Ithaca Energy plc (ITH) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and welcome to today's Ithaca Energy PLC All Year 2025 Financial Results 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. And if you'd like to withdraw your question, please press star 2. I will now hand you over to Yannick Friedman, Executive Chairman, to begin the call. Please go ahead. Good morning. Thank you, everyone, for joining our full-year 2025 resort presentation and conference call. My name is Yannick Friedman, and I'm the executive chairman of Ithaca Energy PLC. With me on the call today are Luciano Vasquez, CEO, Ian Lewis, our CFO, and Odin Estensen, our COO. I'm on the first slide, and as you can see, we've titled this presentation, Delivering on Our Strategy. And I'm really pleased to say that this has been another year of an excellent set of results and performance. And as you'll see, really executing on all of our pillars. Today's agenda on the next slide. So we'll talk about our vision in action, our proven strategy for supporting value-driven growth, financial update, including our 2026 guidance. and closing remarks to be followed by questions and answers. Vision in action, so we titled this Scales, Development, and Strength. And if you move to slide number four, you'll see the strong operational performance in 2025 delivering on an upgraded production outlook. And I'm going to go through this quickly, but as you can see, we've ticked all the boxes on guidance. So production, net OPEX, CapEx, producing asset CapEx just below the bottom of the range. Same with Rosebank CapEx. Cash tax was again lower than the bottom of the range. And our dividend target of $500 million that was declared and delivered with a $500 m...