LONDON - Energean PLC, an oil and gas exploration and production company, reported a significant increase in its net profit for the nine-month period ending September 30, 2024. The company's unaudited interim consolidated financial statements showed a net profit of $297.4 million, almost double the $156.9 million reported in the same period of the previous year.
The company's revenue for the period also saw a considerable rise, reaching $974.9 million compared to $646.6 million in 2023. This growth was attributed to increased sales of gas and hydrocarbon liquids, with gas sales volumes amounting to approximately 27.2 million barrels of oil equivalent (mmboe) and hydrocarbon liquid sales totaling about 4.3 mmboe.
Energean's cost of sales increased to $441.9 million, up from $313.4 million in the prior year, reflecting the company's expansion of operations. Administrative expenses were slightly down at $12.9 million, compared to $13.2 million in 2023.
The company's total comprehensive income for the period was $297.9 million, bolstered by a gain on cash flow hedge for the period, which was partially offset by tax expenses.
Energean's balance sheet as of September 30, 2024, showed total assets of $3.4 billion, a slight increase from $3.4 billion at the end of 2023. Equity stood at $310.5 million, up from $289.0 million at the beginning of the year, after accounting for an interim dividend payment of $276.5 million.
The company's non-current liabilities included $2.6 billion in senior secured notes and other provisions, while current liabilities comprised trade and other payables, along with an income tax liability totaling $287.6 million.
Energean's operations in Israel continued despite the ongoing regional geopolitical risks highlighted since October 2023. The company has taken measures to ensure business continuity and the safety of its operations.
Notably, Energean made a final investment decision for the Katlan development project in Israel in July 2024, with first gas planned for the first half of 2027. The company also secured new gas sales purchase agreements, further solidifying its position in the region.
The financial information reported is based on a press release statement and reflects the company's performance as it navigates through a dynamic energy market.
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