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
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Ithaca Energy raises its 2025 production forecast again after doubling first-half output, boosting shares by 7%.
Ithaca Energy Raises 2025 Production Forecast for Second Time This Year
(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)
Key Takeaways
- •Ithaca Energy raised its 2025 production forecast.
- •This is the second increase in three months.
- •First-half production more than doubled.
- •Shares rose by 7% following the announcement.
- •Acquisitions have expanded Ithaca's portfolio.
Frequently Asked Questions about UK's Ithaca Energy lifts annual production forecast for second time this year
1What did Ithaca Energy do regarding its production forecast?
Ithaca Energy raised its 2025 production forecast for the second time this year, following a significant increase in first-half production.
2How much did Ithaca Energy's production increase in the first half?
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.
3What financial performance did Ithaca Energy report for the first half?
Ithaca posted adjusted EBITDAX of $1.1 billion for the first half, compared to $533 million a year earlier.
4What are Ithaca Energy's new production expectations for 2025?
Ithaca now expects production levels between 119,000 and 125,000 boepd, an increase from the initial forecast of 109,000-119,000 boepd.
5What acquisitions has Ithaca Energy made recently?
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.
