Energean Plc · LSE:ENOG
Energean — Investor Presentation (May 2025)
39 slides from Energean's investor presentation, May 2025
Slide 1: Energean Corporate Presentation May 2025
Energean Corporate Presentation May 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: Energean investment case
Energean investment case 1 Key differentiation is our ~$20 billion long-term gas 1 contracts with floor price protections and take-or- pay/exclusivity, which provide predictable cash flows largely protected against commodity price fluctuations, which underpins our regular quarterly dividend of $0.3/
Slide 4: Energean at a glance
Energean at a glance A diversified independent gas-focused E&P in the Mediterranean with a ~$2bn market cap1 Group FY24 production Gas focused Approved operator in eight countries; production supplying ~40% of Israel’s domestic demand 153 kboed FTSE 250 and Largest independent EMEA-focused Rest of T
Slide 5: Safe and responsible operator
Safe and responsible operator Reduction achieved across all key environmental and health & safety indicators Emissions intensity (kgCO2e/boe) Methane intensity (% of total emissions) (48%) (74%) 16.0 11% 8% 9.3 8.4 3% 2022 2023 2024 2022 2023 2024 Lost time injury frequency (LTIF) Total recordable i
Slide 6: An 18-year growth story and established long-term business
An 18-year growth story and established long-term business A history of growth through acquisition combined with delivery of major projects 1,400 Group reserves life at YE24 19 yrs2 Karish 1,200 first gas 162%3 Shareholder return $284m Since IPO Acquisition of 1,000 Edison E&P W.I. 2P reserves (mmbo
Slide 7: Continued growth across our key KPIs, delivering reliable returns to shareholders
Continued growth across our key KPIs, delivering reliable returns to shareholders Production Adjusted EBITDAX (kboed) ($ million) 180 1400 155 – 165 153 1,166 135 123 1050 931 700 90 422 41 350 45 0 0 2022 2023 2024 2022 2023 2024 2025 guidance Group leverage Dividends paid (Net debt / EBITDAX) ($ m
Slide 8: A long-term business with 2P reserves life of 19 years
A long-term business with 2P reserves life of 19 years1 Over 1 billion boe of 2P2 reserves across six countries Energean reserves and resources 45 Reserves life3 (years) YE 2024 2P reserves: 1,058 mmboe2 40 40 194 35 30 864 25 22 Israel Rest of portfolio 20 19 YE 2024 2C resources: 201 mmboe2 15 13
Slide 9: Business is resilient amidst current oil price volatility
Business is resilient amidst current oil price volatility 2024 operating breakeven was $7/boe 2024 operating breakeven ($/boe) 7 Disciplined, low-cost producer Cash G&A 6 • Cash cost of production expected to remain flat in $/boe terms 5 • 2024 opex excluding royalties was ~$6/boe, more than 2x lowe
Slide 10: Dividend supported by a foundation of Israel cash flows, underpinned by long-term gas contracts
Dividend supported by a foundation of Israel cash flows, underpinned by long-term gas contracts with floor prices Historical and 2025 expected split of production (kboed) 160 140 120 Foundation of long- term gas contracts with floor - price mechanism and take- 100 c. 80% or-pay/exclusivity provision
Slide 11: ~110 bcm regional gas demand forecasted to grow ~30% by 2040
~110 bcm regional gas demand forecasted to grow ~30%1 by 2040 Energean intends to book capacity in the Nitzana export pipeline to boost sales Regional gas demand growth1 (bcm) 140 132 ~110 bcm1 124 120 2025 regional 109 +8% gas demand 100 80 +17% Karish Katlan Karish N. 60 Tanin 40 Tamar Leviathan H
Slide 12: Asset Overview
Asset Overview ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 13: Israel – Karish & Karish N. are Energean's flagship producing assets
Israel – Karish & Karish N. are Energean’s flagship producing assets Located 90 km offshore, the field produces via Energean’s fully-owned and purpose-built FPSO Portfolio location 100% W.I. operator of the Katlan Area Karish and Karish North fields Athena Zeus Karish Hera Karish North World class r
Slide 14: Israel commercial overview
