Tamboran Resources Corporation

    TBN ·NYSE ·Crude Petroleum & Natural Gas ·Inc. in DE
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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

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    From 10-Q filed 2026-02-11 (period ending 2025-12-31).

    34
    Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.
    The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by, our
    condensed consolidated financial statements, the accompanying notes to the condensed consolidated financial statements
    and other financial information included in this report and in our Annual Report on Form 10-K for the year ended June 30,
    2025. For further information on items that could impact our financial condition and operating performance, see the section
    entitled “Risk Factors” in this Quarterly Report and in our Annual Report on Form 10-K for the fiscal year ended June 30,
    2025, and “Cautionary Note Regarding Forward-Looking Statements” in this report.
    The following tables present selected financial information for the periods presented (in thousands):
    Three months ended December 31,
    Six months ended December 31,
    2025
    2024
    2025
    2024
    Revenue and other operating income
    $—
    $—
    $—
    $—
    Operating costs and expenses:
    Compensation and benefits, including stock-based
    compensation
    (3,320)
    (1,683)
    (5,314)
    (3,902)
    Consultancy, legal and professional fees
    (912)
    (1,004)
    (2,734)
    (2,684)
    Depreciation and amortization
    (2)
    (31)
    (3)
    (61)
    Loss on remeasurement of assets classified as held for sale
    —
    —
    —
    (376)
    Accretion of asset retirement obligations
    (293)
    (242)
    (582)
    (500)
    Exploration expense
    (426)
    (1,473)
    (1,109)
    (2,483)
    Camp expense recoveries, net
    (1,025)
    —
    (2,654)
    —
    LNG feasibility study expense
    (136)
    (3,233)
    (326)
    (3,233)
    Checkerboard fee
    —
    (5,950)
    —
    (5,950)
    General and administrative
    (1,689)
    (1,399)
    (3,287)
    (2,804)
    Total operating costs and expenses
    (7,802)
    (15,015)
    (16,008)
    (21,993)
    Other income (expense):
    Interest income (expense), net
    238
    705
    (67)
    1,501
    Foreign exchange gain (loss), net
    8
    (1,228)
    (543)
    (1,482)
    Other income (expense), net
    —
    37
    —
    (282)
    Total other income (expense)
    246
    (486)
    (610)
    (263)
    Net loss
    (7,556)
    (15,500)
    (16,617)
    (22,256)
    Foreign currency translation
    6,756
    (29,158)
    8,493
    (17,010)
    Total comprehensive income (loss) attributable to
    noncontrolling interest
    54
    (5,359)
    (948)
    (4,792)
    Total comprehensive income (loss) attributable to
    Tamboran Resources stockholders
    $(854)
    $(39,299)
    $(7,176)
    $(34,474)
    Certain amounts in the Group's consolidated financial statements may not add up or recalculate due to rounding.
    35
    Results of Operations for the Three Months Ended December 31, 2025 and 2024
    Revenue and other operating income. We have not yet commenced natural gas production; therefore, we did not earn
    any revenue and other operating income during the three months ended December 31, 2025 and 2024, respectively.
    Compensation and benefits, including stock-based compensation. Compensation and benefits, including stock-based
    compensation, increased by $1.6 million during the three months ended December 31, 2025, as compared to the three
    months ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and
    compensation awarded to the interim CEO.
    Consultancy, legal and professional fees. Consultancy, legal and professional fees remained fairly consistent period-
    over-period.
    Accretion of asset retirement obligations expense. For the three months ended December 31, 2025, an expense for
    accretion of asset retirement obligations of $0.3 million was recognized. The recognition of such an expense was due to the
    accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and 161, as well
    as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which had a full
    quarter of accretion in the current period.
    Exploration expense. For the three months ended December 31, 2025, the exploration expense decreased by $1.0
    million as compared to the three months ended December 31, 2024 as the current period was heavily focused on the
    drilling of SS-4H, SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related to
    topographical, geographical and geophysical studies.
    Camp expense recoveries, net. For the three months ended December 31, 2025, expenses for the newly established
    field camp of $1.0 million were recognized primarily related to camp utilization, camp services, and related consumables.
    These costs are offset by recoveries from external parties who utilize the camp.
    LNG feasibility study expense. During the three months ended December 31, 2025, the Group incurred expenses of
    $0.1 million related to certain studies and pre-front-end engineering and design services related to the proposed NT LNG
    facility. These studies were substantially completed in the prior period.
    Checkerboard fee. During the three months ended December 31, 2024, the Group incurred an expense of $6.0
    million related to the satisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
    obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
    2024 and is a nonrecurring event.
    General and administrative. General and administrative costs increased by $0.3 million during the three months
    ended December 31, 2025, as compared to the three months ended December 31, 2024, primarily as a result of increased
    expenses related to headcount.
    Interest income (expense), net. Interest income, net decreased by $0.5 million during the three months ended
    December 31, 2025, as compared to the three months ended December 31, 2024, primarily due to the increase in interest
    expense on increased drawdowns for bank guarantees under the Facility Agreement with Macquarie Bank Limited entered
    into in December 2024.
    Foreign currency translation. For the three months ended December 31, 2025, we recognized a foreign currency
    translation gain of $6.8 million, primarily due to the slight strengthening of the Australian Dollar as of December 31, 2025,
    as compared to September 30, 2025. In the three months ended December 31, 2024, we recognized a foreign currency
    translation loss of $29.2 million, primarily due to the significant weakening of the Australian Dollar as of December 31,
    2024, as compared to September 30, 2024. Foreign exchange gains and losses resulting from the settlement of foreign
    currency transactions and from the translation at fiscal year-end exchange rates of monetary assets and liabilities
    denominated in foreign currencies are recognized on our condensed consolidated statement of operations and
    comprehensive loss.
    Income tax expense. We have no income tax expense due to operating losses incurred for the three months ended
    December 31, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because
    management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax
    36
    assets during a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets
    based upon income forecast data and the feasibility of future tax planning strategies and may record adjustments to the
    valuation allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the
    condensed consolidated statement of operations and comprehensive loss.
    37
    Results of Operations for the Six Months Ended December 31, 2025 and 2024
    Revenue and other operating income. We have not yet commenced natural gas production; therefore, we did not earn
    any revenue and other operating income during the six months ended December 31, 2025 and 2024, respectively.
    Compensation and benefits, including stock-based compensation. Compensation and benefits, including stock-based
    compensation, increased by $1.4 million during the six months ended December 31, 2025, as compared to the six months
    ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and compensation
    awarded to the interim CEO.
    Consultancy, legal and professional fees. Consultancy, legal and professional fees remained fairly consistent period-
    over-period.
    Accretion of asset retirement obligations expense. For the six months ended December 31, 2025, an expense for
    accretion of asset retirement obligations of $0.6 million was recognized. The recognition of such an expense was due to the
    accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and 161, as well
    as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which had a full
    quarter of accretion in the current period.
    Exploration expense. For the six months ended December 31, 2025, the exploration expense decreased by $1.4
    million as compared to the six months ended December 31, 2024 as the current period was heavily focused on the drilling
    of SS-4H, SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related to
    topographical, geographical and geophysical studies.
    Camp expense recoveries, net. For the six months ended December 31, 2025, expenses for the newly established field
    camp of $2.7 million were recognized primarily related to mobilization expenses of the modular buildings and related
    equipment to the site, camp utilization, camp services, and related consumables. These costs are offset by recoveries from
    external parties who utilize the camp.
    LNG feasibility study expense. During the six months ended December 31, 2025, the Group incurred expenses of
    $0.3 million related to certain studies and pre-front-end engineering and design services related to the proposed NT LNG
    facility. These studies were substantially completed in the prior period.
    Checkerboard fee. During the six months ended December 31, 2024, the Group incurred an expense of $6.0
    million related to the satisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
    obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
    2024 and is a nonrecurring event.
    General and administrative. General and administrative costs increased by $0.5 million during the six months
    ended

