Spartan Delta (SDE) Q1 2026 earnings summary

Executive summary

• First quarter 2026 production reached 52,140 BOE/d (42% liquids), up 36% year-over-year.

• Crude oil production surged 217% and total liquids rose 59% from Q1 2025.

• Oil and gas sales totaled $147.1 million, a 61% increase year-over-year.

• Adjusted funds flow was $81.4 million, up 79% from Q1 2025.

• Net loss widened to $13.6 million from $5.2 million in Q1 2025.

Financial highlights

• Operating Netback before hedging averaged $20.56/BOE, up 39% year-over-year.

• Cash provided by operating activities was $89.1 million, up 58% year-over-year.

• Capital expenditures before A&D were $122.4 million, a 68% increase year-over-year.

• Net debt at quarter-end was $257.5 million, up from $81.9 million a year ago.

• Shareholders’ equity increased 14% to $643.2 million.

Outlook and guidance

• 2026 production guidance raised to 52,000–54,000 BOE/d (45% liquids), up from 50,000–52,000 BOE/d.

• Capital program increased to $475–$525 million (previously $410–$470 million).

• Adjusted funds flow guidance raised to $380 million, up 15% from prior guidance.

• Operating Netback before hedging for 2026 forecast at $23.64/BOE.

• Net debt expected to end 2026 at $351 million.