Finance
UK's Ithaca Energy lifts annual production forecast for second time this year
Published by Global Banking & Finance Review®
Posted on August 20, 2025
1 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 20, 2025
1 min readLast updated: January 22, 2026
Ithaca Energy raises its 2025 production forecast again after doubling first-half output, boosting shares by 7%.
(Reuters) -Ithaca Energy, a North Sea-focused oil and gas company, raised its 2025 production forecast on Wednesday for the second time in three months, after first-half production more than doubled, sending its shares 7% higher.
The London-listed producer has been expanding its portfolio through acquisitions in the past year, including its purchase of Eni's UK oil and gas assets and a stake increase in Cygnus gas field.
Production rose to 123,600 barrels of oil equivalent per day (boepd) in the six-month period ended June 30, up from 53,000 boepd last year, driven by record first-quarter output due to its expanded portfolio.
Ithaca posted adjusted EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortization and Exploration Expense) of $1.1 billion for the first half, compared with $533 million a year earlier.
Ithaca now expects 2025 production levels between 119,000 and 125,000 boepd, from an initial forecast of 109,000-119,000 boepd.
(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)
Ithaca Energy raised its 2025 production forecast for the second time this year, following a significant increase in first-half production.
Production rose to 123,600 barrels of oil equivalent per day in the six-month period ended June 30, up from 53,000 boepd last year.
Ithaca posted adjusted EBITDAX of $1.1 billion for the first half, compared to $533 million a year earlier.
Ithaca now expects production levels between 119,000 and 125,000 boepd, an increase from the initial forecast of 109,000-119,000 boepd.
Ithaca Energy has expanded its portfolio through acquisitions, including the purchase of Eni's UK oil and gas assets and an increased stake in the Cygnus gas field.
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