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Ithaca Energy (ITH) investor relations material
Ithaca Energy H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered record H1 2025 production of 123.6–133,600 barrels/day and adjusted EBITDAX over $1.1 billion, supporting an upward revision in full-year production guidance and strong operational and safety improvements, including a >50% reduction in incident frequency.
Upgraded FY 2025 production guidance to 119,000–125,000 barrels/day, reflecting robust H1 performance, operational outperformance, and successful acquisitions.
Declared $167 million interim dividend and accelerated $133 million second interim dividend, reaffirming a $500 million full-year dividend target.
Executed strategic acquisitions, including increased stakes in Seagull and Cygnus fields and the JAPEX UK acquisition, enhancing production and reserves.
Strengthened balance sheet with leverage ratio at 0.32x and available liquidity exceeding $1.2 billion.
Financial highlights
H1 2025 production averaged 123.6–133,600 barrels/day, with OpEx at $17.5/barrel and a 59% liquids, 41% gas split.
Adjusted EBITDAX reached $1,117 million; net cash from operations exceeded $1 billion.
Net loss of $217.5 million in H1 2025 due to a one-off, non-cash deferred tax charge of $327.6 million from EPL extension.
Adjusted net debt at $671 million; pro forma leverage at 0.32x EBITDAX.
Available liquidity at $1.2 billion, with total facilities up to $1.9 billion and a $700–735 million accordion facility.
Outlook and guidance
FY 2025 production guidance upgraded to 119,000–125,000 barrels/day, with an exit rate expected at 140,000 barrels/day post-acquisitions.
OpEx guidance lowered to $790–840 million, targeting $17–19/barrel for the year despite FX headwinds.
Net producing asset capex guidance increased to $630–670 million; Rosebank project capex to $230–270 million.
Cash tax payment guidance increased to $270–300 million due to higher production and profits.
Dividend target of $500 million reaffirmed, with accelerated payment schedule.
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