Ithaca Energy (ITH) H1 2025 earnings summary

Executive summary

• Delivered record H1 2025 production of 123.6–124,000 barrels/day, more than doubling year-over-year, with strong operational and safety improvements and adjusted EBITDAX of $1.1 billion, supporting an upward revision in full-year guidance.

• Upgraded full-year 2025 production guidance to 119,000–125,000 barrels/day, reflecting robust H1 performance, organic asset performance, and recent acquisitions.

• Declared first interim 2025 dividend of $167 million and accelerated second interim dividend of $133 million, reaffirming a $500 million full-year dividend target.

• Executed strategic acquisitions, including increased stakes in Seagull and Cygnus fields and the JUK acquisition, adding 17,000 barrels/day pro forma production and enhancing reserves.

• Strengthened balance sheet with low leverage (0.32x), adjusted net debt at $671 million, and available liquidity exceeding $1.2 billion.

Financial highlights

• H1 2025 adjusted EBITDAX reached $1,117 million, with net cash from operations exceeding $1 billion and a net loss of $217.5 million due to a one-off EPL extension charge.

• Profit before tax was $513.4 million; adjusted net income was $128.7 million.

• OpEx per barrel reduced to $17.5 in H1 2025, with guidance for the year at $17–$19 per barrel.

• Hedge gains of $23 million in H1, with a total hedge position of $79 million at June end and 38.9 mmboe hedged into 2027.

• Net cash flow from operating activities was $1,004.6 million.

Outlook and guidance

• FY 2025 production guidance raised to 119,000–125,000 barrels/day, with an exit rate expected at 140,000 barrels/day post-acquisitions.

• Net opex guidance narrowed to $790–840 million, with opex per barrel at $17–$19.

• Net producing asset capex guidance increased to $630–670 million; Rosebank project capex to $230–270 million.

• Cash tax guidance for 2025 increased to $270–300 million due to higher production and profits.

• Dividend target of $500 million reaffirmed, with accelerated payment schedule.