The UK North Sea's largest independent producer, transformed by the October 2024 all-share combination with Eni's UK upstream business, which roughly doubled scale to ~118 kboe/d and extended the reserve/resource base to ~1.1 bnboe (2P+2C). ~89% owned and controlled by Israel's Delek Group.
FY2025 delivered ~$2.95bn revenue and ~$1.94bn EBITDA but a small net loss (-$0.08bn) driven by the UK Energy Profits Levy (windfall tax) and impairments; the company still funds a very high ~10% dividend yield while carrying ~$1.36bn net debt and large North Sea decommissioning liabilities. Growth hinges on non-operated Rosebank (20%) first oil and progressing the operated Cambo development.
Its EV/EBITDA of 3.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 12.0% is higher than the 6.5% median, and at $19.66/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Ithaca Energy scores 60/100, strongest on valuation (71/100). Sub-scores: value 71, quality 49, growth 60, risk 40 (higher = riskier).
Ithaca Energy holds approximately 0.35 billion boe of proved (1P) reserves with FY2025 production of about 119 thousand boe/d (56% liquids), a reserve life of roughly 8.2 years. Break-even: ~$40 (Brent FCF breakeven) — Low-cost producing UK hubs (Captain EOR, Greater Stella, Elgin-Franklin, J-Area, Seagull) with opex broadly in the high-$20s/boe sustain free cash flow into the low-$40s Brent; corporate economics are more sensitive to the UK Energy Profits Levy than to oil price at these levels.
For Ithaca Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United Kingdom | 96% | 19 | Stable but EPL windfall tax raised North Sea fiscal burden. |
| Italy | 2% | 17 | Stable EU; permitting delays, limited upstream. |
| Norway | 2% | 3 | Stable, predictable; high but transparent 78% tax. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Rosebank | United Kingdom | Oil (West of Shetland) | 20% non-operated stake (Equinor operator); flagship growth project, first oil ~2026-27 |
| Cambo | United Kingdom | Oil (West of Shetland) | 70% operated stake; undeveloped, sanction/permitting pending |
| Captain | United Kingdom | Oil (polymer EOR) | Operated heavy-oil hub; enhanced oil recovery, core cash flow |
| Schiehallion / Quad 204 | United Kingdom | Oil (West of Shetland) | Non-operated FPSO interest (BP operator), long-life |
| Elgin-Franklin | United Kingdom | Gas-condensate | HPHT Central North Sea; interest added via Eni combination |
| Greater Stella Area | United Kingdom | Oil & gas | Operated FPF-1 hub, legacy Ithaca cash engine |
| Seagull | United Kingdom | Oil | High-margin tie-back to ETAP, ramped-up production |
| J-Area (Jade/Judy/Joanne) | United Kingdom | Gas-condensate | Operated assets added through the Eni UK combination |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 57 | 71 | 70 | 80 | 119 |
| Proved reserves (bnboe) | 0.63 | 0.66 | 0.62 | 0.66 | 0.35 |
| Revenue ($bn) | 1.4 | 2.6 | 2.3 | 2.0 | 2.9 |
| EBITDA ($bn) | 1.0 | 1.8 | 1.7 | 1.3 | 2.0 |
| Net income ($bn) | 0.4 | 1.0 | 0.3 | 0.1 | -0.1 |
| Free cash flow ($bn) | 0.6 | 1.3 | 0.8 | 0.4 | 0.7 |
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✓ FY2025 figures verified against primary sources: