Ithaca Energy released its audited full year results for 2025

19 Mar Ithaca Energy released its audited full year results for 2025

(Oilandgaspress) – Ithaca Energy Reported Adjusted EBITDAX of $2.0bn (2024: $1.4bn), net cash flow from operations of $1.7bn (2024: $0.9bn) and free cash flow of $683.3 million (2024: 260.8 million)
Highlights:
Profit before tax of $840.3 million (2024: $334.3 million).

A one-off, non-cash deferred tax charge of $327.6 million in Q1 2025, reflecting enactment of two-year extension of EPL to 31 March 2030, resulted in a reported loss of $84.1 million (2024: profit of $153.1 million)

Adjusted net income of $289.2 million (2024: $323.6 million), better reflecting underlying performance

Material dividend distributions to shareholders of $500 million, with the announcement of the Group’s third interim 2025 dividend declared of $200 million payable in April 2026, in line with our stated target for the year

$184 million of hedge gains and other income in the year, reflecting a $4/boe contribution to adjusted EBITDAX. Average realised oil prices for 2025 were $70/boe before hedging results and $72/boe after hedging results (2024: $81/boe before hedging results and $82/boe after hedging results). Average realised gas prices for 2025 were $63/boe before hedging results and $66/boe after hedging results (2024: $64/boe before hedging results and $78/boe after hedging results)

Significant available liquidity of $1.5bn (2024: $1.0bn) and low leverage position of 0.56x (2024: 0.45x), providing material financial firepower to support future growth. Adjusted net debt of $1.3bn (2024: $0.9bn)

Successful issuance of €450 million 5.5% senior notes, due 2031, and $300 million upsizing of the Group’s Reserves Based Lending (RBL) facility via the accordion

Group RBL accordion facility of $435 million, secured as part of the 2024 refinancing, remains available, offering incremental liquidity potential from $1.5bn to approximately $1.9bn

Adjusted net operating costs of $817 million (2024: $570 million), representing an adjusted net unit opex cost of less than $19/boe (2024: $22/boe), at the mid-point of management guidance of $790 million to $840 million, reflecting the high netback capability of the portfolio

Total net producing asset capital expenditure of $629 million (2024: $448 million including six months of Eni UK capital costs), below the guidance range of $630 million to $670 million

Net capital expenditure relating to the Rosebank development totaled $224 million (2024: $198 million), below the guidance range of $230 million to $270 million

Group cash tax paid in the year of $263 million (2024: $351 million), below the guidance range of $270 million to $300 million, relating solely to the Energy Profits Levy

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