Energean PLC swung to an annual profit in 2022, as oil and gas prices jumped, and it said on Thursday it has made a positive start to the new year.
The Mediterranean-focused gas exploration and production company swung to a pretax profit of USD107.0 million in 2022 from a loss of USD90.7 million in 2021. Revenue jumped to USD737.1 million from GBP497.0 million.
The company’s average working interest production inched up 0.5% to 41,200 barrels of oil equivalent per day from 41,000. It explained that production in Israel was lower than forecast due to the project being in the commissioning phase in 2022.
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