Ithaca Energy reports strong full-year performance
By Josh White
Date: Thursday 20 Feb 2025
(Sharecast News) - Ithaca Energy reported a strong full-year performance for 2024 in an update on Thursday, with production reaching the upper end of guidance at 80,200 barrels of oil equivalent per day.
The FTSE 250 company said fourth-quarter output averaged 116,000 daily equivalent barrels, with peak rates reaching 138,000 barrels per day, reflecting the impact of its combination with Eni UK.
It said it maintained strict cost control, with operating expenses falling below guidance at about $14 per equivalent barrel.
The board said the business combination with Eni UK had materially transformed Ithaca, enhancing its portfolio strength, improving production reliability, and increasing financial flexibility.
It completed a $2.25bn refinancing during the year and exited 2024 as the largest resource holder in the UK Continental Shelf, with 2P reserves and 2C resources rising to 658 million barrels of oil equivalent from 544 million in 2023.
Integration efforts were said to be well advanced, with IT systems and office relocations completed in January, and the full reorganisation set to conclude by July.
Capital investment remained within guidance, as the Rosebank development progressed as planned following a favourable judicial review ruling.
Ithaca Energy also reported an improved safety record, with no tier one or tier two incidents in 2024.
The company returned $300m to shareholders during the year, including a $200m special dividend in December, as part of its targeted $500m total dividend for 2024.
"2024 was a transformational year for Ithaca Energy," said executive chairman Yaniv Friedman.
"We enter 2025 with a stronger, more diverse production and reserves base, significant investment optionality, increased financial strength and an enhanced strategic platform."
Friedman said the company was continuing to see material opportunity in its home basin, with an eye on international expansion, providing a range of strategic options for growth.
"Our focus will continue to be on high-grading investment across our range of growth opportunities, executing in line with our strategy as a value-led investor, to maximise long-term sustainable shareholder value."
At 1034 GMT, shares in Ithaca Energy were up 10.52% at 145p.
Reporting by Josh White for Sharecast.com.
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