\n\n0\n\n\n1\n\n\n\n\n1 Non-GAAP measure as set out on pages 46 to 48.\n \nH1 2024 Strategic Highlights: Continued execution against our strategy Transformative Business Combination with Eni UK creates dynamic growth player\nTransformational business combination of Ithaca Energy and substantially all of Eni S.p.A...