Condor Energies (CDR) Q2 2026 earnings summary

Executive summary

• Achieved record production in Uzbekistan, averaging 13,851 boe/d in Q2 2026, up 17% sequentially and 35% year-over-year, driven by new wells and field development.

• Uzbekistan natural gas and condensate sales reached $27.14 million in Q2 2026, a 20% increase from Q1 2026.

• Set a new production record of 17,925 boe/d in August 2026 following completion and tie-in of additional wells.

• Advanced LNG project in Kazakhstan, with first facility targeting production in Q1 2027 and ongoing third-party financing discussions.

• Completed a $29.9 million public offering in April 2026 to fund Uzbekistan field development and corporate purposes.

Financial highlights

• Q2 2026 Uzbekistan sales: $27.14 million, up 20% from Q1 2026.

• Operating netback for Q2 2026: $12.25 million, up from $7.52 million in Q2 2025.

• Natural gas operating netback per Mcf: $1.44 in Q2 2026, up from $1.28 in Q2 2025.

• Condensate operating netback per bbl: $73.98 in Q2 2026, up from $44.57 in Q2 2025.

• Production volumes in Q2 2026: 13,851 boe/d, up 35% year-over-year.

Outlook and guidance

• Plans to drill five additional wells in Uzbekistan by year-end 2026, with drilling program extending into 2027.

• Field booster compressor station EPC contract expected in Q3 2026, with commissioning in Q1 2027 to increase gas production.

• LNG production in Kazakhstan expected to commence in Q1 2027, with modular expansion planned.

• Ongoing evaluation and development of critical minerals licenses in Kazakhstan, with drilling at Sayakbay planned for 2027.