ShaMaran Petroleum (SNM) Q3 2026 earnings summary

Executive summary

• Atrush and Sarsang restarted production and pipeline exports in mid-August after security-related shut-ins; international export pricing lifted Q3 results despite lower volumes.

• Q3 net income was $63.4 million and Adjusted EBITDAX was $76.0 million; material going-concern uncertainty remains amid regional security risks and unresolved export and payment arrangements.

Financial highlights

• Q3 revenue was $84.6 million versus $28.9 million; nine-month revenue was $140.4 million versus $100.2 million.

• Q3 net income was $63.4 million versus $1.9 million; nine-month net income was $89.3 million versus $4.3 million.

• Q3 gross margin on oil sales was $69.6 million versus $9.3 million; nine-month gross margin was $105.5 million, up 206%.

• Q3 Adjusted EBITDAX was $76.0 million versus $17.9 million; nine-month Adjusted EBITDAX was $115.8 million versus $67.2 million.

• Q3 operating cash flow was $12.9 million versus $5.9 million; nine-month operating cash flow was $36.5 million versus $64.4 million.

Outlook and guidance

• 2026 plans include ramping Sarsang output as facilities are enhanced and stranded wells return online; production is expected to reach 22 Mbopd in early 2027, with drone detection planned across both blocks.

• Atrush CK25 stimulation was accelerated to Q4 2026, expected to add 2 Mbopd immediately; estimated well potential is 5–8 Mbopd and field capacity is 43 Mbopd.

• The interim export agreement was extended to January 27, 2027; a long-term arrangement depends on reconciling IOC invoices and PSC entitlements.

• Combined production was ~52.0 Mbopd gross and 22.2 Mbopd net; cash flow was expected to rise as export proceeds and top-up payments are received.