CFO, Energean
Search every verified Panos Benos interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Panos Benos, CFO of Energean, participated in the company's full-year 2025 results call on March 24, 2026. He described 2025 as "a mixed year," noting a challenging first half when the Karish field was shut in for several weeks, followed by a record second half with average production above 170,000 boe per day. Benos reported total revenue of just below $1.8 billion, flat compared to 2024, and a final P&L loss of $250 million, which he attributed primarily to a $550 million impact from the impairment of the Kasspir gas field and related adjustments. He stated that adjusted for that impairment, profitability would have been "almost double than last year." Benos also discussed the company's capital structure, highlighting a weighted average debt maturity of around six years, a weighted average cost of debt of 7%, and no debt maturities until 2028. He provided guidance on potential production impacts, stating that each month of shutdown could reduce initial guidance by roughly 9,000 to 10,000 boe per day, with operating expenses expected to remain similar as facilities are kept ready. Additionally, Benos outlined the acquisition of block 14, noting a $260 million base consideration with a lockbox date of January 1, 2026, and that the asset is currently producing around 13,000 barrels per day with approximately $120 million in EBITDAX for 2025.
“Our monthly running costs in Israel are $10 million. That's the cost of operating the FPSO, our people, our staff, and of course on top of that we have the financial costs. But we're sitting on more than $300 million of liquidity. All our debt reserve accounts are filled and most importantly our finance team did a phen...”
“We have no take or pay provisions and uh our buyers are serving the market with alternative sources and as soon as we get on line we will start selling gas to them without any financial burden.”
“We find ourselves in a very fortunate situation that Catlan are major investment is the all the the key activities are happening outside of Israel for the time being. So we see no impact so far on the schedule. We remain confident that Katlan will be on stream in the first half of 27.”
“We have $20 billion worth of gas contracts signed for the next 15 years gives us a very strong base to work from and uh be confident about the resilience of this business for the future.”
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