Israel commercial overview Gas contracting structure and strategy ensures stable and predictable long-term cash flows ~$20 billion1 of gas sales contracted over the next 20 years with over 20 different high-quality offtakers, providing diversification and payment certainty Comprised of 12 off takers
Slide 15: Near-field Katlan development will unlock bcm in the first phase
Near-field Katlan development will unlock 26 bcm in the first phase Fields will be tied back to the FPSO; Katlan lease contains no seller royalties nor export restrictions Katlan location Katlan development highlights: • Athena and Zeus discovered by Energean in 2022 Katlan (I/21) • FID taken in Jul
Slide 16: Organic growth potential: near-field E&A opportunities around the Energean Power FPSO in Israel
Organic growth potential: near-field E&A opportunities around the Energean Power FPSO in Israel Drakon (Hermes) & Hercules officially recognised as discoveries by Israel Ministry of Energy and Infrastructure ~60 bcm1 Risked prospects Dionysos 21 bcm of gas (2U2) Includes Ares2 May be included in the
Slide 17: Egypt – a stable production base with low operating costs
Egypt – a stable production base with low operating costs Near-term focus is to merge Energean’s three offshore concessions to extend the economic life Energean looking to merge its offshore concessions to Established production and reserves streamline fiscal terms & extend economic life of the fiel
Slide 18: Italy – over 50 concessions provide production diversity
Italy – over 50 concessions provide production diversity with exposure to European gas pricing Production growth in 2025 from a diverse portfolio Energean is Italy’s 3rd largest gas producer • Year-end 2024 2P reserves of 79 mmboe1 (52% gas) 16 14 12 10 kboed 8 14 6 10 9 Rospo Mare 9 100% W.I. opera
Slide 19: Significant prospectivity across the portfolio
Significant prospectivity across the portfolio Energean evaluating a number of exploration opportunities for future maturation Opportunities across the Mediterranean East Bir El Nus Onshore • Operator: Energean (50% share) • Low-cost drilling activities expected in 2026 • Total potential resources (
Slide 20: UK – managing late life assets through infill drilling
UK – managing late life assets through infill drilling Overview of operations Areas of operation Optimising production through infill drilling whilst activity managing Southern North Sea decommissioning: • Optimising production: Scott (W.I. 10%) and Telford (W.I. Scott & Telford 16%) successful infi
Slide 21: Croatia – near-term focus on the near-infrastructure Irena gas development
Croatia – near-term focus on the near-infrastructure Irena gas development Gas production in an established OECD basin; upside from Irena • 70% W.I. in EdINA JV • Year-end 2024 2P reserves of 4 mmboe1 • 2P reserves increased by >75% year-on-year due to further technical work completed • Irena develo
Slide 22: Prinos CO2 project – creating a new decarbonisation hub in Greece
Prinos CO2 project – creating a new decarbonisation hub in Greece Total grants secured of EUR ~ 270 million Municipality Project overview of Kavala Municipality • Prinos CO2 project is the only mature carbon storage project in the Eastern of Pangaio Kavala Gulf Municipality Mediterranean of Nestos •
Slide 23: Capital Allocation
Capital Allocation ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 24: Disciplined approach to capital allocation
Disciplined approach to capital allocation Focused on stable predictable cash flows and maximising total shareholder return Operating cash flow Maintenance and sanctioned Decommissioning expenditure Interest costs projects capex Free cash flow Dividends $650 million ($3.6/share)1 Intend to pay Share
Slide 25: Shareholder returns a key priority
Shareholder returns a key priority Energean confirms continuation of ongoing regular quarterly dividend Energean has: Energean targets to: Returned $650 million ($3.3/share) to Return1 a quarterly dividend of $0.3/share shareholders since inaugural payment in each year 2022 Historical and future bas
