Spartan Delta (SDE) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 production of 52,818 BOE/d (42% liquids), up 37% year-over-year, with crude oil production up 161% and total liquids up 62%.

• Oil and gas sales reached $183.7 million, a 127% increase from Q2 2025.

• Adjusted Funds Flow for Q2 was $92.6 million, up 93% year-over-year.

• Expanded Duvernay acreage to 555,000 net acres and closed a $12.7 million acquisition of a gas processing plant.

Financial highlights

• Net income for Q2 2026 was $42.4 million, up 27% year-over-year.

• Cash provided by operating activities was $112.8 million, up 159% year-over-year.

• Net Debt at quarter-end was $300.4 million, with a Net Debt to Annualized Adjusted Funds Flow Ratio of 0.8x.

• Increased total credit capacity from $450 million to $700 million.

Outlook and guidance

• 2026 capital program increased to $525–$575 million (from $475–$525 million) to accelerate Duvernay development.

• Annual production guidance raised to 53,500–54,500 BOE/d (45% liquids).

• Adjusted Funds Flow guidance increased to $400 million for 2026.

• Targeting 35 Duvernay wells drilled in 2026, up from 19 prior to 2026.