Energean reports 45% profit jump in first half of 2026

Energean reported a 45 per cent increase in first-half 2026 profit after tax, reaching $160 million. Despite a production shutdown at its Karish asset in Israel due to regional conflict, the company saw a significant recovery, with production exceeding 180,000 barrels of oil equivalent per day in August.

Key financial highlights include a 35 per cent rise in free cash flow to $250 million and a $97 million reduction in net debt. The company is currently in a heavy investment phase for the Katlan development, maintaining full-year production guidance of 130,000 to 140,000 boepd.

Strategically, Energean has secured a $1.4 billion natural gas sale agreement with Sorek in Israel, bringing its total contracted revenues to over $5 billion. In Egypt, the company has reached terms to merge three concessions into a single license with improved fiscal terms, supported by a $150 million exploration pledge to unlock new acreage.