Slide 26: Capital structure overview
Capital structure overview No near-term debt maturities with 2026 refinancing secured Overview Debt maturity structure Energean Israel Senior Secured Notes • $2.625 billion, with maturities in 2026 (see RHS commentary), 1 $750 million term loan signed to refinance the 2026 Energean Israel Notes 2028
Slide 27: Capital structure supported by our long-term gas contracting strategy
Capital structure supported by our long-term gas contracting strategy… …where we have around $20 bn1 contracted over a 20-year period protected from commodity price fluctuations Revenues protected from commodity Long-term gas contracts provide 19-year reserves life2 supports capital price fluctuatio
Slide 28: M&A strategy
M&A strategy Expanded geographical focus to deliver deep-value growth for shareholders Geographical focus for M&A Expanded geographical focus to the wider EMEA region • Remain focus on core Mediterranean area • See growth opportunities in the wider Europe, Middle East and Africa (“EMEA”) region. • P
Slide 29: Financial & Operational Highlights - 31 March 2025
Financial & Operational Highlights - 31 March 2025
Slide 30: YTD 2025 Highlights
YTD 2025 Highlights #1 Operational • Q1 2025 production of 145 kboed (+2%); peak rate ~180 kboed • Katlan first gas on track for H1 2027; intention to book capacity in new Nitzana export pipeline • Prinos CO2 project ESIA Public Consultation closed, with positive approvals • Multiple organic opportu
Slide 31: Three-months to 31 March 2025 results – key figures
Three-months to 31 March 2025 results – key figures Production Figures Three-months to Three-months to % Change 31 March 2025 31 March 2024 W.I. Production (kboed) 145 142 2% Financial Figures Three-months to Three-months to % Change 31 March 2025 31 March 2024 Sales and other revenue ($ million) 40
Slide 32: Outlook
ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 33: 2025 guidance
2025 guidance Production Guidance FY 2025 Production (kboed) Israel (kboed) 115 – 125 Rest of portfolio (kboed) ~40 Total production (kboed) 155 – 165 Financial Guidance FY 2025 Net debt – consolidated ($ million) 2,800 – 3,000 Cash cost of production Israel ($ million) 350 – 375 Rest of portfolio (
Slide 34: Outlook and key future catalysts
Outlook and key future catalysts Short term Medium term Long term 2025 – 2026 2026 – 2030 2030 onwards Continuation of the regular Focus on deep-value M&A in-line Reduce gross debt and continue ongoing quarterly dividend of with expanded geographical remit to be a reliable dividend payer US$30 cents
Slide 35: Appendix: Supplemental Financials
Appendix: Supplemental Financials For the 12-months ended 31 December 2024
Slide 36: Income statement
Income statement For the 12-months ended 31 December 2024 Interim Income Statement $ million 2024 2023 Revenue 1,315 978 Cost of Sales (702) (509) Administrative expenses (32) (27) Exploration and evaluation expenses (84) (29) Other operating income/(expenses) (102) (21) Operating profit 394 392 Net
Slide 37: Balance sheet
Balance sheet As at 31 December 2024 Assets Liabilities and equity 31 December 31 December 31 December 31 December $ million $ million 2024 2023 2024 2023 Non-current assets Non-current liabilities Property, plant and equipment 3,379 4,371 Borrowings 3,142 3,142 Intangible assets 185 326 Provisions
Slide 38: Net debt position
Net debt position 31 December 2024 Net debt $ million 31 December 2024 Cash and cash equivalents Cash – excluding Israel 81 Cash – Israel 240 Group cash 321 Borrowings Debt – PLC Senior Secured Notes 446 Debt – PLC Revolving Credit Facility 128 Debt – Greek State-Backed Loan (non-recourse to plc) 10
Slide 39: Cash flow statement
Cash flow statement For the 12-months ended 31 December 2024 Statement of Cash Flows Statement of Cash Flows $ million 2024 2023 $ million 2024 2023 Operating activities Investing activities Profit before tax - continuing operations 168 172 Payment for PPE (580) (436) Profit before tax - discontinui