Energean Plc · LSE:ENOG
Energean — Corporate Update (January 2025)
19 slides from Energean's corporate update, Jan 23, 2025
Slide 1: January Trading & Operations Update
Energean January Trading & Operations Update 23 January 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Energean believes the expectations reflected herein to be reasonable considering the infor
Slide 3: Highlights
Highlights Mathios Rigas, Chief Executive Officer
Slide 4: Highlights
Highlights Strong performance from core assets generating significant growth in both sales and profitability 153 kboed $1,784 million $1,166 million 2.5x $541 million Group 2024 production Group 2024 revenue Group 2024 EBITDAX Group 31 Dec 2024 leverage Cumulative dividends Continuing operations1: 1
Slide 5: Operations Review
Operations Review Mathios Rigas, Chief Executive Officer
Slide 6: A reliable and low-cost producer with steady cash flows and material reserves life
A reliable and low-cost producer with steady cash flows and material reserves life Continuing operations 2P reserves1,3 Proven reliability Greece UK Israel • FPSO averaged 99% uptime during 2024. 1000 965 Katlan on track, second oil train under commission 900 • The Katlan development remains on trac
Slide 7: Double digit year-on-year production growth expected to continue in 2025
Double digit year-on-year production growth expected to continue in 2025 with long-term secured contracts Continuing operations1 production (kboed) Contracted gas between 2025 – 35 (bcm)2 140 10 120-130 10%2 120 114 Impact of 2025 9 scheduled shutdowns 100 8 86 33% 80 7 60 6 40 5 20 4 3 0 2023 Actua
Slide 8: Close to $20 billion of gas sales contracted over the next ~20 years
Close to $20 billion1 of gas sales contracted over the next ~20 years Providing visible cash flows immune to commodity price fluctuations Diversified and high-quality gas offtakes (% of ACQ) 1. New contracts signed to increase gas sales Others Oil Refineries ltd Comprised of 13 14% 13% offtakers, no
Slide 9: Israel drilling outlook
Israel drilling outlook 2026 campaign will include Athena and Zeus (Katlan) development wells (26 bcm) plus optional wells 2026 drilling campaign Katlan (I/21) Firm development wells: Athena Zeus 84 mmboe 86 mmboe (inc. 13 bcm of gas)1 (inc. 13 bcm of gas)1 Optional wells include: Dionysus 63 mmboe
Slide 10: Organic growth opportunities
Organic growth opportunities Multiple opportunities identified across the existing portfolio Exploration opportunities across the Mediterranean to grow production base Israel: near-field opportunities around Energean’s FPSO Greece: high-impact exploration prospect 3 licences and >200 mmboe1 Drakon (
Slide 11: Greek Government approval of the Prinos Carbon Storage project within RRF
Greek Government approval of the Prinos Carbon Storage project within RRF Transitioning the Prinos area into a decarbonisation hub Project overview Funding update Prinos Carbon Storage is the only licenced carbon storage project in The Greek Government formally approved the project’s inclusion the E
Slide 12: 10% annual reduction in emissions intensity
10% annual reduction in emissions intensity Focused on Net Zero by 20501 commitment Emissions intensity reduction since original baseline year (2019) 80 70 66.8 Emissions intensity scope 1 & 2 (kgCO2e/boe) 60 50 87% reduction 2019 – 2024 40 30 19.8 20 18.3 16.0 Sector average 9.3 8.4 10 7.0 6.4-6.8
Slide 13: Financial Review
Financial Review Panos Benos, Chief Financial Officer
Slide 14: 2024 results – key figures
2024 results – key figures Material year-on-year revenue growth from continuing operations1 Adjusted EBITDAX +25% 1,400 +33% 1,166 1,200 1,000 931 888 $ million 800 667 +4% 600 400 264 277 200 0 2023 2024 2023 2024 2023 2024 Disposal group Continuing operations Energean Group Financial Figures Energ
Slide 15: Disciplined capital allocation framework
Disciplined capital allocation framework Focused on maximising returns to shareholders and maintaining an efficient capital structure INVEST IN OUR BUSINESS VIA RETURN CASH MAINTAIN AN EFFICIENT VALUE-ENHANCING ORGANIC AND TO SHAREHOLDERS CAPITAL STRUCTURE INORGANIC OPPORTUNITIES Dividends ($ millio
Slide 16: 2025 guidance for the continuing operations
2025 guidance for the continuing operations1 Production Guidance FY 2025 Total Production (kboed) 120 – 130 Financial Guidance FY 2025 Net Debt – Consolidated ($ million) 2,700 – 2,900 Cash Cost of Production (includes royalties; $ million) 410 – 440 Cash SG&A ($ million) 20 – 30 Total Development &
Slide 17: Outlook
Outlook Mathios Rigas, Chief Executive Officer
Slide 18: M&A: Expanded geographical focus and balance sheet strength to deliver deep-value growth
M&A: Expanded geographical focus and balance sheet strength to deliver deep-value growth Geographical focus for M&A Expanded geographical focus to the wider EMEA region • Energean will evaluate opportunities beyond the Mediterranean in the wider Europe, Middle East and Africa (“EMEA”) region. • Prov
Slide 19: Outlook
Outlook 1 Carlyle Transaction expected to close this quarter, with around $800 million inflow expected 2 Second oil trail to be commissioned, resulting in an increase in liquids capacity 3 Growth via additional long-term gas contracts in Israel 4 Signature of a 10-year, $750 million term loan, remov