Kelt Provides 2026 Financial and Operating Guidance and Sets Its 2026 Capital Expenditure Budget at $355 Million

Executive Summary

• Kelt Exploration forecasts $355 million in capital expenditures and $355 million in adjusted funds from operations (AFFO) for 2026, a 27% increase versus 2025.
• Production is projected to rise to 50,000‑52,000 BOE/d (up ~26%) with oil/NGLs comprising 38% of the mix and gas 62%.
• The Board approved a $355 million capex program: $252 million for drilling/completing wells, $96 million for equipment/infrastructure, and $7 million for land purchases.

Key Details

• Capital Expenditures 2026: $355 M total (71% drilling & completions, 27% equipment & infrastructure, 2% land/misc).
• Drilling Program: 33.2 net wells to be drilled; 37.2 net wells to be completed.
• Well Allocation by Division:
• Oak/Flatrock – 9 development + 1 exploratory/delineation well; 12 completions (incl. 2 DUCs).
• Pouce Coupe/Progress/Spirit River – 7 wells drilled, 8 completed (incl. 1 DUC).
• Wembley/Pipestone – 16 Montney wells drilled, 17 completed.
• Production Forecast 2026: 50,000‑52,000 BOE/d (up 26% YoY); oil & NGLs 38%, gas 62%.
• P&NG Sales: $682 M (27% increase vs. 2025).
• AFFO 2026: $355 M (27% increase), AFFO per diluted share $1.73 (up 25%).
• Net Debt End‑2026: $170 M; Net Debt/AFFO ratio projected at 0.5×.
• Commodity Price Assumptions 2026 (Budget):
• WTI Oil $59/bbl (‑11% vs. 2025)
• MSW Oil $76.80/bbl (‑12%)
• Henry Hub Gas $3.80/MMBtu (+9%)
• DAWN Gas $3.60/MMBtu (+9%)
• AECO NIT Gas $2.80/GJ (+62%)
• STATION 2 Gas $2.80/GJ (+133%)
• Sensitivity: A ±10% change in oil/NGL price alters AFFO by ±$25.3 M; a ±10% change in gas price alters AFFO by ±$19.4 M.

Notable Quotes

(No direct quotes were provided in the release.)