Energean announce its full-year results for FY 2025

20 May Energean announce its full-year results for FY 2025

(Oilandgaspress) -–Energean plc reported a total revenue and other income of $1,773 million and adjusted EBITDAX of $1,117 million, in line with the prior year, despite the aforementioned geopolitical challenges and lower year-on-year Brent prices.
o Loss after tax is reflective of exceptional non-cash items, principally related to downgrade of
Cassiopea reserves and the resulting impairment, acceleration of depreciation, and its
associated tax effects, and foreign exchange losses driven by euro strengthening against US$.

Reports Resilient business performance, focused on operational excellence

• Strong safety performance and emissions reduction achieved:
  o Lost Time Injury Frequency of 0.20 (2024: 0.35) and Total Recordable Injury Rate of 0.40 (2024:
  0.52), well below the Group’s full year targets.
  o Scope 1 and 2 emissions intensity of 7.5 kgCO2e/boe, an 11% reduction year-on-year (2024:
  8.4 kgCO2e/boe).
• Group average working interest (“W.I.”) production in 2025 was 154 kboed (85% gas), reflecting strong performance in the second half of the year, particularly in Israel, resulting in Group production at the upper end of the revised guidance range of 145-155 kboed. Group output remained flat versus 2024, despite the temporary suspension in Israel in June, following a directive from the Ministry of Energy and Infrastructure due to regional geopolitical developments.

Unlocking full asset potential to maximise cash flow

• In Israel, we signed over $4 billion in new long-term gas contracts, to supply new build power stations to meet Israel’s growing gas demand, and invested in the new Nitzana export pipeline to increase sales, with development underway.
• In Egypt, we stabilised our year-on-year receivables position. Post-period end, EGPC gave Energean
  notice of its intention to reduce further the outstanding receivable balance. Energean is in advanced
  discussions to merge its three offshore concessions, with agreed terms targeted around mid-year 2026, with parliament ratification to follow.

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