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Ithaca Energy (ITH) investor relations material
Ithaca Energy Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational and strategic delivery in Q3 2025, with year-to-date average production reaching 115,000 barrels/day, supported by major acquisitions and integration of Eni UK assets.
Upgraded Q4 exit production rate guidance to 145,000 barrels/day, with increased capacity expected to continue into 2026.
Strategic growth through acquisitions (JAPEX UK, increased Cygnus and Seagull stakes) and a 50% farm-in to Shell's Tobermory gas field, strengthening the West of Shetland position.
Accelerated shareholder returns, with $500 million FY25 dividend target reaffirmed and $1.2 billion returned since November 2022.
Continued focus on safety, environmental performance, and reduced GHG emissions intensity.
Financial highlights
Adjusted EBITDAX of $1.5 billion for the nine months ended September 30, 2025, with per-barrel margin at $48.
Net cash from operations at $1.3 billion year-to-date; Q3 standalone profit of $98.5 million.
Net income year-to-date Q3 at -$119 million, impacted by a one-off EPL extension charge.
OPEX reduced to $19.1 per barrel year-to-date, down from $29 last year.
Available liquidity increased to $1.7 billion, supported by a €450 million bond issuance and $300 million RBL upsizing.
Outlook and guidance
Full-year 2025 production guidance reaffirmed, trending to the lower end due to extended Captain shutdown and delayed well start-ups.
Q4 2025 exit rate upgraded to 145,000 barrels/day, with increased production capacity into 2026.
Cash tax expected at the bottom of the $230–$300 million range.
2025 dividend target of $500 million reaffirmed; $133 million dividend payment accelerated to December 2025.
Continued focus on high-return investments and West of Shetland growth strategy.
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