Energean PLC (LSE:ENOG) has reported a 45% rise in first-half profit after tax to $160 million and a 35% increase in free cash flow to $250 million, as production rebounded following a 41-day government-mandated shutdown in Israel.
Revenue from production activities fell 8% to $743 million and adjusted EBITDAX slipped 5% to $478 million, reflecting lower sales volumes.
Average production dropped 10% to 124,000 barrels of oil equivalent per day, though the eight-month average recovered to 135,000 boe/d and output reached levels above 180,000 boe/d during August.
Energean reiterated full-year guidance of 130,000-140,000 boe/d.
Net debt fell by $97 million during the second quarter to $3.23 billion at the end of June, while liquidity increased to $404 million.
The company declared a second-quarter dividend of 10 US cents per share. Meanwhile, commissioning of a second oil train on the Energean Power FPSO increased liquids processing capacity by 72% to 31,000 barrels per day.
Energean said its $1.2 billion Katlan development remains on budget and on schedule for first gas in H1 2027, after $267 million of expenditure during the half.
It also agreed terms to merge three Egyptian concessions, committing an initial $150 million over four years, and signed a roughly $1.4 billion gas sales agreement with Sorek for supplies to a new Israeli power station from late 2029.
