Stock Analysis

Energean Full Year 2023 Earnings: Misses Expectations

Simply Wall St

April 25, 2024

Energean (LON:ENOG) Full Year 2023 Results

Key Financial Results

Revenue: US$1.42b (up 93% from FY 2022).
Net income: US$184.9m (up by US$167.7m from FY 2022).
Profit margin: 13% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue.
EPS: US$1.04 (up from US$0.097 in FY 2022).

ENOG Production

Combined production

Oil equivalent production: 44.731 MMboe (15.038 MMboe in FY 2022).

revenue-and-expenses-breakdown — LSE:ENOG Revenue and Expenses Breakdown April 25th 2024

All figures shown in the chart above are for the trailing 12 month (TTM) period

Energean Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 34%.

The primary driver behind last 12 months revenue was the Israel segment contributing a total revenue of US$939.8m (66% of total revenue). Notably, cost of sales worth US$759.5m amounted to 54% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$364.8m were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how ENOG's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom.

Performance of the British Oil and Gas industry.

The company's shares are up 8.9% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 3 warning signs for Energean (1 is potentially serious!) that you need to be mindful of.

Valuation is complex, but we're helping make it simple.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.