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Energean PLC on Wednesday reported a lower production amid a decline in the average realised oil price, leading to lower adjusted earnings, but said it aims to enhance cash flow. The natural gas development and production in Israel, Egypt, Italy, Croatia, Greece, and the UK said adjusted earnings before interest, tax, depreciation, amortisation and exploration expenses fell 7.4% to $828 million in the first nine months of 2025, from $894 million a year ago. Sales revenue declined 5.4% to $1.29 billion from $1.36 billion. Average daily working interest production was down 3.2% to 151,000 barrels of oil equivalent per day from 156,000 boepd. The realised weighted average liquid price fell 17% to $60.9 per barrel of oil equivalent from $73.2. Energean produced 109,000 barrels of oil equivalent per day in Israel in the first nine months of 2025, down 5.2% from 115,000 boepd a year prior. In the rest of the portfolio, it produced 42,000 boepd, up 2.4% from 41,000 boepd. Energean left its 2025 production guidance unchanged, still anticipating an output in Israel of between 105,000 and 115,000 barrels of oil equivalent per day, similar to 112,000 boepd in 2024. Energean declared a third quarter dividend of 30 US cents per share, the same as a year prior. This brings the dividend for the first nine months of 2025 to 90 cents, unchanged. Looking ahead, Chief Executive Officer Mathios Rigas said: ‘Our key priorities are to enhance cash flow through increased sales in Israel-both in the spot market and via new export pathways [Egypt and Cyprus] - drive further cost efficiencies, and focus on balance sheet strength. Energean continues to enjoy strong support from the capital markets, underscored by the successful refinancing of our corporate bond with a €400 million bond at attractive rates, extending the average maturity of our debt. At the same time, we remain committed to growing organically within our high-quality portfolio while actively evaluating new opportunities, particularly in West Africa, where we see significant potential for value-accretive expansion. ‘Energean is focused, disciplined, and positioned for sustainable growth, including a key investment year in 2026, with multiple near-term catalysts and a clear pathway to long-term value creation.’ Energean shares fell 1.1% to 907.89 pence each on Wednesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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