Energean FY profits more than double

(Sharecast News) - Exploration and production company Energean said on Thursday that full-year profits had more than doubled despite production sitting at the lower end of recent guidance.

Energean said revenues came to $1.41bn, in 2023, a 93% year-on-year increase, while adjusted underlying earnings surged 119% to $925.0m. Annual production amounted to an average of 123,000 barrels of oil equivalent per day, of which 83% was gas, in line with its latest full-year guidance of 120,000-130,000 boed.

The FTSE 250-listed group added that its 2024 working interest production was expected to be between 155,000-175,000 boed, weighted towards the second half, a "significant step up" towards its near-term targets.

Chief executive Mathios Rigas said: "2023 was the year we became the major independent gas producer in the Mediterranean. Despite the challenging regional geopolitical developments, we stabilised the production of the Energean Power FPSO.

"2024 shows significant potential; we are well advanced with our core strategic projects across Israel, Egypt, Italy and Greece, and have extended our footprint with a new gas development in Morocco. As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region."

As of 0850 GMT, Energean shares were down 2.02% at 921.0p.

Reporting by Iain Gilbert at Sharecast.com