Ithaca Energy PLC (LSE:ITH) shares started Wednesday higher after it reported a strong six months, ended 30 June, with the oil and gas firm seeing average production of 123,600 barrels oil equivalent per day, more than double the 53,000 boepd a year ago.
In the first half, Ithaca brought online new wells at the Captain and Seagull fields, closed its $193 million acquisition of Japex UK E&P (increasing its stake in Seagull to 50% from 35%), and it is expecting to close a deal to up its stake in the Cygnus field by October.
The oiler upgraded full-year production guidance to 119,000 to 125,000 boepd.
Earnings (adjusted EBITDAX) rose to $1.12 billion, from 533 million in the same period of 2024, while opex per barrel fell to $17.50.
Ithaca is now set to pay its first interim dividend, with $167 million earmarked for shareholder payouts, and a further $133 million is expected in December.
"Our first-half results demonstrate the strength and resilience of our transformed business,” said executive chair 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.”
Ithaca also highlighted that it continued to advance the development of its Rosebank and Cambo projects in the West of Shetland region.