Energean, the Eastern Mediterranean-focused oil and gas company, has announced that its production has nearly tripled in the first half of the year despite start-up issues at the Karish field in Israel. However, due to slower ramp-up than expected at Karish, the company has revised its full-year production guidance to 120,000-130,000 barrels of oil equivalent a day.
The company reported a pretax profit of $135,044 for the half-year period, compared to $109,790 in the prior year. This increase in profit was driven by a 73% rise in revenue to $587,642. Furthermore, adjusted earnings before interest, taxes, depreciation, amortization, and exploration expenses saw a significant jump of 74% to $345.2 million.
During this period, production reached 105,900 barrels of oil-equivalents per day, a substantial increase from 35,400 BOE a day. This impressive growth is attributed to the production ramp-up from the Karish field in Israel.
Energean remains committed to meeting its near-term targets of achieving 200,000 BOE a day, generating $2.5 billion in revenues, and achieving $1.75 billion Ebitdax in the second half of 2024.
In line with its policy, Energean declared a dividend of 30 cents.