Dividend Update

Ithaca Energy announced that its 2026 dividend payout guidance has been increased to a range of $500 million to $530 million, compared with the prior outlook of $470 million to $520 million.

Financial Performance

For the first half of 2026 the company reported net profit of $127 million. Jefferies analysts estimate second‑quarter profit at roughly $60 million, which is below the consensus estimate of $109 million. Adjusted first‑half EBITDAX amounted to $1.12 billion.

Production Highlights

Quarter‑two production reached a record 131,000 barrels of oil equivalent per day (boed), representing a 4 % increase quarter‑over‑quarter and a 48 % gas‑weighted uplift. Total six‑month production for the period ending 30 June rose to 128,000 boed, up from 124,000 boed in the same period a year earlier. All output originates from the United Kingdom North Sea.

Balance Sheet and Liquidity

Net debt declined to $1.02 billion, lowering the net‑debt‑to‑EBITDAX leverage to 0.49 times at the end of Q2. Available liquidity stood at $1.9 billion on 30 June, up from $1.6 billion at the end of Q1, supported by a €155 million bond tap in the second quarter.

Guidance and Cost Management

The company reaffirmed its full‑year 2026 production guidance of 120,000‑130,000 boed, close to the consensus estimate of 126,000 boed. Operating expense guidance was reduced by $20 million to a range of $800 million‑$840 million, reflecting improved operating costs of $17‑$19 per barrel. Net capital expenditure, excluding the Rosebank development, remains unchanged at $600 million‑$700 million. Rosebank capital spending has been partially shifted to 2027, reducing the 2026 Rosebank capex target to $250 million‑$280 million from the earlier $280 million‑$320 million range. Decommissioning costs continue to be guided at $170 million‑$210 million, and cash tax guidance stays at $290 million‑$340 million.

Strategic Outlook

Ithaca reiterated its intention to pursue M&A opportunities in the UK Continental Shelf and internationally, consistent with its focused international expansion strategy.