Ithaca Energy (LON: ITH) has hailed a “transformational” 2024 and said it sees opportunities in both the North Sea and abroad.
In its unaudited results update for the full year 2024, the group saw fourth-quarter production at 116,000 boe per day. With an OPEX per boe of approximately $14, this delivered an EBITDAX of $642 million for the quarter.
The group reached a peak production rate of 138,000 boe per day in quarter four, with strong performance continuing into January, with an average of around 120,000 boe per day for November to January.
In addition, its total 2024 production was at 80,200 boe per day, at the top end of the market guidance range.
Ithaca Energy executive chairman Yaniv Friedman commented: “2024 was a transformational year for Ithaca Energy. We enter 2025 with a stronger, more diverse production and reserves base, significant investment optionality, increased financial strength and an enhanced strategic platform.
“We continue to see material opportunity in our home basin, with an eye on international expansion, providing a range of strategic options for growth. Our focus will continue to be on high-grading investment across our range of growth opportunities, executing in line with our strategy as a value-led investor, to maximise long-term sustainable shareholder value.”
Ithaca completed its business combination with Eni last year, taking on the vast majority of the Italian company’s UK upstream oil and gas assets, excluding its East Irish Sea assets and CCUS activities.
This also included the appointment of Luciano Vasques as the group’s CEO.
With both companies’ assets combined, Ithaca previously said it expected to have daily production of 100,000-110,000 boe per day, with ambitions of 150,000 per day by the early 2030s.
Vasques added: “Our 2024 performance exceeded expectations and the combination of the business with the Eni’s UK assets is demonstrating its value. The integration is progressing well, with both operational and systems aspects well on track.
“We have also seen improved performance in safety and a marked reduction in emission intensity. We are progressing on all fronts of our organic growth projects, and welcome the recent Judicial Review ruling on the Rosebank development, which supports its continued progression.
“The Rosebank development is good for the UK, it supports 2,000 UK jobs in its construction phase, increases UK energy security and contributes significant tax receipts to the government.”
However, the company has previously warned that a redundancy consultation is “inevitable” in the wake of the Eni combination.
However, the group has not confirmed what offices could be impacted or how many workers would be let go, only that it would affect its onshore workforce.
Ithaca Energy will hold an investor update on 26 March 2025, where it will reveal its full year results along with guidance for 2025.
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