olivLaw · US equity research
Tamboran Resources Corporation TBN
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Tamboran Resources is an early stage natural gas exploration and production company developing resources in the Beetaloo Basin of Australia's Northern Territory, where it holds one of the largest acreage positions. The company began initial gas sales in September 2026, which could mark its transition from development stage to producer, with a plateau target of 40 TJ/d.
At the close of 04 Nov 2026, Tamboran Resources Corporation (TBN) stock was 28.10 USD (−3.14% on the day), with market capitalisation 982.4 m USD, beta 0.26, 52-week range 22.60–49.99 USD. Latest reported quarter (Q4 2026): revenue of 0 USD, net income of -1.9 m USD, diluted EPS -0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.0
- weak (30–45)
- Bollinger (20, 2)
- 26.69 – 36.06
- in the lower half of the band · %B 0.15 · band width 29.9%
- SMA 50 / 200
- 34.66 / 33.86
- mixed trend
- MACD (12, 26, 9)
- -1.46 / -1.37
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.1% | −1.1% | −16.0 pp | — |
| 3 months | −12.6% | −0.5% | −12.1 pp | — |
| 6 months | −20.3% | +4.4% | −24.7 pp | — |
| Year to date | +3.2% | +12.3% | −9.1 pp | — |
| 1 year | +16.0% | +13.5% | +2.4 pp | +19.9% |
| 3 years | unavailable | +76.4% | unavailable | +8.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & development | 0 | 3.2 m | 2.0 m | 824.0 k | 191.0 k | 136.0 k | 31.0 k | -234.0 k |
| Operating income | -7.0 m | -15.0 m | -8.8 m | -8.5 m | -8.2 m | -7.8 m | -8.4 m | -8.3 m |
| Depreciation & amortisation | 31.0 k | 31.0 k | 23.0 k | 1.0 k | 2.0 k | 2.0 k | 2.0 k | 2.0 k |
| Net income | -5.9 m | -14.2 m | -6.7 m | -10.2 m | -8.2 m | -6.6 m | -9.4 m | -1.9 m |
| Diluted EPS | -0.42 | -0.99 | -0.46 | -0.65 ≈ | -0.47 | -0.33 | -0.42 | -0.06 ≈ |
| Operating cash flow | -4.2 m | -4.7 m ≈ | -14.3 m ≈ | -6.4 m | -13.8 m | -707.0 k ≈ | -12.5 m ≈ | -7.6 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -21.9 m | -36.9 m | -26.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.32 | -2.52 | -1.16 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 219.1 m USD
- Financial debt
- 59.0 m USD
- Net debt
- -160.1 m USD
- Equity
- 967.7 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 2.61x
- ROE
- -3.8%
- ROA
- -3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | SEC (XBRL)· 25 Sept 2026verified |
| Research & development | 0 | 6.0 m | 123.0 k | SEC (XBRL)· 25 Sept 2026verified |
| Operating income | -20.5 m | -39.3 m | -32.7 m | SEC (XBRL)· 25 Sept 2026verified |
| Depreciation & amortisation | 120.4 k | 86.0 k | 7.0 k | SEC (XBRL)· 25 Sept 2026verified |
| EBITDA | -20.4 m ≈ | -39.2 m ≈ | -32.7 m ≈ | SEC (XBRL)· 25 Sept 2026derived |
| Income tax | 0 | 0 | 0 | SEC (XBRL)· 25 Sept 2026verified |
| Net income | -21.9 m | -36.9 m | -26.1 m | SEC (XBRL)· 25 Sept 2026verified |
| Diluted EPS | -2.32 | -2.52 | -1.16 | SEC (XBRL)· 25 Sept 2026verified |
| Weighted average diluted shares | 9.5 m | 14.7 m | 22.5 m | SEC (XBRL)· 25 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 74.7 m | 39.4 m | 219.1 m | SEC (XBRL)· 25 Sept 2026verified |
| Current assets | 97.3 m | 56.7 m | 243.2 m | SEC (XBRL)· 25 Sept 2026verified |
| Property, plant & equipment, net | 102.2 k | 308.0 k | 744.0 k | SEC (XBRL)· 25 Sept 2026verified |
| Total assets | 358.6 m | 446.5 m | 1.2 bn | SEC (XBRL)· 25 Sept 2026verified |
| Accounts payable | 6.6 m | 5.7 m | 73.7 m | SEC (XBRL)· 25 Sept 2026verified |
| Long-term debt | — | 0 | 59.0 m | SEC (XBRL)· 25 Sept 2026verified |
| Current liabilities | 28.0 m | 36.6 m | 93.1 m | SEC (XBRL)· 25 Sept 2026verified |
| Total liabilities | 51.0 m | 57.0 m | 184.4 m | SEC (XBRL)· 25 Sept 2026verified |
| Equity | 307.7 m | 389.5 m | 967.7 m | SEC (XBRL)· 25 Sept 2026verified |
Cash flow · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.4 m | -29.6 m | -34.6 m | SEC (XBRL)· 25 Sept 2026verified |
| Investing cash flow | -66.1 m | -98.8 m | -187.6 m | SEC (XBRL)· 25 Sept 2026verified |
| Financing cash flow | 146.4 m | 101.1 m | 412.3 m | SEC (XBRL)· 25 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 982.4 m USD
Key indicators
Coverage and freshness
Score by group
15% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.7% | 26 (vs peers) | 71% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Tamboran Resources Corporation (TBN). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 0 USD in 2026; ROE -4.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.6x
What contradicts it
- ROIC: -4.7%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| PBRPetrobras - Petroleo Brasileiro SA | 145.9 bn | 33.8 | 10.9% | 8.2% | −10.7% | +56% / +28% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| PARRPar Pacific Holdings, Inc. | 3.5 bn | 3.6 | 50.9% | 9.8% | −6.4% | +53% / +103% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| NOGNorthern Oil And Gas, Inc. | 2.4 bn | — | -22.1% | -25.4% | +11.2% | −1% / −40% |
| MNRMach Natural Resources LP | 1.7 bn | 19.1 | — | 7.4% | +21.2% | −15% / −43% |
| DMLPDorchester Minerals, L.P. | 1.4 bn | 15.6 | — | 45.5% | −5.4% | +27% / −5% |
| TBNTamboran Resources Corporation | 982.4 m | — | -4.8% | — | unavailable | +16% / unavailable |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| DECDiversified Energy Company | 942.7 m | 16.7 | 11.0% | 4.9% | +141.5% | −11% / +1,434% |
| EGYVaalco Energy Inc | 568.0 m | — | -24.4% | -31.1% | −25.0% | +51% / +16% |
| GPRKGeoPark LTD | 487.6 m | 9.9 | 22.1% | 10.1% | −25.5% | +16% / +4% |
| SDSandridge Energy, Inc. | 468.3 m | 5.7 | 16.2% | 46.1% | +24.8% | −11% / −9% |
| KRPKimbell Royalty Partners, LP | 415.5 m | 4.1 | — | 29.7% | +7.9% | +24% / +1% |
1- and 3-year price returns: for TBN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tamboran Resources is an early stage natural gas exploration and production company developing resources in the Beetaloo Basin of Australia's Northern Territory, where it holds one of the largest acreage positions. The company began initial gas sales in September 2026, which could mark its transition from development stage to producer, with a plateau target of 40 TJ/d.
SWOT
Strengths
Weaknesses
- The company has no proved reserves and no material revenue in the period, being still in an early development stage 1.
- Net losses in fiscal 2026 and dependence on external capital to fund development plans 1.
- Some wells show lower normalized flow rates than others in the basin, indicating variability in results 1.
Opportunities
- Expansion of production if transport and delivery infrastructure is completed, with a gross production goal of 2.0 Bcf/d 1.
- Potential exposure to international LNG markets if prices stay higher than in North America 1.
- Additional partnerships to share costs and accelerate development in prospective areas 2.
Risks
- No proved reserveshigh
The company currently has no proved reserves, and the areas it drills may not produce gas in commercial quantities 1.
- Need for additional capitalhigh
The development plan requires substantial funding, and obtaining it on acceptable terms is not assured, which could limit execution 1.
- Pipeline take-away capacityhigh
Planned production would exceed the capacity of existing pipelines, and an agreement with APA Group for new capacity has not been concluded 1.
- Drilling and infrastructure costsmedium
Drilling costs could exceed estimates, and inflationary pressure could raise operating costs 1.
- Skilled workforce and US practicesmedium
Success depends on finding and retaining a skilled workforce in an area where the supply of specialists is limited 1.
Investment thesis
What would need to be true (bull case)
- An extensive acreage position in the Beetaloo Basin and the start of gas sales could turn the company into a producer with an assured market, if projects follow the planned timetable 12.
- Gas demand for the regional energy transition and potentially high prices in Asian markets could support project returns if infrastructure is completed 1.
- Partnerships with US service and drilling companies and experienced operators could accelerate learning and reduce execution risk 2.
What would break the thesis
- The absence of proved reserves and material revenue means success depends on drilling results not yet proven at commercial scale 1.
- Reliance on external capital and ASX share issuance limits could lead to dilution or unfavorable financing terms 1.
- Delays in pipeline construction and transport infrastructure could block gas delivery even if production is achieved 1.
