In This Article:
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Revenue: $1.8 billion for fiscal year 2024.
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EBITDAX: $1.2 billion for fiscal year 2024.
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Production: 153,000 barrels of oil equivalent per day.
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Dividends: $600 million returned to shareholders.
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Contracted Revenue: Over $20 billion for the next 20 years.
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Net Debt: $2.95 billion with a leverage ratio of 2.5 times.
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CapEx: $615 million, a 25% increase year on year.
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Cost per Barrel: Below $10 per BOE.
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G&A Cost: Below $40 million.
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New Contracts: $4 billion worth of gas contracts signed in Israel.
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Term Loan: $750 million term loan signed in Israel.
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Exploration Write-off: $120 million in Morocco and Egypt.
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Reserve Base: 1.1 billion barrels of oil equivalent.
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2C Resources: 200 million barrels of oil equivalent.
Release Date: March 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Energean PLC (EERGF) achieved a record year in 2024 with group production reaching 153,000 barrels of oil equivalent per day.
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The company generated $1.8 billion in revenue and $1.2 billion in EBITDAX, demonstrating strong financial performance.
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Energean PLC (EERGF) has signed over $4 billion worth of gas contracts in Israel, bringing total contracted revenue to over $20 billion for the next 20 years.
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The company successfully refinanced a $750 million term loan in Israel, removing near-term debt maturity risks.
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Energean PLC (EERGF) has returned close to $600 million in dividends and remains committed to its dividend policy.
Negative Points
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The Carlyle transaction remains uncertain, causing frustration among employees and stakeholders due to lack of clarity.
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Exploration efforts in Morocco and Egypt were unsuccessful, resulting in a $120 million write-off.
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The company's net debt remains high at $2.95 billion, although it has decreased from previous levels.
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There is uncertainty regarding the future dividend policy, which is dependent on the outcome of the Carlyle transaction.
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The Epsilon project in Greece has been delayed to the second half of 2029, with its future dependent on government support and alignment with carbon storage initiatives.
Q & A Highlights
Q: Can you provide an update on the Carlyle transaction and the process for determining if the deal will be terminated or extended? A: The drop-dead date for the Carlyle deal is today at 12 AM. We could either terminate the deal or agree to extend it. We are committed to the deal and are doing everything possible to close it, but the responsibility for obtaining approvals lies with Carlyle. We will provide clarity once discussions conclude today.