Valeura Energy (VLE) Q3 2026 earnings summary

Executive summary

• Q3 production averaged 22,128 bbl/d, above expectations; full-year output is expected above the revised guidance midpoint despite the Wassana shutdown.

• Realized pricing of $97.4/bbl lifted Q3 revenue 26% YoY to $196.1m, net income 62% to $25.6m and adjusted EBITDAX 43% to $115.8m.

• Cash and cash equivalents were $384.9m, including restricted cash, with no debt; Q3 adjusted operating cash flow was $93.6m.

• Suraphi discovery, Bussabong FID and accelerated Wassana redevelopment advanced organic growth plans.

Financial highlights

• Q3 profit before tax was $48.7m, up 106% YoY; 9M oil revenue was $548.1m, up 27%, and net income was $84.7m, up 140%.

• Q3 adjusted cash flow from operations was $93.6m, up 27% YoY; 9M operating cash flow was $294.1m versus $156.2m.

• Q3 free cash flow was $50.3m versus $24.2m in Q3 2025; adjusted capex was $40.9m.

• 9M adjusted EBITDAX was $320.3m, up 39% YoY; 9M adjusted capex was $150.7m.

Outlook and guidance

• FY2026 production guidance is 20,000–22,000 bbl/d; 9M average production was 22,254 bbl/d, with full-year output expected above the guidance midpoint.

• November guidance sets adjusted opex at $225–235m and adjusted capex, including exploration spend, at $220–235m; projects remain on budget.

• Wassana shutdown is scheduled to begin in mid-November for ~two months; drilling is planned for late Q4 2026.

• First Bussabong gas production is anticipated near year-end 2028; Suraphi development or appraisal decision is expected by year-end 2026.

• Adjusted opex and capex spending is expected to be funded from ongoing cash flow.