Tamboran Resources Corporation (TBN) FY26 earnings

Reported results

• First gas volumes delivered to Northern Territory gas market in September 2026; facility ramping up in line with NTG nominations with contracted volume of 40 TJ/d
• SPCF construction completed on time and ~US$9 million below P50 forecast budget; commissioning activities expected to be completed in 4Q 2026
• Completed largest stimulation campaign in Beetaloo Basin with 178 stages over 30,000-ft horizontal across SS2-3H, -4H and -5H wells; successfully tested 10 stages with locally sourced Beetaloo Red Sand
• Pro forma cash balance of ~US$240 million at June 30, 2026, including cash balance of US$225 million and near-term inflows of US$15 million from acreage sale to DWE
• Completed initial two wells of three-well 2026 drilling program on SS1 pad with record lateral drilling speed; commenced two-well drilling campaign on Santos-operated EP 161
• Drawn infrastructure debt of US$60 million (gross to JV) at June 30, 2026 with US$62 million remaining undrawn; NTG guarantee covers Tamboran’s 50% share of facility (up to A$75 million)

Guidance

• Complete commissioning activities of the SPCF in 4Q 2026
• Complete three-well drilling program on the SS1 pad in 4Q 2026
• Stimulate three SS1 pad wells in 4Q 2026
• Stimulation of EP 161 wells expected mid-2027
• Commence proposed four-well drilling program with DWE/INPEX in the BCDA mid-2027
• Forecast capital expenditure for SPCF tracking US$90 million (A$129 million)
• Target drilling efficiency of under 25 days (spud to TD) per well

Notes

Release is a presentation dated September 25, 2026. Cash balance figures include adjustment for Daly Waters Infrastructure LP’s 50% share of restricted cash. Certain working interests are subject to completion of minority shareholder compulsory acquisition of Falcon Oil & Gas Australia Limited and conditional upon completion of acreage transactions with DWE. During commissioning period, Tamboran and DWE receive 75% of gas price due to interruptible gas supply; take-or-pay provisions apply to 40 TJ/d contract upon commencement of supply period. Company expects some revenue and costs related to Pilot Project will be capitalized to Balance Sheet during commissioning rather than flowing through Income Statement under US GAAP.

Price and volatility reaction

The stock moved -3.6% on the print. No front-expiry chain was on file, so there is no straddle expected move.

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-25 (8-K, Item 2.02). Read the original filing on sec.gov.