(Alliance News) - Energean PLC on Thursday said the company achieved strong operational and financial performance in the opening quarter of the year.
The London-based energy production, development, and exploration company possesses a portfolio of assets across the Mediterranean and UK North Sea.
During the first quarter ended March 31, revenue rose 43% to USD413 million from USD289 million the previous year.
Total production increased 49% to 142,000 barrels of oil equivalent per day from 95,000 barrels over the same period.
Earnings before interest, taxes, depreciation, amortisation, and exploration expenses also jumped 60% to USD259 million from USD162 million.
Energean declared a first quarter dividend of 30.00 US cents per share, unchanged year-on-year.
In the quarter Israeli assets accounted for 70% of production, Egypt 23%, and the rest from elsewhere across the portfolio.
Chief Executive Officer Mathios Rigas commented: "In Israel, our operations remain unimpacted by the ongoing geopolitical developments, with peak gas demand expected during summer driving maximum gas output."
Looking ahead, Rigas said the company is focused on its key business drivers including the payment of a reliable dividend, deleveraging, growth, and a commitment to net zero.
Energean reaffirmed its 2024 production guidance at 155,000 to 175,000 barrels, which is weighted towards the second half of the year.
Cassiopea, the largest gas development in Italy is expected to come on stream this summer. Meanwhile, progress will be made to further prospective projects in Morocco, Egypt, Greece, and Israel.
Energean shares were up 0.1% to 1,135.00 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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Energean Oil & Gas (ENOG)
