Shiamisis (Helleniq Energy): Uncertainty over Exxon’s drilling timeline in Crete

The significant decline in international margins combined with lower sales of petroleum products “marked” the financial results of Helleniq Energy in the first quarter of 2025, with the overall picture, however, remaining positive, all things considered.

The Group demonstrated “resilience”, as  Helleniq Energy CEO Andreas Shiamisis pointed out during a conference call for the presentation of the first quarter results.
He added that there is already “good news”, referring to the recovery of prices and “economic” figures in the refining sector, laying the foundations for further positive performance.

The better utilization of equipment has constituted a significant “line of defense” against market imbalances, which is to be further strengthened with the full operation of the Group’s three refineries after the “shut down” at the Elefsis unit, which is currently underway and is expected to be completed in the coming weeks.
“The transformation program and the continuous improvements in our operation set a high basis for profitability,” the company’s management noted, emphasizing that the implementation of the strategic plan is progressing normally with “hard work” and on track to achieve the key “milestones” that have been set for the coming period.

The RES sector and the “lesson” of Iberia

Particularly positive “messages” emerge from the RES sector, where despite the lower performance of wind farms and the significantly higher cuts in “green” electricity generation, the “green” contribution to EBITDA maintained a positive sign with +12% in the first quarter of the year compared to a year ago.
Additionally, as emphasized by the Deputy CEO of Helleniq Energy, George Alexopoulos, the Group’s planning continues to aim at building a portfolio of 1 GW of projects in operation by the end of 2026 with significant geographical and technological dispersion.
HELLENiQ RENEWABLES has a total of 494 MW in operation and is constructing photovoltaic parks with a total capacity of 211 MW in Romania and storage projects with a total capacity of 150 MW in Greece. The total capacity of the portfolio of projects under development amounts to 5.1 GW in Greece and Southeastern Europe.
Commenting on the recent events in the Iberian Peninsula, Alexopoulos underlined that these constitute a “wake-up call” for all Europe in the direction of promoting the necessary investments in networks and methods of shielding electrical systems. “We must all learn from this and proceed with the required actions,” he pointed out.

Exploratory Drilling in Crete: A ‘Wait and See’ Situation

Responding to a relevant question from an analyst about Exxon Mobil’s plans in the “Southwest Crete” block, which appears more “mature” for the next exploratory drilling move, Alexopoulos pointed out that Helleniq Energy is in communication with the US company, without, however, being able to determine with certainty the timing of the decision, that is, whether or not they will proceed with exploratory drilling, which will also mark the next -third – phase of development of the concession.
“We are analyzing the data to conclude whether we will proceed or not,” he said, leaving open the drilling time. According to recent statements by the Exxon Mobil and Helleniq Energy managements, the drilling was scheduled to be carried out around the end of 2025. In any case, the duration of the second phase may, by law, reach a maximum of 3 years, which automatically, if applicable, means abandoning the scenario for the current year.

Elpedison deal on track for completion

Developments are expected on the ELPEDISON front, with the latest update from the group stating that the relevant transaction with the acquisition of EDISON’s stake by Helleniq Energy is on track for completion within two months.
The integration of Elpedison will add a new source of revenue for the Group as well as mark the unfolding of the group’s plans in the electricity supply sector, given that Helleniq Energy’s management has already set targets of a 10% share in the retail market from the current 5-6% levels.