North Sea powerhouse Ithaca Energy has posted its half-year results, revealing production has more than doubled on last year while emissions have more than halved.
Average H1 production of 123.6 kboe/d dwarfed the corresponding figure from H1 2024 of 53.0 kboe/d, reflecting record quarterly production in Q1.
The update to shareholders also noted "significant" reduction in greenhouse gas emission intensity of the group's portfolio, bringing its gross operated emissions intensity to 16.9 kgCO2e/boe from 33.9 kgCO2e/boe in H1 2024.
Ithaca also announced its first interim dividend for 2025 of $167million (£123.77million), representing $0.1010 per ordinary share, to be paid on 26 September 2025.
Executive chairman, Yaniv Friedman, commented: "Our first-half results demonstrate the strength and resilience of our transformed business.
"With production more than doubling year-on-year and adjusted EBITDAX exceeding $1.1billion, we are delivering on our strategy of disciplined investment and operational excellence.
"As we adjust our guidance upwards for the remainder of the year, we continue to remain focused on maximising long-term value creation and returns for our shareholders.
"The declaration of a $167million interim dividend and expected acceleration of a second interim dividend of $133million to December 2025, underscores our commitment to delivering sustainable value to shareholders, reaffirming our full-year dividend target of $500million.
"Strategic progress across our West of Shetland developments and recent acquisitions executing on our UKCS growth strategy, further position us for long-term growth."
Ithaca also welcomed "improved regulatory and fiscal clarity", nothing the publication of the UK Government's Scope 3 Environmental Impact Assessment guidance in June 2025.
It said the guidance supported the reopening of OPREDs consenting process and "unlocked the group's high-value, long-life resource base, particularly in the West of Shetland, that will support UK energy security for decades to come".
Ithaca has also been an active participant in the UK Government's EPL successor regime consultation that seeks to establish an oil and gas price mechanism for future price shock scenarios, with outcome of consultation expected in Q4 2025.