Tamboran Resources Corp Earnings Recaps
Q1 2027
Oct 1, 2026
Tamboran shares fell 5.0% after earnings, with the likely concern being that commercial supply remains in commissioning and current volumes are limited to 25 TJ/day by market nominations. The 40 TJ/day take-or-pay contract has not yet started, while production performance and the potential cost benefits from local sand remain to be proven over time.
Key takeaways
- Gas sales to the Northern Territory market began, but flow had lasted only 20 days at the time of the call; current nominations are 25 TJ/day.
- During commissioning, Tamboran receives 75% of the gas price. The company expects take-or-pay terms on the 40 TJ/day contract quantity to apply after commissioning and production testing are complete.
- The SS-2 campaign completed 178 stimulation stages across 30,000 lateral feet, including 10 stages using locally supplied sand. Management said longer-term flow rates and recoveries will be needed to assess performance.
- Tamboran estimates local sand could save $4 million per well with a 10,000-foot horizontal section, but that saving is not yet established across future campaigns.
- The company reported US$225 million in cash and US$31 million in undrawn debt at quarter-end. Including US$15 million expected from Daly Waters Energy, subject to conditions, pro forma cash would be US$240 million.
Q4 2026
Sep 29, 2026
Tamboran shares fell 8.0% after the call, with near-term gas sales constrained by government nominations of 25 terajoules per day, below the 40-terajoule daily contract quantity. Commissioning is still ongoing, and the company said it will receive 75% of the gas price during this period; full take-or-pay economics depend on completing commissioning and production testing.
Key takeaways
- Gas sales to the Northern Territory market began, but flows have been limited by demand during the lower-demand season; Tamboran expects nominations to rise during peak demand.
- Once the supply period begins, the 40-terajoule-per-day contract will have take-or-pay provisions, with uncollected gas banked for potential future delivery.
- The Sturt Plateau compression facility was completed on time and about USD 9 million below forecast, though commissioning remains ongoing.
- The SS-2 stimulation campaign completed 178 stages across 30,000 lateral feet. Early tracer results for locally supplied sand were in line with offset wells, but longer-term flow rates and recoveries remain unproven.
- Tamboran ended the quarter with USD 225 million in cash and USD 31 million in undrawn debt; including an expected USD 15 million payment subject to conditions, pro forma cash would be USD 240 million.