Tethys Petroleum's Revenue Jumps 70% in Q2 as Oil Output Remains Constrained

Tethys Petroleum Limited (TSXV: TPL) has reported its interim financial results for Q2 2026, showing a significant increase in oil and gas sales. The company's revenue jumped by 70% year-over-year to $10.4 million, driven partly by the commencement of crude oil refining activities. However, despite this improvement, Tethys recorded a net loss of $0.01 million for the period, compared with a net profit of $1.3 million in Q2 2025.

The company attributed the revenue growth to both higher oil production and the expansion into refined products. However, gas turbine failures at the Kul-Bas Central Processing Facility constrained oil production below expectations, limiting it to approximately 275 tons per day (2,200 bopd) in August. Tethys is actively working to repair or replace the affected turbines.

The company has installed a second gas compressor, which is expected to increase associated gas utilisation at the site and significantly boost oil production once commissioned. Following successful repairs and commissioning of both turbines and the new compressor, average daily oil production could reach approximately 645 tons per day (5,160 bopd) in October.