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Ithaca Energy shares jump on production guidance upgrade, profits
(Sharecast News) - Shares in Ithaca Energy jumped on Wednesday as the North Sea oil and gas explorer upgraded full-year production guidance as profits and output doubled in the first six months of the year. The company now sees production of 119,000-125,000 barrels of oil equivalent a day, compared with prior guidance of 109-119 kboe/d.
Adjusted EBITDAX came in at $1.1bn from $550m while pre-tax profit surged to $513m from $189.4. Shares in the firm rose 8% in early London trade.
It also cut net operating cost guidance to $790-840m from $780-860m, with the reductions outweighing foreign exchange headwinds.
Reporting by Frank Prenesti for Sharecast.com
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