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Valeura Energy (VLE) investor relations material
Valeura Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved record operational and financial performance in Q3 2025, with all key metrics improving year-over-year and sequentially, and recognized as Canada's top growing company with three-year revenue growth of 20,064%.
Major growth initiatives included a large-scale farm-in with PTTEP in Thailand, full field development at the Wassana oil field, and a joint venture in Türkiye's Thrace basin.
Production in November exceeded any previous 2025 quarterly average, driven by successful drilling at the Nong Yao field.
Emissions intensity reduced by up to 30% year-over-year since asset takeover.
Share price up over 50% year-over-year despite recent oil price-driven declines and currently trades at a significant discount to peers.
Financial highlights
Q3 2025 production averaged 23,000 barrels per day, up 3% year-over-year and 7% sequentially, with oil sales of 2.2 million barrels at a realized price of $72.1/bbl and a $2.5/bbl premium to Brent.
Lifting volumes increased 14% sequentially and 22% year-over-year, reflecting improved optimization.
OPEX per barrel dropped to $24.8, down from both last quarter and Q3 2024, reflecting ongoing cost control.
EBITDAX margin improved by over 400 basis points year-over-year to 51%, and adjusted cash flow from operations margin approached 50%.
Cash and equivalents at quarter-end were $248.4 million, with adjusted net working capital at $275.2 million, both up over 59% year-over-year.
Outlook and guidance
Production guidance for 2025 reaffirmed at 23.0–25.5 mbbls/d, with current output trending at the higher end due to drilling success.
First oil from Wassana redevelopment expected in Q2 2027, with project 35% complete and on/below budget.
Free cash flow guidance for 2025 updated to $80–195 million.
Near-term catalysts include government approvals, FID on new developments, and reserves updates.
No cash tax payments related to Petroleum Income Tax are anticipated for the remainder of 2025.
G1/65, G3/65 farm-in approval timeline
Inorganic growth strategy with strong cash balance
Thrace Basin JV: What is the strategic upside?
Next transformational deal focus beyond Thailand?
Valeura's influence on G1/G3 oil development?
How do tax losses impact future cash flow?
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Next Valeura Energy earnings date
Q4 202527 Mar, 2026
Next Valeura Energy earnings date
Q4 202527 Mar, 2026
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Frequently asked questions
Valeura Energy Inc. is an upstream oil and gas company engaged in the exploration, development, and production of petroleum and natural gas. The company primarily operates in the Thrace Basin in northwest Turkey, focusing on shallow conventional, deep unconventional tight gas, and basin-centered gas accumulation (BCGA) plays. is headquartered in Calgary, Alberta, Canada, and its shares are listed on the Toronto Stock Exchange under the ticker symbol VLE.
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