EDO Reports $7.44 Billion H1 Revenues: Key Insights for Investors and Business Owners
MUSCAT, OCT 10 – Energy Development Oman SAOC (EDO), the wholly government-owned energy sector holding company, announced total revenues and other income of $7.44 billion for the six months ended June 30, 2025, down from $8.28 billion during the same period in 2024. This decrease is primarily due to lower crude oil and condensate revenues, partially offset by stable gas income.
In its unaudited interim condensed consolidated financial results, EDO, an affiliate of the Ministry of Finance, reported crude oil revenue of $5.50 billion, compared to $6.05 billion for the first half of 2024, with receivables totaling $1.09 billion as of June 30, 2025. Non-associated gas (NAG) revenue was $931.8 million (H1 2024: $934.3 million), with receivables of $338.8 million. Condensate revenue reached $996.2 million, down from $1.26 billion in the previous year, and receivables stood at $317.8 million. Other operating income dropped to $10.3 million from $34.7 million, while finance income remained steady at $4.4 million.
On the expenditure side, production expenses declined to $570.5 million from $624.6 million, and royalty expenses decreased to $2.71 billion from $3.00 billion. Depreciation, depletion, and amortization costs amounted to $2.17 billion, compared with $2.31 billion in 2024. EDO also recorded a one-time provision of $411.0 million related to the settlement of net retirement benefit assets.
As a result, earnings before interest and tax (EBIT) fell to $1.56 billion from $2.03 billion a year earlier. Finance costs improved significantly, decreasing to $251.8 million from $374.9 million, reflecting better debt management. Profit before tax stood at $1.31 billion, down from $1.65 billion in 2024.
After accounting for income tax expenses of $1.28 billion, EDO’s net profit for the period was $28.8 million, compared to $101.7 million in the first half of 2024. Including a $35.4 million gain from re-measurement of pension fund obligations, total comprehensive income for H1 2025 was $64.2 million, versus $169.0 million in the prior year.
Established by Royal Decree in December 2020, EDO holds a 60% stake in the Block 6 Petroleum concession operated by Petroleum Development Oman (PDO), full ownership of Block 6’s non-associated gas concession, and 100% ownership of Hydrogen Oman (Hydrom), which is leading Oman’s green hydrogen master planning.
Other EDO affiliates include Oman New Energies SPC (ONE), created to explore future power-related ventures but currently inactive; and EDO Gas SPC (GasCo), which took over Block 6 gas operations interest from EDO as of July 1, 2023. In June 2023, GasCo established EDO Sukuk Limited, a special purpose vehicle acting as issuer and trustee for Sukuk trust certificates under its issuance programme.
The EDO Group also partakes EDO InfraCo SPC, currently non-operational, and ECO SPC, a wholly owned subsidiary launched in September 2024 to manage surplus and scrap equipment and materials from Block 6 Petroleum and Gas operations and other oil and gas activities within Oman.
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Energy Development Oman’s (EDO) H1 2025 results highlight a notable decline in traditional crude and condensate revenues, signaling potential volatility in oil-dependent income streams. However, stable gas income and strategic investments in green hydrogen and new energy ventures represent key opportunities for diversification and long-term resilience. Smart investors should focus on Oman’s transition towards sustainable energy sectors, while businesses must navigate the evolving landscape shaped by fluctuating fossil fuel returns and growing green energy initiatives.
