Ithaca Energy today announced its unaudited financial results for the six months ended 30 June 2025. 

Key H1 2025 highlights– Strong production and adjusted EBITDAX supporting investment in value-accretive growth and shareholder distributions: 

Materially transformed business delivering consistently robust performance:

• Significant improvements in safety and environmental performance, with >50% reduction in 
• incident frequency and emissions
• H1 2025 average production of 123.6 kboe/d (H1 2024: 53.0 kboe/d) 
• Adjusted H1 2025 EBITDAX over $1.1 billion (H1 2024: $533.0 million) 
• Material reduction in opex per barrel to $17.5/boe in H1 2025 from $27.3/boe in H1 2024 
• Low pro forma leverage position of 0.32x with available liquidity of over $1.2 bn 
• Additional 9 mmboe of oil hedges added in Q2 providing material cash flow protection 

Continuing to deliver highly attractive shareholder returns: 

• First interim 2025 dividend of $167 million declared today, representing dividend per share of $0.101, supporting the reaffirmation of the Group’s FY 2025 dividend target of $500 million
• Expected acceleration of second interim 2025 dividend to December 2025, of $133 million, due to strong year-to-date performance and cash generation totalling $500 million of cash distributions in 2025 

Increased and targeted organic investment supporting production upside, reliability enhancement and efficiency focus alongside incremental investment in high return wells in the year 

Significant progress towards unlocking long-term value creation in West of Shetland area through targeted value-led investment:

• Rosebank project execution progressing on all work fronts. Full project update to be completed Q4 2025 18-month Cambo licence extension and completion of technical refresh provides a clear pathway towards FID and potential farm-down 
• Tornado gas discovery prospect advancing through FEED towards FID, with NSTA no objection to the concept secured 

Execution of UKCS growth strategy, increasing interests in high-quality, well-understood assets:

• Japex UK E&P acquisition completed 7 July 2025 demonstrating deal execution capability
• Acquisition of a further 46.25% stake in the Cygnus Field from Spirit Energy expected to complete 1 October 2025, following receipt of NSTA approval

Strong first half performance and ongoing investment supporting upgrade to FY guidance:

• FY production guidance range upgraded to 119–125 kboe/d from 109-119 kboe/d, (representing a 8 kboe/d increase at the mid-point)
• Strong cost control with FY net operating cost guidance range reduced to $790–840 million (representing an Opex per barrel cost of between $17/boe to $19/boe) with cost reductions outweighing FX headwinds
• Modest increase in net producing asset cost capital guidance to $630-670 million reflecting non-cash FX headwinds and decisions to increase investments in support of production upside potential in the J Area by sanctioning additional well activity 
• Net Rosebank capital cost guidance range increased to $230-270 million with additional spend towards end of 2025 as the Floating Production Storage and Offloading vessel (FPSO) nears yard work completion and targeted sail-away date and reflecting non-cash FX headwinds

Executive Chairman, Yaniv Friedman, commented: 
“Our first-half results demonstrate the strength and resilience of our transformed business. With production more than doubling year-on-year and adjusted EBITDAX exceeding $1.1 billion, we are delivering on our strategy of disciplined investment and operational excellence. As we adjust our guidance upwards for the remainder of the year, we continue to remain focused on maximising long-term value creation and returns for our shareholders. The declaration of a $167 million interim dividend and expected acceleration of a second interim dividend of $133 million to December 2025, underscores our commitment to delivering sustainable value to shareholders, reaffirming our full-year dividend target of $500 million. Strategic progress across our West of Shetland developments and recent acquisitions executing on our UKCS growth strategy, further position us for long-term growth.” 

H1 2025 Financial Highlights 

• H1 2025 adjusted EBITDAX of $1,117.0 million (H1 2024: $533.0 million), following record quarterly adjusted EBITDAX performance in Q1 of $653.2 million 
• Realised prices of $71/boe for oil and $71/boe for gas before hedging results and $73/boe for oil and $71/boe for gas after hedging results (H1 2024: $87/boe for oil and $57/boe for gas before hedging results and $86/boe for oil and $92/boe for gas after hedging results) 
• H1 2025 operating costs of $391.3 million (H1 2024: $263.3 million) and unit operating expenditure of $17.5/boe (H1 2024: $27.3/boe) demonstrating operational efficiencies and the high netback capability of the portfolio  
• H1 2025 profit before tax of $513.4 million (H1 2024: $189.4 million) 
• H1 loss for the period of $217.5 million (H1 2024: profit of $105.7 million) reflecting primarily a one off, non-cash deferred tax charge in Q1 2025 of $327.6 million due to the two-year extension of EPL to 31 March 2030. H1 2025 adjusted net income of $128.7 million (H1 2024: $124.7 million) 
• H1 2025 producing assets capex of $290 million (H1 2024: $178 million) and Rosebank capex of $130 million (H1 2024: $90 million) 
• Net cash flow from operating activities of $1,004.6 million (H1 2024: $559.8 million) includes an increase in underlift during H1 of $99.1 million, substantively all of which is expected to reverse through the remainder of FY 2025 
• Reduction in adjusted net debt at 30 June 2025 to $671.4 million (31 December 2024: $884.9 million) 
• Pro forma leverage ratio at 30 June 2025 of 0.32x (31 December 2024: 0.45x) 
• Material available liquidity at 30 June 2025 of $1,228.6 million (31 December 2024: $1,015.1 million) reflecting reduction in net debt and providing a solid financial foundation for growth with additional available accordion of over $700 million providing incremental liquidity potential of up to circa $2bn 
• Material build on hedge position during Q2, with 9 million barrels of positions traded at attractive hedge prices during the higher commodity price window in June, to complement existing gas hedge book, providing strong cash flow cover in 2025 and 2026. As at 30 June 2025, the Group had 38.9 million barrels of oil equivalent (47% oil) hedged from Q3 2025 into 2027 at an average floor price of $69/bbl for oil swaps, $68/bbl for oil puts/collar floors and 99p/therm for gas swaps, and 81p/therm for gas puts/collar floors

KeyFacts Energy: Ithaca Energy UK country profile