OQEP Reports
RO 633.8 Revenue During First 9 Months of 2025

Muscat, 16
Nov 2025 (ONA) — OQ Exploration and Production SAOG (OQEP) announced its
financial results for the nine months ending 30 September 2025, reporting
stable revenue and EBITDA despite lower oil prices, supported by strong sales
volumes and disciplined capital spending.

According to
the company, revenue reached RO 633.8 million, while EBITDA stood at RO 471.2
million, maintaining a solid 74% margin. Adjusted cash flow from operations
increased 10% to RO 424.8 million, reflecting stronger operational performance.

Net profit,
excluding Abraj, came in at RO 236.9 million, impacted by lower realized oil
prices and higher finance costs.

OQEP
increased its oil and condensate sales volumes by 11.8%, helping offset a 13%
decline in the average realized price, which fell to USD 72 per barrel,
compared with USD 82.6 in the same period last year. The company reported a
Return on Capital Employed (ROCE) of 23.3%, positioning it among the sector’s
top performers.

Capital
expenditure rose 7% to RO 198.7 million, driven mainly by the completion of the
Bisat C Expansion at Block 60 and continued investments in Block 53. Free cash
flow reached RO 198 million, while the company reduced net debt to RO 222.1
million, bringing leverage down to 0.35x EBITDA.

Acting CEO,
Mahmoud Al Hashmi said the company’s strategy allowed it to deliver consistent
results despite market challenges. He highlighted that enhanced production at
Block 60 and several new gas sales agreements— including with Marsa LNG and the
Integrated Gas Company (IGC) — would support long-term revenue streams. He also
noted progress on Block 53’s EPSA extension, which could unlock up to 800
million barrels of potential resources.

OQEP
continued strengthening shareholder returns, paying more than RO 173 million in
base dividends and completing half of its ongoing share buyback program
targeting 45–60 million shares. The company also paid its first
Performance-Linked Dividend for 2025, totaling RO 44.2 million.

Looking
ahead, OQEP expects full-year 2025 production to range between 220–230 kboepd,
with operating expenditure kept below USD 10/boe and capital spending between
USD 0.8–0.9 billion.

—Ends/AG