Jadestone Energy reported a 13% year-over-year increase in revenue before hedging to $261 million for the first half of 2026, though net revenue after hedging charges totaled $234 million. The company’s net cash from operations nearly doubled to $97 million, while adjusted EBITDAX reached $102 million, slightly above the $100 million recorded in the same period of 2025.
The after-tax result for H1 2026 was a small loss of $4.8 million, reflecting field operating costs of $122 million, which included non-recurring expenses tied to the Okha FPSO dry dock, CWLH subsea campaign, and Stag CALM buoy recovery. Realized oil prices averaged just over $90 per barrel during the period, while capital expenditure totaled $35 million, with 70% allocated to the PM323 Phase 9 drilling campaign in Malaysia.
Production guidance for the full year 2026 was revised downward to 16,000–18,000 barrels of oil equivalent per day, down from prior expectations, due to downtime at CWLH and Stag. Under normal operations, the company’s production potential remains above 20,000 boepd. The Malaysia drilling campaign added 8,500 barrels of oil per day but came in more than 20% below budget across three wells targeting the southwest extension area of the East Belumut field.
Jadestone maintained strong financial positioning with net debt of $26 million as of June 30, 2026, supported by $174 million in cash equivalents and $200 million in debt from a bond issuance. Liquidity exceeded $200 million, including undrawn working capital facilities. The company’s hedge position covered 1.3 million barrels through Q1 2027 at a weighted average price of just over $74 per barrel, excluding premiums, with an additional 700,000 barrels hedged at over $80 per barrel for Q4 2026 and Q1 2027.
Operational milestones included the restart of CWLH expected near the end of Q3 2026 and the targeted deployment of a Stag replacement CALM buoy in Q1 2027, with production restart planned for Q2 2027. The Nam Du/U Minh gas project in Vietnam remains on track for a final investment decision by year-end 2026, while the Montara gas development study is expected to reach a commercial viability assessment by the first half of 2027.
Jadestone’s share price was unchanged at $32, trading 8.6% below its 52-week high of $35 and 88.2% above its low of $17. The stock has delivered a 32% total return over the past year and a 25% gain year-to-date, with a beta of 0.43.
