Ithaca H1 profits rise on higher production

(Sharecast News) - Ithaca Energy reported a strong rise in first half profits as higher production and falling costs offset lower oil and gas prices. Adjusted core earnings rose 8% to $979.7m. The company said its annual operating cost guidance had narrowed to $560-$610m from $560-$630m supported by stringent focus on ongoing cost control.

Prouction for the six months to June 30 was 75.8 thousand barrels of oil equivalent per day (kboe/d), up from 66.7 kboe/d.

Ithaca also continued its criticism of the UK government's windfall tax on oil and gas companies, saying it "continues to have a direct impact" on investment in the UK North Sea and the company's own investment programme.

"We continue to constructively engage with the UK government to highlight the impact of the current fiscal regime to the industry's outlook and to the UK government's stated energy security and Net Zero ambitions," it added.

Reporting by Frank Prenesti for Sharecast.com