Ithaca Energy posted broadly in-line first-quarter production and flagged that its full-year dividend is now expected to exceed $500 million, at the top end of its guided range.
Production came in at 126 thousand barrels of oil equivalent per day (kboepd), just below the consensus of 131 kboepd, as weather disruption from storms through January and the first half of February pulled output down to 120 kboepd at the start of the quarter.
Activity recovered to an average of 129 kboepd in February and March, with management flagging strong operational momentum heading into the second quarter.
Shares in Ithaca edged up 0.5% in early London trading.
EBITDAX of $570.9 million came in 17% below consensus of $692 million. The shortfall was "largely driven by commodity hedging losses and oil & gas inventory movements, partly offset by higher liftings vs 1Q25," Goldman Sachs analysts said.
Adjusted net income of $67 million was 33% below consensus of $101 million. Adjusted net debt fell to $1.12 billion from $1.26 billion at year-end, though this came in around 9% above consensus of $1.03 billion.
On dividends, the company reaffirmed its FY26 commitment of 30% of post-tax operating cash flow, with guidance pointing to a $470-520 million range. Management said the payout is now trending toward the upper end and is expected to surpass $500 million, citing the stronger commodity price environment.
Total 2025 dividends reached $500 million following the payment of a $200 million third interim dividend in April.
All previously stated FY26 guidance was left unchanged, including production of 120-130 kboepd and net operating costs of $820-860 million.
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