Valeura Energy (VLE) Q4 2025 earnings summary

Executive summary

• Achieved oil production of 23,242 bbls/d for 2025, with oil sales of 8.5 million bbls, and a 2P reserves replacement ratio of 192%.

• Completed successful drilling campaigns across Jasmine/Ban Yen, Manora, and Nong Yao fields, extending field life and increasing reserves.

• Reduced GHG intensity by 12% year-over-year, totaling a 30% reduction since 2023.

• Entered strategic agreements for portfolio expansion in Thailand and Türkiye, including the Wassana redevelopment and PTTEP farm-in.

Financial highlights

• Generated revenue of $594.4 million for 2025, down 12% year-over-year due to lower oil prices.

• Adjusted after-tax cashflow from operations was $247.4 million, down 10% from 2024.

• Adjusted EBITDAX was $300.4 million, a 20% decrease year-over-year.

• Adjusted Opex per barrel was $26.3, up 2% from 2024.

• Closed 2025 with $305.7 million in cash and no debt, an 18% increase in cash year-over-year.

Outlook and guidance

• Accelerating investment in the Nong Yao field with a $7 million project to add four well slots, targeting further production growth in 2026.

• Wassana redevelopment project on track for CPP installation in late 2026 and first production in Q2 2027, expected to more than double field output.

• Ongoing evaluation of additional exploration and development opportunities across the portfolio.