Panos Benos on M&A
From Energean Full Year 2025 Results Call · · Energean
“You all know we signed a deal to buy Block 14, the operated position of Chevron in Angola, our first project in West Africa. We needed and we said we would diversify and add a third production leg uh for our business and we did it. We're working now to get to closing.”
On , Panos Benos, CFO at Energean, spoke about M&A during Energean Full Year 2025 Results Call on Energean.
About Panos Benos
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.