Nucor earnings beat by $0.08, revenue fell short of estimates
NEW YORK - Tamboran Resources Corporation (NYSE:TBN, ASX: TBN), a $329.35 million market cap natural gas explorer, announced Sunday that Chairman Dick Stoneburner has been appointed interim Chief Executive Officer following the departure of Joel Riddle, who stepped down from his roles as CEO and Managing Director. According to InvestingPro data, the company currently faces challenges with cash burn and profitability.
The company, which focuses on natural gas exploration and development in Australia’s Beetaloo Basin, has initiated a search for a permanent CEO with the assistance of an executive search firm. With a weak overall financial health score and moderate debt levels, as revealed by InvestingPro analysis, the incoming CEO will face significant operational challenges.
In addition to the CEO transition, Tamboran announced two new appointments to its Board of Directors: Scott Sheffield and Phillip Pace. John Bell Sr. has stepped down from the board, maintaining the total number of directors at nine.
The board changes come as part of an agreement with Sheffield Holdings, LP and affiliated entities, which collectively own approximately 17.6% of Tamboran’s outstanding common stock. Under the agreement, Sheffield will serve as a Class II Director and Pace as a Class III Director.
"Tamboran remains committed to completing the tie-in of the five wells on the Shenandoah South 2 pad that are planned to deliver gas into the Sturt Plateau Compression Facility and feed into the 40 MMcf/d Gas Sales Agreement with the Northern Territory Government," Stoneburner said in the press release.
Chief Operating Officer Faron Thibodeaux and Chief Financial Officer Eric Dyer will work closely with Stoneburner to oversee operational activities, including the completion of an ongoing three-well drilling program and stimulation of a 10,000-foot lateral during the second half of 2025.
Tamboran describes itself as the largest acreage holder in the Beetaloo Basin with approximately 1.9 million net prospective acres. The company is working toward commercial production, which it previously indicated is not expected until 2026.
The agreement with the Sheffield Group includes customary standstill and voting provisions effective until the earlier of Tamboran’s 2028 annual meeting or December 31, 2028.
In other recent news, Tamboran Resources Corp announced the approval of its May 2025 private investment in public equity (PIPE) financing by shareholders during a special meeting. This approval involved the issuance of common stock, with a significant majority of 8,942,826 votes in favor. The company also recently held its Q1 2025 earnings call, where it disclosed a cash balance of $25.6 million, which was strengthened by a $70 million capital raise. This financial position is expected to support upcoming drilling projects as part of its strategic initiatives.
RBC Capital has revised its price target for Tamboran Resources, lowering it from $31 to $30 while maintaining a Sector Perform rating. The firm anticipates limited market reaction to Tamboran’s upcoming fiscal fourth-quarter 2025 earnings report, suggesting that investors may focus on other near-term catalysts. Tamboran Resources is concentrating on cost reduction and operational efficiency, as highlighted in their recent earnings call. These developments indicate a strategic focus on enhancing operational capabilities and financial stability.
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