Energean PLC (LON:ENOG) said it is to define a future dividend policy and is targeting the first payment in 2022.
This year, the gas company expects its working interest production to come in between 36,000-41,000 barrels of oil equivalent per day (boepd), up by 1,000 boepd due to the absorption of the Rospo Mare and Vega interests.
The average working interest production in the three months to 31 March was around 44,000 boepd.
Capital expenditure guidance was cut to US$470-550mln from US$510-590mln previously, most of which relates to Karish and Karish North, located offshore Israel.
The FTSE 250 firm continues to work towards first gas from Karish in the first quarter of 2022.
The shipyard in Singapore remains under limitations imposed by Coronavirus (COVID-19)-related restrictions, including limited access to workers and yard productivity.
Energean said it is working with its contractors to firm up this timetable and will update the market as the situation evolves.
As part of its commitment to reach net-zero emissions by 2050, this year the group will switch to purchasing “green” electricity, introduce a zero-routine-flaring policy and establish procedures to reduce methane emissions.
In 2020, the energy group completed the acquisition of Edison E&P for US$230mln so it has presented its full-year results as if the Edison results were consolidated for the entire year.
The ‘locked box’ date of the transaction was 1 January 2019 and so all economic results since that date accrue to Energean. Actual results consolidate from the closing date of the transaction on 17 December 2020.
In 2020, total production was 48,300 boepd, 74% of which was gas.
Revenue rocketed to US$335mln from US$75mln in 2019 (with Energean sales dropping to US$28mln), with underlying earnings (EBITDA) growing over three-fold to US$107mln from US$35mln in 2019 (although Energean would have slumped to an US$8mln loss by itself).
Capital expenditure came in at US$565mln from US$685mln in 2019.
Analysts at house broker Peel Hunt said the results show “a year of significant progress” despite the challenges posed by the pandemic.
Shares shed 3% to 827.5p on Monday morning.