MUSCAT : OQ Exploration and Production Company (OQEP) recorded a net profit of RO 297.784 million during the first nine months of 2026, marking a 25.7 percent increase from RO 236.869 million during the same period last year.
According to the company’s financial report, revenues rose 12.3 percent to approximately RO 1.019 billion, compared to RO 907 million in the corresponding period of 2025.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 12.2 percent to RO 835.982 million, up from RO 745.279 million a year earlier. Adjusted operating cash flow also grew 13.4 percent to RO 495 million.
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The company reported a total shareholder return of 40 percent during the nine-month period, while return on capital employed increased to 68.2 percent, reflecting improved profitability and disciplined capital allocation.
OQEP’s Board of Directors approved a basic dividend of RO 57.7 million for the third quarter of 2026. An additional RO 19.3 million will be distributed as the second instalment of the performance-linked dividend for the first half of the year, as approved at the last Annual General Meeting. Both payments will be made to shareholders registered as of November 25, 2026.
On the operational front, average production reached 228,600 barrels of oil equivalent per day, exceeding both the previous year’s production and the approved budget. Oil and condensates accounted for 53 percent of total production, while gas contributed 47 percent.
Gas sales volumes increased 14.5 percent to 104.9 billion cubic feet, compared to 91.6 billion cubic feet during the same period in 2025.
Despite higher sales volumes, the company successfully reduced its total operating costs, with production costs per barrel falling 14 percent to below $9, highlighting improved efficiency and effective cost management.
OQEP invested approximately RO 200.867 million in capital expenditure during the first nine months of 2026, including around RO 195 million in oil and gas assets and RO 6 million in exploration activities.
Eng. Mahmoud bin Abdullah Al Hashmi, CEO of OQ Exploration and Production, attributed the strong financial performance to safe and reliable operations, higher production levels, lower production costs and favourable oil prices.
The company also continued strengthening its portfolio and advancing strategic investments in line with its long-term growth plans.
Looking ahead, OQEP aims to increase production to 300,000 barrels of oil equivalent per day by 2030, while exploring selected international investment opportunities to support its expansion.
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