Ithaca slumps to $400mn loss in 2020

North Sea-focused Ithaca Energy suffered a $402mn loss in 2020, versus a $15mn loss in the previous year, the company reported on April 1.

Ithaca incurred $492mn in impairment charges in the year on low oil and gas prices, offsetting a growth in revenues to $1.18bn from $582mn. The company managed to reduce its net debt to $1.2bn at the end of 2020 from $1.5bn a year earlier. The company registered $745mn in Ebitdax, including $373mn in hedging gains.

The company also said it had added 35mn barrels of oil equivalent to its contingent resources from the Isabella discovery and the acquisition of a stake in the Marigold/Yeoman licence in February 2020 from France's Total.