Horizon Oil (HZN) Q4 2025 TU earnings summary

Executive summary

• FY25 production volumes rose 13% year-over-year to 1,615,030 boe, with sales up 24% to 1,617,218 boe, driven by the Mereenie acquisition and infill drilling at Block 22/12 and Maari.

• Net operating cash flow for FY25 was US$68 million, supporting continued shareholder distributions and production investments.

• The acquisition of Thai production assets is nearing completion, expected to boost daily production by 50% and 2P reserves by 40%.

• Interim dividend of AUD 1.5 cents per share paid in April, with cumulative distributions over five years exceeding A$220 million.

Financial highlights

• FY25 production revenue (including hedge settlements) was US$105.3 million, down 5.5% year-over-year due to lower oil prices.

• Quarterly revenue was US$23 million; net operating cash flow for the quarter was US$14 million.

• Cash reserves at quarter-end were US$39.8 million, with net cash of US$13.7 million after a US$16 million dividend payment.

• Additional US$9.2 million received in July from Maari lifting, replenishing cash reserves.

Outlook and guidance

• Further distributions are under evaluation, with a robust commodity hedge position in place through March 2026.

• Thailand asset acquisition expected to complete soon, adding 2,100 boe/d and materially reducing final payment due to production since effective date.

• Continued focus on infill drilling and asset optimization across all fields.