- RHP’ 1H25 revenue fell 19% y-o-y on lower oil prices and reduced liftings, but cost control helped the company to beat our earnings estimates on a run-rate basis.
- Free cash flow surged to US$15m, implying an annualised 28% FCF yield, supported by a net cash balance that makes up 54% of its market capitalisation.
1H25 stronger than expected.
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- Although the 19% y-o-y decline in PATMI mirrored the revenue decline, this was better than expected as it made up 60% of our full-year estimate and underscores RHP’s good cost control with cost per barrel at US$29.80/bbl.
Drilling plans for 2H25.
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- The gross cost of drilling and completing the wells will be around US$6.5m and US$13m respectively.
Strong free cash flow.
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