- Record quarterly production underpins reaffirmed management guidance and upgraded 2026 dividend
- Strong strategic execution focused on maximising long-term value of resource base
Ithaca Energy today announced its unaudited financial results for the six months ended 30 June 2026.
H1 2026 key highlights
- Record quarterly production achieved in Q2 of 131 kboe/d, strengthening confidence in full year production outlook of 120-130 kboe/d, with management guidance reaffirmed
- Continued strong operational performance, with improved cost outlook and opex per barrel trending to stronger full year outcome of ~$18/boe at mid-point of guidance
- Robust cash flow generation supports capital allocation flexibility, underpinning long-term growth with adjusted H1 2026 EBITDAX over $1.1bn
- Rosebank entering final execution phase with the Operator narrowing the first production window to H1 2027, with ramp up to production plateau through the summer of 2027
- Material pipeline of organic growth opportunities with over 200 mmboe of resources being actively advanced through to FID corridor in 2026 and 2027
- Significant available liquidity of $1.9 billion, bolstered by successful private placement of a further €155 million 5.5% senior notes, due 2031, with strong investor demand and low leverage of 0.49x to adjusted EBITDAX
- Upgraded dividend guidance to $500-530 million for FY 2026, with first interim dividend of $255 million declared today
Executive Chairman, Yaniv Friedman, commented: 'Ithaca Energy delivered another strong quarter and first half performance in 2026, demonstrating the strength of our business. Record quarterly production in Q2, continued safe and efficient operations, robust cash generation and disciplined capital allocation have enabled us to reaffirm full year production guidance, reduce operating cost guidance and increase our dividend outlook for the year. We have also continued to execute against our strategy, strengthening our balance sheet, extending our hedge position and advancing a material pipeline of organic growth opportunities across our portfolio. With Rosebank progressing towards first production, Cambo advancing through key development milestones and continued investment in high-return, short-cycle opportunities across our producing assets, we remain focused on maximising long-term value creation and delivering attractive, sustainable returns for our shareholders.'
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Source: Ithaca Energy
