Tamboran Resources (TBN) Q4 2026 earnings summary

Executive summary

• Achieved first gas sales from the Beetaloo Basin into the Northern Territory market in September 2026, marking a pivotal operational milestone and transition to producer status.

• Completed construction and commissioning of the Sturt Plateau Compression Facility (SPCF) on time and $9 million under budget, supporting initial gas deliveries.

• Strengthened balance sheet with US$225 million in cash at quarter-end, US$240 million pro forma including near-term inflows, and US$31 million undrawn debt.

• Completed acquisition of Falcon Oil & Gas, expanding acreage and consolidating ownership.

• Focused on de-risking assets through production data, operational improvements, and strategic partnerships.

Financial highlights

• Raised US$186 million net of fees in April 2026, boosting financial flexibility.

• Pro forma cash balance of US$240 million at June 30, 2026, including US$225 million cash and US$15 million near-term inflows.

• Net drawn debt of US$30 million for SPCF construction, with US$31 million undrawn.

• Construction of the SPCF completed $9 million below forecasted budget.

• Market capitalization of $1.27 billion and enterprise value of $1.06 billion as of September 24, 2026.

Outlook and guidance

• Commissioning of SPCF expected to complete in 4Q 2026, with ramp-up to plateau production and contracted supply of 40 TJ/d as demand increases.

• First quarterly gas sales and revenue to be reported in 1Q fiscal 2027.

• Next development phase includes drilling and stimulating at least six step-out wells and three additional wells tied back to SPCF over the next 18 months.

• Strategic partner and joint venture discussions ongoing, with capital program to be finalized upon partnership alignment.

• Evaluating expansion of SPCF to 100 TJ/d, with investment decision expected mid-2027.