Petrus Resources (PRQ) Q2 2026 earnings summary

Executive summary

• Operating netback rose 92% year-over-year to CAD 24.9 million ($24.73/boe), driven by increased production, higher liquids weighting, and improved liquids pricing.

• Production averaged 11,070 BOE per day in Q2 2026, up 21% year-over-year, with a record monthly average of over 12,000 BOE per day in June.

• Strategic acquisition of Harmattan expanded oil-weighted production and began contributing fully in June after maintenance, supporting growth and cash flow resilience.

• Seven new Ferrier wells were brought online, with additional Ferrier and joint venture Glock wells scheduled for completion and production in the coming months.

• Alberta Deep Basin producer with a disciplined investment approach, high insider ownership, and focus on long-life, liquids-rich assets and stable shareholder returns.

Financial highlights

• Q2 2026 oil and natural gas sales were $38.1 million, up from $21.5 million in Q2 2025.

• Funds flow for Q2 2026 rose 32% year-over-year to $16.3 million, with funds flow per share (basic) at $0.11.

• Realized price per BOE was CAD 37.66, up 46% year-over-year, supported by a 59% increase in oil prices and a 39% rise in NGL prices, even as natural gas prices fell 18%.

• Net income was $9.1 million in Q2 2026, compared to $10.4 million in Q2 2025.

• Capital expenditures totaled $11.7 million in Q2 2026.

Outlook and guidance

• Full-year 2026 guidance targets 11,000–12,000 BOE/d average production (40% liquids), $50–$60 million capital spending, $60–$65 million funds flow, and year-end net debt of $75–$80 million (1.2x–1.3x net debt to funds flow).

• Capital spending for 2026 is expected to be at the higher end of the CAD 50–60 million range, with flexibility to accelerate drilling if results warrant.

• Production is expected to maintain or slightly exceed 12,000 BOE per day for the remainder of the year, with potential upside if new wells outperform.

• Management remains open to pulling forward wells from the 2027 program into 2026 if conditions are favorable.

• Disciplined capital spending focused on Ferrier and Harmattan, with flexibility for strategic acquisitions.