Highlights

  • Production reached a record 631,892 boe, up 16.6% on the prior quarter.
  • Underlying revenue rose 37.0% to a record US$47.6 million.
  • Horizon moved to a net cash position of US$1.3 million at 30 September 2026.
  • A final FY26 dividend of 1.0 cent per share was paid on 23 October 2026.

Horizon Oil Limited (ASX:HZN) has released its quarterly report for the period ended 30 September 2026. The company reported record production, sales and revenue, reflecting the first full contribution from its enlarged portfolio across Thailand, Australia, China, Indonesia and New Zealand.

Record Quarterly Performance

Production for the quarter was a record 631,892 barrels of oil equivalent (boe), up 16.6% on the previous quarter, while sales rose 25.2% to 683,533 boe. Underlying revenue, net of hedging, increased 37.0% to a record US$47.6 million, and net operating cash flow rose 47.1% to US$34.8 million.

CEO Richard Beament said, "The September quarter has shown the earnings power of the enlarged portfolio." He added that Horizon enters the December quarter with "higher production rates, strong pricing, a strengthened balance sheet."

Operations Across the Portfolio

In Thailand, production rose 7.7%, supported by the PH-14 well delivering first gas about 50 days ahead of schedule, and a 2027 Sinphuhorm drilling program has been approved. In Australia, production increased 34.2%, with Palm Valley well PV14 brought online and PV15 now drilling. In China, Block 22/12 gross oil production averaged 6,539 bopd and reached about 7,550 bopd in early October following a workover program.

Indonesia made its first contribution through the Mahato and Sampang assets, with new wells online and a booster compressor lifting gas sales. In New Zealand, Maari and Manaia production rose 16.2%, and the next Maari cargo of about 460,000 barrels is scheduled for late November at a record premium to Dated Brent.

Balance Sheet and Shareholder Returns

Cash increased to US$50.4 million at 30 September 2026, up from US$37.4 million at 30 June. With US$49.2 million drawn under its debt facility, Horizon moved to a net cash position of US$1.3 million, compared with net debt of US$11.3 million at the end of the previous quarter. A further US$11.9 million receivable is due from a late-September China oil lifting.

A final FY26 dividend of 1.0 cent per share, about US$12.8 million, was paid on 23 October 2026. Horizon has distributed more than A$290 million to shareholders over the past six years. Near-term priorities include restoring water injection at Maari, optimising Palm Valley production and progressing the Sinphuhorm drilling program.

Key Takeaways

  • Horizon delivered record production, sales and revenue from its enlarged portfolio.
  • Strong cash generation moved the company from net debt to a net cash position.
  • New wells across Thailand, Australia and Indonesia supported production growth.
  • Shareholder returns continued with a final FY26 dividend paid in October.