Energean (ENOG) Trading Update summary

Operational performance

• Group production rose 31% year-on-year to 156 kboed, with Israel production up 39% and FPSO uptime at 99% for the period.

• Katlan development in Israel remains on schedule, with first gas expected in H1 2027 and a drilling campaign planned for 2026.

• Prinos carbon storage project in Greece secured a €150 million grant and is progressing engineering design, targeting up to 3 million tonnes annual CO2 storage.

• UK decommissioning costs reduced by 20% after operational changes, and UK production exceeded expectations.

• Group Scope 1 and 2 emissions intensity fell 7.1% to 9.0 kg CO2e/boe, with continuing operations at 7.2 kg CO2e/boe.

Financial and strategic highlights

• Revenues increased 35% to $1,363 million, with adjusted EBITDAX up 44% to $894 million; continuing operations saw a 61% EBITDAX rise.

• Group leverage held steady at 2.5x net debt/annualised adjusted EBITDAX, down from 3x at year-end 2023.

• Cash as of 30 September 2024 was $284 million, with total liquidity at $443 million.

• Strategic sale of Egypt, Italy, and Croatia assets to Carlyle is on track for completion by year-end, with UK carve-out completed.

• Proceeds from the sale expected to enable redemption of $450 million bond and/or fund growth, with potential for a special dividend up to $200 million.

Dividend and shareholder returns

• Q3 2024 dividend of 30 US cents/share declared, payable 30 December 2024.

• Total dividends since 2022 policy announcement will reach $541 million, over half of the $1 billion target by end-2025.

• Dividend policy to be redefined after transaction closing, focusing on capital discipline and maximising returns.