Energean plc, a company engaged in hydrocarbon exploration and production, has announced an increase in both adjusted EBITDAX and revenues for fiscal 2024, largely due to robust performance from its operations in Israel.
For the period, Energean achieved an adjusted EBITDAX of $1.17 billion, marking a 25% increase compared to $931 million in the previous year. Revenues climbed to $1.78 billion, a 26% rise from $1.42 billion recorded the year prior.
The anticipated sale of Energean's portfolio in Egypt, Italy, and Croatia to a Carlyle International Energy Partners managed entity is slated for completion in the first quarter, pending standard regulatory approvals.
Focusing on continuing operations, which include assets in Israel, Greece, the UK, and Morocco, the adjusted EBITDAX grew by 33% year-over-year to $888 million, with sales revenue increasing by 35% to $1.32 billion.
The company reported a group production of 153 kboed, reflecting a 24% rise from 123 kboed the previous year. Production from ongoing operations reached 114 kboed, representing an impressive 28% increase over the prior year.
Looking forward to fiscal 2025, Energean anticipates production from continuing operations to range between 120 kboed and 130 kboed.
The company is set to disclose its complete results for 2024 on March 20.
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