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Visual31 Oct 2025
Three decades of Rolls-Royce
Athabasca Oil (ATH) investor relations material
Athabasca Oil 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
Q3 2025 production averaged 39,599 boe/d (98% liquids), up 2% year-over-year and trending to the high end of annual guidance, with 11% per share growth.
Maintained strong operational performance across all assets, with Leismer and Hangingstone delivering consistent output.
Adjusted funds flow reached $129MM ($0.26/share), with $192MM returned to shareholders via buybacks YTD and a commitment to return 100% of Thermal Oil Free Cash Flow in 2025.
Maintained a net cash position of $93MM and total liquidity of $466MM, including $335MM cash.
Focused on low-decline, high-quality thermal assets with a 90-year reserve life and self-funded growth in the Kaybob Duvernay oil play.
Financial highlights
Q3 2025 petroleum and natural gas sales: $333.4MM; operating income: $151.8MM; adjusted funds flow: $129.2MM.
Free cash flow for 2025 guided at ~$250MM; Q3 2025 Thermal Oil free cash flow: $56.2MM.
Year-to-date share buybacks: $192MM, with ~34 million shares repurchased; cumulative buybacks since March/April 2023: ~$675MM.
Netbacks: $43/bbl for Thermal Oil, $33/boe for Duvernay; consolidated Q3 netback: $42.50/boe.
Market capitalization at $3.3B, basic shares outstanding 489MM.
Outlook and guidance
2025 production guidance: 37,500–39,500 boe/d, with actuals trending to the high end.
Thermal Oil 2025e: 33,500–35,500 bbl/d; Duvernay Energy: ~3,500 boe/d, with exit target of 5,500–6,000 boe/d.
2025 capital program: $325MM consolidated ($250MM Thermal Oil, $75MM Duvernay).
Leismer brownfield expansion to 40,000 bbl/d by 2027; Corner ramp-up to ~15,000 bbl/d by 2029.
Free cash flow outlook (2025–2029): ~$1.8B at US$70 WTI, supporting continued buybacks and growth.
Leismer May 2026 turnaround impact on growth?
Corner asset self-funding details for 2029 growth?
Duvernay Energy's path to self-funded growth?
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Next Athabasca Oil earnings date
Q4 20254 Mar, 2026
Next Athabasca Oil earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Athabasca Oil Corporation is a Canadian upstream energy company engaged in the exploration, development, and production of oil and natural gas. The company focuses on thermal and light oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada. It operates through two main segments: Thermal Oil and Light Oil. Athabasca's principal operations are centered around the Greater Kaybob areas and the Athabasca region, encompassing projects like Leismer/Corner, Hangingstone, and Dover West. Athabasca specializes in utilizing advanced technologies such as multi-stage fracturing and horizontal drilling to extract bitumen, light oil, and liquids-rich natural gas from unconventional reservoirs. The company's assets include rights in formations like Duvernay, Montney, and Nordegg, contributing to a diversified production base.The company is headquartered in Calgary, Alberta, Canada, and its shares are listed on the Toronto Stock Exchange.
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