Ithaca buys USD 860 million assets: what it means for Delek stock

Published on 10/15/2026 at 10:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The deal adds 103 million barrels and 30,000 barrels of oil equivalent daily from 2027. For Delek stock, output could reach 140,000-150,000 by 2031.

Canadian expansion and earnings dates

Ithaca signed the Canadian asset agreement on October 5, 2026, for USD 860 million.
Delek reported ILS 4.4 billion in revenue for the second quarter of 2026.
Delek Group's next earnings date is November 25, 2026.

Delek, IL0010841281, Illustration mit AI erstellt.

Delek-backed Ithaca Energy agreed on October 5, 2026, to acquire offshore Canadian oil assets for USD 860 million, with up to USD 250 million in contingent consideration. The transaction gives Delek stock a fresh growth angle through its 50.5 percent stake in Ithaca, according to TradingView.

What does the deal add?

The portfolio includes a 48 percent operated interest in Terra Nova, a 40 percent interest in White Rose existing lands and a 38.6 percent interest in White Rose growth lands. Ithaca expects the assets to add 103 million barrels of oil equivalent in 2P reserves and support average production of 30,000 barrels of oil equivalent per day between 2027 and 2031, according to the October 5 announcement.

The transaction also raises Ithaca's medium-term production outlook to 140,000-150,000 barrels of oil equivalent per day. Completion is targeted for the first half of 2027, subject to Canadian regulatory approvals. The acquisition is expected to add to adjusted EBITDAX, free cash flow and dividend per share after completion, while the announcement identifies financing and execution risks.

Revenue gives the backdrop

Delek's latest investor materials identify the second quarter of 2026 as the group's latest financial report. Revenue reached ILS 4.4 billion and net profit attributable to shareholders was ILS 314 million for that period, while dividends paid reached ILS 500 million, according to Delek Group. Average combined daily production from Ithaca and NewMed was 96,000 barrels of oil equivalent per day.

When are the next dates?

Delek's next earnings report is scheduled for November 25, 2026, according to Investing.com. The Canadian transaction is targeted for completion in the first half of 2027, creating a second date for investors to track as approvals and financing progress.

Stock context for investors

Delek Group is listed on the Tel Aviv Stock Exchange and belongs to the TA-35 Index. Its investor-relations page showed a market capitalization of ILS 15.3 billion as of October 15, 2026, and an annual dividend yield of 14.50 percent as of August 2026. The group's portfolio spans energy, financial services and real estate, so the Ithaca deal adds an international energy expansion to an already diversified structure.

Delek stock was trading at ILA 8,325.00 on the Tel Aviv Stock Exchange on October 15, 2026, at 11:14 a.m. IDT. The next earnings date and the Canadian approval process are the clearest dated markers for assessing how the acquisition moves from announcement to operating results.