What to watch
- Completion of SPCF commissioning and reaching the 40 TJ/d plateauQ4 2026
- Stimulation of the three wells on the SS1 padQ4 2026
- Results of the Jibera South 1H and Newcastle South 1H appraisal wells in EP 161mid-2027
- Signing of the take-away and pipeline expansion agreement with APA Group for the BEC pipelinenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Tamboran describes itself as an early stage, growth-driven independent natural gas exploration and production company focused on integrated commercial development of Beetaloo resources. The company holds approximately 2.8 million net prospective acres and states it is the largest acreage holder in the basin 1. Key assets include a 25% non-operated interest in EP 161, a 61.25% interest in EPs 76, 98 and 117 where it is operator, and a 100% interest in EPs 136 and 143 also operated by the company 1. In July 2026 the company completed a stimulation campaign on three wells, and it reported first gas delivered to the Northern Territory market in September 2026 12.
The company had no material revenue in fiscal 2026 because gas sales began after the period end, and its statements show an operating loss and a net loss 1. Activity depends on completing infrastructure, including the BEC pipeline, whose gas transport agreement was still to be signed at the time of the report 1.
Tamboran works with strategic partners including Helmerich & Payne, Liberty Energy and Baker Hughes to bring US shale practices into the Northern Territory 2. It has also begun a collaboration with Santos in EP 161, where two appraisal wells are planned in the Beetaloo East depocenter 1.
Segments
Upstream development in the Beetaloo Basin
This segment covers wells operated by Tamboran, including the Shenandoah South pilot project, where several horizontal wells have been drilled and stimulated, and three wells on the SS1 pad are planned for stimulation in the fourth quarter of calendar 2026 12.
Processing and delivery infrastructure
The segment includes the SPCF facility and the transport pipeline linking production to the Northern Territory market. SPCF construction was delivered on time and below forecast budget, and commissioning is expected to be completed in the fourth quarter of calendar 2026 2.
Market context
Tamboran argues that natural gas can support emissions reduction targets in the region by replacing coal-fired power, and that rising global LNG demand combined with under-investment in new supply could lead to shortages 1. Profitability, however, depends on Australian East Coast and Asian LNG markets maintaining prices high relative to North America, to offset the higher infrastructure costs in the Beetaloo 1.
Natural gas prices are volatile and can be affected by geopolitical conflicts, Australia's domestic gas reservation policy and weather, most of which are beyond the company's control 1. Inflationary pressure and supply chain disruption have raised labor, materials and services costs, and the company could struggle to recover these costs if prices do not rise 1.
Trends
- Rising global LNG demand and supply shortfalltailwind
Growing global LNG demand and under-investment in new supply could support prices and justify Beetaloo projects if these trends persist 1.
- Coal-to-gas transition in the regiontailwind
Governments in the region aim to cut emissions, and gas could replace coal in power generation, which could create demand for Beetaloo gas 1.
- Volatility of natural gas pricesheadwind
The company expects gas markets to remain volatile, and periods of low prices could weigh on economic production and access to capital 1.
- Inflationary pressure and supply chainsmixed
Costs for labor, steel, chemicals and transport have risen, and declines in gas prices could be followed with a lag by cost reductions 1.
Competitive position
Tamboran is compared with other operators in the Beetaloo Basin and other unconventional gas projects in Australia, but the sources do not detail the structure of competition. The company states that, with eight horizontal wells operated in the basin, it has the most of any operator 2.
Competition for access to infrastructure, drilling equipment and skilled personnel could affect project timing, especially if other operators in the area need the same resources 1.
- Santos
Operator of EP 161 in which Tamboran holds 25%; a partner Tamboran collaborates with, but also a company competing for resources in the basin 1.
- Daly Waters Energy
Party to the acreage sale and the realignment and farmout agreements in the basin, an actor holding interests in the same area 2.
- DWE/INPEX
Partner in the farmout of the pilot area and the BCDA, with wells planned for the second half of 2027 2.
- US shale gas operators
Tamboran uses US techniques and equipment, but acknowledges that its drilling success may not be comparable to that in the United States 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Tamboran Resources delivers first Beetaloo gas sales as Shenandoah South enters commissioningYahoo Finance — News · 06 Sept 2026 · EN
The latest news item in our archive is from 06 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement30 Oct 2026
- Current report19 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Annual report25 Sept 2026
- Current report25 Sept 2026Results of operations · Financial statements and exhibits
- Current report31 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)07 Aug 2026Financial statements and exhibits
- Current report28 May 2026Acquisition or disposition of assets · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Item 3.02 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Tamboran Resources Corporation · 25 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Tamboran Resources Corporation · 25 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.