ShaMaran Petroleum (SNM) Q4 2024 earnings summary

Executive summary

• Completed acquisition of additional Atrush interest, increasing working interest to 50% and more than doubling net production to over 21,000 bopd in 2024.

• Generated $98 million cash flow from operations in 2024, more than double 2023, and reduced bond debt by $78 million (28%).

• Ended 2024 with 71.5 MMbbls 2P reserves, a replacement ratio over 200%.

• Iraq-Türkiye pipeline closure since March 2023 continues to materially impact operations and financials.

Financial highlights

• Q4 2024 revenue was $34.7 million (up 71% year-over-year); FY 2024 revenue was $109.4 million (up 32%).

• Q4 2024 EBITDAX was $21.9 million (up 71%); FY 2024 EBITDAX was $72.3 million (up 64%).

• Q4 2024 cash flow from operations was $34.7 million (up from $9.8 million); FY 2024 was $98.0 million (up from $40.5 million).

• Net debt at Dec 31, 2024 was $138.7 million, improving to $121.4 million by March 12, 2025.

• Local oil sales prices averaged $33.74/bbl in Q4 2024 (down 15% year-over-year) and $35.65/bbl for FY 2024 (down 27%).

Outlook and guidance

• No 2025 production guidance due to ongoing Iraq-Türkiye pipeline closure and local market unpredictability.

• Potential pipeline reopening expected to increase cash flow and accelerate debt repayment and possible capital distributions.