Energean cut its dividend and lowered its 2026 production guidance after a 41-day shutdown at Israel’s Karish gas field sharply reduced first-quarter output and earnings.
21 hours2 days5 days Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
Venezuela Tries to Convince Big Oil It’s Safe to Come Backits first-quarter dividend and full-year production outlook following a 41-day halt to production at a gas field offshore Israel due to the Middle East conflict. Energean suspended production at the Karish platform offshore Israel in early March under orders by the Israeli Energy Ministry. OperationsThe Israeli government’s go-ahead permitted the safe restart and resumption of production and operations at the Energean Power FPSO at the Karish gas field.
However, due to the 41-day halt to production, Energean noted materially lower output and profits for the first quarter of 2026.
“As a direct consequence of the 41-days of production shutdown in Israel between 28 February to 9 April, Q1 2026 financial performance was meaningfully lower than originally anticipated,” the London-listed company said in a regulatory filing today. “The Board recognises the importance of dividend income to shareholders; however, notwithstanding Energean’s strong financial position and outlook and in keeping with its commitment to shareholder returns, the Board has therefore declared a dividend of 10 US cents/share for Q1 2026,” it added.
Due to the production shutdown offshore Israel, Energean’s average group production fell to 114,000 barrels of oil equivalent per day for the first quarter of 2026, down from 145,000 boed, or by 21%, year-on-year. As a result, the company revised down its total production guidance for 2026 to 130,000-140,000 boed, down from 140,000-150,000 boed previously expected.
The revised guidance for Group production and Cost of Production “reflects the impact of regional geopolitical events, including the 41-days of shutdown in Israel, together with the associated effects on global commodity prices and the outlook for higher oil prices in 2026, affecting royalties, flux, and purchased oil costs,” Energean said. Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. to your account to post your comment, or enter a different email address to continue with your comment & account creation.
Please understand that, by submitting this form, you will be creating a free OilPrice.com account, and therefore agree to abide by our. Your details will be stored in our database and shared with our third party mailing list provider. You will be sent an email containing a link that will ask you to generate a new password - please follow the link to complete your OilPrice account activation. We will save the information entered above in our website.
Your comment will then await moderation from one of our team. If approved, your data will then be publically viewable on this article. Please confirm you understand and are happy with this and ourby ticking this box. You can withdraw your consent, or ask us to give you a copy of the information we have stored, at any time byBy signing up to our newsletter, you agree for your email address to be shared with our third party mail providers.
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Israel Gas Field Karish Dividend Cut Production Guidance Middle East Conflict Offshore Gas FPSO Natural Gas Oil Prices
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AirPods 4 just £4 a month from Sky Mobile – but there's a catchThe deal slashes the price of Apple AirPods 4 AirPods Pro 3
Read more »
Ninja Slashes Prices on Multi-purpose Outdoor BBQ Grill, Offering £50 Discount Ahead of May Bank HolidayNinja has introduced a significant discount on its popular Woodfire Electric BBQ Grill and Smoker, offering consumers £50 off the usual price of £299.99. The discounted price is £249.99, and buyers at SharkNinja have given it a 4.8-star rating with over 1,700 reviews. One user praised the BBQ for its low running cost, ease of use, and versatile cooking functions, stating: "Unbelievable quality, easy to use, and the flavours it produces are second to none. One of my better buys." Meanwhile, Ooni is hosting a spring sale, offering 20% off its pizza oven collection.
Read more »
Possible Samsung strike puts even more pressure on memory pricingAs a senior policymaker ponders whether all South Koreans should enjoy an ‘AI dividend’
Read more »
Hoover slashes the price of its 'lightweight' pink vacuum cleaner: All the Hoover discounts you won't want to missAll the latest Hoover sale prices and deals need to know, from the highly rated powerful vacuums to the vacuum for pet owners. Shop the Hoover sale now.
Read more »