Ithaca Energy’s shares jumped 4.8% to 263.6p on Tuesday, extending gains from an opening price of 250.4p and briefly touching an intraday high of 270.2p. The stock remains well below its 52-week peak of 290.2p but has rebounded sharply from its 149.8p trough.
The rally followed the release of Ithaca’s first-half 2026 financial results, which highlighted record second-quarter production. The company reported a net profit of $127 million for the six months to June 30, while adjusted EBITDAX totaled $1.12 billion. However, second-quarter net profit came in at approximately $60 million, below Jefferies’ estimate of roughly $109 million.
Ithaca also upgraded its full-year 2026 dividend guidance to a range of $500-530 million, up from prior guidance of $470-520 million. The company declared an interim dividend of $255 million, equivalent to $0.1542 per ordinary share, payable on September 24, 2026.
The gains came as broader energy equities advanced alongside firmer crude prices, driven by escalating Middle East tensions after the expiration of the US-Iran ceasefire. The FTSE 100 opened cautiously lower, with futures pointing south, while incoming UK inflation data added to market caution. Ithaca Energy trades as a component of the FTSE 100 index.
