Energean plc, a London-based independent exploration and production company, reported a 45% year-on-year (YoY) increase in profit after tax to $160 million during the first half (H1) of 2026, according to the company’s latest results.
Free cash flow rose 35% YoY to $250 million, while net debt declined by $97 million in the second quarter (Q2) of 2026. The company’s net receivables also fell 64% to $75 million following $226 million in collections, reaching their lowest level since 2020.
“In Egypt, the payment environment has improved markedly, with our net receivables now at their lowest level since 2020,” said Mathios Rigas, CEO of Energean.
The Egyptian government has paid all outstanding arrears to international oil companies (IOCs) on June 10, 2026, closing an important file over two years. currently, dues are being paid regularly to Energean.
At the group level, production exceeded 180,000 barrels of oil equivalent per day (boe/d) in August 2026, reiterating its full-year production guidance of 130,000–140,000 boe/d.
During H1 2026, the company’s average daily working interest production stood at 124,000 boe/d, compared with 138,000 boe/d in H1 2025. Total revenue from production activities reached $743 million, down 8% YoY.
During the H1, the company commissioned the second oil train on the Energean Power FPSO, which lifted liquids processing capacity by 72% from 18,000 barrels per day (bbl/d) to 31,000 (bbl/d).
In Israel, it completed the first Katlan heavy-lift campaign; drilling and completing two Katlan deepwater development wells, marking progress on the critical path towards first gas from the Katlan project in H1 2027.
The company also continued progress at Irena in Croatia and the Nitzana export pipeline, which remain on track respectively for first gas in H1 2027 and completion in late 2028.
It is also preparing for exploration drilling at Block 2 in Greece with US ExxonMobil, which is due to begin in Q2 2027.
The company said it remains focused on growth and diversification across Europe, the Middle East, and Africa, with potential opportunities in existing countries of operation under review.
Energean has agreed with the Egyptian General Petroleum Corporation (EGPC) on the principal terms to consolidate its Abu Qir, North El Amriya, and North Idku concessions into a single concession framework.
