Athabasca Oil
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Athabasca Oil (ATH) investor relations material

Athabasca Oil Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Mar, 2026

Executive summary

  • Achieved 2025 production of 39,375 boe/d (98% liquids), up 7% year-over-year and at the high end of guidance, with strong operational execution and strategic flexibility.

  • Returned $230MM to shareholders via buybacks in 2025, reducing share count by ~24% since Q1 2023.

  • Maintained a strong balance sheet with net cash position ($59MM–$316MM) and liquidity of $443MM, supporting capital flexibility and growth investments.

  • Strong operational performance across all assets, with Thermal Oil at 35,905 bbl/d and Duvernay at 3,470 boe/d (76% liquids).

Financial highlights

  • Adjusted funds flow reached $504MM ($1.01/share); cash flow from operations was $520MM; capital expenditures: $323MM.

  • Free cash flow from Thermal Oil was $217MM; Duvernay growth was self-funded.

  • Net income for 2025 was $467.7MM ($0.85/share), up from $245.1MM ($0.49/share) in 2024.

  • Market capitalization at year-end: ~$4.3B; basic shares outstanding: 481MM.

  • Tax pools of $2.1B provide future cash tax shelter.

Outlook and guidance

  • 2026 consolidated production guidance: 37,000–39,000 boe/d (98% liquids), with exit rate ~43,000 boe/d, driven by Leismer expansion.

  • 2026 adjusted funds flow expected at $425–$450MM; capital budget ~$310MM.

  • Leismer expansion to 40,000 bbl/d by 2027; Corner Phase 1 sanction planned for H2 2026, contingent on macro conditions.

  • Duvernay Energy targeting >15,000 boe/d by 2030, with ~35% annual production growth.

  • Committed to returning 100% of free cash flow to shareholders through buybacks, with $1.1B forecasted over the next five years.

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Q1 20266 May, 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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