Oil producer Energean forecasts higher 2024 production

Mediterranean-focused oil and gas producer Energean (ENOG.L), opens new tab forecast higher 2024 production on Thursday after profit more than doubled last year. The London- and Israel-listed company expects 2024 production to be between 155 and 175 kilo barrels of oil equivalent per day (kboed), up from 123 kboed in 2023.

The forecast is "primarily driven by Energean's gas demand outlook for 2024 in Israel, which has been influenced by the coal phase-out delays and warmer than average winter temperatures so far," the company said in a statement.

Energean, with operations in eight countries across the Mediterranean and the UK North Sea, said its day-to-day operations in Israel continued to be unaffected by the ongoing conflict in the region.

The company's adjusted EBITDAX (earnings before interest, tax, depreciation, amortisation and exploration), a profit metric used by oil and gas companies, came in at $925 million for the year ended Dec. 31, compared with $422 million a year earlier.