North Sea oil and gas producer Ithaca Energy has delivered a robust financial performance in the first nine months of 2025, with adjusted earnings reaching $1.501 billion. This figure is for Ithaca’s adjusted EBITDAX (earnings before interest, taxes, depreciation (or depletion), amortisation, and exploration expense) for the year, and is nearly double the $758.5 million recorded in the same period last year.
The independent operator, which ranks as the second-largest independent producer by production on the UK Continental Shelf, attributed the sharp improvement to the successful integration of substantially all of Eni’s UK upstream assets, alongside additional strategic acquisitions.
Executive chairman Yaniv Friedman commented: “Our Q3 YTD results for 2025 show what a pivotal period it has been for Ithaca Energy.
“The successful integration of Eni’s UK assets and our additional M&A success is reflected in our strong operational and financial performance, with average production levels of 115k boe/d, an uplift of our expected exit rate to 145 kboe/d in Q4, and EBITDAX of over $1.5billion.”
For the third quarter reporting period ended September 30, Ithaca posted average production of 115,000 barrels of oil equivalent per day (boe/d), representing a substantial increase from 52,500 boe/d in the year-earlier period. The production uplift reflects the full contribution of the Eni UK business combination and recently completed bolt-on acquisitions.
The company completed two significant acquisitions during the nine-month period. In July 2025, Ithaca finalized the purchase of JAPEX UK E&P for $136 million, increasing its stake in the Seagull field from 35% to 50% and adding approximately 4,000-4,500 boe/d of pro forma production.
More substantially, Ithaca completed its acquisition of an additional 46.25% stake in the operated Cygnus gas field from Spirit Energy on October 1, bringing its total ownership to 85%. The £115 million transaction added the UK Continental Shelf’s largest gas field more firmly under Ithaca’s control, contributing an estimated 12,500-13,500 boe/d and enhancing the gas weighting of the company’s portfolio.
Despite sector-wide challenges such as the Energy Profits Levy (EPL), Ithaca has demonstrated its ability to grow through strategic consolidation, operational efficiency gains, and disciplined capital allocation, positioning itself as a leading independent operator committed to UK energy security.
