Oman's leading integrated energy group's net profit tops OMR199mn

Oman's OQ Exploration and Production (OQEP) has announced a significant financial performance for the first half of 2026, with its net profit soaring to OMR199.02 million. This represents a substantial 19.4 percent growth, outpacing its revenue growth rate of 12 percent. The company attributed this success to effective cost control measures, even as production levels increased.

The revenue surge was driven by a robust increase in sales volume for crude oil and condensates, reaching 11.6 million barrels. Additionally, the average realized oil price saw an 8 percent rise, settling at $80.9 per barrel. OQEP also reported a 14.1 percent year-on-year increase in adjusted cash flow from operating activities, totaling OMR331.2 million, bolstered by favorable commodity prices and higher sales volumes.

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The company's operational and financial results during the first half of the current year achieved a remarkable increase across the company's various business sectors. This was supported by the continued implementation of the growth strategy and the safe and deliberate execution of its operations, alongside the improvement in commodity prices, increased production, and higher oil prices. This enabled the company to achieve higher profits and cash flows, enhance its financial position, and increase its ability to deliver long-term sustainable value to shareholders.

Financially, OQEP invested OMR132 million in capital expenditure during the period, primarily in oil and gas assets. The company's return on capital employed improved significantly, rising to 67.0 percent from 51.5 percent in the same period last year, marking a 30 percent increase. This highlights the company's efficient capital allocation strategy.

In a notable achievement, OQEP secured an investment-grade credit rating of (BBB-) with a stable outlook from both Standard & Poor's and Fitch, marking a first for the company. Mahmoud Abdullah Al Hashimi, CEO of OQEP, expressed satisfaction with the operational and financial results, attributing them to the consistent execution of the company's growth strategy, safe operations, improved commodity prices, and increased production. He also emphasized the company's commitment to Health, Safety, Security, and Environment (HSSE) standards, aiming to improve emission intensity and completing its action plan ahead of schedule.

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For me personally, it is a trophy. When trophies and a final are there, you always try to win the game, so no friendly game at all.