Ithaca Energy PLC (LSE:ITH) lifted its 2026 dividend guidance after record second-quarter production strengthened its full-year outlook and helped drive more than $1 billion of first-half operating cash flow.
The North Sea producer now expects dividends of $500 million to $530 million, up from its previous $470 million to $520 million range, and declared a $255 million first interim payment.
It comes as second-quarter production reached a record 131,000 barrels of oil equivalent per day, taking the first-half average to 128,000 boe/d and supporting unchanged full-year guidance of 120,000–130,000 boe/d.
Earnings (adjusted EBITDAX) was marked at $1.12 billion in the six months to June, compared with $1.12 billion a year earlier, while profit after tax swung to $127 million from a $217.5 million loss. Ithaca also cut full-year operating cost guidance to $800–840 million from $820–860 million, while available liquidity increased to $1.9 billion and adjusted net debt fell to $1.0 billion.
Rosebank meanwhile moved closer to production, with operator Equinor narrowing the expected first-oil window to the first half of 2027 and ramp-up towards plateau targeted from summer 2027, subject to regulatory approvals. Ithaca reduced its 2026 Rosebank capital spending forecast to $250–280 million as some drilling expenditure shifts into 2027.
