Energean H1 Profit Rises; Revenues Up 47%

(RTTNews) - Energean plc reported that its first half profit before tax rose by 245% to $162 million. Earnings per share for continuing operations was $0.63 compared to $0.16. Adjusted EBITDAX was $568 million, a 65% increase from prior year. Adjusted EBITDAX from continuing operations was $436 million compared to $230 million.

For half-year ended 30 June 2024, revenues were $867 million, a 47% increase from last year. The growth was primarily driven by sales from Israel, which accounted for 70% of total revenue. Group production was 146 kboed, a 38% increase year-on-year. Revenue from continuing operations was $643 million, a 71% increase. The growth was primarily driven by sales from Israel, which accounted for 94% of revenue from continuing operations.

Group production guidance was narrowed to 155 - 165 kboed, from 155-175 kboed, for 2024, to reflect year-to-date performance in Israel and the actual start-date and expected ramp-up to full production of Cassiopea.

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