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Oil company Energean said its annual underlying operating earnings almost doubled after it boosted production and it realized all-time high gas prices in Italy.
Earnings before interest, tax, depreciation, amortisation and exploration costs (EBITDAX) for the year through December increased to $202.9 million, up from $107.7 million year-on-year.
Revenue rose 47% to $495.0 million on the back of a rise in output to 41,000 barrels of oil equivalent per day, at the mid-point of an upgraded full-year guidance range of 40,000 - 42,000 kboed.
Looking forward, Energean said 2022 production, excluding Israel, was expected to be 35,000 - 40,000 kboed.
Israel production was expected to average 25,000 to 30,000 kboed and would be a function of both the first gas date and the commercial ramp up achieved in the initial days and weeks of production.
Energean said the Karish development in Israel remained within budget and was on track to deliver first gas by the third quarter of 2022.
A floating production and storage offloading unit for Karish was expected to be ready for sail-away by the end of this quarter.
A high-impact drilling programme was expected to kick off in mid-March, while first gas was expected from assets in Egypt by the fourth quarter.