Journey Energy (JOY) investor relations material

Executive summary

• Q3 sales volumes averaged 9,559 boe/d; net income was $16.8 million and Adjusted Funds Flow was $24.3 million. Higher realized prices and an oil-weighted mix supported stronger netbacks.

• Portfolio divestitures reduced volumes but supported a shift toward Duvernay light oil; net debt ended Q3 at $48.4 million.

Financial highlights

• Q3 sales revenue was $57.7 million, up 12% YoY; net income was $16.8 million versus $4.4 million, with basic EPS of $0.25 versus $0.06.

• Q3 Adjusted Funds Flow was $24.3 million, up 19% YoY; cash flow from operating activities was $15.9 million, up 25%.

• 9M revenue was $168.8 million, up 13% YoY; net income was $29.5 million versus $16.2 million, while Adjusted Funds Flow was $56.4 million versus $56.0 million.

• Q3 net capital expenditures were $12.9 million after $28.0 million of disposition proceeds; exploration and development expenditures were $32.9 million.

• Q3 net income included a $7.0 million mark-to-market hedging loss and $3.8 million of realized hedging losses.

Outlook and guidance

• Updated 2026 guidance: annual and exit sales volumes of 10,000–10,200 boe/d; capital spending of $112 million and asset retirement spending of $6 million.

• Preliminary 2027 guidance: annual sales volumes of 10,000–10,500 boe/d and exit volumes of 11,000–11,500 boe/d; capital spending of $90–95 million and asset retirement spending of $5 million.

• 2026 exit-volume guidance is maintained; four gross (1.2 net) 02-22 pad wells are expected on production in January 2027.

• Additional 2026 capital of $15 million accelerates planned 2027 spending for Duvernay wells and infrastructure, supporting higher exit volumes and 2027 Q1 funds flow.