Energean Plc · LSE:ENOG
Energean — FY2024 Earnings Presentation
29 slides from Energean's earnings presentation, Mar 20, 2025
Slide 1: Full Year 2024 Results
Energean Full Year 2024 Results 20 March 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 Operational growth with strong financial performance 153 kboed $1,779 million $1,162 million 2.5x $595 million2 Group 2024 production Group 2024 revenue Group 2024 EBITDAX Group 31 Dec 2024 leverage Cumulative dividends Israel, Greece and UK1: 114 kboed Israel, Greece and UK1: $1,315 mill
Slide 4: Material growth delivered to shareholders across our key KPIs, in line with our strategy
Material growth delivered to shareholders across our key KPIs, in line with our strategy Production Adjusted EBITDAX 200 (kboed) 1300 ($ million) 1100 160 120 900 162%2 700 Shareholder return 500 Since IPO 80 300 40 100 0 -100 2021 2022 2023 2024 2021 2022 2023 2024 1 1 1 1 Israel, Greece and UK Egy
Slide 5: Operational Review
Operational Review Mathios Rigas, Chief Executive Officer
Slide 6: Continued year-on-year production growth forecasted
Continued year-on-year production growth forecasted Production increase supported by new long-term gas contracts, start up of key projects Production (kboed) Indicative Group1 production: FY 2024 production 180 160 – 175 kboed Year-on-year production increased through: • Karish North start-up 160 •
Slide 7: A long-term business with 2P reserves life of >20 years
A long-term business with 2P reserves life of >20 years1 Over 1 billion boe of 2P reserves2 across eight countries, flat year-on-year before production Energean reserves and resources Reserves life4 (years) 40 Group YE 2024 2P reserves: 1,058 mmboe3 36 35 147 Includes YE 23 2P reserves3 for Israel,
Slide 8: >$4 billion new contracts signed over the last year
>$4 billion new contracts signed over the last year In line with objective to enhance sales and supply Israel’s growing gas demand Four new contracts or binding terms sheets signed over the last year to increase gas sales… 2025: new contract signed 2024: three new contracts signed Dalia1 binding ter
Slide 9: 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 protected from commodity price fluctuations Contracted gas between 2025 – 352 9.0 Revenues protected through floor pricing 4.5 Over 20 long-term gas sales agreements secured 8.0 4.0 7.0 3.5 Diversified
Slide 10: Operational Update: Drilling contract signed for Katlan (Israel)
Operational Update: Drilling contract signed for Katlan (Israel) 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 +
Slide 11: 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 >35 bcm1 Unrisked prospects Dionysos 21 bcm of gas (2U2) Includes Ares2 May be included in the 2026 drilling campaign 1. Block 31 contains t
Slide 12: Operational Update: Egypt, Italy & Croatia – 40 kboed in 2024
Operational Update: Egypt, Italy & Croatia – 40 kboed in 2024 High-quality, diversified, cash flow generating assets with significant growth potential Egypt Italy Croatia Key projects online: Stable production base across over Development upside to come: 50 concessions: • Irena development FID targe
Slide 13: Organic growth potential: Block 2 exploration opportunity in Greece
Organic growth potential: Block 2 exploration opportunity in Greece Greece: high-impact exploration prospect Initial pre-drill Commercialisation Block 2 estimates route 75% W.I. (operator) 5 bnbbl STOIIP or Block close to > 9Tcf1 existing infrastructure Cost Next steps Farmout Well expected to Drill
Slide 14: Prinos CO2 project has secured a further EUR ~120 million under the Connecting Europe Facility
Prinos CO2 project has secured a further EUR ~120 million under the Connecting Europe Facility, bringing total grants to EUR ~270 million Project overview Funding update Prinos CO2 project is the only mature carbon storage project in the Final joint-ministerial approval received for the EUR 150 mill
Slide 15: Emissions intensity scope 1 & 2 (kgCO2e/boe)
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 Sector average 16.0 9.3 8.4 10 7.0 4-6 0 0
Slide 16: Financial Review
Financial Review Panos Benos, Chief Financial Officer
Slide 17: 2024 results – key figures
2024 results – key figures Financial Figures Energean Group Continuing operations1 2024 2023 % change 2024 2023 % change Sales & Other Revenue ($ million) 1,779 1,420 25% 1,315 978 34% Cash Cost of Production ($/boe) 10 11 (6%) 9 9 (1%) Cash G&A ($ million) 37 31 19% 21 18 17% Adjusted EBITDAX ($ mi
Slide 18: 2026 refinancing secured, with a $750 million term loan signed
2026 refinancing secured, with a $750 million term loan signed Increases weighted average maturity to ~7 years Group weighted average maturity (WAM) and Debt maturity profile weighted average cost of debt (WACD) 1 $750 million term loan signed to refinance the 2026 Energean Israel Notes • 12-month a
Slide 19: Capital structure supported by our long-term gas contracting strategy
Capital structure supported by our long-term gas contracting strategy… …where we have close to $20 bn1 contracted over a 20-year period protected from commodity price fluctuations Revenues protected from commodity Long-term gas contracts provide ~20-year reserves life2 supports price fluctuations vi
Slide 20: Disciplined capital allocation framework
Disciplined capital allocation framework Focused on maximising returns to shareholders and investing in deep-value opportunities INVEST IN OUR BUSINESS VIA RETURN CASH MAINTAIN AN EFFICIENT VALUE-ENHANCING ORGANIC TO SHAREHOLDERS CAPITAL STRUCTURE AND INORGANIC OPPORTUNITIES Dividends ($ million) 1
Slide 21: 2025 guidance unchanged for the continuing operations
2025 guidance unchanged 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 Dev
Slide 22: Outlook
Outlook Mathios Rigas, Chief Executive Officer
Slide 23: Our Investment Case
Our Investment Case The leading independent, gas-focused E&P, with operations in eight countries across the Mediterranean 1 A diversified gas focused business operating across eight countries Close to $20 billion2 of long-term gas 2P reserves life contracts, which of >20 years3 provide cash flow pre
Slide 24: Outlook and key future catalysts
Outlook and key future catalysts Short term Medium term Long term 2025 – 2026 2026 – 2030 2030 onwards Target to pay out $1bn in Focus on deep-value M&A in-line Reduce gross debt and continue dividends under the current with expanded geographical remit to be a reliable dividend payer programme Corpo
Slide 25: Appendix: Supplemental Financials
Appendix: Supplemental Financials For the 12-months ended 31 December 2024
Slide 26: 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 27: 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 28: 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 29: 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