Genel Energy (GENL) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 saw production disruptions in Kurdistan due to regional conflict, with operations temporarily halted after late February air strikes and limited restart in April.

• Oman and Somaliland projects progressed, focusing on exploration and data analysis.

Financial highlights

• Q1 2026 production business free cash flow after interest was a $2 million inflow, down from $5 million in Q4 2025, impacted by suspended production in March.

• Overall Q1 2026 free cash flow was a $2 million outflow, unchanged from Q4 2025.

• Cash at 31 March 2026 was $222 million, with net cash of $131 million and total debt of $92 million.

Outlook and guidance

• Monitoring Tawke developments to assess safe resumption of full production; once restarted, free cash flow is expected to cover organizational costs.

• Up to $20 million planned investment in pre-production assets, including Oman Block 54 and Somaliland SL10B13.

• Objectives include asset diversification, restarting Tawke exports, pursuing overdue KRG payments, and advancing exploration.