Energean plc announced a stronger fourth quarter of 2025 production, posting a 12% increase year-on-year to an average of 162,000 barrels of oil equivalent per day (kboed). That performance helped the company close the year with full-year production at the upper end of its stated guidance.
For the full year 2025, Energean recorded average production of 154 kboed, of which 113 kboed were produced from its Israel operations. Sales revenue for the year was $1.72 billion and adjusted EBITDAX was $1.11 billion, figures the company said were broadly in line with the prior year despite geopolitical challenges and a softer oil price environment.
Contracts and forward cover
Management highlighted the role of long-term gas contracts in supporting resilience. Energean said it has secured in excess of $20 billion of contracted revenue over the next two decades. During 2025 the company also signed new long-term domestic gas contracts in Israel with a combined value of more than $4 billion.
Chief Executive Officer Mathios Rigas emphasized these contract flows as an underpinning of the company s earnings visibility, particularly into the medium term.
2026 guidance and planned capital deployment
Energean set production guidance for 2026 in a range of 140-150 kboed, forecasting that Israel operations will contribute 108-114 kboed of that total. The company also detailed planned development and production capital expenditure of $740-800 million for 2026, noting the majority of that spending will be directed to its Israel business.
Impairment and arbitration related to Cassiopea
Energean said it expects to record a non-cash impairment of approximately c300 million connected to its Cassiopea asset, citing performance below initial expectations. Separately, the company has started arbitration proceedings against the operator of the Cassiopea field, seeking c265 million in reimbursement for costs and lost revenues.
Capital returns and balance sheet
Shareholder returns remained intact in 2025, with the company reporting $221 million returned to shareholders and maintaining its dividend at $1.20 per share. Energean reported net debt of $3.26 billion as of December 31, 2025.
The company s update combined operational growth in the quarter with targeted capital investment and a balance-sheet that reflects both ongoing returns to shareholders and the impact of the impairment tied to Cassiopea.
Investors and market participants will be watching the implementation of the 2026 capex plan, the contribution of Israeli production to next year s volumes, and the outcome of the Cassiopea arbitration and associated accounting treatment as the company moves through the coming months.