An increase in hydrocarbon production by 38% in the first half of the year was announced by Energean, as daily production reached 146,000 barrels of oil equivalent (82% in natural gas).

Given that it was recently agreed upon sale of the assets in Egypt, Italy and Croatia to Carlylethe company points out that in the assets that will remain in Energean’s portfolio, production was 106,000 barrels of oil equivalent (84% in natural gas), increased by 47% on an annual basis.

In the most basic developments in the path of Energean in first half of the year includes the achievement of revenues of 867 million dollars (+47% on an annual basis) of which 643 million come from the assets that will be kept in Energean’s portfolio. Also, the achievement of adjusted earnings before taxes, interest and depreciation (EBITDAX) of 568 million dollars (+65% on an annual basis) of which 436 million from the assets that will remain with the company.

Commenting on the results of the first semester, Mr Mathios RigasCEO of the Energean plc group stated the following:

“We are pleased to announce the best results in Energean’s history, with double-digit percentage growth in production, revenue and profitability. In Israel we achieved record production, due to summer demand and the excellent performance of FPSO “Energean Power”. Our operation has remained resilient to the ongoing geopolitical developments, while our production has not been affected.

Our strong operational and financial performance supports our second quarter dividend distribution, consistent with our overall dividend policy. As we have already announced, the dividend policy will be redefined after the completion of the agreement with Carlyle.

We also made significant progress across all of our strategic priorities: our gas-focused projects progressed, with the Final Investment Decision on the Katlan field and the commencement of production at the Cassiopea and Location B fields, while ongoing our carbonization activities with a focus on CO2 storage in Prinos, Kavala, for which we expect to receive a storage permit for 1 million tons per year in the coming months.

All this is just the beginning of a new chapter in Energean’s history. The combination of operational excellence and the achievement of important agreements are the foundations for the new Energean to continue to fulfill its commitments to its shareholders. We remain committed to returning value to them, capital discipline and responsible energy production with the impressive ratings we achieve based on the criteria for Environment, Society and Corporate Governance.”

For the whole of 2024, Energean estimates that the group’s production will be between 155 and 165 thousand barrels of oil equivalent per day, of which 115-125 thousand will come from the assets that will be kept in the portfolio. Capital expenditures on development and production are estimated at $600-700 million, increased mainly due to the Katlan field development project in Israel.