Ithaca Energy PLC (GB:ITH) has released an update.
Ithaca Energy announced a significant decrease in H1 2024 production compared to the previous year, resulting in lower EBITDAX and statutory net income, despite strong net cash flow from operations. The company highlighted a transformational business combination with Eni UK, aiming to become the UKCS’s largest producer by the early 2030s, while also pursuing further market consolidation and international growth. Ithaca declared a $100 million interim dividend, reflecting a strong liquidity position and reiterating its commitment to shareholder returns.
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