Jadestone Energy (JSE) H2 2024 earnings summary

Executive summary

• Achieved record HSE performance with over 10 million hours worked without a lost-time injury across Indonesia and Malaysia, and Akatara reached 8.2 million manhours without LTI.

• 2024 production reached a record 18,696 BOE/day, up 35% year-over-year, driven by Akatara start-up, increased CWLH stake, and higher Montara uptime.

• EBITDA and operating cash flows rose significantly, with adjusted EBITDAX up 41% to $128 million and operating cash flow before working capital up 93% to $70.5 million.

• 2025 YTD production averaged nearly 21,000 BOE/day, a 22% year-over-year increase.

• Thailand asset sale for $39.4 million and new $30 million working capital facility improved liquidity.

Financial highlights

• Revenue grew 28% year-over-year to $395 million in 2024, with realized oil price at $85.21/bbl.

• Adjusted EBITDA/EBITDAX increased 41% year-over-year to $128 million.

• Adjusted unit operating cost declined 10% in 2024 to $33.68/boe.

• Reported production costs rose 19% to $277 million, mainly due to higher CWLH ownership and Akatara start-up.

• Capital expenditure fell 36% to $74.5 million, reflecting completion of Akatara construction and no major drilling.

Outlook and guidance

• 2025 production guidance: 18,000–21,000 BOE/day; cost and CapEx guidance unchanged at $75–95 million, likely at upper end due to Skua-11ST costs.

• 2025–2027 free cash flow guidance (pre-debt servicing): $270–360 million, based on $70–80/bbl Brent.

• Focus on delivering against guidance, maintaining liquidity, and enhancing resilience amid macro volatility.