Ithaca Energy reported a 44% decrease in net income and adjusted EBITDAX, with earnings falling to $533m from $979.7m in 2023.

Ithaca Energy reported a 44% decrease in net income and adjusted EBITDAX in its first half results with earnings falling to $533m from $979.7m in 2023. Production averaged 53,000 barrels of oil equivalent per day, down from 75,800 daily barrels in the same period last year. The company plans to transform into a major player in the UK Continental Shelf through a business combination with Eni UK's upstream oil and gas assets, expected to make the combined group the largest resource holder in the UKCS with forecasted production of 100,000-110,000 boepd in 2024. Ithaca Energy declared a $100m interim dividend for September and reaffirmed its commitment to delivering up to $500m in total dividends annually for 2024 and 2025.

August 22, 2024
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