Half Year 2026 Jadestone Energy PLC Earnings Call Transcript
Key Points
- Achieved 13.6 million man hours without a lost time incident and no significant environmental incidents, demonstrating strong HSE performance.
- Malaysia drilling campaign delivered 8,500 barrels of oil per day incremental production, more than tripling field production, and was completed over 20% under budget.
- Strong financial performance with revenues up 13% to $261 million and net cash from operations nearly doubled to $97 million.
- Progress in Vietnam with FDP approval, gas sales agreement signed, and farm-out process attracting significant interest, targeting FID by year-end 2026.
- Successful refinancing with a Nordic bond issue, providing over $200 million in available liquidity and reducing net debt to $26 million.
- First half production negatively impacted by unplanned downtime at CWLH and Stag, with CWLH restart expected near end of Q3 and Stag not until Q2 2027.
- Adjusted unit operating costs increased to $37.64 per barrel due to lower production and higher costs, including nonrecurring dry-dock and subsea expenses.
- Generated a small loss after tax of $4.8 million, with production losses outweighing stronger oil prices.
- Liquidity subject to timing of liftings and expenditures, with deferred liftings in the second half due to suspended production at Stag and CWLH.
- Hedging charges of $27 million reduced net revenue, and future hedges are at lower prices than current market, potentially limiting upside.
Good morning and good afternoon, everyone. Welcome to Jadestone Energy's half-year 2026 results conference call. I'm Mitch Little, Jadestone's Chief Executive Officer, and I'm joined on the call today by Andrew Fairclough, our Chief Financial Officer.
I'll introduce some of our key first half achievements and near-term priorities before handing over to Andrew, who will take us through the financial update, and then I'll return for the operational review and wrap up.
Our slide presentation can be viewed through the webcast and can also be accessed on our website. After our prepared comments, we'll open the call for questions and answers.
So let me get started. Moving past slide 2, which outlines our standard disclaimers, I'll start on slide 3.
We really got off to a great start this year. And despite some external headwinds that materialized in Q2, we were able to deliver a solid first half. In particular, a number of our strategic objectives were achieved early in the year and positive
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
