Ithaca Energy raises dividend guidance after record production

Ithaca Energy has raised its full-year dividend guidance to between $500 million and $530 million following record quarterly production in the second quarter. The North Sea producer reported reaching 131,000 barrels of oil equivalent per day during the period, reinforcing its full-year production target of 120,000 to 130,000 boe/d.

The company reported strong first-half performance, with adjusted EBITDAX exceeding $1.1 billion and operating costs trending lower than expected at approximately $18 per barrel. Ithaca also declared an interim dividend of $255 million and maintains a low leverage ratio.

Regarding future developments, the Rosebank field west of Shetland is entering its final execution phase. The operator, Adura, has narrowed the window for first production to the first half of 2027, with production expected to ramp up to plateau levels during the summer of 2027, subject to regulatory and government approvals.