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Ithaca Energy Holds Production Steady in Q1; Reaffirms 2026 Production Targets

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North Sea operator Ithaca Energy's Q1 production averaged 126,000 barrels of oil equivalent per day, down only marginally from the 127,000 boe/d reported in the same period last year, the company said on Wednesday.

The company reaffirmed its full-year volume guidance, noting strong operational momentum carrying into the Q2 despite absorbing severe weather disruptions in January.

Severe winter weather heavily restricted operating capacity throughout January and the first half of February, dragging January's volumes down to 120,000 boe/d.

However, operations staged an aggressive recovery, with output spiking to a two-month average of 129,000 boe/d across February and March as weather-related deferments cleared.

Operationally, the quarter marked a major structural transition as Ithaca formally enacted the Cessation of Production at its legacy Greater Stella Area hub on March 27, it added.

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