Energean Reports Strong H1 Performance Despite Production Disruption
Despite a 41-day production shutdown at its Karish asset in Israel, Energean reported improved financial performance for the first half of 2026. The company saw profit after tax rise by 45% to $160 million and free cash flow increase about 35% to more than $350 million. First-half production fell 12%, while revenue declined 8%. Energean attributed the profit growth to cost control, favorable foreign-exchange movements from a stronger U.S. dollar, and lower taxation. Energean maintained its full-year development spending guidance at $800–$850 million for the Katlan project and expects first gas production in H1 2027 with output exceeding 180,000 barrels of oil equivalent per day. The company also secured a new Sorek gas agreement worth $1.4 billion and plans to invest $150 million in Egypt while evaluating acquisitions in the Mediterranean and West Africa without increasing leverage. The CEO noted that Energean entered the second half from a position of strength, with production reaching 182,000 barrels per day in August.
Tickers: $ENOGY
Topics: energy free_cash_flow oil_and_gas production profit