Petrus Resources (PRQ) Q2 2025 earnings summary

Executive summary

• Q2 2025 production averaged 9,155 boe/d, up 3% sequentially, with increased liquids weighting to 35% and higher oil and NGL output.

• Robust Q2 results driven by accelerated capital spending and increased production from new wells in North Ferrier.

• Completion of the North Ferrier pipeline extension enabled access to previously stranded Cardium acreage, boosting output.

• Capital spending in H1 2025 reached $30.5 million, up 58% year-over-year, driven by drilling and North Ferrier pipeline expansion.

• Operating expenses fell 10% sequentially to $6.10/boe, offsetting higher regulatory fees and property taxes.

Financial highlights

• Oil and natural gas sales were $21.5 million in Q2 2025, down from $23.2 million in Q1 2025 and $23.6 million in Q2 2024.

• Net income was $8.33 million in Q2 2025, up from a loss of $3.09 million in Q1 2025 and $4.00 million loss in Q2 2024.

• Planned capital spending for 2025 remains within $40 million-$50 million guidance.

• Funds flow is expected in the $45 million-$55 million range for the year.

• Net debt at quarter-end was $67.99 million, up from $66.01 million at the end of Q1 2025.

Outlook and guidance

• Production is forecast to average 9,000–10,000 BOEs per day for the year.

• Four new operated wells completed in June and brought onstream in July will boost H2 2025 volumes; further Ferrier wells expected late Q3.

• 60% of forecasted H2 2025 production hedged at $2.70/GJ for gas and CAD $92.09/bbl for oil.

• Drilling program paused for the remainder of the year after front-loading capital projects.

• Management remains flexible to adjust capital program in response to market dynamics.