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UK's Ithaca Energy approximates 2023 adjusted profits at $1.7 billion

Ithaca Energy anticipates to post adjusted revenues for 2023 of $1.7 billion, the British oil and gas manufacturer stated in a trading statement on Thursday, a fall of about 11% showing lower output.

It reported adjusted EBITDAX (profits before interest, tax, expedition, depreciation, and amortisation) of $1.9 billion in 2022.

Last month, Alan Bruce stepped down as Ithaca's chief executive officer after about two years in the role and has actually been replaced by finance chief Iain Lewis in the interim.

The North Sea-focused company said it produced about 70,200 barrels of oil equivalent daily (boe/d) in 2023, below a. record output of 71,403 boe/d however in line with assistance of. in between 68,000 and 74,000 boe/d.

Ithaca said its 2023 net operating costs pertained to $524. million versus assistance of in between $525 million and $575. million.

Its net producing possession capital costs were $392 million, the. company said, which shows a decrease in planned activity in. the year as a direct outcome of the Energy Profits Levy.

Ithaca predicted a net capital investment of $97 million on. its Rosebank oil development, intending to begin producing oil by. 2026/27.

The British government offered Ithaca and partner Equinor. the go-ahead in September 2023 to establish Rosebank,. the aging North Sea basin's biggest brand-new task in years.

reported last year mentioning sources that Equinor was. preparing to sell a quarter of its 80% stake in Rosebank, which. could fetch about $1.5 billion.

Ithaca, owned by Tel Aviv-listed Delek Group,. likewise announced a dividend of $134 million, taking its full-year. payouts to its targeted $400 million.

Ithaca is set up to report its full-year results on March. 21.

(source: Reuters)