Saturn Oil & Gas (SOIL) Q3 2026 earnings summary

Executive summary

• Record Q3 production of 43,704 boe/d, 82% oil and liquids, exceeded guidance and analyst expectations for the ninth consecutive quarter; adjusted funds flow reached a record $150 million.

• Production rose 6% YoY, and operating cash flow increased 24% to $156 million; record activity included $128 million of capital spending and 60 gross wells drilled.

Financial highlights

• Adjusted EBITDA was a record $170.7 million, versus $123.6 million in Q3 2025; petroleum and natural gas sales were $349.7 million.

• Q3 adjusted funds flow was $150 million, or $0.84/share; nine-month AFF was $379.7 million.

• Net loss was $48.3 million, or $0.27/share, primarily reflecting non-cash unrealized hedge losses and one-time senior-note refinancing costs.

• Free funds flow was $21.9 million, or $0.12/share, in Q3 and $166.9 million, or $0.93/share, year to date.

• Operating netback was $54.20/boe before derivatives and $43.07/boe after realized derivative losses.

Outlook and guidance

• Q4 production guidance is 46,000–47,000 boe/d, with $155–$165 million of capital spending and seven rigs expected to operate through year-end and into Q1 2027.

• FY 2026 average production guidance is 43,000–44,000 boe/d; capital spending is expected at the upper end of the $355–$375 million range.

• 2026 exit production target increased to 54,000–56,000 boe/d following the expected Corex acquisition; AFF is positioned to meet or exceed the ~$550 million FY 2026 midpoint target.

• At current commodity prices, net debt/Adjusted EBITDA is targeted below 1.0x by year-end 2027, versus 1.5x at Q3 end.