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Valeura Energy (VLE) investor relations material
Valeura Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strategic farm-in with PTTEP in Thailand adds significant exploration acreage and gas opportunities, diversifying the portfolio and enabling near-term and long-term development potential.
Wassana redevelopment project advances, with new platform construction underway, extending field life to 2043 and increasing recoverable reserves to 20.5 million barrels.
Q2 2025 oil production averaged 21,400 barrels per day, with a recent increase to 23,200 barrels per day, reflecting operational improvements at Nong Yao and Wassana.
Balance sheet strengthened, with cash rising to $242 million, a 65% increase year-over-year, and no debt.
NAV CAGR exceeds 80% since asset acquisition, with current valuation indicating significant upside versus peers.
Financial highlights
Q2 2025 revenue reached $129 million, with EBITDAX of $62 million and adjusted cash flow from operations at $51 million.
OpEx stable at $55 million, with unit OpEx at $28/bbl; expected to improve as production increases.
CapEx for the quarter was $49 million, including $11 million for Wassana redevelopment.
Book value increased 71% year-over-year to $542 million; adjusted working capital up 81% to $262 million.
No PTAL/PITA tax liability accrued in Q2 due to tax consolidation; $16 million in prior year taxes paid.
Outlook and guidance
2025 production guidance reaffirmed at 23.0–25.5 mbbl/d, with production weighted to the second half of the year.
CapEx and exploration guidance for 2025 set at $215–245 million, excluding PTTEP farm-in costs until transaction closes.
Free cash flow for 2025 projected at $80–195 million, assuming Brent at $65–85/bbl.
Focus remains on development drilling and Wassana execution for the remainder of 2025.
No further cash tax payments anticipated in 2025.
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