Journey Energy (JOY) Q3 2025 earnings summary

Executive summary

• Achieved sales volumes of 11,862 boe/d in Q3 2025, up 6% year-over-year, with 61% liquids mix driven by new Duvernay wells.

• Adjusted Funds Flow reached $20.5 million ($0.30/share), a 51% increase from Q3 2024.

• Net income rose to $4.4 million ($0.06/share), up from $0.6 million ($0.01/share) in Q3 2024.

• Continued transition to higher-margin operations via Duvernay JV and non-core asset divestments.

Financial highlights

• Sales revenue for Q3 2025 was $51.6 million, up 10% year-over-year.

• Adjusted Funds Flow for Q3 2025 was $20.5 million, up 51% year-over-year.

• Net income for Q3 2025 was $4.4 million, a 642% increase year-over-year.

• Operating netback improved to $20.68/boe, up 20% from Q3 2024.

• Operating expenses per boe decreased 13% year-over-year to $17.24.

Outlook and guidance

• 2025 capital spending guidance remains at $54 million, net of dispositions and including asset retirement obligations.

• Projected sales volumes for 2025 are 10,800–11,200 boe/d, with current estimates near the upper end.

• Liquids expected to comprise 60% of total volumes.