Spartan Delta (SDE) Q3 2025 earnings summary

Executive summary

• Achieved strong operational results in the West Shale Basin Duvernay and Deep Basin, focusing on disciplined capital allocation, cost reductions, and liquids growth.

• Drilled 6.0 (5.7 net) wells, completed 8.0 (7.7 net) wells, and brought on-stream 10.0 (8.5 net) wells in Q3 2025.

• On track to meet or exceed the high end of 2025 production guidance of 39,000–41,000 BOE/d.

• Increased total credit capacity from $250 million to $450 million to support growth strategy.

Financial highlights

• Q3 2025 production averaged 43,193 BOE/d (39% liquids), up 17% year-over-year and 12% sequentially.

• Oil and gas sales were $82.7 million, a 37% increase year-over-year.

• Net income for Q3 2025 was $5.3 million, up 51% year-over-year.

• Adjusted Funds Flow reached $50.4 million, a 61% increase year-over-year.

• Capital expenditures before A&D were $105.1 million, up 93% year-over-year.

Outlook and guidance

• Anticipates achieving or exceeding the high end of 2025 production guidance (39,000–41,000 BOE/d).

• Plans to release 2026 operating budget and guidance with annual results.

• Well-capitalized to continue Duvernay growth strategy.