(Alliance News) - Energean PLC on Thursday reported higher production, revenue and adjusted earnings for 2023.
The Mediterranean-focused hydrocarbon exploration and production company said revenue in 2023 jumped 93% to USD1.42 billion from USD737.1 million in 2022.
Adjusted earnings before interest, tax, depreciation, amortisation and exploration expense more than doubled to USD925 million in 2023 from USD422 million.
Further, it said production surged to 123,000 barrels of oil equivalent per day from 42,000 in 2022, and in line with previous guidance of between 120,000 and 130,000 boepd.
For 2024, Energean expects a further output increase, to between 155,000 and 175,000, at least 26% higher than the expected output for 2023.
The company said its day-to-day production in Israel was unimpacted by ongoing geopolitical developments.
Chief Executive Officer Mathios Rigas said: "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."
Energean will release its full financial results for 2023 on March 21.
Energean shares fell 1.2% to 929.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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Energean Oil & Gas (ENOG)