Energean issued a trading statement and operational update for the three months to 31 March that reduced Group production guidance to 130-140 kboed from 140-150 kboed to reflect the Israel shutdown.
The oil and gas producer recorded Q1 2026 average Group production of 114 kboed (Q1 2025: 145 kboed), total revenue and other income from production activities of $288 million (Q1 2025: $407 million) and adjusted EBITDAX of $184 million (Q1 2025: $278 million).
"Our 18-year reserves life and $20 billion of long-term contracted revenues over 20 years with investment-grade counterparties generates a strong financial foundation," Mathios Rigas, Chief Executive Officer, said.
Energean said the Energean Power FPSO resumed operations on 9 April and Group production averaged 152 kboed to end‑April, and excluding the Israel shut-in days averaged 156 kboed for the four months to 30 April, tracking the January guidance.
Israel production guidance has been revised to 98-104 kboed from 108-114 kboed while Rest of Portfolio guidance is unchanged.
The Board declared a Q1 2026 dividend of 10 US cents per share, noting results were meaningfully lower due to the suspension.
Energean received $125 million from EGPC in April, cutting net receivables to $85 million at 30 April, a 59% reduction since 31 December 2025, and said concession-merger talks are advanced.
The second oil train is expected to commission by around the end of May to lift liquids above 20 kbbl/d and Katlan first gas remains on track for H1 2027.
The group reported cash and cash equivalents of $227 million at 31 March rising to $307 million at 30 April after the EGPC payment and a cargo sale, with net debt of $3,325 million at 31 March reducing to $3,275 million as of 30 April.
Energean said Angola approval processes are progressing with closing of the Chevron asset acquisition anticipated by end‑2026 and exploration drilling on East Bir El‑Nus is expected to start in late June/early July with results around two months after.
