Ithaca Energy today announced its unaudited financial results for the nine months ended 30 September 2025.
Celebrating a year of successful operations following Business Combination:
Strong YTD production: YTD average production of 115 kboe/d (YTD 2024: 52.5 kboe/d), following execution of unprecedented levels of summer shut down activity
Continued strong HSE performance: Zero Tier 1 or Tier 2 events recorded in the year and improved HSE performance with a material reduction in Total Recordable Injury Rate (TRIR) and in the Greenhouse Gas emission intensity of the Group’s portfolio from 2024
Transformed cost base: YTD opex per barrel of $19.1/boe (YTD 2024: $28.9/boe), reflecting impact of the Eni UK Business Combination on the Group’s cost profile and high netback capability of the enlarged portfolio
Enhanced financial performance: YTD adjusted EBITDAX of $1,501.2 million (YTD 2024: $758.5 million)
Strong balance sheet: Successful €450 million 2031 bond issuance and $300 million upsizing of Reserves Based Lending (RBL) facility in Q3, with strong investor demand
Material financial firepower: Low leverage position of 0.50x with significant available liquidity of $1.7 billion
Focus on growth and high return investments:
Executing targeted and increased organic investment supporting production upside, reliability enhancement and efficiency focus alongside investment in high return wells in the year
Material progression of West of Shetland growth strategy supporting the Group’s long-term production outlook. Farm-in to Tobermory announced today, 19 November, forming part of the Group’s gas strategy in the area
Continued delivery of consolidation strategy in the UKCS: Completion of the acquisitions of JAPEX UK E&P and a further 46.25% stake in the Cygnus Field from Spirit Energy adding circa. 18 kboe/d proforma production in 2025
Attractive shareholder returns: First interim dividend of $167 million declared and paid in September 2025 and second interim dividend of $133 million accelerated and payable in December, taking total cash distributions declared in 2025 to $500 million
2025 Outlook and increased production capacity trend into 2026:
- Management reaffirms all previously provided guidance ranges for FY 2025, supporting the improved 2025 outlook announced in August, and reaffirms its targeted 2025 dividend of $500 million
- FY 2025 production outlook: On track to deliver upgraded full year production guidance of 119 – 125 kboe/d, with production trending to the bottom end of the range, primarily due to the Group’s decision to extend the Captain shutdown to allow for increased scope and further investment into safeguarding longer-term environmental and operational performance, and the delayed start-up to three new high production wells to December 2025
- Increasing production capacity trend into 2026: Uplift to the Group’s 2025 exit rate in Q4 from 140 kboe/d to circa 145 kboe/d is expected. Following the successful completion of the unprecedented TAR season, and with three new high production wells expected on stream in December, the Group is entering 2026 with an increased installed total production system capacity
Executive Chairman, Yaniv Friedman, commented: 'Our Q3 YTD results for 2025 show what a pivotal period it has been for Ithaca Energy. The successful integration of Eni’s UK assets and our additional M&A success is reflected in our strong operational and financial performance, with average production levels of 115k boe/d, an uplift of our expected exit rate to 145 kboe/d in Q4, and EBITDAX of over $1.5 billion. We have continued to deliver on our strategy of disciplined investment, operational excellence, and targeted growth across our core assets, further strengthening our position as the leading energy company in the UK North Sea, all while delivering material improvements in our HSE performance.
Building on the momentum in the year to date we are continuing to progress our West of Shetland growth strategy supporting the Group’s long-term production outlook and we remain vigilant for M&A opportunities that fulfil our investment criteria, aided by our significant liquidity position of $1.7bn following our successful bond issuance and RBL expansion this quarter.
At the same time, we continue to deliver on our commitment for shareholder returns, evidenced by our first interim 2025 dividend declared of $167 million and further accelerated dividend of $133 million announced today totalling $500 million of cash dividend in 2025, supporting the reaffirmation of the Group’s FY 2025 dividend target of $500 million. As we approach the end of a landmark year, we focus on our ambition to drive long-term value for all stakeholders and to play a leading role in the UK’s energy future.'
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Source: Ithaca Energy
