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Energean PLC on Thursday reported mostly steady production and declared an unchanged dividend for the first quarter of 2025, as the oil and gas producer got on with normal business after the collapse of the deal to sell a significant part of its portfolio. The London-based company has energy assets in Israel and the UK North Sea, as well as in Egypt, Italy, Croatia. Back in March, it announced that the deal to sell to assets in Egypt, Italy and Croatia to private equity firm Carlyle had fallen through due to delays in regulatory approvals. Production in the three months that ended March 31 was 145,000 barrels of oil per day, up 2.1% from 142,000 a year before. This was 84% gas and it peaked at 180,000 boed during periods of high demand in Israel, Energean said. For all of 2025, Energean on Thursday lowered its guidance to 155,000 to 165,000 boed from 160,000 to 175,000. The company said the updated guidance incorporates the wider portfolio, and it said the past few months were hurt by uncertainty around the asset disposal to Carlyle. Within the 2025 guidance, Israel is expected to produce 115,000 to 125,000 boed and the rest of the portfolio 40,000. Energean reported sales and other revenue of $407 million in the recent quarter, down from $413 million a year before. Despite the lower revenue, adjusted earnings before interest, tax, depreciation, amortisation and exploration expense increased by 7.3% to $278 million from $259 million. Energean credited this to cost control, as well as ‘favourable inventory movements reflecting the timing of production and sales’. Energean declared an unchanged quarterly dividend of 30 US cents per share. It noted it has paid a 30 US cents dividend each quarter since payouts began in September 2022, returning $650 million in total. Net debt on March 31 was $3.08 billion, up 4% from December 31, due to the payment of some exploration expenses in Morocco and Egypt and corporate taxes in Israel. Energean shares were down 2.1% to 854.50 pence on Thursday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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