ShaMaran Petroleum (SNM) Q2 2025 earnings summary

Executive summary

• Net debt reduced by nearly 50% year-over-year, strengthening the base for potential shareholder distributions.

• Focus remains on strong cash flow generation and accelerated debt repayment.

• Ongoing efforts to resolve the Iraq-Türkiye pipeline closure, which continues to materially impact operations.

Financial highlights

• Q2 2025 revenue reached $35.4 million, up 56% year-over-year due to higher local oil sales and increased Atrush Block interest.

• Gross margin on oil sales was $12.8 million, a 73% increase from Q2 2024.

• Free cash flow before debt service was $27.9 million, up 66% from Q2 2024.

• Adjusted EBITDAX for Q2 2025 was $24.9 million, a 59% year-over-year increase.

• Net debt at June 30, 2025, was $87.2 million, with cash of $67.2 million and gross debt of $154.4 million.

Outlook and guidance

• Board authorized repayment of the remaining Nemesia loan, reducing gross debt to $143.8 million.

• Sarsang Block expected to operate at reduced capacity until late October 2025 due to facility damage.

• Financial statements for Q3 2025 to be published on November 5, 2025.