Key Points – Strong Q1 performance: Ithaca Energy posted average production of 126,000 barrels of oil equivalent per day, in line with its full-year guidance, despite weather-related disruptions.
The company also highlighted zero Tier 1 and Tier 2 process safety events and improving emissions intensity. – Healthy cash generation and shareholder returns: Q1 EBITDA reached GBP 0.6 billion, free cash flow was GBP 151 million, and adjusted net debt remained low at GBP 1.1 billion
Ithaca said full-year dividends are expected to exceed GBP 500 million, near the top of its target range. – Growth and project pipeline advancing: The company is pushing multiple organic growth projects toward FID, including Fotla, Tornado and Rosebank, while also maintaining disciplined M&A interest. Ithaca also secured a long-term rig-sharing deal with Harbour Energy to support drilling and development through 2030. Ithaca Energy (LON:ITH) reported what executives described as a strong first quarter of 2026, with production in line with full-year guidance, robust cash generation and an outlook for shareholder returns trending toward the high end of its target range.
Executive Chairman Yaniv Friedman said the company delivered average production of 126,000 barrels of oil equivalent per day in the quarter, supporting cash flow generation and giving the business capital to pursue organic growth opportunities. He said the company had taken a “hard look” at ways to optimize and accelerate activity across its portfolio amid elevated commodity prices. “We’re executing across all of our strategic pillars,” Friedman said, pointing to production optimization, organic development opportunities, farm-down activity and continued but disciplined pursuit of mergers and acquisitions. Production Holds Within Guidance Despite Weather Disruptions Chief Executive Officer Luciano Vasques said first-quarter output of 126,000 barrels of oil equivalent per day was in line with Ithaca’s 2026 production guidance of…