Lycos Energy (LCX) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw average production of 2,958 boe/d (99% crude oil), with adjusted funds flow from operations of $9.6 million, down 44% year-over-year, reflecting lower production and commodity prices.

• Net operating expenses per boe decreased 30% year-over-year to $15.48, driven by operational efficiencies and divestitures of higher-cost assets.

• Capital expenditures for exploration and development dropped 92% year-over-year to $1.4 million as the company paused capital activity.

• Net income for Q3 2025 was $2.5 million, down 33% from Q3 2024.

Financial highlights

• Total petroleum and natural gas sales, net of blending, were $19.4 million in Q3 2025, a 43% decrease year-over-year.

• Adjusted funds flow from operations per boe declined 8% to $35.12.

• Net debt at quarter-end was $11.8 million, representing 0.3x annualized net debt to adjusted funds flow from operations.

• Realized crude oil prices averaged $72.24/bbl, down 7% year-over-year.

Outlook and guidance

• With recent asset divestitures, the company is focusing on retained core areas and plans to resume capital activity in January 2026.

• Current production is approximately 1,700 boe/d, and the company is positioned to manage commodity price volatility and pursue growth opportunities.