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Questerre Energy (QEC) investor relations material

Questerre Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Closed acquisition of PX Energy, adding over 4,000 boe/d of oil shale production and downstream refining assets, making the company vertically integrated across the oil shale value chain.

  • Formed a 50/50 joint venture with Nimofast's subsidiary in Brazil to manage PX Energy, leveraging local expertise for improved margins and profitability.

  • Initiated a Quebec asset spinout, planning to distribute tracking shares to existing shareholders.

  • Ongoing legal and regulatory efforts in Quebec, including carbon storage pilot project and litigation regarding Bill 21.

Financial highlights

  • Q3 2025 petroleum and natural gas sales were $11.8 million, up from $9.5 million in Q3 2024, driven by higher production volumes.

  • Net loss of $5.3 million in Q3 2025 compared to a net loss of $0.3 million in Q3 2024; YTD net loss of $6.0 million versus net income of $0.8 million last year.

  • Adjusted funds flow from operations was $2.8 million in Q3 2025, down from $3.4 million in Q3 2024, reflecting lower commodity prices and higher costs.

  • Working capital deficit of $40.3 million at quarter-end, mainly due to PX Energy acquisition.

  • Capital expenditures totaled $2.2 million for the quarter and $21.2 million YTD, primarily for Kakwa North wells.

Outlook and guidance

  • Focused on integrating PX Energy and concluding the joint venture with Nimofast for the remainder of 2025.

  • Anticipates adding approximately 2,000 boe/d from PX Energy assets for the rest of the year, subject to JV execution.

  • Expects Western Canada production to decline in Q4 2025, excluding new Saskatchewan well.

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Frequently asked questions

Questerre Energy Corporation is an energy technology and innovation company based in Canada. The company is involved in the acquisition, exploration, and development of oil and gas projects, with a particular focus on non-conventional projects such as tight oil, oil shale, shale oil, and shale gas. Questerre holds significant acreage in the Utica Shale in the Saint Lawrence Lowlands and operates in the Montney Formation in Alberta, among other locations. The company aims to leverage its expertise in low permeability reservoirs to manage high-quality resource projects. The company is headquartered in Calgary, Canada, and its shares are listed on the Toronto Stock Exchange.

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