Energean flips to loss but hails 'resilience' in face of war
Energean PLC on Thursday announced an unchanged dividend and broadly steady revenue for 2025, ‘despite the challenging backdrop’ of the current Middle East conflict.
The natural gas development and production company, which has assets in several nations including Israel, Egypt, Greece and the UK, reported a $26.9 million pretax loss for the year, compared with a $212.0 million profit in 2024.
Revenue decreased 2.9% to $1.73 billion from $1.78 billion. Average working interest production edged up 1% to 154,000 barrels of oil equivalent per day from 153,000 boe, and the realised weighted average gas price rose 4% to $4.9 per thousand cubic feet from $4.7. The realised weighted average liquid price, however, fell 17% to $59 per boe from $71.
Adjusted Ebitdax (earnings before interest, taxes, depreciation, amortisation, and exploration expenses, with the adjustments accounting for discontinued operations, impairment of property, plant and equipment, and other costs) decreased 3.9% to $1.12 billion from $1.16 billion.
Energean declared a dividend for the year of $1.20 per share, unchanged from the previous year.
‘In 2025, we demonstrated the underlying resilience of our business, despite the challenging backdrop,’ commented Chief Executive Officer Mathios Rigas. ‘We delivered robust financial and operational performance, and we further enhanced the long?term value and cash flow visibility of our portfolio, signing [over] $4 billion of new gas sales agreements and investing in new export infrastructure in Israel.
‘Although we had a strong start to 2026, production in Israel is currently suspended following a government-ordered shutdown in response to the recent geopolitical situation in the Middle East...We are in close and continuous communication with the authorities to ensure that operations can be safely restarted as soon as conditions allow, to continue supporting energy security for Israel and, in turn, that of the wider region.’
Looking ahead, Energean has suspended its previous 2026 guidance, issued in January, for its Israeli operations. It said it is ‘unable to provide an update’ given the ‘ongoing uncertainty’. However, Energean maintained its guidance for the rest of its portfolio, which includes production between 32,00 and 36,000 boe per day.
‘2026 marks an important inflection point for our Company as we enter a new stage of growth,’ Rigas said. ‘Our M&A strategy remains focused on long-term growth and diversification...This is already evident through the successful completion of ExxonMobil’s farm-in to Block 2 in Greece, post-period end.’
He added: ‘Our entry into offshore Angola [announced on March 12]...is an important milestone, [but] it is only the beginning. We continue to actively evaluate additional opportunities, including in our existing countries of operations, where we have a competitive advantage as an experienced operator.
‘I am confident that we are well positioned to deliver the next phase of our journey, as we have done before.’
Shares in Energean were down 1.3% at 891.58 pence in London on Thursday.
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