Ithaca Energy PLC (LSE:ITH)

Q1 2025 Ithaca Energy PLC Earnings Call Transcript

May 21, 2025 / 08:00 AM GMT

Release Date Price: £1.29 (-0.16%)

Transcript

Key Points

Positve

Ithaca Energy PLC (STU:XE3) reported a record quarterly production of 127,400 barrels per day, demonstrating enhanced operating capacity.
The company achieved a record quarterly adjusted EBITAX of $653.2 million, supported by a reduction in OpEx per barrel.
Ithaca Energy PLC (STU:XE3) has successfully executed strategic acquisitions, including increasing its stake in the Cygnus Bravo project to 85%, which is expected to add significant production capacity.
The company maintained a strong safety record with zero incidents reported, emphasizing its focus on safety and environmental performance.
Ithaca Energy PLC (STU:XE3) reaffirmed its commitment to shareholder returns, with a third interim dividend paid in April and a target dividend of $500 million for 2025.

Negative

The company reported a loss for the period due to a one-off non-cash deferred tax charge of $327 million related to the extension of the EPL.
There is an increase in the net OpEx range by $10 million and net producing asset CapEx by $20 million, which could impact future profitability.
The strengthening of the pound against the dollar has put upward pressure on costs, despite hedging efforts.
Ithaca Energy PLC (STU:XE3) faces challenges in the M&A market, with limited opportunities for accretive acquisitions as the company continues to high-grade its portfolio.
The company is awaiting clarity on the environmental and tax situation in the North Sea, which could impact future projects like the Cambo development.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ITH.L - Ithaca Energy PLC
Q1 2025 Ithaca Energy PLC Earnings Call
May 21, 2025 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone.

Thank you for joining 11 2025 results. Before we jump into the results, as you can see at first slide of our presentation, you can see our Cygnus Bravo project.

We're going to show off a little bit of Cygnus today. We've announced yesterday, an acquisition that's going to take our stake to 85% and obviously the operatorship of Cygnus. So we're proud of this project and the efficiency, of this project. So, we, we'll talk about it later. Let's move to the next slide here with me today are Luciano Vazquez, our Chief Executive Officer, and Ian Lewis, our, Chief Financial Officer.

Next slide will cover Q1 2025 highlights, strategic and operational highlights, financial overview, and we'll

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