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Valeura Energy (VLE) investor relations material
Valeura Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record operational and financial performance in Q3 2025, with all key metrics improving year-over-year and sequentially.
Recognized as Canada’s top growing company in 2025, with three-year revenue growth of 20,064%.
Major growth initiatives included a large-scale farm-in with PTTEP in Thailand, expanding gross acreage from 2,623 km² to 22,757 km², and a joint venture in Türkiye's Thrace basin.
Production in November exceeded any previous 2025 quarterly average, driven by successful drilling at the Nong Yao and Jasmine fields.
Emissions intensity reduced by up to 30% year-over-year since asset takeover.
Financial highlights
Q3 2025 production averaged just under 23,000 barrels per day, up 3% year-over-year and 7% sequentially.
Lifting volumes increased 14% sequentially and 22% year-over-year.
Realized oil price was $72.1/bbl, up from $67.9 last quarter, with a $2.5/bbl premium to Brent.
OPEX per barrel dropped to $24.8, reflecting ongoing cost control and a 6% year-over-year reduction.
EBITDAX margin improved by over 400 basis points year-over-year, reaching 51% in Q3 2025.
Adjusted cash flow from operations margin approached 50%, with adjusted CFO up 46% year-over-year.
Net cash at $248 million and adjusted net working capital at $275 million, both up over 59% year-over-year.
Outlook and guidance
2025 production guidance reaffirmed at 23.0–25.5 mbbls/d, with current output trending at the higher end due to drilling success.
First oil from Wassana redevelopment expected in Q2 2027, with project 35% complete and on/below budget.
Free cash flow guidance for 2025 updated to $80–195 million.
Near-term catalysts include government approvals, FID on new developments, and reserves updates.
No cash tax payments related to Petroleum Income Tax are anticipated for the remainder of 2025.
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