Northwire Canada EditionThursday, July 23, 2026
Sign inSubscribe
Northwire
⌕
PAT 0.250 +0.0% CCM 0.520 +0.0% SGN 0.250 −2.0% CNC 1.46 −0.7% PHNM 0.325 +0.0% LIO 0.155 −3.1% RIO 2.67 −4.3% KG 0.160 +3.2% GEN 0.065 +0.0% ECU 1.66 +9.9% ALTA 0.170 −2.9% CLCH 1.15 +10.6% SCOT 2.05 −2.8% VCT 0.060 +0.0% BOL 0.080 +6.7% MCM 0.300 +0.0% PAT 0.250 +0.0% CCM 0.520 +0.0% SGN 0.250 −2.0% CNC 1.46 −0.7% PHNM 0.325 +0.0% LIO 0.155 −3.1% RIO 2.67 −4.3% KG 0.160 +3.2% GEN 0.065 +0.0% ECU 1.66 +9.9% ALTA 0.170 −2.9% CLCH 1.15 +10.6% SCOT 2.05 −2.8% VCT 0.060 +0.0% BOL 0.080 +6.7% MCM 0.300 +0.0%
Earnings

ShaMaran Reports Third Quarter 2025 Results

By The Northwire Desk — AI Analysis Nov 05, 2025 · 17:30 SNM · 0.235 ShaMaran Petroleum Corp.
SNM · Price

Executive Summary

  • ShaMaran Petroleum Corp. released Q3 2025 financial and operating results, showing revenue of $28.9 M (‑2% YoY) and adjusted EBITDAX of $17.9 M (‑18% YoY).
  • The company resumed oil exports via the Iraq‑Türkiye pipeline on 27 Sept 2025 after a two‑and‑a‑half year shutdown, impacting cash flow timing and accounts receivable.
  • Production was temporarily disrupted by a July drone strike; both Atrush and Sarsang blocks returned to full capacity by late September.

Key Details

  • Pipeline Restart: Interim agreements with KRG, Iraqi government and IOCs enabled export restart on 27 Sept 2025; initial compensation set at $16/barrel for production & transport costs.
  • Financial Highlights (Q3 2025 vs Q3 2024):
  • Revenue: $28.9 M vs $29.4 M.
  • Gross margin on oil sales: $9.3 M vs $10.0 M.
  • Free cash flow before debt service: $4.8 M vs $21.6 M.
  • Adjusted EBITDAX: $17.9 M vs $21.8 M.
  • Balance Sheet (30 Sept 2025): Cash $54.7 M; gross debt $143.8 M; net debt $89.1 M. Post‑interest payment (5 Nov 2025) cash $44.3 M; net debt $99.5 M.
  • Operational Highlights:
  • Atrush average gross daily production: 29.4 Mbopd (down from 33.2 Mbopd YoY).
  • Sarsang average gross daily production: 18.2 Mbopd (down from 25.5 Mbopd YoY).
  • Combined field gross daily production: 47.6 Mbopd (‑20% YoY).
  • Company net daily production (Atrush 50% + Sarsang 18%): 18.0 Mbopd (↑6% YoY).
  • Drone Strike Impact: July 15 2025 attack damaged three storage tanks, shutting both blocks for seven days; Atrush experienced ESP failure in August, resolved by late August. Repairs at Sarsang completed 20 Sept 2025, a month ahead of schedule.
  • Related‑Party Loan Repayment: $10.6 M principal plus accrued interest repaid in Aug 2025 to simplify balance sheet and reduce financing costs.
  • Future Disclosure: Full FY 2025 financial statements slated for release on 4 Mar 2026.

Notable Quotes

“The highlight of the third quarter was the reopening of the Iraq‑Türkiye pipeline… We are now focused on finalizing long‑term agreements with Erbil and Baghdad to ensure that we are paid the contractual value for our production.” – Garrett Soden, President & CEO

All amounts are in U.S. dollars unless otherwise noted.

Read the original news release →

More from ShaMaran Petroleum Corp.

Jun 05, 2026 · 01:00

ShaMaran Petroleum Lists on Euronext Growth Oslo Amid Production Standstill and Geopolitical Headwinds

Regulatory Jun 02, 2026 · 17:00

ShaMaran Petroleum Secures Oslo Listing Amid Production Standstill; Geopolitical Overhang Weighs on Near-Term Catalysts

Financings May 28, 2026 · 02:30

ShaMaran Completes Bermuda Move Amidst Production Standstill; Oslo Listing Adds Liquidity but Debt Looms

Financings May 11, 2026 · 02:30

Corporate Restructuring Proceeds as Geopolitical Risks Keep Production Shut-In

Regulatory May 06, 2026 · 17:30

ShaMaran Output Halts Indefinitely as Kurdistan Security Deteriorates

Earnings Apr 01, 2026 · 12:39

Shamaran acknowledges explosion at Sarsang; no injuries

Production / Operations