Petrus Resources Announces Second Quarter 2025 Financial & Operating Results

Executive Summary

• Petrus Resources Ltd. reported financial and operating results for the three and six months ended June 30, 2025, highlighting a 3% quarter-over-quarter increase in production to 9,155 boe/d.
• The company generated $12.3 million in funds flow ($0.10 per share) for Q2 2025, with net income of $10.4 million, while maintaining a regular monthly dividend of $0.01 per share.
• Full-year guidance remains unchanged, with capital investment forecast between $40–$50 million and average annual production expected between 9,000–10,000 boe/d.

Key Details

• Production Metrics:
  • Q2 2025 average production: 9,155 boe/d (up 3% from Q1 2025’s 8,929 boe/d).
  • Liquids weighting increased to 35% (from 33% in Q1).
  • Oil and NGL production increased by 3% and 11%, respectively, compared to Q1.
  • Five (2.0 net) wells were brought on production late in the quarter.
• Financial Performance (Q2 2025):
  • Funds flow: $12.3 million ($0.10 per share).
  • Net income: $10.38 million ($0.08 per share basic/diluted).
  • Oil and natural gas sales: $21.5 million.
  • Operating expense: $6.10/boe (down 10% from $6.76/boe in Q1).
  • Operating netback: $15.58/boe.
  • Corporate netback/Funds flow: $14.82/boe.
• Capital Activity & Efficiency:
  • H1 2025 capital spending: $30.5 million (up 58% from H1 2024).
  • $21.3 million spent on drilling and completion; remainder invested in the North Ferrier pipeline expansion (completed May 2025).
  • Capital efficiency improved: Cost to drill, complete, equip, and tie-in a two-mile well decreased by ~25% year-to-date compared to the three-year average.
• Commodity Prices & Hedging:
  • Total realized price: $25.77/boe (down 12% from Q1’s $29.35/boe).
  • Realized oil price: $83.31/bbl (down 10% from Q1).
  • Realized natural gas price: $2.11/mcf (down 6% from Q1).
  • Hedging: ~60% of forecasted production hedged for remainder of 2025 at $2.70/GJ for gas and CAD$92.09/bbl for oil.
• Dividends:
  • Paid $0.01/share monthly dividend; total $3.8 million paid in Q2.
  • $2.7 million reinvested via Dividend Reinvestment Plan (DRIP), resulting in issuance of 2.1 million common shares.
• Outlook & Guidance:
  • Four (2.0 net) wells drilled and completed in June, brought on stream mid-July.
  • Additional wells expected onstream late Q3 2025.
  • 2025 Capital Budget: $40–$50 million.
  • 2025 Production Guidance: 9,000–10,000 boe/d.
• Balance Sheet (As of June 30, 2025):
  • Total assets: $433.96 million.
  • Non-current liabilities: $64.84 million.
  • Net debt: $67.99 million.
  • Long-term debt: $25.0 million.

Notable Quotes

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