Energean’s Strong Performance Sets the Stage for Meeting Full-Year Expectations

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Energean, the Eastern Mediterranean-focused oil-and-gas company, announced that it is well on track to meet its production goals for the full year, thanks to consistent output from its operations in the first nine months of the year.

Israel Operations: In this period, oil production from Energean’s operations in Israel, which were not online a year ago, averaged 82,600 barrels of oil equivalent (BOE) per day. This puts the company firmly on track to achieve its target of 87,000-94,000 BOE per day for the entire year.

Egypt Output: Energean saw a slight increase in output from Egypt, with production rising to 25,200 BOE per day compared to 24,500 BOE per day in the same period last year.

Portfolio Performance: Production from the rest of Energean’s portfolio was consistent with the previous year, averaging 10,600 BOE per day.

Impressive Total Production: Overall, Energean achieved a total production of 118,500 BOE per day during this period, a significant increase from the previous year’s 35,200 BOE per day. This substantial growth resulted in a jump in revenue to $1.02 billion from $550.2 million. Additionally, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and exploration expenses increased by 79%, reaching $623 million.

Dividend Declaration: Energean reaffirmed its commitment to shareholders by declaring a dividend of 30 cents per share, in line with its established policy.

Looking ahead, Energean remains confident in its ability to achieve its full-year production targets of 120,000-130,000 BOE per day.

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