Ithaca profit down on weaker oil prices but backs output guidance

Nov 22, 2023 · Ithaca's year-to-date production has totalled 71,048 barrels of oil equivalent per day, up from 68,246. It maintained its annual output guidance range at 68,000-74,000 boe/d.

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Ithaca Energy Profit Falls On Lower Production And Natgas Prices

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Aug 22, 2024 · North Sea oil and gas company Ithaca Energy reported a nearly 34% fall in net profit for the first half of the year on Thursday, hurt by lower production, a decline in natural …

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Ithaca Energy H1 Profit Falls On Lower Volumes, Gas Prices

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Aug 23, 2024 · Ithaca Energy PLC on Thursday reported $105.7 million in net income for the first half (H1) of 2024, down by 33.7 percent from the same period last year on weaker production …

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UK's Ithaca Energy Estimates 2023 Adjusted Earnings At $1.7 Billion

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Feb 15, 2024 · Ithaca Energy expects to post adjusted earnings for 2023 of $1.7 billion, the British oil and gas producer said in a trading statement on Thursday, a fall of about 11% reflecting …

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Oil Stocks Are Cheap – And This One Is Becoming A Giant

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Nov 28, 2024 · Pro forma output for the full year is expected to exceed 100,000 boepd. ... costs) for the nine-month period was $759mn, down from $1.4bn the year before because of the …

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Stockpickers: Ithaca Bucks The Trend As Rivals Desert The North Sea

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Aug 30, 2024 · Ithaca reported adjusted Ebitdax of $533mn (£406mn), down from $980mn a year ago. Because of the lower output, operating costs rose from $20 per barrel equivalent last year …

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FAQs about Ithaca profit down on weaker oil prices but backs output guidance Coupon?

Why did Ithaca Energy's net profit fall 34%?

Aug 22 (Reuters) - North Sea oil and gas company Ithaca Energy (ITH.L) reported a nearly 34% fall in net profit for the first half of the year on Thursday, hurt by lower production, a decline in natural gas prices and impairment charges. Shares of Ithaca, fell about 2.3% to 128p in morning trade. ...

How much oil did Ithaca produce in 2023?

The North Sea-focused company said it produced about 70,200 barrels of oil equivalent per day (boe/d) in 2023, down from a record output of 71,403 boe/d but in line with guidance of between 68,000 and 74,000 boe/d. Ithaca said its 2023 net operating costs came to $524 million versus guidance of between $525 million and $575 million. ...

How much does Ithaca's oil production cost?

Its net producing asset capital costs were $392 million, the company said, which "reflects a reduction in planned activity in the year as a direct result of the Energy Profits Levy". Ithaca projected a net capital expenditure of $97 million on its Rosebank oil development, aiming to start producing oil by 2026/27. ...

How much oil does Ithaca Energy produce a day?

Ithaca Energy produced slightly less oil last year than in the previous year, although it met its targeted range, while booking a dip in adjusted earnings. The U.K. North Sea-focused oil-and-gas company said Thursday that it produced 70,200 oil-equivalent barrels a day, a tad lower than 2022's output of 71,400 daily... Master your money. ...

Will 'Ithaca Energy' reduce investment in the UK North Sea?

Russ Mould, investment director at AJ Bell, said: 'Ithaca Energy may talk about reducing investment in the UK North Sea thanks to the Energy Profits Levy, but its actions and words are somewhat at odds given the announcement of a proposed share-based deal with Italy’s Eni to acquire the latter’s UK oil and gas fields. ...

Why did shares in Ithaca IPO drop 2 per cent?

Shares in Ithaca Energy, the North Sea oil and gas producer, dipped 2 per cent below their 250p launch price today, as London’s biggest IPO of the year got a frosty reception. “Ithaca has IPO’d into a difficult broader market backdrop and the near-term weakness probably underlines that,” said Investec’s Nathan Piper. Just catching up here. ...