Logan Energy (LGN) Q4 2025 earnings summary

Executive summary

• Achieved record annual average production of 13,088 BOE/d in 2025, up 55% year-over-year, with a 39% liquids weighting.

• Operating and transportation costs declined by over 20% per BOE, and proved and probable reserves grew by 31%.

• Commissioned the Pouce Coupe 4-19 facility, enhancing processing capacity and capital efficiency.

• Maintained a disciplined balance sheet while executing an ambitious organic growth plan.

Financial highlights

• Oil and gas sales for 2025 were CA$171.8 million, up 55% from CA$110.5 million in 2024.

• Net income for 2025 was CA$37.8 million, compared to a net loss of CA$0.2 million in 2024.

• Adjusted Funds Flow doubled to CA$105.9 million in 2025 from CA$52.9 million in 2024.

• Capital expenditures before acquisitions/dispositions were CA$208.2 million in 2025, up 38% year-over-year.

• Net Debt at year-end was CA$88.6 million, or 0.7x annualized Q4 Adjusted Funds Flow.

Outlook and guidance

• 2026 capital program underway with two active drilling rigs at Pouce Coupe and Simonette.

• Focus remains on organic growth and opportunistic acquisitions to expand the asset base.

• Management expects continued production growth and infrastructure expansion.