Birchcliff Energy (BIR) Q4 2025 earnings summary

Executive summary

• Achieved record annual average production of 80,086 boe/d in 2025, up 4% year-over-year, with Q4 2025 production at 83,028 boe/d, up 7% from Q4 2024.

• Adjusted funds flow reached $422.8 million in 2025, a 79% increase year-over-year, and $116.7 million in Q4 2025, up 63% from Q4 2024.

• Net income to common shareholders was $64.9 million in 2025, up 16% year-over-year, but Q4 2025 net income declined 23% from Q4 2024 due to unrealized losses on financial instruments.

• Total debt reduced by 14% to $459.9 million at year-end 2025, with a total debt to adjusted funds flow ratio of 1.1x.

• Chris Carlsen appointed to the board of directors.

Financial highlights

• Free funds flow was $116.9 million in 2025, a 422% increase year-over-year.

• Cash flow from operating activities doubled to $407.7 million in 2025.

• F&D capital expenditures totaled $305.9 million in 2025.

• Dividends paid on common shares were $32.8 million in 2025.

Outlook and guidance

• Focus for 2026 is on profitable production growth, full utilization of infrastructure, balance sheet strengthening, and maintaining a sustainable base dividend.

• Elmworth asset remains largely unbooked, providing significant future growth potential.