Logan Energy (LGN) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly average production of 12,013 BOE/d in Q2 2025, up 20% sequentially and 65% year-over-year, driven by organic development and new wells at Simonette and Pouce Coupe.

• Completed construction and commissioning of the 4-19 Facility at Pouce Coupe, enabling ramp-up to over 8,000 BOE/d and supporting long-term free cash flow generation.

• Appointed Linda Brown as Interim CFO effective November 1, 2025, during the current CFO's maternity leave.

Financial highlights

• Oil and gas sales reached CA$41.99 million in Q2 2025, up 58% year-over-year; net income was CA$17.3 million, compared to CA$0.4 million in Q2 2024.

• Adjusted Funds Flow was CA$27.2 million, up 70% sequentially and 211% year-over-year.

• Operating Netback after hedging averaged $27.86/BOE, up 32% sequentially and 81% year-over-year.

• Net Debt stood at CA$107.9 million, with a Net Debt to Adjusted Funds Flow ratio of 1.0x.

• Capital expenditures were CA$68.6 million in Q2 2025, or CA$42.4 million net of dispositions.

Outlook and guidance

• H2 2025 average corporate production forecasted at ~16,000 BOE/d, with Pouce Coupe expected to reach ~10,000 BOE/d.

• Net Debt to Adjusted Funds Flow ratio expected to moderate in H2 2025 as most capital spending occurred in H1.