Business
Q3 2023 Financial Results
Q3 2023 Financial Results.
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n\nPress release\n22 November 2023\nITHACA ENERGY PLC\n(\"Ithaca Energy\", the \"Company\" or the \"Group\")\n \nThird Quarter Update and Results for the Nine Months to 30 September 2023\n \nContinued delivery against BUY, BUILD and BOOST strategy, achieving milestone FID at Rosebank;\n FY 2023 production guidance and $400m dividend reaffirmed; improved opex guidance\n \nIthaca Energy, a leading UK independent exploration and production company, today announced its unaudited financial results for the nine months ended 30 September 2023.\n \n\n\n\n\nFinancial key performance indicators (KPIs)\n\n\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nYTD\n9M 2023\n\n\nYTD\n9M 2022\n\n\n\n\nAdjusted EBITDAX1 ($m)\n\n\n1,367.5\n\n\n1,438.4\n\n\n\n\nStatutory net income ($m)\n\n\n238.5\n\n\n1,392.2\n\n\n\n\nAdjusted net income1 ($m)\n\n\n332.1\n\n\n391.2\n\n\n\n\nNet cash flow from operating activities ($m)\n\n\n1,021.2\n\n\n1,467.9\n\n\n\n\nAvailable liquidity 1 ($m)\n\n\n912.6\n\n\n399.4\n\n\n\n\nUnit operating expenditure1 ($/boe)\n\n\n21.1\n\n\n19.3\n\n\n\n\nAdjusted net debt 1 ($m)\n\n\n677.4\n\n\n1,143.6\n\n\n\n\nAdjusted net debt/adjusted EBITDAX 1\n\n\n0.37x\n\n\n0.61x\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nOther KPIs\n\n\n \n\n\n\n\n\n\n\nTotal production (boe/d)\n\n\n71,048\n\n\n68,246\n\n\n\n\nTier 1 process safety events\n\n\n1\n\n\n0\n\n\n\n\nSerious injury and fatality frequency\n\n\n0\n\n\n0\n\n\n\n\n \n1 Non-GAAP measure\n \nQ3 2023 Strategic Highlights\nBUY\n· Completed acquisition of remaining 40% stake in Fotla and announced acquisition of remaining 30% stake in Cambo (subject to completion), both at limited near-term cost, providing Ithaca Energy with full control over pre-Final Investment Decision (FID) work and timing\n· Actively engaging with potential farm-in partners to enable the future progression of Cambo and Fotla towards FID, subject to regulatory and licensing approval processes (including the 31 March 2024 Cambo licence milestone) and market conditions\nBUILD\n· FID taken to progress Phase I of the Rosebank development, the UK's largest undeveloped discovery\no All major contracts awarded, including the integrated subsea engineering, procurement, construction and installation (iEPCI™) contract, the dri...