Ithaca Energy raises 2026 dividend forecast after record Q2 production By Investing.com
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Ithaca Energy raised its 2026 dividend forecast to $500-530 million, up from $470-520 million, after reporting record second-quarter production of 131,000 barrels of oil equivalent per day. The North Sea oil and gas producer declared a first interim dividend of $255 million, payable in September, while reaffirming full-year production guidance of 120,000-130,000 boed .
Adjusted first-half EBITDAX reached $1.12 billion, and net debt fell to $1.02 billion with leverage at 0.49 times. Available liquidity increased to $1.9 billion following a bond tap placement . The company lowered its operating expense guidance by $20 million to $800-840 million .
Executive chairman Yaniv Friedman cited "record quarterly production, continued safe and efficient operations, robust cash generation and disciplined capital allocation" for the improved outlook . The company remains "actively but patiently" pursuing M&A opportunities in the UKCS and internationally while advancing the Rosebank project toward first oil in H1 2027 and Cambo toward a 2027 sanction decision .
More context
Timeline
- On 14 November 2022: Ithaca Energy admitted to trading on London Stock Exchange.
- · On 7 August 2025: Court approved CAD 9 million class-action settlement against Ithaca.
- · On 17 March 2026: Ithaca targeted Cambo FID within next 12 months.
- · On 18 August 2026: Record Q2 production of 131,000 boed achieved.
- · On 19 August 2026: Dividend guidance raised to $500-530 million for 2026.
- · On 19 August 2026: First interim dividend of $255 million declared today.
- · On 24 September 2026: First interim dividend scheduled to be paid.
- · On 4 September 2026: Dividend record date for shareholder register.
- · During H1 2027: Rosebank first production expected by operator.
- · During 2027: Cambo project moving toward final investment decision.
Why it matters
Immediate US impact: Limited direct impact; US investors may see dividend returns. Possible long-term US impact: Minimal; company focused entirely on UK North Sea. Most affected groups: UK-based energy investors and North Sea oil workers. Readers should prioritise: Verify financial figures against company's official investor relations releases.
Coverage notes
Left: May emphasise UK windfall tax impact and North Sea emissions concerns. Center: Reports financial performance neutrally with verified production and dividend figures. Right: Highlights shareholder returns and criticises UK government energy policy uncertainty. Final freshness search conducted: 2026-08-19. No newer material development was located during the final freshness search
Primary report
Ithaca Energy published H1 2026 financial results and dividend declaration.
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
