OQEP reports OMR633.8mn revenue during first 9 months of 2025

Muscat: OQ Exploration and Production SAOG (OQEP) announced its financial results for the nine months ending 30 September 2025, reporting stable revenue and EBITDA despite lower oil prices, supported by strong sales volumes and disciplined capital spending.

According to the company, revenue reached OMR633.8 million, while EBITDA stood at OMR471.2 million, maintaining a solid 74% margin. Adjusted cash flow from operations increased 10% to OMR424.8 million, reflecting stronger operational performance.

Net profit, excluding Abraj, came in at OMR236.9 million, impacted by lower realized oil prices and higher finance costs.

OQEP increased its oil and condensate sales volumes by 11.8%, helping offset a 13% decline in the average realized price, which fell to $72 per barrel, compared with $82.6 in the same period last year. The company reported a Return on Capital Employed (ROCE) of 23.3%, positioning it among the sector’s top performers.

Capital expenditure rose 7% to OMR198.7 million, driven mainly by the completion of the Bisat C Expansion at Block 60 and continued investments in Block 53. Free cash flow reached OMR198 million, while the company reduced net debt to OMR222.1 million, bringing leverage down to 0.35x EBITDA.

Acting CEO, Mahmoud Al Hashmi said the company’s strategy allowed it to deliver consistent results despite market challenges. He highlighted that enhanced production at Block 60 and several new gas sales agreements— including with Marsa LNG and the Integrated Gas Company (IGC) — would support long-term revenue streams. He also noted progress on Block 53’s EPSA extension, which could unlock up to 800 million barrels of potential resources.

OQEP continued strengthening shareholder returns, paying more than OMR173 million in base dividends and completing half of its ongoing share buyback program targeting 45–60 million shares. The company also paid its first Performance-Linked Dividend for 2025, totalling OMR44.2 million.

Looking ahead, OQEP expects full-year 2025 production to range between 220–230 kboepd, with operating expenditure kept below $10/boe and capital spending between $0.8–0.9 billion.