Kistos maintains 2026 output guidance as Oman deal lifts EBITDA outlook

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Kistos 2026 output and EBITDA

Highlights

Kistos maintains 2026 pro forma output guidance at 19,000–21,000 boepd after year-to-date production of about 20,000 boepd and key platform turnarounds.
Kistos completes Oman Blocks 3 and 4 acquisition on 14 September 2026, contributing $75 million to estimated $280 million pro forma EBITDA for first nine months of 2026.
Cash and near cash declines to $165 million at 30 September 2026 versus $259 million at 30 June 2026, as adjusted net debt rises to $101 million due to the Oman acquisition and capital expenditure.

Operations update and Oman expansion

As reported by the London Stock Exchange's Regulatory News Service, Kistos says year-to-date pro forma production to 30 September 2026 is about 20,000 barrels of oil equivalent per day, compared with 20,800 boepd in the first half of 2026, while third-quarter production is about 18,500 boepd after the planned turnaround of the Jotun FPSO.

The company maintains full-year 2026 pro forma production guidance of 19,000 to 21,000 boepd. In Norway, the Jotun FPSO completes a 26-day planned turnaround in July 2026, the final two Balder Phase V wells start up in July, and the King well from the Ringhorne platform comes on stream in August ahead of schedule.

In the Netherlands, Kistos says the annual turnaround on the Q10-A platform is completed on schedule and below budget, alongside a jacket integrity inspection campaign. In the Greater Laggan Area, now operated by Serica Energy, production continues according to plan with no major planned turnarounds scheduled during 2026, while the Adura-owned Victory field continues to add throughput at the Shetland Gas Plant and lower unit operating costs.

Kistos also says it completed the acquisition of Blocks 3 and 4 in Oman on 14 September 2026, with the interest to be consolidated from 1 October 2026. Production is close to plan, supported by new oil from the Safi and AGW areas, while completion of Block 9 is anticipated in the fourth quarter under a different EPSA framework after revised terms take effect on 1 July 2026.

After the period end, Kistos announces an agreement with Vår Energi on 14 October 2026 to acquire a 10% working interest in PL 169E, PL 956 and PL 956B for upfront consideration of $12.9 million. The company says the transaction adds 4.3 MMboe net in combined 2P reserves and 2C resources and remains subject to approval from Norway's Ministry of Energy.

Financial position and sector implications

Kistos estimates pro forma EBITDA at about $280 million for the first nine months of 2026, including about $75 million from Oman. It says third-quarter pro forma EBITDA is lower than in the second quarter because of inventory build-up and lower production during planned summer turnarounds.

Average realised prices, excluding Oman, stand at $95 per barrel for oil and 113 pence per therm for gas, reflecting the group's unhedged exposure to elevated commodity prices. Capital expenditure reaches about $120 million, excluding Oman, with third-quarter spending reflecting peak summer offshore activity including the completion and start-up of the final Balder Phase V wells and the King well.

Cash and near cash fall to $165 million at 30 September 2026 from $259 million at 30 June 2026, as operating cash generation is offset by the payment for Oman Blocks 3 and 4, significant capital expenditure and about $32 million of debt repayment. Adjusted net debt rises to $101 million from $23 million over the same period.

Executive Chairman Andrew Austin says the company remains on track to deliver production within its 2026 guidance range and expects Block 9 in Oman to complete by year-end. He also says the structure of the Omani offtake agreement could support higher realised prices for at least two to three months if oil prices fall, which Kistos says would further support EBITDA as it continues to assess acquisition opportunities across its core geographies.

In our earlier article on the surge in crude oil shipping costs, we explained how conflict-related risks are driving tanker rates sharply higher and turning freight into a much larger share of the delivered oil price. We also noted that higher transport and insurance costs can filter through to fuel and consumer prices, weighing on import-dependent markets while benefiting tanker owners as long as route risks remain elevated.

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