Spartan Delta (SDE) Q2 2025 earnings summary

Executive summary

• Achieved strong operational execution in H1 2025, completing a four-rig capital program across Duvernay and Deep Basin assets.

• Brought 11.0 (8.6 net) wells on-stream in H1 2025, with 6.0 (4.7 net) in Q2.

• Maintains a disciplined capital allocation strategy and a strong balance sheet, positioning for continued growth.

Financial highlights

• Q2 2025 oil and gas sales were $81.0 million, up 10% year-over-year.

• Net income for Q2 2025 was $33.5 million, a 133% increase year-over-year.

• Adjusted Funds Flow reached $47.9 million in Q2 2025, up 29% year-over-year.

• Capital expenditures before A&D were $83.5 million in Q2 2025, a 270% increase year-over-year.

• Net Debt at quarter-end was $123.7 million, down 7% year-over-year.

Outlook and guidance

• On track to meet 2025 production guidance of 40,000 BOE/d.

• Plans to drill 5.0 (5.0 net) Duvernay wells and 10.0 (9.2 net) Deep Basin wells in H2 2025.

• Focus remains on liquids growth, cost reductions, and capital efficiency.