NewMed Energy (NWMD) Q1 2026 earnings summary

Executive summary

• Q1 2026 was impacted by a 33-day shutdown at Leviathan due to Operation Roaring Lion, resulting in EBITDA of $97 million and net profit of $0.1 million, with production resuming in April 2026.

• Excluding a Bulgaria write-off, net profit was $74 million.

• Despite the shutdown, full-year revenue guidance was raised by $330 million to $2.88 billion, driven by higher Brent prices and increased production capacity.

• The third gathering line for Leviathan was completed, raising production capability to 1.53 BCF/day.

• Dividend of $60 million was distributed for the quarter.

Financial highlights

• Q1 2026 revenues were $164 million with production of 1.9 BCM, down from $288 million and 2.9 BCM in Q1 2025.

• Net profit was $0.1 million, compared to $160 million or $121 million last year.

• Revenue loss due to shutdown was $76 million; lower gas prices reduced revenues by $27 million; $74 million in one-time amortization costs from unsuccessful drilling in Bulgaria.

• Net revenues for Q1 2026 were $141 million after royalties.

• Net financial debt stood at $1,212 million as of March 2026.

Outlook and guidance

• Full-year Leviathan revenues forecasted at $2.88 billion, up $330 million, based on $90 Brent price.

• Production capacity upgrades and new pipeline projects expected to further increase export and sales potential in the second half of 2026 and beyond.

• Additional upside anticipated from new midstream capacity and regional market expansion.

• Robust pricing environment supports the improved revenue outlook.

• Uncertainty remains due to ongoing regional conflict and potential for further disruptions.