Hydrocarbon exploration and production company Energean announced on Thursday its audited full-year results for the year ended December 31, 2024.
Mathios Rigas, Chief Executive Officer of Energean, stated, “During 2024, we have continued our growth trajectory with FY 2024 Group production rising by 24 per cent to 153 kboed, of which 112 kboed came from our flagship Karish and Karish North fields in Israel.”
Despite geopolitical challenges in the region throughout the year, the company maintained stable operations.
Rigas highlighted this, saying, “Despite the geopolitical challenges in the region during the year, we operated continuously, sustaining 99 per cent uptime at the Energean Power FPSO.”
Discussing the company’s ongoing development efforts, Rigas added, “We continue to develop and optimise our assets. We took Final Investment Decision on Katlan, which remains on track for first gas in H1 2027. Commissioning of the second oil train is ongoing and is scheduled to complete in Q2 2025, increasing the liquids production capacity of the FPSO.”
Additionally, Rigas highlighted key exploration and infrastructure advancements, stating, “The Ministry of Energy confirmed the Drakon and Hercules discoveries, setting the foundations for continued growth in Israel. In Greece, our Prinos carbon storage project has been approved for around €270 million of EU funding. In the UK, we took over operatorship to manage the current decommissioning operations.”
The company’s strong financial performance complemented its operational success, Rigas noted.
“Operational growth was matched by strong financial performance, with Group revenues of $1,779 million and adjusted EBITDAX of $1,162 million, both up 25 per cent year-on-year,” he said.
He further added, “This has underpinned our dividend programme, which has so far returned $595 million to shareholders and will continue regardless of the Carlyle Transaction.”
Beyond financial strength, the company said that it maintains a clear strategic direction.
Rigas stated, “Our commercial strategy is based on secure and predictable cashflows from high-credit-quality gas buyers in Israel. We have secured over 20 long-term gas sales agreements, with close to $20 billion in contracted revenues over a 20-year period.”
He went on to say, “This underpins our confidence in our future financial position, leverage reduction plan, and dividend programme.”
Sustainability remains a core priority for Energean. Rigas pointed out, “We remain committed to ESG leadership, believing it makes us a more focused and successful business. Our Group emissions intensity decreased by 10 per cent year-on-year, now reaching 87 per cent below our original 2019 baseline to 8.4 kgCO2e/boe.”
Reflecting on the broader industry outlook, he stated, “As sovereign states prioritise energy security and affordability, the oil and gas industry is repositioning towards new growth“.
“Our operational excellence in development and production positions us well to capitalise on this new era of investment,” he added.
He further highlighted Energean’s competitive advantage, saying, “We are confident that our operating capabilities and track record in deep-water offshore project delivery is unique in the independent E&P sector. This ability allows us to target new opportunities in the wider EMEA region, ensuring continued growth for Energean.”
Concluding his remarks, Rigas expressed appreciation for the company’s workforce and their dedication during a challenging year.
“I want to thank the entire team who have worked with dedication against a challenging regional backdrop through 2024 and beyond. Working together, Energean will continue to grow by providing secure and reliably produced energy to meet the needs of the societies that host our operations.”
