ShaMaran Petroleum (SNM) Q1 2026 earnings summary

Executive summary

• Q1 2026 began strongly with operational strength at Atrush and higher price realizations from international export sales, but production was suspended in early March due to the Iran war impacting the Kurdistan region.

• Safety, cost reduction, and readiness to restart are current priorities while awaiting improved security conditions.

• Shareholders approved moving the primary listing from Toronto to Oslo and corporate continuance from Canada to Bermuda.

Financial highlights

• Q1 2026 revenue was $38.0M, up 6% year-over-year, driven by international oil sales; production suspension in March impacted results.

• Gross margin on oil sales rose 82% to $22.7M year-over-year due to higher prices and lower costs from the shut-in.

• Net cash flow from operating activities was $21.4M, down 33% year-over-year, reflecting timing of cash receipts and higher expenditures.

• Adjusted EBITDAX was $28.1M, up 15% year-over-year, benefiting from lower corporate costs.

• Cash at March 31, 2026 was $36.5M, with net debt at $107.2M; by May 6, cash increased to $40.7M and net debt to $103.1M.

Outlook and guidance

• Atrush expected to resume full capacity quickly after restart; Sarsang to ramp up in phases as repairs are completed.

• Operational and capital plans for 2026 depend on regional security and continuation or renegotiation of the Iraq-Türkiye pipeline agreement, expiring July 2026.