ARKHOSENERGY
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Contact us

Arkhos Center, 2100 Westheimer Ridge, Houston, TX 77056

+1 (713) 555-0142

Refinery process units and storage vessels lit up at night
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Disciplined capital. Durable returns.

We protect the balance sheet first, grow the dividend every year and sanction only projects that pay back at $45 Brent. The cash left over goes back to our shareholders.

Third-quarter 2026 results Reports and presentations
$68.4 bnRevenue, 2025
$11.3 bnFree cash flow, 2025
$8.6 bnReturned to shareholders, 2025
14%Net debt to capital

One listing, one share class, a dividend every quarter since 1984.

Arkhos common stock trades on the New York Stock Exchange under the symbol AKHS. Compare performance over one month to five years, and move along the line to read any closing price.

NYSE: AKHS End of day

61.37USD

0.45 (+0.74%), up on the previous close

Close · 22 Oct 2026 · 16:00 ET

52-week range
Low49.38High62.08
Market cap
$94.3 bn
Dividend yield
5.1%on $3.12 paid for 2025
P/E, 2025 earnings
10.4×
Previous close
60.92
Day range
60.74 – 61.58
Volume
7.42 m
Shares outstanding
1,536 m

1-year change+9.46 (+18.2%)

Illustrative data for this concept site. Daily closing prices in US dollars; the five-year view plots weekly closes. The dotted line marks the first close of the period.

Third quarter 2026: record LNG sales and $2.9 billion returned.

Results for the three months to 30 September 2026, published on 21 October. Cash flow from operations rose 12% on the second quarter as Corvina LNG ran above nameplate capacity.

Published 21 Oct 2026 Unaudited · US dollars

Q3 2026 highlights

Cash flow from operations
$7.1 bn
+12% on Q2 2026
Free cash flow
$3.5 bn
After $3.6 bn of capex
Adjusted earnings per share
$1.68
Adjusted earnings $2.6 bn
Returned to shareholders
$2.9 bn
Dividends and buybacks
  • Record LNG sales of 2.8 million tonnes, with Corvina Train 1 running at 104% of nameplate capacity.
  • Production of 861 kboe/d, up 3% on a year earlier, helped by the Al Noor expansion from September.
  • $1.27 bn in dividends and $1.63 bn in share buybacks. Fourth-quarter buybacks are expected to be $1.6 bn.
  • Third-quarter dividend of $0.82 per share, payable on 10 December 2026.
  • Net debt to capital fell to 13% from 14% at the end of June.
Webcast replay

Free cash flow, 2021 to 2025

$ bn
Total free cash flow
$59.6 bn
Total returned
$40.9 bn
Share returned
69%
2022 reflects an average Brent price of $99 a barrel. Since 2023 we have returned between 73% and 79% of free cash flow to shareholders each year.

Five-year financial summary

Years to 31 December · US$ unless stated

Measure 2021 2022 2023 2024 2025
Income
Revenue $ bn51.274.966.364.868.4
EBITDA $ bn17.629.825.123.724.9
Net income $ bn5.312.69.48.59.1
Cash flow
Cash flow from operations $ bn18.430.126.024.225.5
Capital expenditure $ bn10.912.213.413.914.2
Free cash flow $ bn7.517.912.610.311.3
Shareholders and balance sheet
Dividend per share $2.562.682.822.963.12
Returned to shareholders $ bn4.910.19.28.18.6
Net debt to capital %2417151514
Operating context
Production kboe/d768781797816842
Average Brent price $/bbl70.999.082.580.569.0

Free cash flow is cash flow from operations minus capital expenditure. EBITDA and free cash flow are non-GAAP measures; the Annual Report reconciles them to the nearest GAAP figures.

Capital allocation

Four priorities, applied in the same order at any oil price.

Every dollar of operating cash flow is spent in a fixed order. In 2025 we returned 34% of it to shareholders, inside our through-cycle range of 30 to 40%.

  1. Keep a strong balance sheet

    We hold net debt to capital between 10% and 20% and protect our A-grade credit rating. That lets us keep investing and paying the dividend through a downturn.

    202514% net debt to capital · A+/A1 credit rating

  2. Grow the base dividend 4 to 6% a year

    We set the base dividend so that operating cash flow covers it, together with our capital spending, at $45 Brent. For 2026 we raised it 5.1% to $0.82 a quarter.

