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Ithaca Energy PLC on Wednesday said impairment charges drove a decline in interim profit but noted production growth.
The London-based North Sea oil and gas operator said pretax profit in the six months to June 30 fell to $248.7 million from $1.74 billion a year prior, mainly due to an impairment charge of $328.4 million.
Revenue was down 6.7% to $1.25 billion from $1.34 billion the year before, partly driven by ‘changes in over lift and under lift positions’ and ‘lower commodity prices’, Ithaca said.
Production grew by 14% to $75,755 barrels of oil equivalent per day from 66,685 in the first half of 2022.
The company declared an interim dividend of $0.1321 per share, unchanged from a year ago.
Looking ahead, Ithaca reaffirmed its production guidance for the full year of around 68,000 and 74,000 barrels of oil equivalent per day.
Shares in Ithaca were down 0.5% at 163.00 pence each in London on Wednesday morning.
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