Energean FY24 Adj. EBITDAX, Revenues Climb; Sees Higher Production In FY25

Energean Oil & Gas

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(RTTNews) - Energean plc (EERGF), a hydrocarbon exploration and production company, on Thursday reported higher adjusted EBITDAX and revenues in fiscal 2024, reflecting strong performance from core Israel operations.

Adjusted EBITDAX for the period was $1.17 billion, a 25 percent increase from last year's $931 million. Revenues for the period were $1.78 billion, a 26 percent increase from $1.42 billion a year ago.

The company's agreed sale of the Egypt, Italy and Croatia portfolio to an entity controlled by Carlyle International Energy Partners is expected to complete in the first quarter, subject to customary regulatory approvals:

On a continuing operations basis, adjusted EBITDAX, from the company's remaining operations in Israel, Greece, UK and Morocco, climbed 33 percent from last year to $888 million, and sales revenue went up 35 percent to $1.32 billion.

Group production for the period was 153 kboed, a 24 percent increase from 123 kboed a year ago. Production from the continuing operations for the period was 114 kboed, 28 percent higher than last year.

Looking ahead for fiscal 2025, the company projects total production from continuing operations between 120 kboed and 130 kboed.

Energean will release its 2024 full year results on March 20.