Ithaca Energy reaffirms guidance despite adverse weather in early 2026

Ithaca Energy PLC on Wednesday said ‘strong’ operational performance is trending into the second quarter, as it reaffirmed guidance for 2026.

The producer of oil and gas from North Sea fields in the UK continental shelf said pretax profit fell 28% to $262.7 million in the first quarter of 2026, from $367.2 million a year prior.

However, adjusted net income dipped only a bit, to $69.0 million from $69.1 million.

Further, first quarter profit was $67.4 million, swung from a loss of $258.7 million.

The firm said average first quarter production was 126,000 barrels of oil equivalent per day, down a notch from 127,000 boe/d a year prior. That was despite ‘adverse weather conditions’ which the firm said impacted operating capacity in January and the first half of February.

Ithaca Energy reaffirmed 2026 production guidance it had issued in March, as ‘strong’ operational performance is trending into the second quarter.

The company continues to expect production between 120,000 and 130,000 barrels of oil equivalent per day for 2026, up from 119,000 in 2025.

Executive Chair Yaniv Friedman said: ‘We have made meaningful progress across our key initiatives, including progress on various drilling programmes, advancement of our key development projects, while reaching successful farm-in agreements for Fotla and Tobermory, ensuring we remain well-positioned to deliver long-term value creation and attractive shareholder returns.’

He added that as a result of higher commodity prices, the firm expects that its 2026 dividend will likely move to the upper end of its guidance range at over $500 million.

Ithaca shares were 1.3% lower at 281.80 pence each on Wednesday morning in London.

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