Tamboran Resources Corp Q4 2026 Earnings Recap

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.