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Revenue
₹-205.89 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Hindustan Oil Exploration reported a challenging FY26 with production impacted by operational upsets and the HPCL crude sale reversal. Revenue would have been ₹559 crore had the sale gone through, but actual reported revenue was lower. The company is targeting 10,000-11,000 boe/d by June 2027, driven by workovers at B80, new wells at PY1, and drilling at Dirok and Kasang. Management highlighted a 2P reserve base of 60 million boe and a 3P base of 109 million boe, providing long-term upside. Key risks include delays in pipeline connectivity in Assam, rig availability, and funding for the capex program. The HPCL crude inventory is being sold gradually over 2-3 months at Brent-linked prices, with potential discount impacts.
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Guidance to track
- Management targets reaching 10,000-11,000 barrels of oil equivalent per day by June 2027, driven by workovers at B80, new wells at PY1, and drilling at Dirok and Kasang.
- Dirok field has the potential to produce 45 million standard cubic feet per day once pipeline connectivity is restored, up from current 0.3-0.4 mmscmd.
- Kasang production is expected to double from current ~700 bbl/d gross through a nine-well drilling campaign, following a previous doubling from the first nine wells.
- Management plans to fund the capex program through internal cash generation and bank facilities, with no immediate equity dilution plans.
Risks flagged
- The DNPL pipeline replacement is complete but not yet connected, delaying gas evacuation from Dirok. Management expects resolution in 1-2 months but timeline is uncertain.
- ₹260 crore of revenue was reversed due to the HPCL dispute. Crude is being sold to third parties at Brent-linked prices with discounts, and full realization may take 2-3 months.
- High oil prices have led to rig shortages and increased costs, potentially delaying drilling campaigns. Management noted this as a key dependency.
- The ambitious drilling program requires significant capital. While management plans to use debt, the exact funding mix is unclear and could lead to delays if not secured.
Key quotes
- Today, HT stands at a pivotal inflection point in its journey. Over the past years, we have systematically built a diversified and balanced portfolio of producing development and exploration assets across India's hydrocarbon bases.
- Our 1P to 2P reserves just valuing the reserves would stand at 3 to 5 billion USD depending upon what oil price we choose and there are substantial upsides beyond the book reserves.
- We are looking at various proposals with people to try and organize for immediate fund for our capex program. Remember our operations are run on our cash and to a great extent our limited capex has been funded internally by cash generation.
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