Lycos Energy (LCX) Q1 2025 earnings summary

Executive summary

• Q1 2025 production averaged 4,072 boe/d (97% crude oil), up 6% year-over-year from 3,840 boe/d (99% crude oil).

• Adjusted funds flow from operations rose 30% to $12.5 million compared to Q1 2024.

• Net income was $2.4 million, a significant turnaround from a net loss of $1.4 million in Q1 2024.

• Strategic review process was terminated due to low and volatile commodity prices.

Financial highlights

• Total petroleum and natural gas sales, net of blending, increased 12% year-over-year to $26.8 million.

• Operating netback per boe rose 22% to $38.44, and adjusted funds flow per boe increased 24% to $34.14.

• Realized crude oil price was $75.37/bbl, up 10% year-over-year.

• Net operating expenses per boe decreased 10% to $22.96.

Outlook and guidance

• Capital expenditures program suspended until September 2025 due to market uncertainty.

• Anticipated Q2 2025 production is approximately 4,000 boe/d (98% crude oil).

• Estimated total capital expenditures to date are $28 million; full-year 2025 guidance for capital expenditures is $7–15 million under current pricing.