Valeura Energy posted record Q2 revenue of $259.8M on 22,300 bpd output and $105.80/bbl realised prices. Free cash flow is expected to hit roughly $100M, also a record.
Valeura Energy posted record quarterly revenue of $259.8 million in Q2 2026, the company said Wednesday. Oil sales of 2.454 million barrels and a realised price of $105.80 per barrel drove the result. Production averaged 22,300 barrels per day, in line with the company's plan.
The cash position stood at $316.5 million at June 30, including $15.8 million in restricted cash. Valeura carries no debt. The quarter-end figure does not include $42.7 million in proceeds from two oil parcels sold just before the period closed; those payments are expected in early Q3.
Free cash flow for the quarter is expected to be roughly $100 million, also a company record. That estimate is preliminary and subject to change once audited results are finalised, Valeura said.
Two drilling records in the Gulf of Thailand
The company drilled the longest horizontal interval ever completed in the Gulf of Thailand during the quarter, along with the region's first complex multi-lateral development well. Both were part of the Nong Yao field development and appraisal programme. CEO Sean Guest said the programme met or exceeded all pre-drill expectations.
Tax payments and decommissioning costs
Valeura paid $19.2 million in taxes during Q2, mostly related to the 2025 Special Remuneratory Benefit. The company also reached an agreement with Thailand's upstream regulator to reduce the estimated future decommissioning cost for its Manora field. That cut the amount of security Valeura must lodge with the government, reducing restricted cash by 31%.
Inventory drawdown
Oil sold during the quarter included 1.225 million barrels drawn from inventory held at the end of Q1. Floating storage volumes fell to 793,000 barrels at June 30, a more typical level.
Valeura plans to release full unaudited Q2 financials on August 6, followed by a management webcast. The company said it continues to evaluate organic investment opportunities in its portfolio and is monitoring potential inorganic growth prospects in Southeast Asia.
For more on Valeura's stock, see the LSEGY stock page.
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