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Kelt Exploration (KEL) investor relations material
Kelt Exploration Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Petroleum and natural gas sales for Q3 2025 were CA$110.4 million, up 2% year-over-year; nine-month sales reached CA$369.3 million, up 8% year-over-year.
Average daily production in Q3 2025 was 37,710 BOE/d, a 16% increase from Q3 2024, with a 36% oil and NGLs weighting.
Q3 2025 net income was a loss of CA$7.4 million, compared to a profit of CA$8.9 million in Q3 2024; nine-month net income was CA$44.0 million, up 39% year-over-year.
Production was impacted by temporary shut-ins due to low AECO prices and plant maintenance, but all shut-in volumes have returned online.
Financial highlights
Adjusted funds from operations for Q3 2025 were CA$44.6 million (CA$0.22/share diluted), down 9% year-over-year; nine-month adjusted funds from operations were CA$184.7 million, up 21%.
Net debt at September 30, 2025 was CA$223.7 million.
Capital expenditures in Q3 2025 were CA$89.8 million, with CA$56.6 million on drilling/completions and CA$32.0 million on facilities.
Realized oil price in Q3 2025 was CA$84.91/bbl (down 10% year-over-year); NGLs CA$33.70/bbl (down 31%); gas CA$1.71/Mcf (up 37%).
Outlook and guidance
2025 production forecast revised to 40,000–41,000 BOE/d, a 22% increase from 2024, but below previous guidance due to plant delays and shut-ins.
Adjusted funds from operations for 2025 forecasted at CA$280 million, down from prior CA$325 million guidance.
Net debt expected to decrease to CA$170 million by year-end 2025, or 0.6x forecasted adjusted funds from operations.
Capital expenditures for 2025 expected at CA$325 million.
Montney 6-9 pad: liquids content vs field average?
Impact of Oak/Flatrock deferral on 2026 program?
How did AECO prices and plant issues impact 2025 AFFO?
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Next Kelt Exploration earnings date
Q4 202512 Mar, 2026
Next Kelt Exploration earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Kelt Exploration Ltd. is an oil and gas company primarily focused on the exploration, development, and production of crude oil and natural gas resources. The company operates predominantly in west central Alberta and northeastern British Columbia, Canada. Kelt Exploration is dedicated to identifying and acquiring assets with significant exploitation potential and implements a full-cycle exploration program aimed at discovering and developing oil and gas reserves. The company is headquartered in Calgary, Alberta, and its shares are listed on the Toronto Stock Exchange.
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