Ithaca Energy upgrades production guidance after strong H1

(Sharecast News) - Ithaca Energy on Wednesday upgraded full-year production guidance as profits and output doubled in the first six months of the year. The UK North Sea oil and gas explorer now sees production of 119-125 barrels of oil equivalent a day, compared with prior guidance of 109-119 kboe/d.

Adjusted EBITDAX came in at $1.1bn from $550m while pre-tax profit surged to $513m from $189.4.

It also cut net operating cost guidance to $790-840m from $780-860m, with the reductions outweighing foreign exchange headwinds.

Reporting by Frank Prenesti for Sharecast.com