Energean says quarterly production down due to Israel suspension

(Alliance News) - Energean PLC on Wednesday reported a drop in first-quarter production, and declared a lower dividend for the period.

The London-based energy company's average production for the first quarter was 114,000 barrels of oil equivalent per day, down 21% from 145,000 boed the year before.

Energean attributed this to production in Israel being suspended from February 28 to April 9, "due to geopolitical escalations".

Excluding the days during which its Israeli operations were paused, Energean said production averaged 156,000 boed for the four months ended April 30. This included 119,000 boed in Israel and tracked January's full-year guidance of 140,000 to 150,000 boed, it added.

Looking ahead, Energean now expects group production between 130,000 boed and 140,000 boed, having lowered guidance for Israel to between 98,000 and 104,000 boed from 108,000 and 114,000 boed.

As for financial results, Energean said first-quarter revenue & other income from production activities totalled USD288 million, down 29% from USD407 million the previous year. Net profit fell 65% to USD32 million from USD91 million.

Energean declared a dividend of 10 US cents per share for the first quarter, down on-year from 30 cents per share.

"Although the business is underpinned by strong fundamentals and a positive growth outlook, the suspension clearly impacted Q1 2026 financial results," Chief Executive Officer Mathios Rigas explained.

For Energean Israel Ltd, the group reported that revenue fell 28% on-year to USD181.1 million from USD253.3 million. Pretax profit fell 61% to USD31.0 million from USD80.4 million.

Energean also announced that the board has withdrawn three special resolutions, numbers 15, 16 and 17, from the agenda for its annual general meeting on Wednesday morning.

The first two related to the disapplication of pre-emption rights in respect of the allotment of equity securities for cash. Resolution 17 related to Energean's to call general meetings, other than AGMs, on no less than 14 clear days' notice.

CEO Rigas commented: "Our 18-year reserves life and USD20 billion of long-term contracted revenues over 20 years with investment-grade counterparties generates a strong financial foundation, underpinning Energean's growth outlook.

"Despite recent events, the business has proved to be resilient, demonstrated by our healthy liquidity and robust operational performance across the group."

Shares in Energean were 1.7% lower at 871.50 pence on Wednesday in London.

By Emma Curzon, Alliance News reporter

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