Energean reported a record year in 2024, according to the company’s update to the London and Israeli stock exchanges.
The group’s production totaled 153 thousand barrels of oil equivalent per day (kboed), of which 83% was gas, up 24% year-on-year, while production from continuing operations was 114 kboed (85% gas) per day, up 28% year-on-year.
Revenue stood at 1.784 billion dollars and adjusted earnings before interest, taxes, depreciation and amortization (EBITDAX) amounted to 1.166 billion, up 26% and 25% year-on-year, respectively.
In addition, the group’s Scope 1 and 2 emissions intensity was 8.4 kilograms of carbon dioxide per barrel of oil equivalent produced (kgCO2e/boe), down 10% year-on-year. The Scope 1 and 2 emissions intensity for continuing operations was even lower, at 7.0 kgCO2e/boe.
Energean shareholders were paid dividends of 220 million dollars, bringing total shareholder returns since the start of payments to 541 million.
Rigas: 2024 was another year of growth for Energean
Mathios Rigas, CEO of Energean Group, stated: “2024 was another year of growth for Energean, both in sales and profitability. I am extremely proud and grateful for our team, which managed to cope with a very difficult geopolitical environment and maintain 99% operation of our FPSO.”
“Over the past year, we signed agreements worth over 4 billion dollars in new long-term gas sales contracts in Israel, including new binding terms of approximately 2 billion with Dalia Energies Ltd. We have thus confirmed our proven success in securing long-term contracts, the total value of which is now close to 20 billion,” added Rigas.
He also stated that “with the continued growth in gas demand in the region due to the increase in electricity demand and the gradual withdrawal of coal, we are well positioned to add new long-term agreements, including potential export contracts, to further strengthen sales. This is in line with Energean’s strategy to secure long-term and reliable cash flows from high-credit customers in Israel.”
