NewMed Energy (NWMD) Q4 2024 earnings summary

Executive summary

• 2024 production reached nearly 1.1 BCF/day (1,094 MMcf/d), with Q4 at 1.06 BCF/day (1,062 MMcf/d).

• 2024 revenues were $1.14 billion, up from $1.1 billion in 2023, and net income rose 21% to $525 million.

• $250 million in dividends distributed for 2024, including $60 million for the quarter, maintaining a 6% yield.

• Leviathan brownfield expansion and Aphrodite greenfield development advanced, with key regulatory approvals and project milestones achieved.

• 2025 gas sales guidance set at 11.6 BCM (~1,117 MMcf/d).

Financial highlights

• FY 2024 sales totaled $1,136 million, EBITDA $785 million, and net profit $525 million, up from $434 million in 2023.

• Q4 2024 sales were $264 million, EBITDA $181 million, and net profit $120 million, up 18% year-over-year.

• Net revenues rose by $39 million, driven by higher gas and condensate sales and improved average gas prices.

• Realized blended prices remained stable throughout the year.

• Material decrease in net financial expenses by $82 million, aided by bond repayments and buybacks.

Outlook and guidance

• 2025 production target set above 1.1 BCF/day, aiming for 11.6 BCM (~1,117 MMcf/d).

• Brownfield expansion and third gathering line to increase capacity to 1.4 BCF/day by early 2025.

• Leviathan export capacity projected to reach 1,650 MMcf/d with ongoing infrastructure projects.

• Second phase of Leviathan to boost capacity to 2.1 BCF/day, or 2.3 BCF/day with a fourth gathering line.

• CapEx for Leviathan phase two is $2.4 billion, with investment decisions targeted for mid-2024.