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.

• Average Q2 2026 production was 11,070 boe/d, up 21% year-over-year, with a record monthly average of over 12,000 boe/d in June.

• Funds flow increased 32% year-over-year to $16.3 million, despite hedging losses partially offsetting operating gains.

• Strategic acquisition of Harmattan expanded oil-weighted production and core Deep Basin scale, supporting growth and cash flow resilience.

• Disciplined investment approach and high insider ownership focus on long-life, liquids-rich assets and stable shareholder returns.

Financial highlights

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

• Realized price per BOE rose 46% year-over-year to $37.66, supported by a 59% increase in oil prices and 39% increase in NGL prices, despite an 18% drop in natural gas prices.

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

• Funds flow per share (basic) was $0.11 in Q2 2026, up from $0.10 in Q2 2025.

• Net debt at June 30, 2026 was $84.3 million.

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 the year 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 at or slightly above 12,000 BOE per day for the remainder of the year.

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

• Potential to accelerate wells from the 2027 program into 2026 if performance exceeds expectations.