Ithaca Energy has announced its unaudited financial results for the nine months ended September 30, 2025, reporting a strong operational performance following its business combination with Eni UK. The company achieved a year-to-date (YTD) average production of 115 kboe/d, a significant increase from 52.5 kboe/d in the same period of 2024.
Financial highlights include an adjusted EBITDAX of $1.5 billion and a reduced operating cost per barrel of $19.1/boe. The company maintained a strong balance sheet with a low leverage ratio of 0.50x and available liquidity of $1.7 billion, bolstered by a successful bond issuance and upsizing of its reserves based lending facility.
Yaniv Friedman, Executive Chairman, commented, "Our Q3 YTD results for 2025 show what a pivotal period it has been for Ithaca Energy. The successful integration of Eni's UK assets and our additional M&A success is reflected in our strong operational and financial performance."
Ithaca Energy reaffirmed its full-year 2025 production guidance of 119-125 kboe/d, though noted it is trending towards the lower end due to an extended shutdown at the Captain field and delayed start-up of new wells.
However, the company uplifted its expected Q4 exit rate to approximately 145 kboe/d, signaling increased production capacity entering 2026.
The company also announced a 50 per cent farm-in to Shell's Tobermory gas field and confirmed total declared cash distributions of $500 million for 2025, including an accelerated second interim dividend of $133 million payable in December.
