Birchcliff Energy (BIR) Q3 2025 earnings summary

Executive summary

• Q3 2025 production averaged 80,406 boe/d, up 7% year-over-year, with 82% natural gas, 9% NGLs, 7% condensate, and 2% light oil.

• Adjusted funds flow reached $87.1 million, a 93% increase from Q3 2024, and free funds flow was $15.6 million.

• Net loss to common shareholders was $14.1 million, primarily due to unrealized losses on financial contracts.

• Quarterly dividend of $0.03 per share declared for Q4 2025.

Financial highlights

• Cash flow from operating activities was $78.5 million, up 19% year-over-year.

• Operating expense per boe was $2.71, a 3% decrease and the lowest in company history.

• Operating netback per boe was $11.15, up 34% from Q3 2024.

• Petroleum and natural gas revenue for Q3 2025 was $149.6 million.

• Total debt at September 30, 2025 was $519.5 million, a 1% increase from a year earlier but a 3% decrease from year-end 2024.

Outlook and guidance

• 2025 annual average production guidance increased to 79,000–80,000 boe/d (from 76,000–79,000 boe/d).

• Q4 2025 production expected to average ~81,500 boe/d.

• 2025 F&D capital expenditures guidance tightened to $290–$300 million.

• 2025 year-end total debt forecasted at $455–$465 million, a 14% reduction from year-end 2024.

• 2026 preliminary capital budget set at $325–$375 million, targeting annual average production of 81,000–84,000 boe/d.

• At the high end, Q4 2026 production could reach ~87,500 boe/d, one year ahead of the five-year plan.