Energean PLC has announced its audited full-year results for the year ended 31 December 2023. The company's Chief Executive Officer, Mathios Rigas, highlighted the significant achievements in 2023, including a 200% year-on-year growth in production, reaching approximately 150 kboed peak production, and successfully bringing NEA/NI online on time and on budget. Despite the challenging geopolitical environment, all operations were managed without any impact from regional conflicts.
Financially, Energean generated full-year revenues of $1,420 million and adjusted EBITDAX of $931 million, leading to a 50% reduction in the leverage ratio to 3x. The company has returned approximately $370 million to shareholders since its inaugural payment in Q3 2022, underpinned by a long-term gas contracting strategy.
Operationally, Energean achieved its first major step-up in production, with 2023 production of 123 kboed, primarily driven by a full year of production from Karish in Israel. The company also completed key growth projects, such as the NEA/NI development in Egypt and the start-up of Karish North and the second gas export riser.
Energean confirmed year-end 2P reserves of 1,115 mmboe, signed a new gas contract in Israel adding approximately $2 billion of revenues over the contract's life, and is in the process of entering the Moroccan market through a farm-in to Chariot Limited's Lixus and Rissana licenses.
Financially, the company reported a 93% increase in sales and other revenues, reaching $1,420 million, and a 121% increase in adjusted EBITDAX to $931 million. The profit after tax was $185 million, significantly improved from the previous year. Energean also declared a Q4 2023 dividend of 30 US cents/share, totaling approximately $370 million returned to shareholders since maiden payments began.
Looking ahead, Energean reiterated its 2024 production guidance at 155 - 175 kboed, with a focus on backfilling the Energean Power FPSO and meeting growing gas demand in Israel and the region. The company is also exploring new areas of development, including the completion of the Morocco farm-in and the start of the Cassiopea (Italy) first gas expected in the summer of 2024.