Journey Posts $25.9 Million of Net Income and $71.0 Million of Adjusted Funds Flow for 2025
Executive Summary
- Journey Energy reported a strong 2025 year‑end net income of $25.9 M ($0.39 basic, $0.38 diluted per share) and Adjusted Funds Flow of $71.0 M ($1.06 basic, $1.05 diluted per share).
- Production increased to 11,226 boe/d in Q4 2025 (61% liquids), with total 2025 sales volumes of 11,261 boe/d.
- Net debt fell 16% to $50.6 M, and capital spending (net of dispositions) was $49.4 M, primarily on the Duvernay joint‑venture and power projects.
Key Details
- Financial Highlights
- 2025 sales revenue: C$194.5 M (−1% YoY).
- Net income: C$25.9 M (+404% YoY).
- Adjusted Funds Flow: C$71.0 M (+37% YoY).
- Operating cash flow Q4 2025: C$12.8 M (−3% QoQ).
- Capital expenditures 2025 (net of dispositions): C$49.4 M (↑30% YoY).
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Net debt end‑2025: C$50.6 M, down 16% from year‑end 2024.
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Production & Sales
- Q4 2025 sales volume: 11,226 boe/d (63% liquids).
- Full‑year 2025 sales volume: 11,261 boe/d (61% liquids).
- Liquids volumes Q4 2025: 7,045 boe/d; full year: 6,827 boe/d.
- Conventional natural gas production fell to 25,083 Mcf/d (−6% YoY).
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Crude oil production (light/medium + heavy) totaled 5,744 boe/d, up modestly YoY.
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Drilling & Development
- Duvernay JV: 8 wells drilled in 2025 (2.4 net); 7 producing, delivering ~1,570 boe/d (79% liquids).
- One additional well slated for completion in 2026.
- 2026 Duvernay capital plan: $50‑65 M (incl. $15 M net share of infrastructure).
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Early‑2026 drilling updates: four wells drilled on pad 06‑04‑43‑3W5 with depths ~7,100–7,450 m MD; production expected Q2‑Q3 2026.
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Asset Divestitures
- Five non‑core assets sold in 2025 for $6.8 M (≈788 boe/d).
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Divestments removed ~C$23 M of end‑of‑life costs; neutral to PDP value.
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Power Generation Projects
- Total capital invested to date: ~C$55 M across Gilby, Mazeppa, and Countess projects.
- Gilby expected on‑stream Q1 2026; Mazeppa in Stage 5 approvals.
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Economic NPV@10% of three power projects: ≈C$74.9 M (pre‑tax).
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Guidance for 2026
- Average daily sales volumes: 10,800‑11,200 boe/d (61% liquids).
- Exit average daily sales volumes: 11,000‑12,000 boe/d.
- Capital spending range: $70‑85 M (including Duvernay JV and power infrastructure).
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Asset retirement spending: $7.7 M.
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Liquidity & Debt
- New bank facility (Mar 19 2025) with borrowing base of C$55 M.
- Interest expense Q4 2025: C$1.4 M, down 12% YoY.
Notable Quotes
“Our transformation through the Duvernay joint‑venture is delivering higher‑margin liquids and positioning Journey for sustainable growth,” – Alex G. Verge, President & CEO.
All figures are presented in Canadian dollars unless otherwise noted.