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Saturn Oil & Gas (SOIL) investor relations material

Saturn Oil & Gas 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 summary6 Nov, 2025

Executive summary

  • Q3 2025 production averaged over 41,100 BOE/day, surpassing guidance and prior year levels, driven by strong operational execution and new well additions.

  • Capital was reallocated from drilling to two tuck-in acquisitions, adding 5,400 BOE/day at attractive capital efficiencies and expanding the drilling inventory.

  • Share buybacks continued, with nearly 16 million shares repurchased since August 2024, returning CAD 36 million to shareholders and increasing production per share by 22%.

  • Adjusted funds flow reached CAD 103 million (CAD 0.54/share), with free funds flow of CAD 16 million, supporting ongoing capital returns and debt reduction.

  • Strategic focus shifted capital to acquisitions with higher returns, including the SE SK Tuck-in, adding 4,100 BOE/day and expanding drilling inventory.

Financial highlights

  • Q3 revenue exceeded CAD 235 million, with adjusted funds flow of CAD 103 million (CAD 0.54/share), up 17% per share year-over-year.

  • Adjusted EBITDA was CAD 124 million; net income was CAD 3.5 million, down from CAD 101.6 million in Q3 2024.

  • Net operating expense per BOE was CAD 19.24 for Q3, below the annual target and reflecting cost reduction initiatives.

  • Net debt at September 30 was CAD 783 million, with CAD 135 million of principal repaid over the past five quarters.

  • Returned CAD 12 million to shareholders via share repurchases during the quarter.

Outlook and guidance

  • Year-end 2025 production is targeted at 43,000–44,000 BOE/day, a new record, with Q4 capex expected between CAD 60–70 million.

  • Q4 production guidance set at 42,000–43,000 BOE/day.

  • 2026 guidance will focus on maintaining flat production, with flexibility to shift capital between drilling, M&A, and buybacks based on returns.

  • If oil prices weaken, more capital may be allocated to high-return open-hole multilateral drilling.

  • Full year 2026 guidance to be released mid-December.

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Frequently asked questions

Saturn Oil & Gas Inc. is a Canadian energy company engaged in the exploration, development, and production of oil and gas. The company's primary focus is on generating shareholder returns through the development of high-quality, light oil-weighted assets. Saturn Oil & Gas follows a strategic acquisition approach, targeting highly accretive, complementary opportunities to enhance its portfolio. The company operates primarily within Canada, concentrating on assets with potential for significant production and reserve growth. The company is headquartered in Calgary, Alberta, and its shares are listed on the Toronto Stock Exchange.

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