Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
Investing.com -- Ithaca Energy (LON:ITH) shares jumped more than 8% after the company reported a sharp jump in first-half (H1) earnings and upgraded its 2025 outlook on the back of higher production, stronger cash flow, and disciplined cost control.
The North Sea oil and gas producer delivered average production of 123.6 kboe/d in H1 2025, more than double the 53 kboe/d a year earlier.
Adjusted EBITDAX rose to over $1.1 billion from $533 million in H1 2024, while unit operating costs fell to $17.5/boe from $27.3/boe.
The company ended the period with a pro forma leverage ratio of 0.32x and more than $1.2 billion in available liquidity.
Shareholder returns remain a priority, with a $167 million interim dividend declared and plans to accelerate a second $133 million payout to December, keeping the company on track to distribute $500 million in dividends for the full year.
Given the strong first-half performance, Ithaca raised its full-year guidance. Production is now expected between 119-125 kboe/d, up from 109-119 kboe/d, while net operating cost guidance was cut to $790-840 million, implying $17-19/boe.
"Ithaca also increased exit rate for 2025 of 140kboe/d (prev. 135kboe/d) following completion in H2 of the two additional UKNS asset stake announced so far this year," Jefferies analysts commented.
Capital spending was modestly lifted to reflect FX headwinds and extra well activity in the J Area, with Rosebank project spend also increased as work on its FPSO advances.
“Our first-half results demonstrate the strength and resilience of our transformed business," said Executive Chairman Yaniv Friedman. "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.”