Ithaca Energy has vowed "play a leading role in the UK's energy future" after revealing its year-to-date EXITDAX almost doubled to $1.5billion compared to last year.
The North Sea giant this morning posted its Q3 results, outlining a "strong operational and financial performance".
The report revealed Ithaca's adjusted EBITDAX (earnings before interest, taxes, depreciation (or depletion), amortisation, and exploration expense) for the year to date hit $1.501billion (£1.14billion).
That's up from $758.5million (£577.07million) for the same period in 2024.
Executive chairman Yaniv Friedman commented: "Our Q3 YTD results for 2025 show what a pivotal period it has been for Ithaca Energy.
"The successful integration of Eni's UK assets and our additional M&A success is reflected in our strong operational and financial performance, with average production levels of 115k boe/d, an uplift of our expected exit rate to 145 kboe/d in Q4, and EBITDAX of over $1.5billion.
"We have continued to deliver on our strategy of disciplined investment, operational excellence, and targeted growth across our core assets, further strengthening our position as the leading energy company in the UK North Sea, all while delivering material improvements in our HSE performance.
"Building on the momentum in the year to date we are continuing to progress our West of Shetland growth strategy supporting the group's long-term production outlook and we remain vigilant for M&A opportunities that fulfil our investment criteria, aided by our significant liquidity position of $1.7billion following our successful bond issuance and RBL expansion this quarter.
"At the same time, we continue to deliver on our commitment for shareholder returns, evidenced by our first interim 2025 dividend declared of $167million and further accelerated dividend of $133million announced today totalling $500million of cash dividend in 2025, supporting the reaffirmation of the Group's FY 2025 dividend target of $500million.
"As we approach the end of a landmark year, we focus on our ambition to drive long-term value for all stakeholders and to play a leading role in the UK's energy future."
FTSE100
The UK's flagship share index, the FTSE 100, was down 25 points at 9,580 9,555 shortly after opening this morning.
Brent crude oil futures were down 0.68% at $64.32 a barrel.
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