- Record quarterly production and adjusted EBITDAX
- reflecting the operating capacity of the Group's enlarged portfolio
Ithaca Energy has announced its unaudited financial results for the three months ended 31 March 2025.
Key Q1 2025 highlights- record quarterly production and adjusted EBITDAX:
- Record quarterly production of 127.4 kboe/d (Q1 2024: 58.7 kboe/d), supporting FY 2025 production guidance
- Q1 2025 opex per barrel of $16.5/boe (Q1 2024: $22.9/boe) demonstrates the continued high netback capability of the Group's enlarged portfolio
- Record quarterly adjusted EBITDAX of $653.2 million (Q1 2024: $339.0 million) reflecting the impact of the transformational Business Combination with Eni UK and operational efficiency
- Material hedge position from 2025 through 2027, protecting cash flows in a lower commodity price environment
- Low pro forma leverage position of 0.38x with significant available liquidity of $1.1 billion, providing material financial firepower for growth
- Continued execution of Ithaca Energy's consolidation strategy in the UKCS, with:
- Acquisition of JAPEX UK E&P announced March 2025 with an estimated completion date of 1 July 2025, increasing the Group's stake in the high-quality Seagull field, which began production in November 2023 from 35% to 50%
- Acquisition of a further 46.25% stake in the Cygnus Field from Spirit Energy announced 20 May 2025, increasing the Group's operated WI in the high-margin, high-quality gas field from 38.75% to 85%
- Third interim 2024 dividend of $200 million paid in April 2025, taking total 2024 dividends to $500 million
- Management reaffirms all previously provided guidance ranges for FY 2025 and targeted 2025 dividend and updates guidance to reflect the acquisition of an increased stake in the Cygnus gas field
Executive Chairman, Yaniv Friedman, commented: 'Our Q1 results demonstrate the transformational nature of the Eni UK combination, the successful integration, and operational efficiency across the portfolio. In the period we increased our interest in the high-quality, long-life Seagull asset to 50% via the acquisition of JAPEX UK, in line with our low-risk inorganic strategic growth ambitions. Yesterday, we announced a further acquisition of a 46.25% stake in the Cygnus field from Spirit Energy taking our operated working interest to 85%, increasing the gas weighting of our portfolio and strengthening our position as one of the largest gas producers in the UKCS. With a strong balance sheet, a record quarterly EBITDAX of $653.2 million and material hedging in place through to 2027, we are well placed to continue to grow the business and support shareholders through continued shareholder returns.'
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Source: Ithaca Energy
