Ithaca Energy plc has delivered a robust performance in the first quarter of 2026, demonstrating strong cash generation and production figures that remain on track with its full-year guidance.
The company reported an average production of 126,000 barrels of oil equivalent per day, despite facing severe weather disruptions in January and mid-February.
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It also recorded zero Tier 1 and Tier 2 process safety events, alongside improvements in emissions intensity.
Healthy Cash Generation and Shareholder Returns
The company posted a Q1 EBITDA of GBP 0.6 billion, with free cash flow reaching GBP 151 million.
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Adjusted net debt remained low at GBP 1.1 billion, reflecting disciplined financial management.
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Full-year dividends are projected to exceed GBP 500 million, positioning payouts near the top of its target range.
Growth and Project Pipeline Advancing
Ithaca Energy is progressing several organic growth projects toward final investment decisions (FID), including Fotla, Tornado, and Rosebank.
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The company has also maintained disciplined M&A interest and secured a long-term rig-sharing agreement with Harbour Energy to support drilling operations through 2030.
