Full Year 2025 Ithaca Energy PLC Earnings Call Transcript
Key Points
- Ithaca Energy PLC (STU:XE3) reported strong operational performance in 2025, with an upgraded production outlook and all guidance metrics met.
- The company achieved a production rate of 119,000 barrels of oil equivalent per day, supported by a robust 2P reserves and 2C resources base of 658 million barrels.
- Financial performance was strong, with over $2 billion in adjusted EBITDAX and a declared dividend of $500 million for 2025.
- Ithaca Energy PLC (STU:XE3) maintained a low leverage position with a 0.56 times EBITDAX ratio and $1.5 billion in available liquidity.
- The company successfully executed its UKCS consolidation strategy, with acquisitions like Cygnus and Seagull performing well and contributing to production and financial performance.
- The company reported a loss of $84 million for the year, driven by an EPL charge of $328 million.
- Despite strong operational performance, the lower price environment in 2025 resulted in a $12 reduction in the value of production per barrel compared to 2024.
- There are challenges in the fiscal and regulatory environment, which could impact future investments and project developments.
- The decommissioning costs increased due to revised cost estimates, including market rate changes and non-operated asset adjustments.
- The company faces uncertainties in the commodity markets, which could affect ongoing discussions and potential partnerships for projects like Cambo.
Good morning. Thank you, everyone, for joining our full year 2025 results presentation and conference call. My name is Yaniv Friedman, and I'm the Executive Chairman of Ithaca Energy PLC. With me on the call today are Luciano Vasques, CEO; Iain Lewis, our CFO; and Odin Estensen, our COO.
I'm on the first slide. And as you can see, we've titled this presentation, Delivering on our strategy, and I'm really pleased to say that this has been another year of an excellent set of results and performance. And as you'll see, really executing on all of our pillars. Today's agenda on the next slide. So we'll talk about our vision in action, our proven strategy for supporting value-driven growth, financial update including our 2026 guidance and closing remarks to be followed by questions and answers.
Vision in Action. So we titled the Scale, Stability and Strength. And if you move to slide number 4, you'll see the strong operational performance in 2025, delivering on an upgraded production outlook. And I'm going to go through this
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