Full Year 2024 Energean PLC Earnings Call Transcript
Key Points
- Energean PLC (EERGF) achieved a record year in 2024 with group production reaching 153,000 barrels of oil equivalent per day.
- The company generated $1.8 billion in revenue and $1.2 billion in EBITDAX, demonstrating strong financial performance.
- Energean PLC (EERGF) has signed over $4 billion worth of gas contracts in Israel, bringing total contracted revenue to over $20 billion for the next 20 years.
- The company successfully refinanced a $750 million term loan in Israel, removing near-term debt maturity risks.
- Energean PLC (EERGF) has returned close to $600 million in dividends and remains committed to its dividend policy.
- The Carlyle transaction remains uncertain, causing frustration among employees and stakeholders due to lack of clarity.
- Exploration efforts in Morocco and Egypt were unsuccessful, resulting in a $120 million write-off.
- The company's net debt remains high at $2.95 billion, although it has decreased from previous levels.
- There is uncertainty regarding the future dividend policy, which is dependent on the outcome of the Carlyle transaction.
- The Epsilon project in Greece has been delayed to the second half of 2029, with its future dependent on government support and alignment with carbon storage initiatives.
Welcome to the Energean and fiscal-year 2024 results webinar. This session is led by Mathios Rigas, CEO; and Panos Benos, CFO. (Operator Instructions) I will now pass it over to Mathios Rigas. Please go ahead.
Good morning, everyone and thank you for joining our call today. Obviously, everybody's expecting us to comment on what is the status of the Carlyle transaction. I think we covered everything that was to be said on Monday through the RNS that we made. Carlyle hasn't yet obtained certain regulatory approvals, and we have a date which Murphy's not bringing it to be today.
The end of today, there is a drop-dead situation where the deal can either continue or be terminated. And I'm really sorry, I can't give more clarity today because this is frustrating us and most importantly frustrating our employees, who we worry about.
And we need clarity on this. And we will give clarity very soon, one way or another because we consider it extremely important for the people
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