    2025$3.12 per share, or $5.1 bn in total

  3. Invest in high-return, low-emission projects

    Our capital plan for 2026 to 2030 is $38 billion. Each project must beat our cost of capital at $45 Brent and fit our 2030 emissions targets, and the low-carbon share rises from 11% to 18%.

    2025$14.2 bn invested, $1.6 bn of it in low carbon

  4. Return surplus cash through buybacks

    Cash left after the first three priorities goes back to shareholders through share buybacks. We set the amount each quarter against the oil price and the balance sheet.

    2025$3.5 bn bought back · $1.63 bn in Q3 2026

Where the cash went in 2025

$ bn
  1. Cash flow from operations 25.5
  2. Capital expenditure −14.2
  3. Free cash flow 11.3
  4. Dividends −5.1
  5. Share buybacks −3.5
  6. Debt reduction and other −2.7
Returned to shareholders
$8.6 bn
Share of operating cash flow
34%
Share of free cash flow
76%
Sources and uses of cash for the year to 31 December 2025. Debt reduction and other covers $1.9 bn of net debt repaid and $0.8 bn of lease and other payments.

Why investors own Arkhos through the cycle.

We sanction a project only if it still pays back at $45 Brent. Everything else in our plan follows from that rule.
Marcus Odum
Chief Financial Officer

Low-cost, long-life reserves

We hold 6.4 billion barrels of oil equivalent in proved reserves and replaced 128% of what we produced in 2025. Pre-salt Brazil, the Permian and the US Gulf produce at some of the lowest costs in the industry.

Reserve life
11.2 years
Production cost
$8.40/boe

LNG growth to 2030

Corvina Train 2 starts up in the first quarter of 2027 and lifts our liquefaction capacity to 14.5 mtpa. Most of our LNG is sold on long-term contracts to buyers in Asia and Europe.

LNG capacity
14.5 mtpa
Train 2 start-up
Q1 2027

Falling emissions intensity

Operated Scope 1 and 2 emissions intensity is down 41% since 2016 and methane intensity is 0.07%. Our targets are linked to executive pay and checked by an independent assurer.

Methane intensity
0.07%
Routine flaring
−86%

Resilient at $45 Brent

Every new project must beat its cost of capital at $45 Brent. At that price, operating cash flow still covers our capital spending and the base dividend.

Project test
$45/bbl
Credit rating
A+/A1

Results, filings and presentations.

Showing 6 of 6 documents

  • Q3 2026 results presentation

    Slides from the results webcast with the CEO and CFO, including segment results and fourth-quarter guidance.

    PresentationPDF · 32 slides · 6.4 MB

  • Q3 2026 results press release

    Unaudited results for the quarter with condensed financial statements and non-GAAP reconciliations.

    Press releasePDF · 14 pages · 1.1 MB

  • Sustainability Report 2025

    Emissions, methane, flaring, safety and community performance, with third-party assured data.

    SustainabilityPDF · 118 pages · 12.3 MB

  • Annual Report 2025

    Strategy, performance, governance and audited financial statements for the year to 31 December 2025.

    Annual reportPDF · 212 pages · 18.6 MB

  • Capital Markets Day 2026 presentation

    The $38 billion capital plan for 2026 to 2030, LNG growth and our shareholder distribution framework.

    PresentationPDF · 96 slides · 14.2 MB

  • Form 10-K 2025

    Our annual report as filed with the US Securities and Exchange Commission, including reserves disclosures.

    SEC filingPDF · 164 pages · 9.8 MB

Upcoming events and key dates.

We release results at 06:00 Central Time and host a webcast with questions from analysts at 08:00. Every event is streamed live and kept as a replay.

Past webcasts and replays
  1. Next eventInvestor event

    Investor Day 2026

    The executive team sets out the LNG growth plan to 2030, the low-carbon business and the 2027 capital budget, followed by questions.

    Wednesday · New York · 08:30–13:00 ET · In person and webcast

  2. Results

    Fourth-quarter and full-year 2026 results

    Results for 2026 with the fourth-quarter dividend declaration and our 2027 production and capital guidance.

