Energean announced an increase in production and improved financial figures in January-September 2024.
Daily production jumped 31% year-on-year, reaching 156 thousand barrels of oil equivalent (83% in natural gas), while earnings before taxes, interest, depreciation and amortization (EBIDTAX) amounted to 894 million dollars (+44%). At the same time, the group achieved a reduction in its carbon footprint by 7.1% year-on-year.
Mathios Rigas: Another strong quarter
“We are pleased to announce another strong quarter, marked by a 61% year-on-year increase in adjusted EBIDTAX from our continuing operations. Our production in Israel remains unaffected by geopolitical events, recording a 39% year-on-year increase, and we welcome the announcement of the ceasefire in Lebanon.
Our operations continue to deliver energy security to Israel and the broader region through the optimisation of production from our FPSO, which has been operating at 99% uptime, underscoring our operational resilience. Progress on key development projects have also been robust: the Katlan area in Israel remains on schedule and the second oil train has been installed on the FPSO. Upon commissioning, the second oil train will increase the liquids production capacity, supporting enhanced operational performance.
The targeted sale of our Egypt, Italy and Croatia portfolio to an entity controlled by Carlyle International Energy Partners is on track for completion by or just after year-end 2024, supporting our focus on core assets, deleveraging, and delivering incremental shareholder returns. Additionally, our Prinos carbon storage project in Greece, now recognised as an EU Project of Common Interest, has secured material funding from the Greek Recovery and Resilience Facility (RRF).
Energean is committed to delivering on its strategic priorities: operational excellence, maximising shareholder value, and broader sustainability objectives. A key pillar of our strategy is ensuring a reliable dividend, supported by our focus on securing long-term cash flows that are independent of commodity price fluctuations. We are also pleased to declare today another quarterly dividend, bringing the total distributed to shareholders since the announcement of our policy in 2022 to 541 million dollars.”
