Energean confident despite dip in earnings
By Abigail Townsend
Date: Tuesday 27 Jan 2026
(Sharecast News) - Energean posted a dip in full-year earnings on Tuesday, despite production coming in at the top end of guidance, after oil prices tracked lower.
Updating on year-end trading, the FTSE 250 oil and gas producer - which is also listed in Tel Aviv - said production rose 12% year-on-year in the fourth quarter, averaging 162,000 barrels of oil equivalent per day.
It meant group average working interest production was 154,000 boed in the year to December end, at the upper end of guidance. Around 85% of that was gas.
Annual revenues dipped 4%, however, to $1.72bn, while adjusted earnings before interest, tax, depreciation, amortisation and exploration expenses were 4% lower at $1.1bn. Energean also flagged an estimated €300m non-cash impairment, relating to its non-operated Cassiopea asset.
Net debt stood at $3.3bn as at 31 December, up 10%.
Mathios Rigas, chief executive, said it had been an "excellent" fourth quarter.
He continued: "Combined with strong operational performance over the summer, and our continued discipline on costs, this enabled us to maintain sales revenue and adjusted earnings in line with last year, despite geopolitical challenges and macroeconomic pressures, including lower year-on-year oil prices."
Looking to current trading, Rigas said 2026 had started with "strong" sales in Israel.
The firm expects 2026 total production of between 140,000 and 150,000 boed, of which up to 114,000 will come from Israel. A total of 113, 000 boed came from Israel in 2025.
Rigas said: "This will be a pivotal year, as we pursue all options to optimise our cost asset base and growth the business through discipline and strategic investment, both within our existing asset base and via selective opportunities."
Energean has a portfolio of production, development and exploration assets across the greater Mediterranean, primarily offshore Israel, and in the UK North Sea.
It is due to publish 2025 full-year results on 19 March.
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