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Energean 2018 income soars to $100.8M as production jumps 46%

Energean Oil & Gas PLC, a subsidiary of Energean E&P Holdings Ltd, announced March 21 its income for the year ended Dec. 31, 2018, totaled $100.8 million, up significantly from the $9.9 million seen in 2017.

Total revenue for the year was reported at $90.3 million, rising from the $57.75 million seen in 2017. Cost of sales increased to $60 million for 2018 compared to $48.7 million in 2017. Operating profit was pegged at $23.8 million, up from an operating loss of $13.7 million seen a year earlier.

Production averaged 4,100 barrels of oil equivalent per day in 2018, up 46.4% from the 2,800 boe/d reported in 2017. Realized oil prices increased 29.1% year on year to $60.30/boe in 2018 compared to $46.70/boe in 2017.

Capital expenditure was reported at $494.6 million in 2018, surging by 631.3% from the $67.6 million spent in 2017.