Tamboran Resources (TBN) Q2 2026 earnings summary

Executive summary

• Todd Abbott appointed CEO in January 2026, bringing over 25 years of upstream and operational leadership experience.

• Completed first batch drilling in Beetaloo Basin with three horizontal wells finished ahead of schedule and under budget, using advanced stimulation techniques.

• Remains in exploration and appraisal stage with no revenue from gas operations as of December 31, 2025; first gas sales expected in 3Q 2026.

• Raised over US$99 million through public offering, share purchase plan, and PIPE, ensuring strong funding for upcoming projects.

• Progressed acquisition of Falcon Oil & Gas Ltd., expected to close in Q1–Q2 2026, increasing working interests in key assets.

Financial highlights

• Cash balance of US$90.9 million as of December 31, 2025, with pro forma cash including near-term inflows at $137.9 million.

• Drawn debt of $16.3 million for SPCF construction, with $42 million undrawn.

• Raised $53 million via public offer, $11 million through SPP, and $32 million from PIPE in late 2025 and January 2026.

• Total assets grew to $600.6 million from $446.5 million at June 30, 2025.

• Net loss for the quarter was $6.6 million, and $14.8 million for the six months ended December 31, 2025.

Outlook and guidance

• First gas sales from Beetaloo Basin targeted for 3Q 2026, with construction of key infrastructure on schedule and budget.

• 2026 to focus on stimulating remaining wells, completing SPCF, and drilling additional wells for growth and risk mitigation.

• Expansion studies for SPCF to 100 TJ/day or 100 MMcf/d underway, subject to approvals and pipeline availability.

• No material revenue expected until late 2026; management actively pursuing additional capital, farm-down partners, and government incentives.

• Estimated $45.5 million investment needed for development plans through June 2026.