Q3 2025 Ithaca Energy PLC Earnings Call Transcript
Key Points
- Ithaca Energy PLC (FRA:XE3) reported strong strategic delivery with an average production of 150,000 barrels of oil equivalent per day year-to-date.
- The company achieved an adjusted EBITDAX of $1.5 billion for the nine months ending September 30, 2025, indicating enhanced financial performance and substantial cash generation.
- Ithaca Energy PLC (FRA:XE3) reaffirmed its 2025 dividend target of $500 million and announced an accelerated dividend payment of $133 million from April 2026 to December 2025.
- The company maintains a strong balance sheet with $1.7 billion of available liquidity, providing financial flexibility for future growth.
- Ithaca Energy PLC (FRA:XE3) has a robust hedge position, with significant hedging through 2026, protecting the business from market volatility.
- The company experienced a slight delay in the startup of three high production wells, impacting production timelines.
- Ithaca Energy PLC (FRA:XE3) faced unprecedented levels of summer shutdowns, with over 500 days of shutdowns across 15 assets, affecting production.
- The decision to extend the Captain shutdown period for additional unplanned investment led to production trending towards the lower end of guidance.
- Commodity prices have softened, impacting the value from production, with a decrease from $83 per barrel in 2024 to $68 in 2025.
- The company faces uncertainty regarding fiscal and regulatory clarity, particularly concerning the UK budget and its impact on future projects like Cambo and Tornado.
Good morning everyone from a snowy Aberdeen in a very cold London, and welcome to our Q3 2025 results. My name is Jenny Friedman, and I'm the executive Chairman of Ithaca Energy.
Today with me on the call, my colleagues Luciana Vasquez, our Chief Executive Officer, and Ian Lewis, our Chief Financial Officer.
If you'll move to slide 3 on the, today's agenda, we'll cover highlights of year-to-date in the Q3, 2025 results. Lucio will speak to our strategic and operational highlights. Ian will, give us a financial overview, and, we'll finish with closing remarks and of course, as always, open up for, questions and answers.
2 or 3 highlights if you'd be kind to move to, slide 5. So we had another very good, quarter with strong strategic delivery supporting our, vision for scale, stability, and strength.
Production with 150,000 barrels of oil equivalent a day, average production year-to-date.
We've had a material, some would say unprecedented, some are shutdown, and Luciana will talk about this,
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