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Energean PLC swung to an annual profit in 2022, as oil and gas prices jumped, and it said on Thursday it has made a positive start to the new year. The Mediterranean-focused gas exploration and production company swung to a pretax profit of $107.0 million in 2022 from a loss of $90.7 million in 2021. Revenue jumped to $737.1 million from £497.0 million. The company’s average working interest production inched up 0.5% to 41,200 barrels of oil equivalent per day from 41,000. It explained that production in Israel was lower than forecast due to the project being in the commissioning phase in 2022. Energean’s realised weighted average pre-hedging oil price grew 42% to $81.2 per barrel from $57.1 in 2021, while the gas price more than doubled to $11.2 per 1,000 cubic feet, from $5.2. The company said the first quarter of 2022 has seen a continuation of the positive trend of 2022, with production from Karish, offshore Israel, in-line with expectations. The company said that for the remainder of 2023 it will present the development concept for the Olympus area offshore Israel, and increase the capacity of the Energean Power floating production storage and offloading vessel. Production guidance for 2023 was confirmed at 131,000 to 158,000 barrels of oil equivalent per day, soaring from 41,200 in 2022. The company assumes a Brent price of $80 per barrel, a bit lower than its realised average pre-hedging oil price of $81.2 per barrel for 2022. Energean shares rose 8.0% to 1,206.00 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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