Sunday 15 / November / 2026
Muscat--- OQ Exploration and Production (OQEP) achieved net profits of RO 297,784,000 during the first nine months of 2026, marking an increase of 25.7 percent compared to RO 236,869,000 during the same period in 2025. Total shareholder return reached 40 percent during the first nine months of 2026, reflecting the company's commitment to delivering value to its shareholders.
The report issued by OQ Exploration and Production clarified that the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to RO 835,982,000, registering an increase of 12.2 percent compared to RO 745,279,000 during the same period in 2025.
The Board of Directors, under the authorization granted to it by the shareholders, approved the base dividend distribution for the third quarter of 2026, with a total value of RO 57.7 million for shareholders of record as of November 25, 2026. Meanwhile, the performance-linked dividend distribution for the first half of 2026, the second tranche, amounted to RO 19.3 million for shareholders of record as of November 25, 2026, in accordance with what was approved at the last ordinary general assembly meeting. The return on capital employed rose to 68.2 percent compared to the same period in 2025, reflecting improved returns and discipline in capital allocation.
The company maintained strong operational momentum during the first nine months of 2026, as robust production levels, cost management efficiency, and higher realized oil prices contributed to improving its financial results.
The company also continued to enhance its portfolio and advance its key strategic investments, in line with its long-term growth ambitions. Total operational costs decreased despite higher sales volumes, as the production cost per barrel dropped by 14 percent to below 9 dollars, reflecting operational efficiency and cost management.
The report clarified that the company's gas sales volume increased by 14.5 percent to reach 104.9 billion cubic feet, compared to 91.6 billion cubic feet during the same period in 2025. The company's revenues during the first nine months of 2026 reached approximately RO 1,019,415,000, representing a 12.3 percent increase compared to RO 907,814,000 during the same period in 2025. Adjusted cash flow from operating activities also rose by 13.4 percent to reach RO 495,200,000.
Furthermore, production optimization and operational reliability across the company's various assets contributed to raising average production to 228.6 thousand barrels of oil equivalent per day (53% oil and condensates, and 47% gas) during the first nine months, exceeding last year's level and the approved budget.
The company invested approximately RO 200,867,000 in capital expenditures during the first nine months of 2026, which included RO 195 million in oil and gas assets and RO 6 million in exploration activities, to maintain production levels and advance its growth strategy.
Eng. Mahmoud Abdullah Al Hashmi, Chief Executive Officer of OQ Exploration and Production, clarified that safe and reliable operations, high production levels, a reduced production cost per barrel, and supportive oil prices contributed to achieving strong financial results during the first nine months of the year.
He affirmed the commitment to moving forward toward achieving the company's growth ambition of reaching a production of 300 thousand barrels of oil equivalent per day by 2030, alongside seizing select international investment opportunities that serve as a complementary tributary to this ambition. Proceeding from its disciplined approach to capital allocation, the company continues its growth journey and the realization of sustainable value for its shareholders.
