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Kelt Exploration (KEL) investor relations material
Kelt Exploration Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 petroleum and natural gas sales rose 7% year-over-year to CA$116.4 million; adjusted funds from operations increased 46% to CA$61.8 million.
Net income for Q2 2025 was CA$32.5 million, up 198% compared to Q2 2024; diluted EPS was CA$0.16, a 220% increase year-over-year.
Average daily production in Q2 2025 was 38,734 BOE/d, up 26% year-over-year, with 36% oil/NGLs and 64% gas.
Realized oil and NGL prices declined 20% and 34% respectively, while realized gas price increased 41% year-over-year.
Financial highlights
Six-month 2025 petroleum and natural gas sales totaled CA$258.9 million, up 10% year-over-year.
Adjusted funds from operations for the first half of 2025 reached CA$140.1 million, a 35% increase year-over-year.
Net capital expenditures for Q2 2025 were CA$91.0 million, with significant investment in drilling, completions, and facilities.
Net debt at June 30, 2025 was CA$178.2 million, representing 0.5x forecasted 2025 adjusted funds from operations.
Outlook and guidance
2025 production forecast revised to 42,000–45,000 BOE/d due to delayed Albright Gas Plant start-up; previous guidance was 44,000–47,000 BOE/d.
Adjusted funds from operations for 2025 expected at CA$325.0 million, unchanged from prior guidance.
Net debt at year-end 2025 projected at CA$126.0 million, or 0.4x forecasted adjusted funds from operations.
Company entered into commodity hedges to support a CA$325.0 million capital program for 2025.
Sulphur sales from Albright Plant expected to add up to CA$8.0 million in annual revenue.
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