Gas condensate stabilization is a common process in gas refineries and petrochemical industries. This process is known as an energy consuming process because it uses distillation columns and furnaces for separating different cuts from the condensate feed. This study aims to improve the performance of the gas condensate stabilization unit in a large petrochemical company in terms of energy efficiency and loss prevention. The case study considered in this work is the gas condensate stabilization unit in the Nouri Petrochemical Company, treating 568 t/h of raw condensate feed. This plant includes two distillation columns, two furnaces, several pumps, heat exchangers, and air coolers. A hybrid energy and exergy analysis is conducted in this study. First, the validation of the simulation phase is performed. We then conduct a parametric sensitivity analysis to explore the effects of various parameters, such as operating temperature and pressure on the process performance. After that, the most influential variables are identified using a thermodynamic analysis for optimization and design purposes. An optimization method is employed to attain the maximum production improvement and exergy efficiency. The exergy analysis shows 187.4 MW total exergy destruction in the plant; the furnaces account for 79% of the total exergy destruction. The energy consumption of the process could be reduced by 33.7 MW, which leads to an 18% reduction in the energy consumption of the plant. The optimal process conditions outperform the current and design states in terms of exergy efficiency (4.6% improvement in exergy efficiency). The fuel gas consumption is reduced by 2.1 t/h, leading to a reduction of 136.8 t/d CO2 emissions. The economic evaluation reveals that 7.3 × 105 USD/h could be saved at the optimum conditions. The current study could offer a proper platform for improving the energy efficiency of similar plants.