Horizon Oil (HZN) H2 2026 earnings summary

Executive summary

• FY26 marked a transformation with record net production of 2.15 MMboe and expansion to nine producing assets across five Asia-Pacific countries through the Cue acquisition and Thailand integration.

• The business operates nine producing assets, delivering diversified, resilient cash flow and maintaining a strong balance sheet.

• Total shareholder return reached 18% for FY26, with AUD 2.5 cps in dividends declared.

• Strategic focus remains on reliable production, low costs, disciplined reinvestment, and consistent shareholder returns.

Financial highlights

• Record net production of 2.15 MMboe and sales of 1.98 MMboe, with underlying revenue of US$107.2 million for FY26, including US$23 million from Thailand.

• EBITDAX reached US$56.4 million; operating cash flow rose 32% to US$47.2 million.

• Statutory profit after tax was US$11.1 million, with free cash flow increasing to US$36.6 million.

• Ended the year with US$37.4 million in cash and modest net debt of US$11.3 million after US$33.1 million in shareholder returns.

• Cumulative shareholder distributions now exceed US$183 million (~AUD 270 million).

Outlook and guidance

• Multiple infrastructure-led growth options across all regions, with near-term catalysts including infill drilling, gas compression, and appraisal wells.

• Focus on balancing organic growth, shareholder returns, and debt management amid high capital activity.

• Production outlook is larger and longer-dated, with organic growth potential extending into the next decade.

• Continued prioritisation of dividends and disciplined investment in high-return opportunities.