Ithaca Energy (Ithaca Energy PLC (LSE:ITH) shares rose almost 6% to 265.8p in early trading on Wednesday after the North Sea oil and gas producer reported stronger production and raised its dividend guidance.
The shares were up 14.20p from Tuesday’s close of 251.60p, having opened at 250.40p and reached an early high of 270.20p.
Revenue rose to $1.69 billion in the six months to June from $1.44 billion a year earlier, while adjusted earnings before interest, tax, depreciation, amortisation and exploration costs remained at $1.12 billion.
Net income swung to $127 million from a $218 million loss, while net debt fell to $1.02 billion from $1.26 billion at the end of December.
Production increased to 128,000 barrels of oil equivalent per day, with second-quarter output reaching a record 131,000 barrels and supporting full-year guidance of 120,000 to 130,000 barrels per day.
Ithaca raised its 2026 dividend guidance to $500 million to $530 million from $470 million to $520 million, including an interim dividend of $255 million.
The company said liquidity exceeded $1.9 billion after issuing €155 million of 5.5% senior notes due in 2031, strengthening its capacity for acquisitions.
First production from the Rosebank development remains targeted for the first half of 2027, with the project now entering its final development phase.
The shares remain comfortably above their 52-week low of 149.8p and within reach of their 52-week high of 290.2p.
Broker Panmure Liberum said: "A strong performance was expected given higher commodity prices in 2Q26, but investors will be pleased by higher returns to shareholders and prospects of organic growth and M&A."
