On Wednesday, Ithaca Energy PLC reported a decrease in interim profit due to impairment charges, even as production saw growth.
This North Sea oil and gas company, based in London, revealed that its pretax profit for the first half ending June 30 dipped to $248.7 million, a significant fall from the previous year’s $1.74 billion. This decline was largely attributed to an impairment cost of $328.4 million.
Revenue also saw a decrease of 6.7%, landing at $1.25 billion compared to $1.34 billion from the previous year. This decline was partially due to ‘variations in over lift and under lift positions’ and ‘declining commodity prices’, according to Ithaca.
However, there was a silver lining with a 14% production growth, marking $75,755 barrels of oil equivalent daily, an increase from 66,685 barrels during the first half of 2022.
The company maintained its interim dividend at $0.1321 per share, mirroring the amount from the prior year.
For the future, Ithaca confirmed its anticipated production range for the entire year to be between 68,000 and 74,000 barrels of oil equivalent daily.
On Wednesday morning, Ithaca’s shares experienced a slight decrease of 0.5%, priced at 163.00 pence each in London.
