Lycos Energy (LCX) Q2 2025 earnings summary

Executive summary

• Q2 2025 production averaged 3,940 boe/d (96% crude oil), down 15% year-over-year due to asset dispositions and natural declines.

• Adjusted funds flow from operations was $9.6 million, a 47% decrease from Q2 2024, reflecting lower production and realized prices.

• Net loss of $54.6 million in Q2 2025, driven by a $41.2 million loss on asset disposition and a $23.2 million impairment.

• Capital expenditures were $5.4 million in Q2, with the capital program suspended until September 2025 due to market conditions.

Financial highlights

• Petroleum and natural gas sales, net of blending, were $23.1 million in Q2 2025, down 35% year-over-year.

• Cash flow from operating activities was $8.4 million, a 40% decrease from Q2 2024.

• Adjusted working capital (net debt) at quarter-end was $19.5 million.

• Realized crude oil price was $66.77/bbl, down 21% year-over-year.

Outlook and guidance

• Capital expenditures program deferred until September 2025 due to low and volatile commodity prices.

• Management expects adequate liquidity through operating cash flow and a $50 million credit facility.

• Four well commitments remain in the Greater Lloydminster/Cold Lake area, with deadlines through November 2026.