Energean (ENOG) H1 2025 earnings summary

Executive summary

• Achieved record production of 178,000 boe/d in August, driven by strong gas demand in Israel and stable output in Egypt, despite a two-week government-mandated shutdown and planned maintenance.

• Over $4 billion in new long-term gas contracts signed, bringing total contracted gas value to $20 billion, with export capacity expansion plans underway.

• Focused on long-term value creation, reliability, and stable cash flows, supported by disciplined capital management and continued dividend payments.

• Three organic growth projects advancing in Greece, Egypt, and Israel, with additional exploration and carbon storage initiatives.

• Strategic focus on deleveraging, M&A opportunities, and maximizing shareholder value in the EMEA region.

Financial highlights

• H1 2025 revenue was $804 million, down 7% year-over-year; adjusted EBITDAX was $505 million, down 11%.

• Net profit after tax increased 24% to $110 million, with earnings per share up 25% to $0.60.

• Operating cash flow rose 5% to $555 million; capital expenditure was $297 million, down 24%.

• Cumulative dividends paid or declared reached $706 million, with $110 million paid in H1 2025.

• Net debt increased to $3,000 million, with a leverage ratio of 2.7x.

Outlook and guidance

• Full-year 2025 production guidance revised to 145,000–155,000 boe/d, reflecting first-half disruptions and commissioning of the second oil train in Q4; Israel guidance is 105,000–115,000 boe/d.

• Net debt expected at $2,900–3,100 million by year-end, with deleveraging targeted to 2x EBITDAX over the next 18 months.

• Cost of production guidance reduced to $560–600 million, with further OpEx savings expected; capex maintained at $480–520 million.

• Focus on signing new long-term gas contracts, finalizing export opportunities, and optimizing asset value outside Israel.