Ithaca Energy (ITH) H1 2026 earnings summary

Executive summary

• Achieved record quarterly production of 131,000 bbl per day (131 kboe/d) in Q2 2026, supporting a strong H1 average of 128,000 bbl per day, with full-year production guidance reaffirmed at 120-130 kboe/d.

• Significant available liquidity of $1.9 billion, bolstered by a €155 million bond tap/private placement at 5.5%, underpins growth ambitions.

• Upgraded FY 2026 dividend guidance to $500-530 million, with a first interim dividend of $255 million declared.

• Focused on disciplined capital allocation, cost control, and maintaining a robust balance sheet to support organic growth and M&A opportunities.

• Rosebank project nears execution completion, with FPSO arrival and first oil expected in H1 2027.

Financial highlights

• H1 2026 average production was 128,000 bbl per day (128 kboe/d), with opex per barrel reduced to $18.

• Adjusted EBITDAX for H1 2026 reached $1.1 billion, with net cash from operations at $955 million and free cash flow at $469 million.

• Net profit for H1 2026 was $127 million; adjusted net income was $129 million.

• Net debt at end of June 2026 was $1.0 billion, with pro forma leverage at 0.49x.

• Over $1.65 billion distributed to shareholders in the last three years.

Outlook and guidance

• Full-year 2026 production guidance reaffirmed at 120-130 kboe/d, with strong Q3 performance expected despite planned turnaround season.

• OpEx guidance reduced to $800-840 million, with per barrel costs expected between $17-19.

• Rosebank CapEx guidance reduced to $250-280 million, reflecting drilling deferral and cost rephasing.

• Dividend guidance for 2026 upgraded to $500-530 million, representing 30% post-tax cash from operations.

• Cash tax payments expected at $290-340 million.