Highlights

  • YTD average production reached 115 kboe/d, up from 52.5 kboe/d in 2024.
  • Total cash distributions in 2025 declared at USD 500m through interim dividends.
  • YTD adjusted EBITDAX increased to USD 1,501.2m, reflecting expanded asset contributions.

Ithaca Energy (LSE:ITH) has released its unaudited results for the nine months ended 30 September 2025. The Group reported a year-to-date (YTD) average production of 114,928 boe/d, a significant increase from 52,501 boe/d in the same period of 2024, reflecting operational activity including extensive summer turnaround work and integration of the Eni UK Business Combination.

Operational safety performance remained consistent, with zero Tier 1 or Tier 2 events recorded and a reduction in the Total Recordable Injury Rate (TRIR) to 1.62 cases per million hours, down from 2.89 in 2024. Greenhouse Gas (GHG) emission intensity declined to 17.34 kgCO2e/boe from 20.14 kgCO2e/boe.

YTD opex per barrel decreased to USD 19.1/boe from USD 28.9/boe, reflecting changes to the Group’s cost profile following asset integration. Net cash flow from operating activities reached USD 1,279.6m compared with USD 792.5m in 2024.

Financial Performance

The Group reported YTD adjusted EBITDAX of USD 1,501.2m, compared with USD 758.5m in the prior year. Profit before tax for the period was USD 668.1m, up from USD 183.7m. Adjusted net income increased to USD 226.9m from USD 181.9m, while a one-off non-cash deferred tax charge resulted in a reported loss of USD 119.1m (2024: profit USD 134.7m).

Ithaca Energy completed a EUR 450m bond issuance due 2031 and a USD 300m increase to its Reserves Based Lending (RBL) facility, providing total available liquidity of USD 1,664.3m and an adjusted net debt of USD 1,063.8m. Pro forma leverage remained low at 0.50x.

Strategic and Growth Initiatives

The Group continued organic growth through drilling campaigns and well development. Captain 13th well activity progressed, with a 14th drilling campaign sanctioned for Q4 2025. First production from the fourth Seagull well was achieved in Q4. Cygnus infill wells are expected to commence production in early December, following acquisition of an additional 46.25% stake from Spirit Energy.

West of Shetland projects advanced, including the Rosebank development with updated Environmental Statement submitted, offshore subsea installations delivered on time, and FPSO refurbishment progressing to enable 2026 production. The Group also announced a 50% farm-in to Shell’s Tobermory gas field as part of its gas strategy.

Dividends and Shareholder Returns

Ithaca Energy declared its first interim 2025 dividend of USD 167m and accelerated a second interim dividend of USD 133m, bringing total 2025 distributions to USD 500m. Management reaffirmed its FY 2025 dividend target at USD 500m and expects production exit rates in Q4 2025 of circa 145 kboe/d.

Share Price Snapshot

ITH was trading 0.43% lower at GBX 233.00 per share as of 19 November 2025.