Energean Israel reports solid financial performance for 2024

TEL AVIV - Energean Israel Limited, a subsidiary of the oil and gas exploration and production company Energean PLC, has presented its consolidated financial statements for the year ending December 31, 2024. The report highlights a robust financial performance, reflecting the company’s continued operational success and strategic developments.

The financial statements, audited by Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, confirm the fair presentation of Energean Israel’s financial position in accordance with International Financial Reporting Standards as adopted by the European Union. The audit addressed key matters such as the estimation of oil and gas reserves, which are crucial for calculating decommissioning, recoverability, and depletion rates.

Energean Israel’s reserve portfolio included proven and probable (2P) reserves of 864 million barrels of oil equivalent (Mmboe) as of December 31, 2024. The company’s revenue for the year reached $1.24 billion, an increase from $939.8 million in 2023, with gross profit rising to $640.3 million from $495.8 million the previous year. This growth was primarily driven by revenue from gas sales and hydrocarbon liquids.

The company’s operational profit for the year before tax stood at $450.6 million, compared to $314.6 million in 2023. The tax expense for the year was $103.9 million, with an effective tax rate of 23%. The total comprehensive income for the year was $346.5 million, a significant increase from $242.8 million in 2023.

Energean Israel’s non-current assets, including property, plant, and equipment, amounted to $3.02 billion, while current assets stood at $378.1 million, resulting in total assets of $3.4 billion. The company’s equity at the end of the year was $241.5 million, after accounting for dividends paid during the year.

The company’s liabilities, including senior secured notes and decommissioning provisions, were managed effectively, with total liabilities amounting to $3.16 billion. Energean Israel’s capital management strategy ensures the company’s ability to continue as a going concern while maximizing shareholder returns.

The financial statements also reflect the company’s liquidity position, with cash and cash equivalents of $157.7 million at the end of 2024. Energean Israel’s credit risk is managed through policies that ensure transactions are made with parties with appropriate credit histories, and the company maintains sufficient cash and credit facilities to manage liquidity risk.

The report is based on a press release statement and does not include any marketing hype or biased language, focusing solely on factual content.

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