Spartan Delta (SDE) Q4 2025 earnings summary

Executive summary

• Achieved a transformational year in 2025, transitioning to an oil-weighted Duvernay growth strategy and exceeding annual guidance.

• Delivered significant liquids growth, record Duvernay production, and strong reserve additions.

• Maintained a strong balance sheet while executing the largest capital program in company history.

Financial highlights

• Fourth quarter oil and gas sales reached $130.9 million, up 57% year-over-year and 58% sequentially.

• Net income for Q4 was $36.3 million, up 600% year-over-year; full-year net income was $70.0 million, up 104%.

• Adjusted funds flow for Q4 was $80.8 million (up 60% year-over-year); full-year was $224.7 million (up 37%).

• Year-end net debt was $203.9 million, with a net debt to annualized adjusted funds flow ratio of 0.6x.

• Capital expenditures before acquisitions and dispositions totaled $359.3 million for 2025, up 122% year-over-year.

Outlook and guidance

• Accelerated Duvernay production target to 50,000 BOE/d by 2030 due to strong well performance and cost reductions.

• Commenced 2026 capital program with four rigs deployed, focusing on Duvernay and Deep Basin development.

• Maintains flexibility to adjust capital allocation in response to commodity price movements.