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Advantage Energy (AAV) investor relations material
Advantage Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Adjusted funds flow reached $72.4 million ($0.43/share), fully funding capital spending, with cash provided by operating activities at $80.1 million.
Net capital expenditures were $71.6 million, and net debt remained stable at $572.3 million quarter-over-quarter.
Production averaged 71,482 boe/d, down 4% year-over-year due to price-driven curtailments and maintenance.
Liquids production decreased 5% year-over-year to 12,139 bbls/d.
Exceptional well performance at Glacier, with one well achieving the highest initial production rate of raw natural gas in Alberta Montney history.
Financial highlights
Liquids sales made up 17% of production but contributed 64% of revenue; Charlie Lake accounted for 40% of revenue and 31% of operating income.
Natural gas and liquids sales were $130.8 million for Q3 2025, down from $139.8 million in Q3 2024.
Adjusted funds flow per diluted share was $0.42, up from $0.32 in Q3 2024.
Realized hedging gains totaled $34 million in Q3, accounting for 47% of Q3 AFF.
Operating netback improved to $13.58/boe from $10.86/boe year-over-year.
Outlook and guidance
Q4 production expected to average 79,000–83,000 boe/d; full-year 2025 guidance at 78,100–79,100 boe/d.
2026 capital program expected to be reduced by $10 million, with a low reinvestment rate.
Projected to generate over $500 million in free cash flow from 2025–2027, with annual production growth of 5–10%.
Free cash flow yield expected to average 10% per year, with total annual return tracking 19% at strip pricing.
Debt repayment to accelerate as gas prices recover; net debt target set at $400–$500 million, allowing for share buybacks.
Future of gas curtailment strategy?
What are the implications of Glacier well results?
How does the new debt target impact buybacks?
Quantify curtailment strategy's financial benefit?
New Glacier wells: capital efficiency impact?
Debt target range: impact on buyback timing?
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Next Advantage Energy earnings date
Q4 20256 Mar, 2026
Next Advantage Energy earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Advantage Energy Ltd., formerly known as Advantage Oil & Gas Ltd., is an upstream energy company specializing in the acquisition, development, exploitation, and production of crude oil, natural gas, and natural gas liquids. The company's operations are primarily located in Alberta, Canada, with a strategic focus on exploiting and developing its Glacier assets alongside its significant position in the Montney natural gas and liquids resource at Glacier, Alberta. Advantage Energy owns and operates a gas plant that processes raw dry gas, which is sold through the company's owned sales pipeline into the NGTL system and is also connected to the Alliance pipeline system. Advantage Energy Ltd. is headquartered in Calgary, Alberta, and its shares are listed on the Toronto Stock Exchange.
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