Energean Reports Strong Revenue Growth and Higher EBITDAX

Energean plc announces significant revenue and EBITDAX increase for fiscal 2024. The hydrocarbon exploration company reported a 26% revenue rise, bolstering investor confidence.

Date: 23-01-2025

AI Rating: 7

Analysis of Energean's Financial Performance

Energean plc reported noteworthy financial metrics for fiscal 2024. The adjusted EBITDAX reached $1.17 billion, showcasing a robust 25% growth from the previous year's $931 million. This significant increase signals strong operational efficiency and management effectiveness.

Additionally, revenues climbed to $1.78 billion, representing a solid 26% rise from $1.42 billion in the prior year. This uptick in revenue is indicative of strong demand and effective production strategies, particularly from its core operations in Israel.

On a continuing operations basis, adjusted EBITDAX from remaining operations in Israel, Greece, UK, and Morocco also grew by 33% to $888 million, further suggesting that Energean is effectively managing its portfolio. The sales revenue from these continuing operations rose by 35% to $1.32 billion, emphasizing the company's successful operational strategies.

The group production for the period was recorded at 153 kboed, marking a 24% increase from 123 kboed a year earlier. Continuous production from remaining operations hit 114 kboed, 28% higher than last year, demonstrating effective resource management in various regions.

Looking ahead, Energean projects total production from continuing operations to be between 120 kboed and 130 kboed for fiscal 2025, reflecting a continued optimistic outlook on production capabilities.

Stocks: EERGF