Ithaca Energy has reported a robust performance for the first half of 2026, highlighted by record quarterly production and an upgraded dividend forecast, as it actively advances more than 200 million barrels of new North Sea resources towards potential investment decisions.
The company achieved a record quarterly production of 131 thousand barrels of oil equivalent per day (kboe/d) in the second quarter, reinforcing its full-year guidance, which is set between 120,000 and 130,000 boe/d. This operational strength has led to an enhanced dividend outlook for fiscal year 2026, now projected to be between $500 million and $530 million, an increase from the previous guidance range of $470 million to $520 million. Ithaca Energy today declared its first interim dividend for 2026 at $255 million.
Significant progress was also reported on its major North Sea development projects. Ithaca Energy holds a 20% non-operated interest in Rosebank, which is operated by Adura. The operator has refined the expected window for first production to the first half of 2027, with the ramp-up to plateau production anticipated through the summer of 2027. Rosebank is recognised as the UK’s largest undeveloped oil field, with estimated recoverable resources of around 300 million barrels of oil from phases one and two, with phase one targeting approximately 245 million barrels.
Meanwhile, the Cambo field, another significant asset in the West of Shetland region, has transitioned into its value engineering and pre-execution phase. This strategic step moves the project closer to a final investment decision (FID) in 2027.
Cambo is described as the UK North Sea’s largest commercial undeveloped oil and gas discovery awaiting FID, with Ithaca Energy holding a 100% operated interest. It is estimated to contain approximately 170 million barrels of recoverable oil. The field, once sanctioned, is projected to commence production between 2030 and 2031, with an operational life extending beyond 2050.
Ithaca Energy’s Executive Chairman, Yaniv Friedman, commented on the company’s performance and strategic direction:
“Ithaca Energy delivered another strong quarter and first half performance in 2026, demonstrating the strength of our business. Record quarterly production in Q2, continued safe and efficient operations, robust cash generation and disciplined capital allocation have enabled us to reaffirm full year production guidance, reduce operating cost guidance and increase our dividend outlook for the year.”
In Case You Missed it:
Friedman added:
“We have also continued to execute against our strategy, strengthening our balance sheet, extending our hedge position and advancing a material pipeline of organic growth opportunities across our portfolio. With Rosebank progressing towards first production, Cambo advancing through key development milestones and continued investment in high-return, short-cycle opportunities across our producing assets, we remain focused on maximising long-term value creation and delivering attractive, sustainable returns for our shareholders.”
The company also reported a healthy financial position, with adjusted first-half EBITDAX exceeding $1.1 billion and available liquidity of $1.9 billion.
