Ithaca energy raises 2025 output guidance again after deal-driven surge

North Sea producer Ithaca Energy lifted its 2025 production guidance for the second time this year after output more than doubled in the first half, buoyed by acquisitions including Eni’s UK assets and a larger stake in the Cygnus gas field.

First-half production rose to about 123,600 barrels of oil equivalent per day from 53,000 a year earlier, and adjusted EBITDAX climbed to roughly 1.1 billion dollars, according to a market update overnight. Shares rose around 7 percent in early reaction.

The company now expects 2025 production of 119,000 to 125,000 boepd, up from prior guidance of 109,000 to 119,000, reflecting integration progress and operational performance. The upgrade is notable against the backdrop of UK fiscal changes and windfall levies that have challenged investment plans across the basin, reinforcing the importance of scale and asset optimisation for North Sea operators.

Sector analysts said the improved outlook could support cash flow for debt reduction and shareholder returns, though capital allocation will remain sensitive to commodity prices and policy signals around long-term upstream taxation. Investors also continue to monitor decommissioning liabilities and supply-chain constraints. For London’s market, robust updates from domestic energy names can provide ballast when international risk sentiment is fragile.