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Headwater Exploration
Headwater Exploration (HWX) investor relations material
Headwater Exploration Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved record production of 22,523 boe/d in Q3 2025, up 11% year-over-year, with strong operational execution and capital reallocation to strategic growth opportunities.
Net income for Q3 2025 was $35.9 million ($0.15 per share basic), down 25% from Q3 2024, reflecting lower realized prices and higher capital expenditures.
Declared a quarterly cash dividend of $0.11 per share, totaling $26.3 million, with cumulative dividends paid reaching $291.4 million.
Financial highlights
Q3 2025 sales, net of blending expense, were $146.5 million, a 3% decrease year-over-year; adjusted funds flow from operations was $80.4 million, down 5%.
Cash flows from operations were $85.9 million, down 10% year-over-year; capital expenditures increased 18% to $68.7 million.
Operating netback, including financial derivatives, was $44.67/boe, down 14% year-over-year.
Adjusted working capital at quarter-end was $36.4 million, with no outstanding bank debt.
Outlook and guidance
2025 production guidance maintained, with more than 50% of corporate oil production now supported by secondary recovery, expected to grow to 60% by year-end 2026.
Maintenance capital has decreased by 30% over three years; further 20% reduction anticipated over the next three years due to continued secondary recovery investment.
Focus remains on organic expansion, sustainability, dividends, and strategic buybacks.
Elaborate on $42M capital reallocation strategy
Quantify the financial impact of maintenance capital reduction
Assess the long-term value of Grand Rapids discovery
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Next Headwater Exploration earnings date
Q4 202510 Mar, 2026
Headwater Exploration
Next Headwater Exploration earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Headwater Exploration Inc. is a Canadian resource company. It is engaged in the exploration, development, and production of petroleum and natural gas within Canada. The company's operations are primarily concentrated in two key areas: the Marten Hills area in Alberta, known for its high-quality oil production, reserves, and lands within the prolific Clearwater play, and the McCully Field near Sussex, New Brunswick, where it has low decline natural gas production and reserves. Headwater is committed to delivering superior corporate-level returns, focusing on sustainability, asset quality, and maintaining a strong balance sheet. The company, originally named Corridor Resources Inc., rebranded to Headwater Exploration Inc. in March 2020 and was incorporated in 1996. It is headquartered in Calgary, Alberta, and its shares are listed on the TSX.
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