Oman oil profits continued rising as OQ Exploration and Production Company (OQEP) reported solid financial results for the first quarter. Net profit surpassed OMR74.9 million, reflecting strong business performance and strategic execution.
Revenue for the period reached OMR205.5 million. This gain confirmed a steady market demand and healthy operations. Oman oil profits remained strong even with a slight drop in production compared to the previous period.
OQEP recorded an EBITDA of OMR152.7 million. In addition, cash flow from operations, excluding working capital, stood at OMR141.8 million. These indicators show that Oman oil profits remain a key contributor to the national economy.
Return on capital employed hit 22.2 percent, showing the company’s efficient use of financial resources. Moreover, OQEP held a cash balance of OMR118.8 million, while keeping a low leverage ratio of 0.4 times EBITDA. These figures show strong financial discipline and resilience.
Oil production averaged 221.2 thousand barrels of oil equivalent per day. This figure was slightly lower than the previous period’s 224.4 thousand barrels. Still, it remained within the company’s planned targets. Oman oil profits continued to benefit from steady production and healthy pricing.
The average realized oil price stood at $75.3 per barrel. This was slightly below the earlier average of $79.7. Similarly, the average realized gas price dropped to $3.21 per million standard cubic feet. Even with lower prices, Oman oil profits remained strong due to cost control and stable operations.
The CEO of OQEP shared updates on major projects and partnerships. The company signed an exploration and production sharing agreement (EPSA) for Block 54 with the government and Genel. This marked the first investment by Genel in Oman.
OQEP is also working with Scotiabank to promote opportunities in Blocks 18, 36, 43A, and 66. These areas may offer new growth options. In Block 60, the Bisat C Expansion project reached 86 percent completion. This project aims to add 37,000 barrels per day of oil processing capacity and will start operations in the third quarter.
The company also declared a base dividend of OMR57.7 million to be paid soon. This move reflects its confidence in continued growth.
In conclusion, Oman oil profits have helped the country maintain economic momentum. With strategic projects underway and partnerships expanding, the outlook remains positive.
