Savannah Energy has announced its unaudited results for the year ended December 31, 2024. The company reported a total income of $393.8 million, a 36% increase from $289.8 million in FY 2023.
Total revenues were $258.9 million, slightly below the previous year’s $260.9 million, while other operating income reached $134.9 million, significantly up from $28.9 million in FY 2023.
The company’s average gross daily production in 2024 was 23.1 Kboepd, consistent with 23.6 Kboepd in 2023, with gas production accounting for 88% of the total.
Savannah successfully extended and agreed to three gas supply contracts totaling up to 105 MMscfpd.
The average realized sales price for gas increased to $4.68/Mscfe, a 4% increase from $4.51/Mscfe in 2023.
Savannah’s Adjusted EBITDA was $181.2 million, closely aligned with the prior year’s $184.1 million.
The company achieved a record cash collection of $248.5 million, representing a 21% increase from $206 million in FY 2023.
Cash balances at the end of 2024 stood at $32.6 million, while net debt rose to $636.9 million from $473.7 million in FY 2023.
One notable achievement was the 21% increase in 2P reserves at the Uquo field in Nigeria, bringing the total increase since acquisition to 81%.
The company’s sustainability performance also improved, with a 47% reduction in Scope 1 carbon intensity.
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