Valeura Energy Inc.
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About the company
Valeura Energy Inc. is an energy company primarily focused on the exploration, development, and production of oil and natural gas within Turkey. As of December 31, 2021, its portfolio included interests in six production and exploration permits.
- CEO
- W. Sean Guest
- IPO
- 2012
- Employees
- 8
- HQ
- Calgary, AB, CA
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- Market Cap
- $155.70M
- P/E
- 15.01
- PEG
- -0.21
- P/S
- 1.50
- P/B
- 1.68
- EV/EBITDA
- 2.34
- Div Yield
- 0.00%
- Gross Margin
- 43.12%
- Op Margin
- 16.99%
- Net Margin
- 9.89%
- ROE
- 11.82%
- ROIC
- 8.31%
Latest fiscal year · YoY change
- Revenue
- $493.46M+140075.9%
- Gross Profit
- $298.07M+5598.5%
- Op Income
- $282.94M
- Net Income
- $245.03M+2043.4%
- EPS
- $2.47+1746.7%
- OCF Growth
- +253.8%
- FCF Growth
- -365.0%
- 52W High
- $3.00
- 52W Low
- $0.12
- 50D MA
- $1.80
- 200D MA
- $0.82
- Beta
- 1.03
- RSI (14)
- 49
- Avg Volume
- 15.51K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Valeura said Q3 showed stronger production, margins, and cash generation, while highlighting Thailand growth projects and a still-active M&A pipeline.· November 17, 2025
- Q3 production was just shy of 23,000 boe/d, up 3% year over year and 7% sequentially, led by Nong Yao infill drilling.
- Realized price was $72.1 per barrel, up from $67.9 in Q2, and the crude premium to Brent widened to $2.5.
- Operating costs improved to $24.8 per barrel, with management saying costs are trending toward the low end of guidance.
- Cash flow, EBITDAX, and cash balances improved materially; management said cash and adjusted net working capital were both up roughly 60%-70% year over year.
- Wassana remains on track for first oil in Q2 2027, while the PTTEP farm-in and G1/G3 work are positioned as longer-term growth catalysts.
Valeura reported Q3 2025 production of just shy of 23,000 barrels a day equivalent, up 3% from Q3 2024 and 7% from Q2 2025. Realized price was $72.1 per barrel versus $67.9 in the prior quarter, and the Brent premium widened to $2.5. Operating expense per barrel fell to $24.8. Management said adjusted cash flow from operations margin improved to just shy of 50%, compared with 39% last year and 36% in the prior period, and cash/adjusted net working capital were up about 60% and nearly 70% year over year, respectively. The company invested around $52 million in the quarter, including close to $16 million in Wassana redevelopment, and ended with $248 million after working-capital, NCIB, deposit, and tax items. Guidance was reaffirmed: full-year production is expected within guidance, albeit slightly toward the lower end, and Wassana first oil remains targeted for Q2 2027 and on or below budget.
Sean Guest framed the quarter as evidence that Valeura has had a successful entry into Thailand: the company is growing, strengthening the balance sheet, and building a long-duration opportunity set through the PTTEP farm-in and Wassana redevelopment. He emphasized that current production in November is above any quarterly average so far in 2025, with Nong Yao providing the most profitable barrels. His tone was upbeat but disciplined, stressing that the company remains focused on transformational opportunities and that cash returns are not the priority while attractive M&A and growth options are available.
Yacine Ben-Meriem said the quarter was broadly positive across operational and financial metrics, with Q3 production just under 23,000 boe/d, lifting up 14% quarter over quarter and 22% year over year, and realized price at $72.1 per barrel. He highlighted OpEx of $24.8 per barrel, better margins at both EBITDAX and adjusted cash flow from operations, and cash and adjusted net working capital both nearly doubling versus last year. He also noted $52 million of quarterly investment, including about $16 million in Wassana, and said the company ended with $248 million after accounting for working-capital changes, the NCIB, the G1/G3 deposit, and tax payments. On taxes, he said roughly $400 million of Thai tax losses remain, are ring-fenced to Thai III assets, and could last about 3 years at current softer oil prices, shorter if oil prices rise.
Analysts asked about year-end reserves, Jasmine drilling, future well sequencing, Wassana rig-rate exposure, G1/G3 oil opportunities under PTTEP, platform sizes, tax-loss usage, G1/G3 cash outlays at FID, and rising M&A competition in Southeast Asia. Management said it would be cautious on reserve numbers until audits are complete, that Jasmine is progressing well and the next rotation likely includes Manora and then Nong Yao again, and that rig rates have softened with the current rig committed through August next year. On G1/G3, they said PTTEP is a good operator for gas, Valeura should still have room to pursue oil opportunities, and gas tieback platforms are much cheaper than Wassana’s oil facility, though final cash requirements are still being worked up. On M&A, Sean Guest said the region is seeing more activity from majors, but Valeura is focused on smaller, more relevant opportunities and big gas rather than modest oil volumes.
The call presented a clear operating improvement: higher production, lower OpEx, stronger realized pricing, and better cash generation. Management also described multiple visible catalysts, including Wassana first oil in 2027, potential FID on G1/G3 in 2026, softening rig rates, and an active M&A pipeline.
Management acknowledged the share price has weakened recently despite delivery, and that some investors may be nervous until the G1/G3 transaction closes and development plans are quantified. They also noted tax benefits will eventually run out, Jasmine is taxable, and the Turkey opportunity remains high-risk and not currently a capital focus.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.5%
- Shares Outstanding
- 90.52M
- Float Shares
- 84.61M
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