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Kelt Exploration (KEL) investor relations material
Kelt Exploration Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 22% year-over-year production growth in 2025, averaging 40,397 BOE/d despite shut-ins from third-party gas plant delays.
Petroleum and natural gas sales rose 10% year-over-year to $513.1 million; Q4 sales up 15% to $143.8 million.
Net income for 2025 was $63.1 million, up 39% from 2024; Q4 net income increased 38% year-over-year.
Adjusted funds from operations grew 18% year-over-year to $261.5 million; Q4 up 11% to $76.8 million.
Financial highlights
Q4 2025 petroleum and natural gas sales: $143.8 million (+15% YoY); full year: $513.1 million (+10% YoY).
Q4 adjusted funds from operations: $76.8 million ($0.38/share, diluted); full year: $261.5 million ($1.29/share, diluted).
Q4 net income: $19.1 million ($0.09/share, diluted); full year: $63.1 million ($0.31/share, diluted).
Net debt at year-end: $189.7 million, 0.7x 2025 adjusted funds from operations.
Capital expenditures for 2025: $328.3 million; Q4: $42.8 million (down 56% YoY).
Outlook and guidance
2026 capital expenditure program set at $355.0 million.
2026 production guidance: 50,000–52,000 BOE/d; Q1 2026 forecast: 46,000–47,000 BOE/d.
2026 adjusted funds from operations guidance raised to $375.0 million ($1.83/share, diluted).
WTI oil price forecast for 2026 increased to US$69.40/bbl; AECO gas forecast reduced to CA$2.33/GJ.
- 2026 outlook highlights strong production, robust reserves, and disciplined growth strategy.KEL
Corporate presentation12 Mar 2026 - Strong 2025 growth forecast, all resolutions passed, and focus remains on Montney and Charlie Lake.KEL
AGM 202523 Dec 2025 - Production up 16% in Q3 2025, but net loss and lower guidance due to price and plant impacts.KEL
Q3 202513 Nov 2025 - Production and cash flow surged in Q2 2025, with robust outlook despite plant delays.KEL
Q2 20257 Aug 2025 - Production up, but lower prices and Albright delay cut 2024 guidance and cash flow.KEL
Q3 202413 Jun 2025 - Net income dropped 58% in Q2 2024, but production and capital activity signal growth ahead.KEL
Q2 202413 Jun 2025 - Record Q1 production and robust outlook drive Kelt's 2025 growth plans.KEL
Q1 20256 Jun 2025 - Higher production and reserves offset lower prices; 2025 growth expected with new gas plants.KEL
Q4 20245 Jun 2025
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