Thursday 13 November 2014 8:46 pm

Ithaca revenue and profit down but financial position is strong

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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.