Business
Trading Statement & Operational Update
Energean plc reported resilient 2025 performance with production at the upper end of guidance at 154 kboed, maintaining sales revenue and adjusted EBITDAX in line with the prior year at $1,716 million and $1,112 million respectively, despite geopolitical and macroeconomic pressures. The company secured over $4 billion in new long-term gas contracts and advanced infrastructure projects, while maintaining cost discipline with operating costs at $6/boe and cash G&A at $38 million. Development and production expenditure was $575 million, slightly below guidance. For 2026, Energean anticipates production between 140-150 kboed and forecasts consolidated net debt to remain broadly flat, between $3,200-$3,300 million, with significant capital expenditure planned for key development milestones and exploration campaigns. A non-cash impairment of approximately EUR 300 million is expected for the Cassiopea asset, alongside arbitration proceedings claiming EUR 265 million. Disclaimer*
About this update from Energean Plc
[{"type":"text","content":"\n\nEnergean plc\n(\"Energean\" or the \"Company\")\n \nTrading Statement & Operational Update\nLondon, 27 January 2026 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased to provide an update on the Group's recent operations and 2025 trading performance ahead of its Full Year 2025 Results on 19 March 2026, along with 2026 guidance. The numbers contained herein are preliminary, unaudited and may be subject to further review and amendment.\nMathios Rigas, Chief Executive Officer of Energean, commented: \n\"I am pleased to report an excellent fourth quarter, during which we delivered a 12% year-on‑year increase in production, averaging 162 kboed for the quarter. This resulted in full year production averaging 154 kboed (113 kboed from Israel), which was at the upper end of our latest production guidance. Combined with strong operational performance over the summer and our continued discipline on costs, this enabled us to maintain sales revenue and adjusted EBITDAX in line with last year despite geopolitical challenges and macroeconomic pressures, including lower year-on-year oil prices. The business continues to remain resilient through our long-term gas contracts, with over $20 billion contracted over the next two decades.\"\n\"2026 has begun with strong sales in Israel, which have averaged 132 kboed month-to-date[1] in January. This will be a pivotal year for Energean, as we pursue all options to optimise our core asset base and grow the business through disciplined and strategic investment, both within our existing asset base and via selective inorganic opportunities.\"\n2025 Key Highlights:\nResilient business performance despite macro and geopolitical backdrop\n· Group average working interest (\"W.I.\") production in 2025 was 154 kboed (85% gas), reflecting strong performance in the second half of the year, particularly in Israel, resulting in Group production at the upper end of the revised guidance range of 145-155 kboed. Group output was flat versus 2024, despite the temporary suspension in Israel in June, following a directive from the Ministry of Energy and Infrastructure due to regional geopolitical developments.\n· Sales re...