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Earnings

Saturn Oil & Gas Inc. Announces 2025 Results and Reserves, With $110 Million of Debt Repayment, Record Q4 Production Ahead of Guidance and 50% Free Funds Flow Yield

By The Northwire Desk — AI Analysis Mar 11, 2026 · 17:02 SOIL · 3.87 SATURN OIL & GAS INC.
SOIL · Price

Executive Summary

  • Saturn Oil & Gas reported Q4‑2025 production of 43,657 boe/d, beating guidance by ~1,100 boe/d and up 6% versus Q3‑2025.
  • Adjusted funds flow (AFF) reached $464 M for 2025 ($2.40/share), a 22% YoY increase; free funds flow hit a record $223 M ($1.15/share).
  • The company repaid $110 M of senior notes, ending 2025 with net debt of $761.5 M (net‑debt/Adj‑EBITDA = 1.35×) and returned >$53 M to shareholders via share buybacks.

Key Details

  • Production: Q4‑2025 average 43,657 boe/d; full‑year 2025 average 41,728 boe/d (46% YoY increase in production per debt‑adjusted share).
  • Financial Performance:
  • AFF 2025: $464 M ($2.40/share basic).
  • Free Funds Flow 2025: $223 M ($1.15/share basic), yielding a 50% free‑funds‑flow yield.
  • Net income 2025: $168 M ($0.87/share basic).
  • Debt Management: Repaid $110 M of senior notes; year‑end net debt $761.5 M, net‑debt/Adj‑EBITDA = 1.35×.
  • Shareholder Returns: $33 M share repurchases in 2025; total buybacks to date (including Q1‑26) ~$53.6 M (~22 M shares cancelled).
  • Capital Expenditures: $241 M in 2025, drilling 93 gross (71.4 net) wells; Q4‑25 capex $65 M for 30 gross (22.1 net) wells.
  • Reserves Update (Ryder Scott 2025 Reserve Report):
  • PDP reserves: 94.4 MMboe (+9% YoY).
  • Total proved (1P): 144.1 MMboe (+9%).
  • Proved + Probable (2P): 219.6 MMboe (+10%).
  • NAV per share: $5.47 (PDP), $7.75 (1P), $12.98 (2P).
  • Operating Metrics: Opex averaged $19.09/boe in 2025, below guidance range of $19.50‑$20.00/boe. Net operating cash flow $457 M for the year.
  • Future Outlook & Guidance:
  • Q1‑26 production expected 41–42 k boe/d (midpoint).
  • Capital program 2026 forecast at $40‑$50 M, with ~70% of spend in H2‑2026.
  • Continued focus on free‑funds‑flow generation, debt reduction, share buybacks and tuck‑in acquisitions.

Notable Quotes

“We beat expectations, repaid $110 million on our Senior Notes, exceeded Q4 production guidance by over 1,000 boe/d and generated record free funds flow… If we include the share buybacks to date in 2026, that figure increases to $155 million, or about a quarter of our current market cap,” – John Jeffrey, President & CEO.

Read the original news release →

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Earnings