Logan Energy (LGN) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly average production of 15,046 BOE/d (43% liquids), up 25% sequentially and 51% year-over-year.

• Completed 18 (16.0 net) wells in the first nine months of 2025, with key pads at Pouce Coupe and Simonette outperforming expectations, though some underperformance at the 14-17 pad and Ante Creek Duvernay well.

• Closed a non-core asset disposition for $0.4 million, removing 250 BOE/d of loss-making production and $4.7 million in decommissioning obligations.

Financial highlights

• Oil and gas sales for Q3 2025 were $47.8 million, up 56% year-over-year.

• Net income for Q3 2025 was $9.2 million, up 46% year-over-year.

• Adjusted Funds Flow reached a record $31.2 million, up 77% year-over-year.

• Capital expenditures were $25.2 million for Q3 and $190.1 million for the nine months ended September 30, 2025.

• Net Debt stood at $101.7 million, or 0.8x annualized Adjusted Funds Flow.

Outlook and guidance

• Full-year 2025 production is expected to average about 5% below prior guidance of 13,650 BOE/d due to temporary facility constraints and well performance.

• Growth plan remains intact, with new drilling at Flatrock and continued Montney and Duvernay development.