ShaMaran Petroleum Q1 revenue rises on higher oil prices

ShaMaran Petroleum

06/05/2026 22:40

Overview

Canada oil producer's Q1 revenue rose 6% yr/yr on higher international oil prices

Production was temporarily shut-in from March due to regional security concerns

Shareholders approved move of primary listing to Oslo and change of incorporation to Bermuda

Outlook

Operational plans for 2026 depend on regional security and continuation of Iraq-Türkiye pipeline deal

Atrush expected to produce at full capacity shortly after restart; Sarsang to ramp up in phases

No certainty on duration of current production shut-in due to regional security environment

Result Drivers

HIGHER OIL PRICES - Q1 revenue rose mainly due to oil sales at international prices following the restart of pipeline exports

PRODUCTION SHUT-IN - Average oil production fell sharply due to a precautionary shut-in at Atrush and Sarsang blocks from early March amid regional security concerns

HIGHER GROSS MARGIN - Gross margin increased mainly due to international pricing and lower costs during the production shut-in

Company press release: ID:nWkr1ZKyW9

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$38.03 mln
Q1 Cash Flow from Operations
$21.42 mln
Q1 EBITDAX
$28.29 mln


Analyst Coverage

The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 4 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)