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LONDON - Energean plc (LSE:ENOG, TASE:א) reported a 35% increase in quarterly production for Q3 2025, with output averaging 176,000 barrels of oil equivalent per day (kboed) compared to 131 kboed in Q2, according to a company statement released Monday.
The Mediterranean-focused energy company maintained strong production performance in August and September, averaging 178 kboed across both months, reflecting robust summer gas demand in Israel where production averaged 140 kboed during the same period.
For the nine months ended September 30, Energean’s average production was 151 kboed, with gas accounting for 85% of output. This performance aligns with the company’s full-year guidance of 145-155 kboed, though it represents a 3% decrease from the 156 kboed reported in the same period of 2024.
The company attributed the year-on-year production decline to a temporary suspension of operations in Israel during June 2025. Production was also affected by a planned shutdown for essential works related to the second oil train development in March 2025.
Adjusted EBITDAX for the nine-month period reached $828 million, down 7% from $894 million in the comparable period of 2024. The company cited lower sales in Israel and reduced Brent prices as primary factors for the decrease.
By region, Israeli operations accounted for 109 kboed of production (including 4.0 billion cubic meters of gas), while the rest of the portfolio contributed 42 kboed, with Egypt representing 29 kboed of that total.
The production update was released alongside Energean’s announcement of a planned €400 million senior secured notes offering. The company stated that its full Q3 trading statement and operational update is scheduled for release at the end of November 2025.
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