FX.co ★ Energean H1 Profit Rises; Revenues Up 47%

Energean plc has announced a significant increase in its financial performance for the first half of the year. The company's profit before tax surged by 245%, reaching $162 million. Earnings per share (EPS) for continuing operations rose to $0.63, up from $0.16. Adjusted EBITDAX climbed 65% to $568 million, with $436 million coming from continuing operations, compared to $230 million in the previous year.

For the six months ending June 30, 2024, Energean reported revenues of $867 million, marking a 47% increase year-over-year. This substantial growth was largely driven by sales from Israel, which contributed 70% of the total revenue. Group production increased by 38% year-on-year to 146 kboed. Revenue from continuing operations reached $643 million, a 71% hike, with 94% of this revenue originating from Israel.

The company's production guidance for 2024 has been adjusted to 155-165 kboed, down from the previous range of 155-175 kboed. This revision reflects the performance in Israel to date and the anticipated ramp-up to full production of the Cassiopea project.