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Earnings

HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES FIRST QUARTER 2026 RESULTS, AND OPERATIONAL UPDATE

By The Northwire Desk — AI Analysis May 14, 2026 · 08:30 HAM · 5.05 Highwood Asset Management Ltd.
HAM · Price

Executive Summary

  • Highwood reported Q1 2026 average corporate production of 6,005 boe/d, a 20% increase from Q4 2025.
  • Financial performance for Q1 2026 included Adjusted EBITDA of $16.2 million ($1.07 per share) and adjusted funds flow of $14.3 million ($0.94 per share).
  • While recent wells (13-02 and 11-33) performed exceptionally well, the company anticipates a production decline in Q2 2026 (to 5,300-5,500 boe/d) due to infrastructure constraints and line pressures in the Wilson Creek area.

Key Details

  • Production Metrics (Q1 2026):
    • Total Production: 6,005 boe/d (up 14% YoY).
    • Crude Oil: 3,187 bbls/d (up 13% YoY).
    • NGLs: 1,000 boe/d (up 11% YoY).
    • Natural Gas: 10,909 mcf/d (up 18% YoY).
  • Financial Performance (Q1 2026):
    • Adjusted EBITDA: $16.2 million ($1.07/share) vs. $13.7 million in Q1 2025.
    • Adjusted Funds Flow: $14.3 million ($0.94/share) vs. $11.9 million in Q1 2025.
    • Petroleum and natural gas sales: $29.97 million (up 7% YoY).
    • Capital expenditures: $10.4 million (down 69% YoY).
    • Net Debt: Approximately $114 million.
    • Tax Pools: Approximately $325 million, including over $100 million in non-capital losses; no cash tax anticipated for ~3+ years.
  • Well & Operational Updates:
    • 13-02 and 11-33 wells: Recognized as top net oil wells in Alberta in Jan 2026; both exceeded 25,000 bbl gross oil production in Jan 2026; expected to payout twice in <12 months.
    • Braz 13-02 well: Brought onstream late Q1; current production >300 bbls/d light oil.
    • Wilson Creek Area: Infrastructure upgrades planned for summer 2026 to alleviate constraints; 2-3 wells planned for late Q2.
    • Q2 2026 Production Guidance: Expected decline to 5,300-5,500 boe/d due to infrastructure and line pressures.
  • Hedging Program:
    • 2026 Oil Hedge: ~2,450 bbls/day at ~$94.50 CAD/bbl (WTI).
    • 2027 Oil Hedge: ~1,800 bbls/day at ~$93.50 CAD/bbl (WTI).
    • 2026 Natural Gas Hedge: ~6,975 GJ/day at ~$3.15/GJ (AECO).
Read the original news release →

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