Ithaca Energy (ITH) Trading Update summary

Business transformation and operational highlights

• Achieved Q4 production of 116.0 kboe/d and full-year production of 80.2 kboe/d, both at the top end of guidance, with peak rates of 138 kboe/d in Q4.

• Opex per boe in Q4 was approximately $14, with full-year net unit opex at $22/boe, both below guidance.

• Capital costs landed at the midpoint of guidance, reflecting ongoing organic investment.

• Integration of Eni UK assets advanced, with IT and office transitions completed and full reorganisation set for July 2025.

• Rosebank project progressing on schedule, targeting first production in 2026/27.

Financial performance and shareholder returns

• Estimated 2024 adjusted EBITDAX of $1.4 billion and Q4 EBITDAX of $642 million, highlighting the impact of the Eni UK combination.

• Cash from operations reached $0.9 billion, with available liquidity over $1 billion after a $2.25 billion refinancing.

• Group cash tax paid was $351 million, below guidance, mainly due to timing of payments.

• $300 million in dividends paid for 2024, with a reaffirmed target of $500 million for 2024 and 2025.

• Significant tax loss position of $5.4 billion at year-end 2024.

Portfolio strength and growth outlook

• Exited 2024 as the largest resource holder in UKCS with 658 mmboe in 2P reserves and 2C resources.

• Pro-forma 2024 production of 105.5 kboe/d, making Ithaca the second largest independent UKCS operator.

• Enhanced portfolio diversification and reliability post-Business Combination.

• Strong hedge position into 2027, with 28.5 mmboe hedged at favorable prices.

• Focus remains on high-grading investments and exploring international expansion opportunities.