Ithaca Energy plc (IAE.V) on Wednesday reported profit before tax of $262.7 million for the first quarter, lower than $367.2 million in the corresponding period last year.
The company posted a profit of $67.4 million for the quarter, compared with a loss of $258.7 million in the prior-year period.
Excluding one-time items, adjusted net income was broadly stable at $69.0 million, compared with $69.1 million last year.
Adjusted EBITDAX or adjusted earnings before interest, taxes, depreciation, amortization, and exploration expense declined to $570.9 million from $653.2 million a year ago.
Total production for the first quarter was 126 kboe/d, compared with 127 kboe/d in the same period last year.
For the full year, the company continues to expect production in the range of 120-130 kboe/d.
Ithaca Energy also said dividend payments are now expected to trend toward the upper end of its previously guided range of $470 million to $520 million for fiscal 2026, with total distributions anticipated to exceed $500 million.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.