Energean plc (EERGF), a hydrocarbon exploration and production company, on Thursday reported higher revenues and adjusted EBITDAX for nine months, with 31 percent increase in production.
The Group's revenues for nine months grew 35 percent to $1.36 billion. Revenues from continuing operations rose 51 percent to $1.03 billion.
Meanwhile, adjusted EBITDAX rose 44 percent to $894 million, while it rose 61 percent to $706 million, on continuing operations basis.
Group production for the nine-month period increased 32 percent to 156 kboed. Production from continuing operations rose 40 percent to 117 kboed.
Looking ahead to 2024, the Group now expects production of 150-155 kboed compared to earlier projected range of 155-165 kboed. The Group attributes the reduction in guidance to Israel, which reflects lower than expected sales in November owing to weather conditions and market dynamics and, for the lower end, an assumption of flat month-on-month sales for December.
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