The group’s production reached 153,000 barrels of oil equivalent per day (kboed), 83% of which was gas, representing a 24% year-on-year increase. Production from ongoing operations stood at 114 kboed (85% gas), marking a 28% annual increase.

At the same time, revenues amounted to $1.784 billion, while adjusted earnings before taxes, interest, and depreciation (EBITDAX) reached $1.166 billion, showing a 26% and 25% increase year-on-year, respectively. Additionally, Scope 1 and 2 emissions intensity dropped to 8.4 kilograms of CO2 per barrel of oil equivalent (kgCO2e/boe), down 10% from the previous year. For ongoing operations, emissions intensity was even lower, at 7.0 kgCO2e/boe.

Energean distributed $220 million in dividends to its shareholders, bringing total shareholder returns since the commencement of payments to $541 million.

Mr. Mathios Rigas, CEO of the Energean Group, commented:
“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 navigate a highly challenging geopolitical environment while maintaining 99% uptime of our FPSO.

Over the past year, we closed deals worth over $4 billion in new long-term natural gas sales contracts in Israel, including approximately $2 billion in new binding terms with Dalia Energies Ltd. This solidified our proven track record in securing long-term agreements, which now total nearly $20 billion. With the growing demand for gas in the region, driven by increased electricity needs and the gradual phase-out of coal, we are well-positioned to secure new long-term agreements, including potential export contracts, to further boost sales. This aligns with Energean’s strategy to secure long-term, reliable cash flows from high-credit-quality customers in Israel.

We have also made significant progress in our core strategic projects, including the Katlan development, which remains on schedule for first gas production in H1 2027, the commissioning of the second oil processing unit on the FPSO Energean Power, and the CO2 storage project in Prinos, which has been approved under the Recovery and Resilience Fund, bringing us closer to accessing €150 million in funding. Furthermore, we have agreed on terms with Bank Leumi to refinance the 2026 Energean Israel Notes, extending the maturity of our short-term debt under competitive terms.

Completing the strategic agreement with Carlyle is a key priority for this quarter. Once finalized, we will have the financial strength to evaluate and execute new opportunities across a broader geographic area, focusing on high-value deals aligned with our core business objectives: reliable dividend payments, debt reduction, growth, and our commitment to Net Zero. Our strategic assets in Israel provide an excellent foundation for future growth.”

Outlook for 2025

Energean expects the following for its ongoing operations this year:

• Signing a 10-year loan agreement with Bank Leumi for up to $750 million to refinance the 2026 Energean Israel bond and secure additional liquidity for Katlan’s development. The loan is expected to have a market-linked interest rate, competitive pricing, and a 12-month availability period.
• Securing new long-term gas contracts to meet rising domestic and regional demand.
• Continued growth in Israeli gas sales, leading to a 10% increase in production compared to the previous year, reaching 120-130 kboed, including planned downtime. Scheduled outages in Israel will support development activities, such as the completion of the second oil processing unit in the first half and FPSO work for Katlan’s development in the second half, alongside routine maintenance.
• Production costs in 2025 (including royalties) are forecasted at $410-440 million, with operating costs remaining largely unchanged from the previous year. The cost variation primarily reflects royalties linked to production.
• Development and production investments ranging between $400-430 million.
• Decommissioning costs estimated at $55-65 million, fully tied to the UK, representing a peak year for the decommissioning of the Tors (68% interest, Operator) and Wenlock (80% interest, Operator) fields.
• Minimal exploration expenses of $0-5 million in 2025 as prospects for potential drilling in 2026 continue to mature.