Government Approval of Production Sharing Contracts
Major milestone achieved with government approval of new consolidated production sharing contracts in Egypt, expected to enhance reserves and production.
Significant Reduction in Overhead
General and administrative burden reduced by approximately 80%, including staffing contingent, effectively rightsizing the organization.
Substantial Returns to Investors
Over $600 million returned to investors through dividends and share buybacks.
Debt Reduction in Egypt
Debt in Egypt paid down materially over the year, with continued progress expected.
Liquid Production Performance
Higher-margin drilling leading to liquids remaining slightly above forecast at 43% of production.
Improved Cash Collections from EGPC
Cash collections from EGPC improved, anticipating at least $90 million in the second half of 2025.