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Energean PLC on Monday reported weaker production and adjusted earnings figures for the first nine months of the year, as it launched a €400 million debt notes offering. The London-based company has energy assets in Israel and the UK North Sea, as well as in Egypt, Italy and Croatia. Energean reported a 35% increase in output to 176,000 barrels of oil equivalent per day for the third quarter that ended September 30 from 131,000 barrels in the second quarter. The company said the strong performance seen in August continued into September, with output averaging 178,000 barrels per day across both months. For the nine-months to September 30, Energean reported average production of 151,000 barrels per day, in line with full-year guidance of 144,000 to 155,000 barrels. This compares to 156,000 barrels a year prior. Energean attributed the declining on-year production to the temporary suspension of production in Israel back in June. Earnings before interest, tax, depreciation, amortisation and exploration expenses for the nine-month period were $828 million, down 7.4% from $894 million a year before. ‘This was primarily driven by lower sales in Israel, impacted by the planned shutdown for essential works for the second oil train development in March 2025 in addition to the Ministry-ordered suspension of production for security reasons in June 2025, and lower Brent prices,’ said the company. Energean shares were 0.5% lower at 947.50 pence on Monday morning in London. Also on Monday, the company launched an offering of €400 million senior secured notes due 2031, Energean said the proceeds are earmarked to redeem its outstanding 6.5% senior notes due 2027, fund cash on the balance sheet and for the payment of related fees and expenses. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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