Energean has reported its full-year revenues of $1,420 million, representing a 93% increase from 2022, and adjusted EBITDAX of $931 million, marking a 121% increase from the previous year.

Accordingly, the company reduced its leverage ratio by 50% to 3x and declared a Q4 2023 dividend of 30 US cents/share, returning approximately $370 million to shareholders since the inaugural payment in Q3 2022.

The company has also made progress in reducing its emissions intensity, achieving an 86% reduction from its original 2019 baseline.

The company’s Chief Executive Officer Mathios Rigas expressed his satisfaction with the company’s performance, stating that 2023 was another transformational year for Energean.

“2023 was another transformational year for Energean. We grew production by 200% year-on-year, reached c. 150 thousand barrels of oil equivalent per day (kboed) peak production and brought NEA/NI (North El Amriya and North Idku) online on time and on budget,” Rigas stated.

“Despite the challenging geopolitical environment, all of our operations were managed without any impact from the regional conflicts. Since the year-end, the start-up of Karish North and the second gas export riser mean we are now able to utilise the FPSO’s maximum gas capacity and our production guidance illustrates the next step towards our near-term target of 200 kboed,” he added.

The company is focused on backfilling the Energean Power FPSO, meeting growing gas demand in Israel and the region, and pursuing new areas of development, including the Morocco farm-in project and unlocking previously restricted acreage in Italy.