Energean updates 2026 guidance after Israel shutdown, shares trade lower in London

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-25, 17:10.

Energean (GB00B753SF33) entered mid-2026 with a mixed picture after a government-ordered production shutdown in Israel cut into its first-quarter numbers. The London-listed oil and gas group has updated its 2026 production guidance and reported weaker Q1 revenue, as detailed in a recent trading statement and full-year 2025 results release from London.

What the latest trading update shows

In a Q1 2026 trading statement dated 20 May 2026, Energean reported total revenue of about $288 million for the first quarter, alongside adjusted EBITDAX of roughly $184 million, both affected by a 41-day production suspension in Israel in early 2026.Company trading statement and operational update The company highlighted that the temporary shutdown followed a government order linked to the security situation in the region.

Despite the interruption, Energean said that production performance recovered strongly after operations resumed, with average group production of around 152 thousand barrels of oil equivalent per day (kboed) since the restart of the Israeli fields.Details in the Q1 2026 trading update The company also declared an interim dividend of 10 US cents per share with respect to the period, underlining its commitment to distributions even in a volatile operating environment.

Guidance revisions and full-year context

Alongside the Q1 statement, Energean updated its 2026 production guidance to reflect the lost days in Israel, trimming expected group output to a range of 130 to 140 kboed from an earlier range of 140 to 150 kboed while keeping guidance for the rest of the portfolio unchanged at 32 to 36 kboed.Guidance summary in the operational update The company noted that Israel production is now expected at 98 to 104 kboed in 2026, compared with 108 to 114 kboed previously, after the shutdown period is factored in.

Those adjustments build on the picture set out in Energean’s 2025 full-year results released from London on 19 March 2026, which showed total 2025 revenue of about $1.77 billion and adjusted EBITDAX of approximately $1.12 billion, against a reported loss after tax of $258 million driven largely by non-cash items including a $286 million impairment related to the Cassiopea gas project.2025 full-year results announcement In that release, management said working interest production to the end of February 2026 averaged roughly 155 kboed, broadly consistent with its initial 2026 guidance of 145 to 155 kboed before the subsequent shutdown.

The gas-focused portfolio behind Energean

Energean generates most of its cash flow from natural gas developments in the Eastern Mediterranean, in particular the Karish and Tanin fields offshore Israel, which are linked to long-term gas sales agreements with power and industrial customers in the region.Energean investor presentation and asset overview Beyond Israel, the company holds upstream positions in Greece, Italy, the United Kingdom and Egypt, providing additional liquids and gas volumes and some geographic diversification.

Where the shares trade today

The Energean shares (GB00B753SF33) trade on the London Stock Exchange under the ticker ENOG, with the latest available price indications from a United Kingdom quote service showing around 705 pence as of 2026-06-25, 11:47 BST, implying a market capitalization of roughly £1.31 billion at that level.

This article is for informational purposes only and does not constitute investment advice, investment recommendation or an offer or solicitation to buy or sell any financial instrument. Historical figures and guidance are based on publicly available company disclosures and third-party data, which may be updated or revised without notice.