Valeura Energy reported second-quarter revenue of US$259.8 million, up on higher oil prices and sales volumes, in results for the three and six months ended June 30, 2026. The full unaudited financial statements and management's discussion and analysis are filed on SEDAR+ and posted on the company's website.
Production, sales and a first for Thailand
Valeura is a Canadian public company working in upstream oil and gas, exploring for, developing and producing petroleum and natural gas in Thailand and Türkiye. In the second quarter it produced 2.030 million barrels of oil, or 22,309 barrels a day on a working interest basis before royalties, and sold 2.454 million barrels. Price realizations averaged US$105.8 a barrel.
During the quarter Valeura drilled what it called the longest horizontal lateral ever recorded in the Gulf of Thailand, and the first complex multi-lateral development well in Thailand. Both wells were drilled on the company's Nong Yao field, where Valeura holds a 90% operated working interest in Block G11/48.
Cash flow and balance sheet
Adjusted EBITDAX came to US$162.8 million, adjusted cash flow from operations was US$154.1 million, and free cash flow was US$104.7 million. Valeura ended the quarter with net cash of US$316.5 million, including US$15.8 million of restricted cash, and no debt.
Valeura also secured a formal reduction of the decommissioning liability on its Manora field. That triggered a partial release of the bank guarantees backing the liability, cutting the company's restricted cash by 31%.
New credit facility and CEO comment
After the quarter closed, Valeura entered its first credit facility: a revolving, expandable line with US$75 million committed and an uncommitted accordion feature that can add up to a further US$250 million, giving it access to as much as US$325 million in debt.
President and CEO Dr. Sean Guest called it "an outstanding quarter" for the company on both financial and operating measures. He said the cash flow gives Valeura capacity to pursue growth through M&A and through organic projects, including a possible option to accelerate the Wassana redevelopment, where construction of the new central processing platform is running ahead of schedule. Valeura also plans to bring a new drilling rig on contract earlier than planned, with three new wells set for Nong Yao.
