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ShaMaran Petroleum Corp (SNM) investor relations material

ShaMaran Petroleum Corp Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Net debt reduced by nearly 50% year-over-year, strengthening the base for potential shareholder distributions.

  • Focus remains on strong cash flow generation and accelerated debt repayment.

  • Ongoing efforts to resolve the Iraq-Türkiye pipeline closure, which continues to materially impact operations.

Financial highlights

  • Q2 2025 revenue reached $35.4 million, up 56% year-over-year due to higher local oil sales and increased Atrush Block interest.

  • Gross margin on oil sales was $12.8 million, a 73% increase from Q2 2024.

  • Free cash flow before debt service was $27.9 million, up 66% from Q2 2024.

  • Adjusted EBITDAX for Q2 2025 was $24.9 million, a 59% year-over-year increase.

  • Net debt at June 30, 2025, was $87.2 million, with cash of $67.2 million and gross debt of $154.4 million.

Outlook and guidance

  • Board authorized repayment of the remaining Nemesia loan, reducing gross debt to $143.8 million.

  • Sarsang Block expected to operate at reduced capacity until late October 2025 due to facility damage.

  • Financial statements for Q3 2025 to be published on November 5, 2025.

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Frequently asked questions

ShaMaran Petroleum Corp. is an independent Canadian oil and gas exploration and production company primarily operating in the Kurdistan region of Iraq. ShaMaran is part of the Lundin Group of companies, which consists of independent publicly-traded natural resource companies. The company is headquartered in Vancouver, British Columbia, Canada, and its shares are listed on the TSX.

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