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Ithaca Energy Reports Strong First Quarter 2024 Results, Outperforming Expectations

Financial Highlights:

  • Revenue surged by 25% year-over-year to a record £405 million, driven by higher commodity prices and increased production.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached £264 million, an increase of 31% compared to the same period last year.
  • Operating profit jumped by 48% to £204 million, reflecting the company's operational efficiency and cost control initiatives.
  • Net income attributable to Ithaca Energy shareholders amounted to £119 million, a 63% improvement over the first quarter of 2023.
  • Basic earnings per share (EPS) increased by 65% to 23.5 pence.

Operational Update:

  • Average daily production averaged 73,800 barrels of oil equivalent (boe) per day, representing an 11% increase compared to the previous quarter and exceeding the market consensus estimate of 72,000 boe per day.
  • The Catcher and Stella fields in the UK North Sea performed exceptionally well, contributing to the company's record production levels.
  • The FPF-1 facility, operated by Ithaca Energy in partnership with EnQuest, achieved an average daily production rate of 14,800 boe per day.
  • The Hannay and Hurricane fields in the UK North Sea commenced production, adding further to the company's output growth.

Strategic Developments:

  • Ithaca Energy completed the acquisition of Siccar Point Energy Holdings, a significant step in its growth strategy.
  • The integration of Siccar Point's assets, including the Cambo and Rosebank fields, is expected to further enhance Ithaca Energy's production portfolio and long-term growth prospects.
  • The company secured funding from a consortium of banks to support the acquisition, ensuring a solid financial foundation for future expansion.


  • Ithaca Energy remains optimistic about the future, citing strong commodity prices and the benefits of the Siccar Point acquisition.
  • The company expects to achieve an average daily production of approximately 85,000 boe per day in the second half of 2024.
  • Ithaca Energy is committed to investing in its assets, including the planned development of Cambo and Rosebank, to maximize value for shareholders.

Management Commentary:

  • Ben van Beurden, Ithaca Energy's CEO, commented: "These results demonstrate the strong performance of our existing assets and the transformational impact of the Siccar Point acquisition. We are well-positioned to deliver further growth and create long-term value for our shareholders."

Market Reaction:

  • Following the release of its first-quarter results, Ithaca Energy's stock price surged by 5% on the London Stock Exchange.
  • Analysts have praised the company's operational performance and its strategic acquisition of Siccar Point, which is expected to accelerate its growth trajectory.

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