Ithaca Energy H1 Profit Down On Weak Production, Gas Prices; Cuts FY24 Production View

(RTTNews) - Ithaca Energy plc (ITH.L), an oil and gas operator in the North Sea, reported Thursday that its first-half net income declined to $105.7 million from last year's $159.6 million.

Basic earnings per share were 10.5 cents, down from 15.9 cents a year ago.

Adjusted net income was $124.7 million, compared to $253.2 million last year.

Adjusted EBITDAX was $533.0 million, lower than last year's $979.7 million, mainly due to reduced production of 53.0 kboe/d from prior year's 75.8 kboe/d, as well as lower realised gas prices.

Further, the company said it has declared the first interim 2024 dividend of $100 million payable in September 2024.

Looking ahead for fiscal 2024, Ithaca Energy now projects combined Group production of 76-81 kboe/d, revised from previously expected 80-87 kboe/d.

Standalone production is now projected to be 54-57 kboe/d, down from earlier expected 56-61 kboe/d, reflecting lower production volumes in the first half.

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