Canada · Delayed Price · Currency is CAD Petrus Resources Earnings Call Transcripts
Fiscal Year 2026
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Record Q3 production and stronger pricing lifted operating netback 96% YoY, while hedging tempered funds flow growth. Net debt is expected to fall to ~CAD80m by year-end as Q4 cash generation exceeds capital spending.
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Q2 delivered record production and a 92% increase in operating netback, driven by higher liquids pricing and increased output. Capital spending is expected at the high end of guidance, with production forecast to remain above 12,000 BOE/day.
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Q1 2026 saw strong operational execution amid global oil market volatility and inflation. The Harmattan acquisition was completed and integrated, with new Ferrier wells showing high liquids weighting. Drilling acceleration depends on oil prices and road conditions.
Fiscal Year 2025
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Strong operational execution in 2025 with efficient drilling, increased liquids weighting, and a key acquisition boosting 2026 production. Cash flow rose slightly despite weaker prices, and new wells plus undeveloped lands set up for further growth.
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Production rose 7% and cash flow jumped 17% year-over-year, driven by improved efficiencies and a shift to higher-value liquids, despite a 14% drop in oil prices and record-low natural gas prices.
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Q2 results were strong, with production growth from new wells and infrastructure expansion. Capital spending and production are on track with guidance, and the dividend yield remains above 8%.
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Seven wells drilled in Q1 with more coming online as pipeline expansions complete. Capital spending remains within $40M–$50M guidance, though net debt rose 10% but is expected to decline in H2 as production increases.
Fiscal Year 2024
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Strong cash flow of CAD 12.5M in Q4 and CAD 50.1M for the year was achieved despite a 60%+ capital cut and historically low gas prices. Production held steady, NGL yields improved 25%, and new wells plus a pipeline extension set up growth for 2025.
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Cash flow rose slightly over Q2 2024, supported by hedging and higher oil output despite record-low gas prices. Production dipped due to third-party plant maintenance, but losses were partly offset by processing fees. Drilling resumed with two wells set for completion in November.
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Q2 production held steady at 9,471 BOE/d despite reduced capital spending, with cash flow of CAD 10.6M and operating costs dropping 20% from Q1. Annual guidance remains flexible at 9,000–10,000 BOE/d, with excess cash flow targeted for debt reduction.