Energean lowered its 2026 production guidance and reduced its dividend after a 41-day suspension of operations in Israel weighed on its first-quarter performance, Reuters reported.

The company, which operates natural gas and oil assets across Israel, Greece, the UK, and other Mediterranean regions, now expects full-year production of 130,000 to 140,000 barrels of oil equivalent per day (boe/d), down from its previous forecast of 140,000 to 150,000 boe/d. Its production outlook for Israel was also revised lower to 98,000–104,000 boe/d from 108,000–114,000 boe/d.

Energean said its floating production storage and offloading (FPSO) vessel resumed operations on April 9 after Israel’s Energy Ministry lifted a directive that had halted production since late February. Output returned to full capacity within 48 hours.

The Eastern Mediterranean-focused producer has faced repeated disruptions to its Israeli operations amid ongoing regional conflict, with its gas fields and production vessel shut down twice over the past year. In response, the company has been pursuing investments and exploration opportunities to diversify and expand production.

Energean’s CEO, Mathios Rigas, said the company sees strong organic growth potential, supported by upcoming exploration prospects in Greece and Egypt. He added that Energean’s development projects in Israel and Croatia remain on track to deliver first gas in the first half of 2027.

Energean is also partnering with ExxonMobil and Helleniq Energy on natural gas exploration in the Ionian Sea, marking Greece’s first exploration drilling campaign in 40 years.