Energean plc says its revenue jumped to £241 million in 2020

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in his free… read more.
on Apr 19, 2021
  • Energean plc says its revenue jumped to £241 million in 2020.
  • The energy company values capital expenditure at £406.90 million.
  • Energean expresses plans of announcing its future dividend policy.

Energean plc (LON: ENOG) said it produced 48,300 barrels of oil equivalent per day (BOEPD) in 2020. 74% of the total production, it added, was gas. The London-listed company valued its revenue at £241.26 million versus the year-ago figure of £54.01 million.

Energean shares opened roughly 4% down in the stock market on Monday and lost another 0.5% in the next hour. It is now trading at a per-share price of 816 pence compared to 729 pence at the start of the year 2021. If you want to invest in the stock market online, you will need a reliable stockbroker – here is a comparison of the top few to make selection easier for you.

Energean values capital expenditure at £406.90 million

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Energean sales tanked to £20.16 million in 2020. The British firm reported £77.06 million of earnings before interests, taxes, depreciation and amortisation (EBITDA) in 2020 that represents a close to 200% growth from last year’s £25.21 million.

The gas-focused company said its capital expenditure in the recently concluded year stood at £406.90 million, compared to a higher £493.32 million in 2019. Peel Hunt analysts commented on Energean’s financial update and acknowledged significant progress in 2020, despite the COVID-19 disruptions.

The novel flu-like virus has so far infected more than 4.3 million people in the United Kingdom and caused over 127 thousand deaths. Energean completed the Edison E&P acquisition in 2020 for £165.64 million. Its annual report on Monday consolidated Edison results for the full year.

In separate news, the U.S. tech giant Microsoft said on Monday it will invest £720 million to set up data centres in Malaysia.

Energean to announce its future dividend policy

The energy group is to announce its future dividend policy and expressed plans of making the 1st payment in 2022. Energean expects its working interest production this year to fall in the range of 36 thousand to 41 thousand BOEPD. In the three months that concluded on March 31st, its average working interest production came in at 44 thousand BOEPD.

Capital expenditures, the FTSE 250 listed company said, is expected between £338.48 million to £396.10 million. In December 2020, Energean struck a deal with Kerogen to get full control of EISL.

Energean plc performed largely downbeat in the stock market last year with an annual decline of more than 20%. At the time of writing, it is valued at £1.44 billion.

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