NewMed Energy (NWMD) Q4 2025 earnings summary

Executive summary

• 2025 gas sales averaged 1.06 BCF/day (1,063 MMcf/d), totaling 10.9 BCM, with Q4 sales at 2.8 BCM and 1,093 MMcf/d, slightly above Q4 2024.

• Major infrastructure projects, including Leviathan's third gathering line, were completed under budget, saving $90 million and increasing future capacity.

• Dividend distribution for 2025 totaled $250 million, with a $70 million Q4 dividend, matching 2024.

• Operations were impacted by regional conflict, causing temporary shutdowns, but the effect on 2026 earnings is currently immaterial.

Financial highlights

• 2025 revenues were $1,094 million, with net profit declining to $343 million from $524 million in 2024.

• Q4 2025 net income was $17 million (some reports state $120 million), mainly due to lower Brent prices and a $76 million impairment from the Vinekh-1 well.

• Average realized gas price dropped to $5.58/MMBtu in 2025 from $6.12/MMBtu in 2024.

• Production volume fell to 10.9 BCM from 11.2 BCM year-over-year, mainly due to shutdowns.

Outlook and guidance

• Production capacity is set to rise to 1.4–1.45 BCF/day immediately and up to 2.1 BCF/day (21 BCM/y) by 2029 after Leviathan expansion.

• Regional export capacity expected to reach 1,625 MMcf/d by 2028 with new pipeline projects.

• Aphrodite project FEED to be completed in 2025, with FID targeted by year-end, pending agreements.

• Krum prospect drilling underway, with results expected soon.