Ithaca Energy Plc announced and paid the first tranche of their 2023 dividend of $133 million in March 2023. They are today to declare the second tranche of our 2023 dividend of a further $133 million, payable in September this year.
Other financial highlights include:
Group adjusted EBITDAX up 8% to $979.7 million (H1 2022: $907.4 million), driven by higher production, despite lower average oil and gas prices
Realised oil and gas prices (respectively) of $85/boe and $82/boe before hedging results and
$83/boe and $125/boe after hedging results (H1 2022: $107/boe and $144/boe before hedging results and $93/boe and $105/boe after hedging results)
Strong cost control, despite inflationary headwinds, delivering operating costs of $272.1 million ($19.8/boe (H1 2022: $19.5/boe)), allowing the Group to narrow its full year 2023 guidance range
Adjusted net income of $253.2 million (H1 2022: $233.4 million)
Statutory net income $159.6 million (H1 2022: $1,557.7 million) reflecting a $73.7 million post-tax impairment of the Greater Stella Area due to reduction in planned activity, as a direct result of the Energy Profits Levy (EPL) and falling gas prices; H1 2022 includes $1,324.3 million gain on bargain purchase which arose from the acquisitions of Marubeni UK and Siccar Point Energy
Net cash flow from operating activities of $691.0 million (H1 2022: $989.0 million)
Producing asset capex of $188 million, allowing the Group to reduce its full year 2023 guidance range
Strong cash flow generation supporting further deleveraging of the balance sheet in the period. Adjusted net debt of $698.7 million at 30 June 2023 (31 December 2022: $971.2 million; 30 June 2022: $1,414.6 million)
Group leverage position of 0.35x adjusted net debt to adjusted EBITDAX (30 June 2022: 0.91x)
Successful redetermination of Reserves Based Lending (RBL) facility in June 2023
Post period end, signed extension of bp offtake agreement and, in parallel, entered into new five- year $100 million loan facility agreement with bp (yet to be drawn)
