Ithaca Energy (LON: ITH) is set to enter the FTSE 100 this month, marking a landmark moment for one of the UK North Sea’s largest independent oil and gas producers.
The company confirmed it will join the UK’s blue-chip index on September 21, following a reshuffle announced by FTSE Russell the previous day.
Ithaca’s inclusion will see its shares replace Persimmon (LON: PSN) in the index, with easyJet (LON: EZJ) also joining as part of the same reshuffle.
The move reflects Ithaca’s growing market value and its increasingly prominent position within the UK energy sector.
Executive chairman Yaniv Friedman said the promotion reflected Ithaca’s “ongoing efforts of optimisation, growth and delivery of shareholder value.”
Friedman added that the new FTSE 100 status would introduce the company to a broader pool of potential investors, widening its reach in capital markets.
The index promotion follows a strong first half of the year, in which Ithaca delivered record quarterly production alongside robust cash generation and an upgraded dividend outlook.
Ithaca produced an average of 128,000 barrels of oil equivalent per day in the six months to June, up from 124,000 barrels per day a year earlier.
Second-quarter output reached a record 131,000 barrels of oil equivalent per day, prompting management to reaffirm full-year production guidance of between 120,000 and 130,000 barrels per day.
Financial results for the period were similarly resilient, with adjusted EBITDAX coming in at $1.12bn, broadly unchanged from the prior year.
Operating cash flow reached $955m during the period, underscoring the strength of the company’s underlying business performance.
Profit for the first half swung to $127m, compared with a $218m loss recorded in the same period of 2025, though that earlier figure had been significantly affected by a large non-cash deferred tax charge.
The turnaround in profitability, combined with record production levels, has reinforced confidence in Ithaca’s operational strategy and long-term growth trajectory.
Ithaca’s rise to the FTSE 100 represents a rapid ascent for a company that has moved aggressively to expand its footprint across the UK North Sea in recent years.
Its entry into the premier index places it alongside some of the most prominent companies listed on the London Stock Exchange, signalling a new chapter in the company’s development.