Spartan Delta (SDE) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was CA$33.5 million, up from CA$14.4 million in Q2 2024; six-month net income reached CA$28.4 million, compared to CA$25.6 million year-over-year.

• Revenue for Q2 2025 was CA$81.0 million, a 10% increase year-over-year; six-month revenue totaled CA$172.2 million, up from CA$157.6 million.

• A CA$97.8 million equity offering in January 2025 strengthened liquidity and funded development in the Duvernay.

Financial highlights

• Oil and gas sales, net of royalties, were CA$70.6 million for Q2 2025, up from CA$63.3 million year-over-year.

• Adjusted funds flow for Q2 2025 was CA$44.2 million (normalized), annualized to CA$177.0 million.

• Net debt at June 30, 2025 was CA$123.7 million, down from CA$148.1 million at year-end 2024.

• Net debt to annualized adjusted funds flow ratio remained at 0.7x.

• Cash provided by operating activities for the first half of 2025 was CA$99.9 million.

Outlook and guidance

• Sufficient liquidity for the next 12 months is expected, supported by CA$151.0 million in cash/restricted cash and an undrawn credit facility.

• Exploration and development capital expenditures for 2025 are to be funded by operating cash flow and available credit.

• The company is well positioned to execute its short- and long-term growth strategy.