Energean (ENOG) AI Stock Analysis

Company Guidance

For full-year 2026, Energean reiterated production guidance of 130,000 bpd-140,000 bpd, with cost base around $300 million, $200 million of royalties, G&A at the usual $35 million range, development CapEx around the $800 million-$850 million mark, and net debt around the $3.3 billion mark; exploration decommissioning expenditure was revised, with scope for even further reductions by the end of 2026. The company expects 2026 gas revenues to catch up, if not surpass, the equivalence of 2025, leverage to stay around the 2.5x-3x range, and its medium-term leverage target is two times after completion of Katlan. Katlan remains on budget and on schedule, with first gas from Athena and Zeus targeted in the first half of 2027; Egypt includes a new investment program of $150 million, with production targeted to double, while the investment program was also described as $50 million committed over the next five years, and its terms are hoped to become effective from January 1, 2027. Block 2 in Greece is targeting to spot the well in early second quarter of 2027, Croatia’s Irena project expects first gas in H1 2027, and the 2028 notes are expected to be refinanced within the next three to six months with the usual type of seven to 10-year tenure, pushing that out to the late 2030s.