Ithaca Energy plc (ITH) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

PLC Q1 2026 Results, Investors and Analysts call. My name is Seb and I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, please press star 1 on your telephone keypad. If you'd like to withdraw your question, please press star 2. I'll now hand the floor over to Yannick Friedman, Executive Chairman, to begin the call. Please go ahead. Thank you, Seb. Good morning, everyone. Thank you for joining our Q1 2026 results presentation. I'm Mimi Friedman. I'm the executive chairman of Ithaca Energy PLC. With me on our call today is Luciana Vasquez, our CEO, and Ian Lewis, our CFO. A strong Q1, as the first slide says, delivering on our strategy. And in today's agenda, we'll cover our Q1 2026 highlights, strategic and operational highlights, and financial highlights. And as always, we'll close with Q&A. If you'll move to Q4, if you'll move to slide four. So our capital allocation policy supports our attractive shareholder return. So what we wanted to show you is how this plays into this quarter. As mentioned, strong production, robust production that is supporting strong cash flow generation. And we're seeing the strong performance trending into Q2. So in Q1, 126,000 barrels a day of production. We took a hard look in optimizing and accelerating activity. across our portfolio in this elevated commodity price environment. So that's been a focus of the business in the past few months on really how to optimize and look for opportunities in this market. On the profit side, we have a strong hedge book that underpins our shareholders' returns and our investment plans. We are taking advantage of volatility. So Ian will speak to this later. but we're now able to also hedge at attractive prices into 2028, keeping upside exposure. Full-year d...