Kelt Exploration (KEL) Q4 2025 earnings summary

Executive summary

• Achieved 22% year-over-year production growth in 2025, averaging 40,397 BOE/d despite shut-ins from third-party gas plant delays.

• Petroleum and natural gas sales rose 10% year-over-year to $513.1 million; Q4 sales up 15% to $143.8 million.

• Net income for 2025 was $63.1 million, up 39% from 2024; Q4 net income increased 38% year-over-year.

• Adjusted funds from operations grew 18% year-over-year to $261.5 million; Q4 up 11% to $76.8 million.

Financial highlights

• Q4 2025 petroleum and natural gas sales: $143.8 million (+15% YoY); full year: $513.1 million (+10% YoY).

• Q4 adjusted funds from operations: $76.8 million ($0.38/share, diluted); full year: $261.5 million ($1.29/share, diluted).

• Q4 net income: $19.1 million ($0.09/share, diluted); full year: $63.1 million ($0.31/share, diluted).

• Net debt at year-end: $189.7 million, 0.7x 2025 adjusted funds from operations.

• Capital expenditures for 2025: $328.3 million; Q4: $42.8 million (down 56% YoY).

Outlook and guidance

• 2026 capital expenditure program set at $355.0 million.

• 2026 production guidance: 50,000–52,000 BOE/d; Q1 2026 forecast: 46,000–47,000 BOE/d.

• 2026 adjusted funds from operations guidance raised to $375.0 million ($1.83/share, diluted).

• WTI oil price forecast for 2026 increased to US$69.40/bbl; AECO gas forecast reduced to CA$2.33/GJ.