Yesterday, Horizon Oil Ltd (ASX: HZN) delivered record FY26 net production of 2.15 million barrels of oil equivalent (MMboe) and underlying revenue of approximately US$105 million for the year.
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What did Horizon Oil report?
- Record FY26 net production of 2.15 MMboe, up 51% from FY25
- FY26 underlying revenue of ~US$105 million
- 2P reserves increased to 13.6 MMboe; 2C contingent resources at 19.8 MMboe
- US$17 million interim dividend paid in April
- Net cash position of US$37.4 million at 30 June 2026
- Cue Energy takeover completed, consolidating Asian gas and oil assets
What else do investors need to know?
Horizon Oil now operates a five-country Asia-Pacific platform, following the strategic acquisition of a controlling interest in Cue Energy Resources. This boosts exposure to producing oil and gas assets in Australia, Thailand, Indonesia, New Zealand, and China, with current production of around 7,300 barrels of oil equivalent per day (boepd).
Disciplined capital allocation remains a focus, with robust cash flow supporting ongoing shareholder returns. The company paid distributions of more than AUD$270 million over the past six years and continues to prioritise dividends alongside investing in high-return growth opportunities.
The company's enlarged portfolio now features low-cost, long-life oil and gas reserves, with future production supported by a pipeline of near-term field development, infill drilling, and infrastructure-led projects across all core assets.
What did Horizon Oil management say?
CEO of Horizon Oil Richard Beament said:
Our expanded Asia-Pacific portfolio underpins a resilient business model, allowing us to grow production and maintain strong cash flows while delivering ongoing returns to our shareholders.
What's next for Horizon Oil?
Looking ahead, Horizon Oil plans to pursue organic growth through portfolio optimisation and targeted capital investment, such as booster compression in Thailand, new well drilling in Indonesia and Australia, and further infill drilling opportunities in China and New Zealand. A key strategic priority is extending field life and reserves via operational improvements and ongoing engagement with joint venture partners and regulators.
With multiple catalysts slated for FY27—including drilling campaigns, field upgrades, and potential resource extensions—Horizon is aiming to sustain and grow its diversified production base, while maintaining its commitment to disciplined capital management and shareholder returns.
Horizon Oil share price snapshot
Over the past 12 months, Horizon Oil shares have risen 5%, slightly outperforming the All Ordinaries Index (ASX: XAO), which has risen 3% over the same period.
