Greek energy exploration and production company Energean (TASE: ENOG; LSE: ENOG) has announced the signing of a gas supply agreement with the Sorek power station. The agreement is for 7.7 billion cubic meters (BCM) of gas over 15 years, which the company estimates is worth $1.4 billion over the term of the agreement. Energean expects the supply rate to reach up to 0.5 BCM per year, and increase to up to 0.6 BCM per year from September 2035.
Energean ended the first half of 2026 with an after-tax profit of $160 million, an increase of 45% compared with $110 million in the same period last year. The increase in profit was recorded despite an 8% decrease in revenue from production activities, which amounted to $743 million, compared with $804 million in the first half of 2025.
The improvement in profit was mainly due to a significant decrease in the group's tax expenses, along with an increase in oil and gas prices. Pre-tax profit was $178 million, compared with $174 million in the same period last year, while tax expenses fell to $19 million, compared with $64 million last year. The decrease in the effective tax rate was mainly due to the recognition of deferred tax assets in Italy.
Cash flow from operating activities was $476 million, down from $555 million in the same period last year, while free cash flow increased by 35% to $250 million. Net debt fell $97 million during the second quarter and was $3.23 billion at the end of June.
Published by Globes, Israel business news - en.globes.co.il - on September 10, 2026.
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