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 2 transactions across 2 insiders. Net: +16,990 shares, $621,639.

    Date Insider Role Action Shares Price Value
    2026-04-13 PACE PHILLIP Z Director Buy +10,000 $36.99 $369,865
    2026-04-08 SHEFFIELD SCOTT D Director Buy +6,990 $36.02 $251,774

    Source: SEC Form 4 filings.

    Next expected filings

    • ~2026-11-12 10-Q expected by 2026-11-14 (in 150 days)
    • ~2027-02-10 10-Q expected by 2027-02-12 (in 240 days)
    • ~2027-05-12 10-Q expected by 2027-05-14 (in 331 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-06-08 S-8 Employee Benefit Plan Registration
    • 2026-05-28 8-K Completion of Acquisition/Disposition; Unregistered Equity Sale; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
    • 2026-05-13 10-Q Quarterly Report
    • 2026-05-13 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-05-04 8-K Unregistered Equity Sale; Financial Statements and Exhibits
    • 2026-04-15 8-K Other Events; Financial Statements and Exhibits
    • 2026-04-14 424B5 Prospectus Supplement
    • 2026-04-14 8-K Unregistered Equity Sale; Other Events; Financial Statements and Exhibits
    • 2026-04-09 424B5 Prospectus Supplement
    • 2026-04-09 424B5 Prospectus Supplement
    • 2026-04-09 8-K Other Events; Financial Statements and Exhibits
    • 2026-04-07 S-3ASR S-3ASR
    • 2026-04-06 8-K Material Agreement Entered; Financial Statements and Exhibits
    • 2026-04-03 8-K Other Events; Financial Statements and Exhibits
    • 2026-03-20 8-K Material Agreement Entered; Financial Statements and Exhibits