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Highlights
Valeura recorded Q3 oil production of 23.0 mbbls/d and revenue of USD 155.7 million, supported by higher sales volumes.
The company advanced offshore growth with a major acreage expansion in the Gulf of Thailand and continued progress on the Wassana redevelopment.
Adjusted after-tax cashflow from operations rose to USD 73.2 million, aided by improved tax efficiency and increased sales.
Valeura Energy Inc. (TSX:VLE) has released its unaudited financial and operational results for the quarter ended September 30, 2025, noting increased production levels, higher revenue, and strategic expansion activities. The company advanced multiple offshore projects in the Gulf of Thailand while reporting growth across most key metrics compared with both Q3 2024 and Q2 2025.
Production Growth and Successful Drilling Programme
Valeura delivered oil production of 23.0 mbbls/d during the third quarter, with oil sales reaching 2.2 million barrels. The company’s drilling campaign at the G11/48 block in the Gulf of Thailand consisted of ten wells and contributed to an exit-rate production level of 24.8 mbbls/d at quarter-end.
Operational performance benefited from concurrent activities across all four offshore fields. Working interest production before royalties reached 2.11 million barrels, up 3% from Q3 2024—driven by additional output from the Nong Yao field after the completion of the ten-well programme.
Revenue Increase and Cost Efficiency
Average realised pricing of USD 72.1/bbl supported revenue of USD 155.7 million for the quarter. Despite being 9% lower than the prior year’s price levels, realised pricing exceeded Brent by USD 2.5/bbl.
The combination of higher sales volumes and favourable price differentials resulted in revenue growth of 12% compared with Q3 2024. Operating expenses totalled USD 49.1 million, with adjusted operating expenditures, including offshore leasing costs, at USD 52.5 million, or USD 24.8/bbl. The adjusted unit rate improved year-over-year due to reduced leasing costs for key floating infrastructure.
Adjusted EBITDAX reached USD 80.7 million, while adjusted pre-tax cashflow from operations was USD 77.3 million—21% higher than Q3 2024. After-tax adjusted cashflow from operations rose 46% to USD 73.2 million, reflecting a more tax-efficient structure implemented in late 2024. The company recorded no cash tax payments for the quarter and does not anticipate any for the remainder of 2025.
Offshore Expansion and Strategic Advances
Valeura expanded its offshore footprint through a strategic farm-in agreement in the Gulf of Thailand, adding major acreage to its portfolio. Progress also continued on the Wassana redevelopment project, where construction activities advanced during the period.
The company was additionally recognized by Report on Business Magazine as Canada’s No. 1 Top Growing Company based on three-year revenue growth of 20,064%, underscoring Valeura’s recent trajectory within the Canadian corporate landscape.
Recent achievements include a joint venture with Transatlantic Petroleum LLC targeting deep formations in Türkiye’s Thrace basin. New drilling activity at the Jasmine field has supported November production of 24.5 mbbls/d to date.
Cash Position and Working Capital Increase
As of September 30, 2025, Valeura held USD 248.4 million in cash, including USD 23.8 million in restricted cash, and maintained a debt-free balance sheet. Additional revenue of USD $36.7 million from crude liftings in late September was received in mid-October, recorded as a receivable for Q4.
Net working capital increased to USD 275.2 million, up 34% year-over-year. Capital expenditures were USD 52.4 million, primarily related to the ongoing Wassana redevelopment.
