Ithaca revenue and profit down but financial position is strong

 
Caitlin Morrison
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Oil firm Ithaca, headquartered in Aberdeen, is focused mainly on operations in the North Sea
NORTH Sea focused oil and gas company Ithaca Energy reported revenue of $290m (£184m) for the nine months ended September 2014, down from $302m in the same period of last year.

The firm made a profit of $12m during the first three quarters of 2014, less than a fifth of the $66m profit last year.

Oil production in the third quarter was around 11,600 barrels of oil equivalent per day (boepd), and the company anticipated that full-year 2014 production would be around 12,5000 boepd. The com­pany has 6,300 barrels of oil per day hedged at an average of $102 per barrel.

Graham Forbes, chief financial officer at Ithaca, said: “In light of the recent fall in oil prices, it is important to note that the company is in a strong financial position.”

Ithaca’s share price was up by 1.3 per cent yesterday, closing at 78p.