Energean reports a rise in its annual profit and flags exploration costs

Energean, a UK-based gas company, reported a 2% increase in its annual profit after taxes on Thursday. However, it also flagged $241 million in impairments relating to assets located in Egypt, Morrocco, and Greece.

The company reported a profit of $188 millions for the year ending December 31, 2024. This is up from $185 in 2023.

The company stated that the increasing demand for electricity and the government's plan to phase out coal in Israel have increased the demand for natural gas in Israel, which is the majority of the country's production.

It added that its operations in Israel were not affected by the Middle East conflict.

The Eastern Mediterranean-focused firm reiterated its outlook for 2025 from continuing operations.

Energean plans to double production over the next few years. This will be achieved by developing new prospects, such as the Katlan gas field, which the producer hopes to begin production on in the first half 2027.

Carlyle's deal to purchase assets from the company could collapse. Gas producer said, however, that its dividend program will continue regardless of the outcome. (Reporting from Raechel Thankam Job in Bengaluru and Anandita Moreotra; editing by SumanaNandy.)

(source: Reuters)