Kistos Shares Drop as Q3 Output Dips, Net Debt Rises After Oman Deal

3-line summary

• North Sea and Oman oil and gas producer Kistos reported third-quarter pro forma production (treating the Oman acquisition as completed January 1) of about 18,500 boepd, down from 20,800 boepd in the first half, due to planned turnaround maintenance at Norway's Jotun FPSO; the company maintained its 2026 pro forma production guidance of 19,000-21,000 boepd.
• Adjusted net debt rose roughly fourfold to $101 million at September 30 from $23 million at June 30, as cash fell to $165 million from $259 million, driven by completion payments for the Oman Blocks 3 & 4 acquisition (completed September 14), heavy capital spending, and about $32 million in debt repayment; nine-month pro forma EBITDA was about $280 million, with Oman contributing roughly $75 million, though Q3 EBITDA was lower than Q2 due to oil and gas inventory build and the summer maintenance-driven output dip.
• Excluding Oman, average realized prices were $95 per barrel of oil and 113 pence per therm of gas; Kistos is unhedged, so it is fully exposed to current elevated prices. Shares fell 5.6% Monday; Oman Block 9 acquisition completion is expected in the fourth quarter.

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