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Highlights

  • Energean’s FY24 revenue rose 25.3% YoY to USD 1,779 million, driven mainly by increased gas sales from Israel
  • Adjusted EBITDAX grew 24.8% YoY to USD 1,162 million, supported by cost efficiency and margin improvements
  • Profit after tax increased slightly to USD 188 million, despite a USD 241 million UK impairment
  • The company’s Q1 performance supports FY25 guidance, with growth expected from continued strong Israeli output and oil train expansion

Energean PLC (LSE:ENOG), a member of the FTSE 250, is a hydrocarbon exploration and production company with a strong focus on natural gas. Operating across eight countries in the Mediterranean region and the UK North Sea, Energean is committed to developing energy solutions that prioritise a low carbon footprint while actively pursuing innovative ideas and technologies in the sector.

Energean reported a decent financial performance for the financial year 2024 (FY24), with revenue rising by 25.3% year-over-year to USD 1,779 million, driven primarily by higher gas sales from Israel, which contributed 70% of total revenue due to increased production volumes.

Adjusted EBITDAX grew 24.8% to USD 1,162 million in FY24, supported by cost discipline and improved margins, particularly from Israeli operations.

Notably, EBITDAX from continuing operations surged 33% to USD 885 million in FY24. Despite a USD 241 million impairment in the UK, profit after tax edged up 1.6% to USD 188 million, aided by a lower tax rate and stronger performance from core gas assets.

Recent Business Update

On March 20, 2025, Energean Israel signed a new Gas Sales and Purchase Agreement (GSPA) with Kesem Energy Ltd, securing approximately 1 bcm of gas per year starting in the mid-2030s, with limited volumes delivered earlier. The 17-year contract covers around 12.5 bcm and exceeds USD 2 billion in value. It includes key features such as floor pricing, take-or-pay provisions, and indexation not linked to Brent crude prices. This deal increases Energean’s total contracted revenue to nearly USD 20 billion over the next 20 years, reinforcing the company’s strategy for long-term cash flow stability and operational resilience.

Company Outlook

Energean’s performance in Q1 supports its full-year 2025 outlook, driven by robust output from Israel and the anticipated ramp-up from oil train expansion. This production stability bolsters the company’s revenue and dividend projections.

Reaffirming its focus on shareholder value, Energean has returned a total of USD 595 million to shareholders to date. The company remains focused on disciplined capital deployment, prioritizing high-return natural gas projects and carbon capture initiatives across the Mediterranean, while advancing its commitment to net-zero objectives.

Top 10 Shareholders

The top 10 shareholders of Energean together hold approximately 57.20% of the company's total shares. Migdal Insurance and Financial Holdings Ltd is the largest shareholder, with around 9.52%. The second-largest holding belongs to Efstathios Topouzoglou, who owns about 9.05%.

Stock Information

Energean’s stock has declined by approximately 10.86% over the past three months. It has a 52-week trading range between GBX 720.50 and GBX 1,233.00. As of 06 May 2025, the stock closed at GBX 861.00, positioning it below the average of its 52-week high and low.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 06 May 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.