Petrus Resources (PRQ) Q3 2026 earnings summary

Executive summary

• Q3 production reached a record 12,152 boe/d, up 24% YoY and 10% QoQ; September output was 36% above January.

• Higher volumes and stronger realized prices lifted operating netback 96% YoY to $22.9 million; funds flow rose 26% to $16.3 million, with hedging moderating the increase.

• Harmattan assets and ongoing development supported production growth; continued production and funds flow growth are expected for the balance of 2026.

Financial highlights

• Oil and natural gas sales were $37.5 million versus $19.8 million YoY; net loss was $9.0 million versus $2.7 million.

• Operating netback was $22.9 million, or $20.52/boe, versus $11.7 million, or $12.93/boe, YoY; 9M funds flow was $45.9 million, up 22%.

• Capital expenditures were $18.1 million in Q3 and $51.4 million for 9M 2026.

• Net debt was $88.2 million at Sept. 30, 2026, versus $64.9 million at Sept. 30, 2025; acquisition financing accounted for most of the increase from year-end 2025.

Outlook and guidance

• FY26 guidance remains 11,000–12,000 boe/d average production, ~40% liquids, $50–$60 million capital spending and $60–$65 million funds flow.

• Year-end net debt forecast is $75–$80 million, or 1.2x–1.3x net debt to funds flow; Q4 funds flow is expected to significantly exceed capital spending and support debt repayment.

• Drilling is expected to resume in December, accelerating the 2027 program with emphasis on oil-weighted locations in Ferrier and Harmattan.