Horizon Oil Limited (ASX:HZN): FY2026 Production, Dividends and Asia-Pacific Expansion

Aditi Sarkar

09 October 2026 10:59 PM AEDT

Horizon Oil Limited (ASX:HZN): FY2026 Production, Dividends and Asia-Pacific Expansion

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Highlights

Horizon reported FY2026 production of 2.15 million barrels of oil equivalent and sales of 1.98 million barrels of oil equivalent.
Operating cash flow reached US$47.2 million, while year-end cash was US$37.4 million.
FY2026 declared dividends totalled AUD 2.5 cents per share.
The company completed its Cue Energy Takeover in July 2026, extending its interests across five countries.
Thailand development work included first gas from the PH-14 well in August and compressor commissioning in September 2026.

Horizon Oil Limited (ASX:HZN) is an Australian Upstream oil and gas producer with interests in producing Assets in China, New Zealand, Thailand, Australia and Indonesia. Its portfolio combines offshore oil fields and onshore gas operations, largely through partnerships with field operators. During FY2026, production performance, cash returns and the expansion of its Asia-Pacific asset base became central to the company’s operational position.

FY2026 Production and Financial Outcomes

For the financial year ended 30 June 2026, Horizon Oil Limited (ASX:HZN) reported production of 2.15 million barrels of oil equivalent and sales of 1.98 million barrels of oil equivalent. Cash flow from Operating Activities was US$47.2 million, while EBITDAX was US$56.4 million. The company disclosed cash operating costs below US$25 per Barrel of Oil Equivalent and finished the year with US$37.4 million in cash, after dividends, Debt repayments and Investment activity.

China and New Zealand Remain Important Oil Assets

In China, Horizon holds a 26.95% working interest in the Block 22/12 production licence in the Beibu Gulf. Its FY2026 working-interest production was 622,240 barrels, with sales of 523,843 barrels generating US$41.6 million in production revenue. The joint venture progressed well optimisation, workovers and water-handling improvements, while potential additional development remains subject to approvals.

The Maari project in New Zealand is another component of Horizon Oil Limited (ASX:HZN). Its 26% direct interest generated FY2026 working-interest production of 446,857 barrels and sales of 383,542 barrels, associated with US$32.7 million of production revenue. A planned maintenance shutdown was completed in March 2026, and subsequent well work reflected the importance of equipment reliability and production restoration at an offshore facility.

Thailand Developments and the Cue Energy Transaction

Horizon Oil Limited (ASX:HZN) expanded its regional operations through Thailand gas interests, including effective working interests of 7.5% in Sinphuhorm and 60% in Nam Phong. At Nam Phong, the PH-14 well achieved first gas on 11 August 2026, ahead of schedule. The company also recorded commissioning of the Nam Phong booster gas compressor in September, linking future field output to continued operating performance and system reliability.

Separately, Horizon completed its off-market takeover of Cue Energy Resources in July 2026 and secured a 57.03% controlling interest. That transaction increased indirect exposure to assets in Australia, New Zealand and Indonesia. Horizon reported net 2P reserves of 13.6 million barrels of oil equivalent and 2C contingent resources of 19.8 million barrels of oil equivalent as at 30 June 2026, including applicable economic interests.

Dividends, Capital Allocation and Risks

Horizon Oil Limited (ASX:HZN) declared total FY2026 dividends of AUD 2.5 cents per share, comprising a 1.5-cent interim Dividend and a 1.0-cent final dividend. Future distributions depend on production, prices and capital requirements. Oil prices can affect Revenue from Chinese and New Zealand fields, while contracted gas pricing follows different arrangements.

Key risks include natural field decline, maintenance interruptions, offshore decommissioning obligations, regulatory requirements and dependence on joint-venture operators. New projects can require spending before generating receipts.

Key Insights

Horizon Oil Limited (ASX:HZN) entered the remainder of 2026 with a larger producing portfolio and an operating record that includes both oil and gas assets. FY2026 results established a baseline for cash generation and Shareholder distributions; subsequent reporting will show how Thailand field activity, Cue asset contributions and maintenance programmes affect the combined business.

FAQs

Q: What was Horizon Oil’s FY2026 production?

A:The company reported production of 2.15 million barrels of oil equivalent and sales of 1.98 million barrels of oil equivalent.

Q: How much operating cash flow did Horizon report?

A:Cash flow from operating activities was US$47.2 million in FY2026.

Q: What dividends did Horizon declare for FY2026?

A:The interim and final dividends amounted to AUD 2.5 cents per share in total.

Q: What changed in Horizon’s portfolio during 2026?

A:It completed its takeover of Cue Energy Resources, obtaining a 57.03% controlling interest.

Q: Which Thailand operations had recent milestones?

A:The PH-14 well at Nam Phong achieved first gas in August 2026, and a booster gas compressor was commissioned in September.

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