Energean Reports 45% Higher Half-Year Profit as Israel Output Recovers
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Energean Sees 45% Jump in Half-Year Profit as Israel Gas Output Recovers
Energean’s Financial Performance and Production Update
Profit Surge Driven by Lower Tax and Israel Recovery
Sept 9 (Reuters) – Eastern Mediterranean-focused gas producer Energean posted a 45% jump in first-half profit on Wednesday, helped by a lower tax charge in Italy, and said production had recovered strongly following the restart of operations in Israel.
Diversification Strategy Amid Regional Disruptions
Reducing Reliance on Israeli Gas Fields
The company has been seeking to reduce its reliance on its flagship gas fields offshore Israel, where production has been repeatedly disrupted by regional conflict, by expanding in Egypt and pursuing new opportunities in West Africa.
Production Guidance and Half-Year Output
Full-Year Guidance Maintained
Energean retained its full-year production guidance of 130,000 to 140,000 barrels of oil equivalent per day, and posted production of 124,000 boepd for the half-year down 10% year-on-year, citing the temporary suspension of production in Israel for 41 days between February 28 and April 9.
Profit Figures and Year-on-Year Comparison
It reported profit after tax of $160 million for the half year ended June 30, compared with $110 million prior year.
(Reporting by Ankita Bora in Bengaluru; Editing by Jochelle Mendonca)
