Ithaca Energy Plc (ITH.L), an oil and gas company, on Wednesday reported a surge in profit before tax for the first quarter. Yaniv Friedman, Executive Chairman of Ithaca Energy, said: "Our Q1 results demonstrate the transformational nature of the Eni UK combination, the successful integration, and operational efficiency across the portfolio."
For the three-month period to March 31, the company registered a pre-tax income of $367.2 million, higher than $136.5 million recorded for the same period last year.
Net loss stood at $258.7 million as against the prior year's profit of $42.7 million. This net loss reflects primarily a one-off, non-cash deferred tax charge of $327.6 million due to the two-year extension of EPL to March 31, 2030. Excluding items, earnings moved up to $69.1 million from $43.9 million a year ago.
Adjusted EBITDAX was $653.2 million, higher than $339 million in 2024. This due to the impact of the transformational business combination with Eni UK and operational efficiency, according to the company. Total production was 127,373 boe/d, up from 58,699 boe/d last year.
Looking ahead, for the full year, the company has revised up its annual production guidance to reflect the acquisition of an additional 46.25% stake in the Cygnus gas field from Spirit Energy, assuming a completion date for the transaction of October 1.
Ithaca Energy now expects annual production of 109 kboe/d to119 kboe/d, compared with the earlier outlook of 105 kboe/d to115 kboe/d.
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