Ithaca Energy has posted a "strong performance" in Q1 with a net profit of $67.4million (£50.33million) - although its pre-tax profit was $262.7million (£196.18million).
The net profit marks a major reversal of the corresponding figure for Q1 2025, which saw a net loss of $258.7million (£193.19million) heavily impacted by the Energy Profits Levy. Its pre-tax profit for Q1 2025 had been $367.2million (£274.22million).
Among the strategic highlights of this year's first quarter, Ithaca noted Rosebank has entered its final full year of development activity progressing towards anticipated first production in the operator's stated 2026/27 start-up window.
Q1 saw the successful sail-away of the Rosebank FPSO from Dubai, and the drilling campaign commenced towards the end of the quarter. due to exte3nd over 18 months and target seven wells.
However an update to shareholders states: "An equipment handling incident has seen the rig come off-hire in April with the rig operator estimating a period of three to four months remediation before returning to hire."
Ithaca also entered into a rig-sharing agreement with Harbour Energy for PBLJ through to 2030.
The report includes an update on Ithaca's west of Shetland gas strategy and the development of the Greater Tornado Area.
It states: "The Tornado project has reached the final stages of the FEED and tendering processes, following submission of the Field Development Plan and Environmental Statement. Work is ongoing to support FID, in parallel with regulatory approvals, and pre-investment to secure the schedule.
"Working towards the submission of a concept selection report for Suilven to the North Sea Transition Authority, as the Greater Tornado Area's first identified tie-back project, strengthening the Group's gas hub strategy."
Executive Chairman, Yaniv Friedman, commented: "Ithaca Energy's strong performance in the first quarter of 2026 reflects the strength of our strategy, our continued disciplined execution and ongoing commitment to operational excellence as we reiterate our guidance for the full year.
"We are also seeing this strong operational performance trending into Q2. We have made meaningful progress across our key initiatives, including progress on various drilling programmes, advancement of our key development projects, while reaching successful farm-in agreements for Fotla and Tobermory, ensuring we remain well-positioned to deliver long-term value creation and attractive shareholder returns.
"As a result of escalated commodity prices, we now anticipate that our FY 2026 dividend will likely move to the upper end of our guidance range at over $500million, with shareholders participating in the upside exposure to strengthened cash flow generation through our distribution policy in 2026 of 30% post-tax CFFO."
FSTE100
The UK's flagship share index, the FTSE 100, was up 100 points at 10,282 shortly after opening this morning.
Brent crude oil futures were down 0.9%, siting at $109.89 a barrel this morning.
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