Jadestone Energy reported a 13% year-over-year increase in revenue before hedging to $261 million for the first half of 2026, while net revenue after hedging charges totaled $234 million. The company’s adjusted EBITDAX rose to $102 million from $100 million in the same period of 2025, though it recorded a net loss of $4.8 million after tax.
Cash generation improved significantly, with net cash from operations nearly doubling to $97 million. Realized oil prices averaged just over $90 per barrel during the period, supported by strong cargo premiums, including a $27.50-per-barrel premium for a Stag cargo over Brent. Capital expenditure totaled $35 million, with 70% allocated to the PM323 Phase 9 drilling campaign in Malaysia.
Production guidance for full-year 2026 was reduced to 16,000-18,000 barrels of oil equivalent per day due to unplanned downtime at the CWLH and Stag fields. Normal full production potential remains above 20,000 boepd, according to management. The CWLH field is expected to restart near the end of the third quarter, while Stag’s shutdown following Cyclone Narelle is projected to last until the second quarter of 2027, with a replacement CALM buoy deployment targeted for the first quarter of 2027.
Operational costs rose to $164 million year-over-year, including an $18 million non-cash inventory movement charge, pushing adjusted unit operating costs to $37.64 per barrel. Net debt stood at $26 million as of June 30, supported by $174 million in cash and cash equivalents and $200 million in debt from a bond issuance. Liquidity remained robust at over $200 million, including undrawn working capital facilities.
Hedging activity covered 1.3 million barrels through the first quarter of 2027 at a weighted average price of just over $74 per barrel, excluding premiums, representing about 35% of forecast oil and condensate production. The company also launched a farm-out process for the Nam Du/U Minh gas project in Vietnam, with a final investment decision targeted by year-end 2026.
