Energean reported strong growth in 9M2024, with daily production up 31% year-on-year to 156 thousand barrels of oil equivalent (kboed, 83% in gas) and earnings before interest, taxes, depreciation, and amortisation (EBITDAX) of $894 million (+44%). At the same time, the group achieved a further 7.1% year-on-year reduction in its carbon footprint, as Scope 1 and Scope 2 emissions were at 9 kilograms of carbon dioxide (CO2) equivalent per barrel of oil equivalent produced (kgCO2e/boe), lower than the hydrocarbon exploration and development industry average.
Notably, the 9-month performance of the assets that will remain in Energean's portfolio following the completion of the Carlyle deal was even stronger, according to the company's announcement.
Commenting on the 9-month results, Mathios Rigas, Energean Group CEO, said:
"We are pleased to announce another strong quarter, marked by a 61% year-on-year increase in adjusted EBIDTAX from our continuing operations. Our production in Israel remains unaffected by geopolitical events, growing 39% year-on-year, and we welcome the announcement of the ceasefire in Lebanon.
Our operations continue to provide energy security in Israel and the wider region through the optimisation of production from our "Energean Power" FPSO, which operates 99% of the time, demonstrating our operational resilience. Progress on key development projects was also strong: the Katlan field development project in Israel remains on schedule, while equipment (the second oil train) has been installed at the FPSO, which, once operational, will increase oil production capacity, supporting improved operational efficiency.
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The targeted sale to Carlyle of our portfolio in Egypt, Italy, and Croatia is on track for completion by or shortly after the end of 2024, supporting our focus on our core businesses and deleveraging and delivering enhanced returns to shareholders.
In addition, the CO2 storage project at Prinos, now recognised as a European Union Project of Common Interest (PCI), has secured funding from the Recovery and Resilience Facility (RRF) for the first phase of the investment.
Energean is committed to delivering on its strategic priorities: operational excellence, shareholder value maximization, and broader sustainability objectives. A key pillar of our strategy is the distribution of a reliable dividend, underpinned by our focus on securing long-term cash flows that are independent of commodity price fluctuations. We are also pleased to announce another quarterly dividend today, bringing the total distributed to shareholders since our 2022 policy announcement to $541 million."
