Ithaca Energy has announced its first set of results following its merger with Eni UK - and hinted it may look to acquire more firms in the North Sea.
Shareholders were told this morning that the combined firm banked $792million (£626.14million) from operating activities in the first nine months of the year, down from more than $1billion (£790million) in the same period last year, reflecting lower energy prices.
However, following the group's recent $2.25billion (£1.78billion) refinancing, chairman Yaniv Friedman said it was "well positioned" to pursue acquisitions in both the UK and internationally.
He said: "The completion of Ithaca Energy's transformational business combination with Eni UK, creates a dynamic growth player with significant organic and inorganic growth optionality, and has been further bolstered by the Group's recent $2.25billion refinancing and higher credit rating, reflecting the immediate benefits to the Group of the combination.
"With production in Q4 reaching peak rates of above 120 kboe/d we are well positioned to deliver estimated pro forma 2024 production for the combined group of above 100 kboe/d and reaffirm our near-term guidance.
"Our increased scale of operations and enhanced cash flows support the group's continued growth aspirations and material distributions to shareholders, including the announcement today of a special dividend of $200million (£158.12million) supporting our dividend target of $500million (£395.29million) for 2024."
The special dividend, representing $0.1209 per ordinary share, will be paid on December 20 2024 to shareholders on the share register on November 29 2024.
Luciano Vasques, chief executive officer, added: "I am delighted to have joined Ithaca Energy at such an exciting time for the group following the completion of our business combination.
"I am very pleased with the operational rigor and safety culture I have witnessed since joining and I share my commitment to excellent performance with a strict focus on safe and efficient operations as we strive to become a higher performing organisation.
"With significant optionality across our portfolio, a proven track record of project execution and enhanced technical capabilities, the Group is ideally positioned to create value both in the UK and through international diversification."
Iain Lewis, chief financial officer, commented: "Our enhanced balance sheet following the successful conclusion of a $2.25billion refinancing in October offers significant liquidity to the group as we continue to pursue our growth aspirations.
"The immediate benefit of the business combination, with increased scale, diversification and debt capacity was reflected in the demand for and pricing of the refinancing."
FTSE 100
The UK's flagship share index, the FTSE 100, was up 6 points at 8,106 shortly after opening this morning.
Brent crude oil futures were up 0.96%, trading at $73.51 a barrel.
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Britvic | Full Year Results |
Close Brothers | Q1 Trading Statement |
Grainger | Full Year Results |
Halma* | Half Year Results |
International Distribution Services* | Half Year Results |
Investec | Half Year Results |
Ithaca Energy | Q3 Results |
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JLEN Environmental Assets Group | Half Year Results |
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NextEnergy Solar Fund | Half Year Results |
Pershing Square | Q3 Results |
XPS Pensions Group | Half Year Results |