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(Sharecast News) - London-based oil and gas explorer Energean on Monday announced that year-to-date production is tracking in line with full-year guidance, though profits have fallen slightly due to lower sales in Israel.
Group output was up 35% in the third quarter, compared with the previous three months at an average of 176 thousand barrels of oil equivalents per day (kboed), after strong production in August continued into September.
Energean said this reflected "robust" summer gas demand in Israel.
Production over the first nine months of 2025 averaged 151 kboed, comprising 85% gas, down 3% from 156 kboed (83% gas) the year before due to the temporary suspension of production in Israel in June. However. this was still in line with full-year guidance of 145-155 kboed.
Adjusted earnings before interest, tax, depreciation, amortisation and exploration expenses totalled $828m for the first three quarters combined, down 7% from the year before.
"This was primarily driven by lower sales in Israel, impacted by the planned shutdown for essential works for the second oil train development in March 2025 in addition to the Ministry-ordered suspension of production for security reasons in June 2025, and lower Brent prices," the company said.
Energean also announced on Monday that it has launched an offering of 400m of senior secured notes due 2031, which it will use to refinance existing debt due 2027, as well as provide cash and pay related fees and expenses.
The stock was more or less flat at 952p by 1212 GMT.
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