    Thursday · Release 06:00 CT · Webcast 08:00 CT

  3. Publication

    Annual Report 2026 publication

    The Annual Report and Form 10-K for 2026 are published online, together with the reserves statement at year-end.

    Friday · Reports and presentations

  4. Results

    First-quarter 2027 results

    Results for the three months to 31 March 2027, including the first full quarter of output from Corvina Train 2.

    Thursday · Release 06:00 CT · Webcast 08:00 CT

  5. Shareholder meeting

    Annual General Meeting

    Shareholders vote on the election of directors, executive pay and the appointment of the auditor. Questions can be sent in advance or asked on the day.

    Thursday · Arkhos Center, Houston · 09:00 CT · Webcast

Four colleagues in discussion around a meeting table
Arkhos CenterHouston

Third-quarter 2026 dividend

Declared

$0.82per share

Declared
21 Oct 2026
Ex-dividend and record date
13 Nov 2026
DRIP election deadline
20 Nov 2026
Payment date
10 Dec 2026

Up 5.1% on the 2025 quarterly dividend of $0.78. The fourth-quarter dividend will be declared with our results on 4 February 2027.

Answers for shareholders, and a direct line to our team.

Registered shareholders manage their holdings through our transfer agent. For everything else, the investor relations team replies within one business day.

When are dividends paid, and can I reinvest them?

We pay a dividend every quarter, in March, June, September and December. The third-quarter 2026 dividend of $0.82 per share will be paid on 10 December 2026 to shareholders on the register on 13 November 2026, which is also the ex-dividend date.

Registered shareholders can reinvest their dividends in new Arkhos shares through our Dividend Reinvestment Plan (DRIP). There are no purchase fees, and you can join or leave at any time through the transfer agent. Elections for the December payment must reach them by 20 November 2026.

Who is the transfer agent, and how do I update my details?

Keystone Registrar Services keeps the register of Arkhos shareholders. Contact them to change your address or bank details, transfer shares, replace a lost certificate or receive documents by email.

Toll-free, US
+1 (800) 555-0187
Outside the US
+1 (713) 555-0193
Hours
Mon–Fri, 08:00–18:00 CT
Post
PO Box 7300, Dallas, TX 75209
Does Arkhos have ADRs or another listing?

No. Arkhos has a single class of common stock, listed on the New York Stock Exchange under the symbol AKHS since 1984. There is no American Depositary Receipt programme and no secondary listing.

Investors outside the United States buy and hold AKHS shares through a local broker with access to US markets. Dividends are paid in US dollars, and US withholding tax may apply depending on your country of residence and its tax treaty with the United States.

How can I attend and vote at the Annual General Meeting?

The 2027 Annual General Meeting starts at 09:00 CT on Thursday 13 May 2027 at Arkhos Center, 2100 Westheimer Ridge, Houston, and is webcast live. Shareholders on the register at the close of business on 16 March 2027 can vote.

You can vote online, by phone or by post until 23:59 ET on 12 May, or in person on the day. We publish the notice of meeting and proxy statement in early April, and you can send questions for the board in advance to the investor relations team.

Which analysts cover Arkhos?

23 sell-side analysts publish research on Arkhos. As of 22 October 2026, 14 rate the shares a buy, 8 a hold and 1 a sell, with a median price target of $68.

Opinions, estimates and forecasts belong to the analysts and are not those of Arkhos. Contact the investor relations team for the list of firms and analysts.

Get our announcements by email

Results, dividend announcements and SEC filings, sent the day they are published.

Send me

Investor Day 2026

Meet the executive team in New York on 18 November.

Elena Varga and Marcus Odum will show how Arkhos grows LNG and cash flow to 2030 while cutting emissions. Seats in the room are limited, and the webcast is open to everyone.

Request an invitation

Presentation · PDF · 32 slides · 6.4 MB

Q3 2026 results presentation

The slides Elena Varga and Marcus Odum presented on the results webcast. They cover the financial results for the quarter, segment performance, LNG volumes and our guidance for the fourth quarter.

Inside this document

  • Quarter at a glance and safety performance
  • Upstream production by region: 861 kboe/d
  • Integrated gas and LNG: a record 2.8 Mt sold
  • Cash flow, capital spending and net debt
  • Shareholder distributions and fourth-quarter buyback guidance
Request a printed copy