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Valeura Energy (83PN) Q3 2026 Earnings Report

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DE:83PN Q3 2026 EPS Results

Actual EPS
EUR 0.22
Consensus EPS
EUR 0.26
Beat/Miss
Missed by -EUR 0.05
One Year Ago EPS
EUR 0.13

DE:83PN Q3 2026 Revenue Results

Actual Revenue
EUR 176.67M
Expected Revenue
EUR 177.26M
Beat/Miss
Missed by -EUR 595.34K
YoY Revenue Growth
+28.62%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/11/2026
Time
Before Open
Conference Call
Wednesday, November 11, 2026
DE:83PN Upcoming Earnings

Valeura Energy's next earnings date is estimated for March 30, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 11, 2026|% Change Since:1.71%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by production at the upper end of guidance, substantial cash generation, a record cash balance with no debt, reserve growth, successful project execution and expanding organic growth opportunities. The principal challenges were higher diesel-driven OpEx guidance, increased SRB exposure, oil-price volatility affecting M&A and ongoing Indonesian market uncertainties. Overall, the highlights significantly outweighed the lowlights.

Company Guidance

Production guidance is unchanged, with year-to-date production averaging 22.3 thousand barrels a day and the company expecting to finish the year in the upper half of the range, even after bringing the Wassana shutdown forward into November; CapEx and Expex guidance is unchanged, all projects are on budget, and OpEx guidance has increased purely because of diesel, while costs excluding diesel remain within the original guidance. Development drilling at Wassana is expected before the end of the year, so in December, with first oil currently guided for around the beginning of Q2, Bussabong production is expected around the end of 2028, and full-year 2026 SRB is expected to be anything between $32 million to $37 million.

  • Strong Q3 Production and Operational DeliveryQ3 production was just above guidance and trending toward the upper half of the guidance range. All operated assets delivered safe and stable production, and year-to-date production averaged 22.3 thousand barrels per day.
  • High Oil Price RealizationQ3 realized pricing was $97.4 per barrel, representing a premium of around $4 to Dubai and approximately double the premium earned a year ago. Realization remained historically close to Brent despite volatile markets, supported by a tight Asian physical market and higher freight costs. The company expects strong premiums to continue into Q4 and has no hedges in place, allowing shareholders to capture the full benefit of current prices.
  • Strong Cash Flow GenerationThe company recorded $196 million of revenue after royalties, G&A and OpEx, approximately $110 million of pretax cash flow from operations, and $94 million of cash flow from operations in Q3, up close to 30% from the same quarter last year. Nine-month cash flow from operations was $269 million, up 37% year over year.
  • Robust Unit Economics and Cost ControlQ3 operating netbacks were around $57 per barrel, close to 60% of realized price. OpEx was around $28.1 per barrel; excluding diesel, unit costs were in line with last year and historical trends. Management attributed the strong margins to both high oil prices and cost control.
  • Record Cash Balance and No DebtFree cash flow was $50 million in Q3 and $124 million for the first nine months, up 88% from the same period last year. The company ended the quarter with a record $385 million of cash and no debt, up $80 million from the start of the year. Cash funded $41 million of capital expenditures, including $18 million for Wassana, $7 million of exploration and the acquisition of the Manora FSO.
  • Reserve Growth and Longer Asset LifeThe company stated that the 29 million barrels acquired in 2023 have been produced, while year-end 2026 reserves are expected to reach 58 million barrels. Management sees the potential for its fields to operate into 2040, compared with the earlier expectation of extending them to 2030, and expects to push reserve life toward 10 years while maintaining production in the 20,000 to 25,000 barrel-per-day range.
  • Suraphi Oil Discovery Extends Manora PotentialValeura announced the Suraphi oil discovery in the Manora block, approximately 4.5 kilometers from the Manora field. The discovery was based on three penetrations from a single location and is being evaluated for volumes. Management said it could provide a new lease of life for the Manora block, with a decision expected around year-end on further appraisal or moving directly toward a development FID.
  • Jasmine Reaches 100 Million BarrelsThe Jasmine oil field reached the milestone of 100 million barrels produced. Management said the field has more potential and life remaining, and the company is already in discussions regarding a license extension for the block.
  • Nong Yao Expansion Completed on ScheduleThe project to add four additional well slots to the Nong Yao-A platform was executed and completed on time. A new drilling rig is already in the field drilling development wells, enabling the company to go beyond the existing well-slot constraints.
  • Wassana Redevelopment Ahead of ScheduleThe new Wassana central processing platform was constructed and installed ahead of schedule and is now being commissioned. The project remains on budget and on track after acceleration, with development drilling expected to begin before year-end, in December, and first oil currently guided for around the beginning of Q2.
  • Wassana Exploration and Satellite Development PotentialThe company is working on an exploration and appraisal program for the southern area of the Wassana block over the next 12 months or so. Management sees the possibility of a material satellite development tied into the main platform.
  • Bussabong Gas Development FID and Future ExpansionValeura and PTTEP took the final investment decision on the Bussabong gas development in September. The project includes two gas platforms, each with space for 24 wells, a short tieback to existing Bongkot infrastructure, long-term take-or-pay gas contracts and expected production around the end of 2028. Management also highlighted significant running room for multiple future development phases in the G3 block.
  • Exploration Momentum in G1 and G3The company is advancing seismic data processing and plans exploration drilling in the G1 and G3 blocks in 2027. Management described Suraphi, G1, G3 and Wassana as significant organic growth opportunities being matured.
  • Guidance and Project Execution Remain on TrackProduction guidance is unchanged, with the company expecting to finish the year in the upper half of the range despite moving the Wassana shutdown forward into November to accelerate the redevelopment. CapEx and Expex guidance are unchanged, and all original projects, as well as the added Nong Yao and accelerated Wassana scope, are reported to be on budget.
  • Expanded Liquidity for Organic and Inorganic GrowthIn July, Valeura signed a $75 million revolving credit facility with a committed $250 million accordion. The facility remained undrawn and provides additional liquidity for potential M&A and other growth opportunities while the company continues to fund programs from cash flow and maintain a resilient balance sheet.
  • Continued M&A and Southeast Asia Growth OptionalityThe company remains engaged in M&A processes and continues to pursue transformational growth. Management said deals under review are still moving ahead despite oil-price volatility, and it is monitoring potential divestitures by majors in Southeast Asia, including Indonesia.
  • Tax Benefits from Field StructureManagement highlighted high price exposure through unhedged international Brent pricing and tax offsets on three of the company’s four fields as contributors to strong cash-flow generation.

DE:83PN Earnings History

DE:83PN earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 30, 20272026 (Q4)0.14--0.11――
Nov 11, 20262026 (Q3)0.260.220.1361.07% (+0.08)
Aug 06, 20262026 (Q2)0.550.450.05900.00% (+0.41)
May 14, 20262026 (Q1)-0.110.050.12-61.54% (-0.07)
Mar 18, 20262025 (Q4)0.07-0.112.53-104.25% (-2.64)
Nov 14, 20252025 (Q3)0.210.13-0.04472.50% (+0.17)
Aug 07, 20252025 (Q2)0.140.050.09-50.00% (-0.05)
May 14, 20252025 (Q1)0.120.120.16-27.78% (-0.05)
Mar 25, 20252024 (Q4)0.471.770.34427.92% (+1.44)
Nov 13, 20242024 (Q3)-0.09-0.04-0.0642.86% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed