Revenue for Energean plc was $1.784 billion in 2024, up 26%. 2024 turned out to be a record year, according to a company update on the London and Israeli stock exchanges.

The group's production was 153 thousand barrels of oil equivalent per day (kboed), of which 83% was gas, up 24% year-on-year, while production from continuing operations was 114 kboed (85% gas) per day, up 28% year-on-year. 

Meanwhile, revenues were $1.784 billion and adjusted earnings before interest, taxes, depreciation and amortization (EBITDAX) were $1.166 billion, up 26% and 25% year-over-year, respectively.

In addition, the group's Scope 1 and 2 emissions intensity was 8.4 kilograms of carbon dioxide per barrel of oil equivalent produced (kgCO2e/boe), down 10% year-on-year. Scope 1 and 2 emissions intensity for continuing operations was even lower at 7.0 kg CO2e/boe.
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Energean shareholders were paid dividends of $220 million, bringing total returns to shareholders since the commencement of payments to $541 million.

Mathios Rigas, CEO of Energean Group, said, "2024 was another year of growth for Energean, both in sales and profitability. I am extremely proud and grateful to our team, which managed to cope with a very challenging geopolitical environment and maintain 99% of our FPSO operations.

During the past year, we closed deals worth more than $4 billion in new long-term gas sales contracts in Israel, including new binding terms of approximately $2 billion with Dalia Energies Ltd. In doing so, we confirmed our proven success in securing long-term contracts, the total value of which is now close to $20 billion. With continued growth in gas demand in the region due to increasing electricity demand and the gradual retirement of coal, we are well positioned to add new long-term deals, including potential export contracts, to further strengthen sales. This is in line with Energean's strategy to secure long-term and reliable cash flows from highly creditworthy customers in Israel.

We have also made significant progress in our key strategic businesses, including the development of Katlan, which is progressing on schedule for first gas production in H1 2027, the commissioning of the second oil plant in the "Energean Power" FPSO, and the CO2 storage project at Prinos, which has been approved under the Recovery and Resilience Fund, bringing us closer to accessing €150 million of financing. In addition, we have agreed terms with Bank Leumi to refinance the 2026 Energean Israel Notes, extending the maturity date of our short-term debt on competitive terms.

Completing the strategic agreement with Carlyle is a key priority for this quarter. Upon completion, we will have the financial strength to evaluate and execute new opportunities across a broader geographic region, focusing on deep value deals that fit our core business drivers: paying a reliable dividend, debt reduction, growth and our commitment to Net Zero. Our strategic assets in Israel provide an excellent foundation for generating future growth."

OUTLOOK 2025

Energean expects this year for its ongoing operations:

• Signing a 10-year loan agreement with Leumi Bank for up to $750 million to refinance the 2026 Energean Israel Limited bond and provide additional liquidity for the development of Katlan. Energean expects this loan to have a market-linked interest rate and competitive pricing as well as a 12-month availability period.
• Signing new long-term gas contracts to supply growing domestic and regional demand.
• Continuing growth in Israel's gas sales, resulting in a 10% year-on-year increase in production of between 120 and 130 kboed, which includes planned outage days. Planned outages in Israel relate to development activities, such as the completion of the second oil plant installation in the first half of the year and work at the FPSO for the Katlan development in the second half of the year, as well as routine maintenance activities
• Production costs in 2025 (including royalties) of $410-440 million, with operating costs generally unchanged from the prior year and the variance primarily reflecting royalties associated with production.
• Capital expenditures for development and production will be in the range of $400-430 million.
• Deposit decommissioning costs are estimated at $55-65 million, are fully UK related and represent the peak year in decommissioning costs for the Tors (68% share, operator) and Wenlock (80% share, operator) fields.
• Minimal exploration expenditure in 2025 of $0–5 million as the prospects for potential drilling in 2026 continue to mature.