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Headwater Exploration (HWX) investor relations material
Headwater Exploration Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Achieved record production of 22,235 boe/d in Q2 2025, up 12% year-over-year, with strong exploration results and new pool discoveries in Grand Rapids and Wabiskaw formations.
Net income for Q2 2025 was $38.0 million ($0.16 per share basic), down 29% from Q2 2024, with adjusted funds flow from operations of $74.2 million ($0.31 per share basic).
Declared a quarterly dividend of $0.11 per share, totaling $26.2 million, and cumulative dividends paid to date of $265.2 million.
Maintained strong liquidity with $58.5 million in adjusted working capital and no outstanding bank debt as of June 30, 2025.
Financial highlights
Total sales, net of blending expense, were $138.8 million for Q2 2025, down 12% year-over-year.
Adjusted funds flow from operations decreased 16% year-over-year to $74.2 million in Q2 2025.
Cash flow from operating activities was $68.7 million, down 24% from Q2 2024.
Operating netback, including financial derivatives, was $42.66/boe, a 26% decrease year-over-year.
Free cash flow for Q2 2025 was $23.5 million.
Outlook and guidance
Flexible capital budget and positive working capital position support timely capital allocation adjustments in response to market conditions.
Focus remains on maximizing shareholder returns through organic growth, enhanced oil recovery, dividends, and share buybacks.
Plans for further drilling and secondary recovery pilots in Grand Rapids, Wabiskaw, and Clearwater formations in the second half of 2025 and into 2026.
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Next Headwater Exploration earnings date
Q3 20257 Nov, 2025
Next Headwater Exploration earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Headwater Exploration Inc. is a Canadian resource company. It is engaged in the exploration, development, and production of petroleum and natural gas within Canada. The company's operations are primarily concentrated in two key areas: the Marten Hills area in Alberta, known for its high-quality oil production, reserves, and lands within the prolific Clearwater play, and the McCully Field near Sussex, New Brunswick, where it has low decline natural gas production and reserves. Headwater is committed to delivering superior corporate-level returns, focusing on sustainability, asset quality, and maintaining a strong balance sheet. The company, originally named Corridor Resources Inc., rebranded to Headwater Exploration Inc. in March 2020 and was incorporated in 1996. It is headquartered in Calgary, Alberta, and its shares are listed on the TSX.
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