(Alliance News) - Ithaca Energy PLC on Thursday said it started the year "in a position of strength," citing a diverse portfolio and investment optionality.
The London-based North Sea oil and gas operator said production in 2023 fell 1.7% to 70,200 barrels of oil equivalent per day, from 71,403 a year prior and in line with its guidance of 68,000 to 74,000 boe/d.
Ithaca said its output was "underpinned by high levels of production efficiency across our operated asset base."
Further, the company expects net operating costs of USD524 million for 2023. For 2022, it had reported operating costs of USD547.8 million.
Ithaca anticipates 2023 adjusted earnings before interest, tax, depreciation, amortisation and exploration expense of USD1.7 billion, down 11% from USD1.92 billion in 2022.
Interim Chief Executive Officer & Chief Financial Officer Iain Lewis said: "We begin 2024 in a position of strength with a diverse portfolio of high-quality assets and significant investment optionality. Strict cost control and strong cash flow generation in 2023 has supported the continued deleveraging of the balance sheet with significant flexibility to support our future growth plans."
The company will release its 2023 results on March 21.
Ithaca shares rose 4.3% to 135.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
