ShaMaran Petroleum (SNM) Q2 2026 earnings summary

Executive summary

• Production at Atrush and Sarsang blocks was shut-in from March to June 2026 due to the Iran war, with a brief restart before another shut-in in July 2026 caused by regional security concerns.

• Completed corporate continuance from Canada to Bermuda and changed primary listing from Toronto to Oslo, with shares now trading on Euronext Growth Oslo and Nasdaq First North Stockholm.

• Raised $1.1 million through a retail share offering in June 2026, adding over 400 new shareholders.

• Interim agreements for oil exports and payments with Iraqi authorities have been extended to September 30, 2026.

Financial highlights

• Q2 2026 revenue: $17.8 million (down 50% year-over-year); net income: $8.8 million (up from $3.5 million in Q2 2025).

• Gross margin on oil sales in Q2 2026 was $13.3 million, 4% higher year-over-year despite lower production.

• Adjusted EBITDAX for Q2 2026 was $11.9 million, down 46% year-over-year.

• Cash flow from operating activities in Q2 2026 was $2.2 million, a 92% decrease year-over-year.

• At June 30, 2026, cash was $29.0 million and net debt was $114.8 million.

Outlook and guidance

• Operational plans for the remainder of 2026, including drilling and capital expenditures, are contingent on regional security.

• The ITP agreement between Iraq and Türkiye was extended for one year in August 2026; negotiations for a new agreement beyond July 2027 are ongoing.

• Production can resume quickly once security allows, with Atrush field potential estimated at 44-45 Mbopd.