**Summary of Ithaca Energy PLCs Third Quarter 2025 Results and Update**
Ithaca Energy PLC reported strong third-quarter results for the nine months ended September 30, 2025, highlighting robust operational and financial performance following its successful Business Combination with Eni UK. Key highlights include
**Operational Performance**
**Production Growth** Year-to-date (YTD) average production reached 115 kboe/d, up significantly from 52.5 kboe/d in YTD 2024, driven by successful summer shutdown activities and portfolio expansion.
**HSE Excellence** Zero Tier 1 or Tier 2 safety events recorded, with a material reduction in Total Recordable Injury Rate (TRIR) and greenhouse gas emission intensity.
**Cost Efficiency** Transformed cost base with YTD operating expenses (opex) per barrel at $19.1/boe, down from $28.9/boe in YTD 2024, reflecting the enlarged portfolios high netback capability.
**Financial Performance**
**Enhanced EBITDAX** YTD adjusted EBITDAX rose to $1,501.2 million, compared to $758.5 million in YTD 2024.
**Strong Balance Sheet** Successful โฌ450 million bond issuance and $300 million upsizing of the Reserves Based Lending (RBL) facility, with low leverage (0.50x) and significant liquidity of $1.7 billion.
**Shareholder Returns** Declared and paid $167 million in interim dividends in September 2025, with an accelerated $133 million dividend announced in November, totaling $500 million in 2025 distributions.
**Strategic Growth Initiatives**
**Organic Growth** Progressed key projects like the Captain 13th well campaign, Cygnus infill wells, and the Rosebank development, with first production from Rosebank targeted for 2026/27.
**Inorganic Growth** Completed acquisitions of JAPEX UK E&P and a 46.25% stake in the Cygnus Field, adding circa 18 kboe/d in proforma 2025 production.
**West of Shetland Strategy** Farmed into Shells Tobermory gas field, aligning with the Groups gas development strategy in the region.
**2025 Outlook**
Reaffirmed full-year production guidance of 119-125 kboe/d, trending toward the lower end due to extended shutdowns and delayed well start-ups.
Uplifted Q4 2025 exit rate to 145 kboe/d, positioning the Group for increased production capacity in 2026.
Reaffirmed 2025 dividend target of $500 million.
**Executive Commentary**
Executive Chairman Yaniv Friedman emphasized the Groups successful integration of Eni UK assets, operational excellence, and strategic growth, positioning Ithaca Energy as a leading UK North Sea energy company. The focus remains on disciplined investment, HSE improvements, and delivering long-term value for stakeholders.
**Financial KPIs**
YTD adjusted EBITDAX$1,501.2 million (YTD 2024: $758.5 million).
YTD profit before tax$668.1 million (YTD 2024: $183.7 million).
YTD net cash flow from operations$1,279.6 million (YTD 2024: $792.5 million).
Available liquidity: $1664.3 million (Q4 2024: $1015.1 million).
Ithaca Energy continues to strengthen its position in the UK Continental Shelf, focusing on sustainable growth, operational efficiency, and attractive shareholder returns.
Here is the HTML table code comparing the financials and debt year on year for Ithaca Energy PLC: < lang="en">
> This table compares key financial metrics, debt, and production figures for Ithaca Energy PLC between YTD September 2025 and YTD September 2024. It highlights significant improvements in financial performance, liquidity, and production, while also showing changes in debt levels and leverage ratios.