Journey Energy (JOY) Q1 2026 earnings summary

Executive summary

• First quarter 2026 sales volumes averaged 10,456 boe/d, with 60% from liquids (crude oil and NGLs).

• Net loss of $5.8 million, mainly due to a $9.0 million mark-to-market loss on commodity hedges.

• Adjusted Funds Flow was $13.7 million, down 30% year-over-year.

• Drilled 4 (1.2 net) Duvernay light oil wells; stimulation nearing completion, with production testing expected in May.

• Completed Gilby power project; Mazeppa power project advanced to final construction phase.

Financial highlights

• Production revenue was $48.0 million, down 8% from Q1 2025.

• Adjusted Funds Flow per share was $0.20, compared to $0.29 in Q1 2025.

• Net capital expenditures rose to $17.0 million, up 78% year-over-year.

• Net debt increased to $56.0 million, up 11% from the start of the year.

• Operating netback declined to $20.27/boe from $23.22/boe year-over-year.

Outlook and guidance

• 2026 capital spending guidance raised to $80–$90 million (from $70–$85 million).

• Annual average daily sales volumes forecasted at 10,800–11,200 boe/d (62% liquids).

• Exit sales volumes expected at 11,000–12,000 boe/d.

• Asset retirement spending set at $7 million.

• Guidance assumes strong commodity prices and increased capital program.